Clydfan Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 04729424

Clydfan Limited

Filleted Unaudited Financial Statements

30 September 2019

Clydfan Limited

Financial Statements

Year ended 30 September 2019

CONTENTS	PAGE

Officers and Professional Advisers	1

Statement of Financial Position	2

Notes to the Financial Statements	4

Clydfan Limited

Officers and Professional Advisers

The board of directors	Mr D M Howells
	Mrs J Howells

Company secretary	Mrs J Howells (Resigned 17/05/2019) Mrs R J Poucher (Appointed 17/05/2019)

Registered office	290a Mumbles Road
	West Cross
	Swansea
	SA3 5AB

Accountants	James & Uzzell Ltd
	Chartered Certified Accountants
	Axis 15, Axis Court
	Mallard Way
	Riverside Business Park
	Swansea
	SA7 0AJ

Clydfan Limited

Statement of Financial Position

30 September 2019

	2019	2018
Note	£	£

FIXED ASSETS

Tangible assets	4	937,470	936,554
Investments	5	364,742	341,616
		------------	------------
		1,302,212	1,278,170

CURRENT ASSETS

Debtors	6	51,025	25,316
Cash at bank and in hand		5,769	45,758
		--------	--------
		56,794	71,074

CREDITORS: amounts falling due within one year	7	169,858	210,890
		---------	---------
NET CURRENT LIABILITIES		113,064	139,816
		------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		1,189,148	1,138,354

CREDITORS: amounts falling due after more than one year	8	209,799	243,496

PROVISIONS

Taxation including deferred tax	35,928	35,158
	------------	------------
NET ASSETS	943,421	859,700
	------------	------------

CAPITAL AND RESERVES

Called up share capital	9	4	4
Revaluation reserve		79,867	79,867
Profit and loss account		863,550	779,829
		---------	---------
SHAREHOLDERS FUNDS		943,421	859,700
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Clydfan Limited

Statement of Financial Position (continued)

30 September 2019

These financial statements were approved by the board of directors and authorised for issue on 24 April 2020 , and are signed on behalf of the board by:

Mr D M Howells

Director

Company registration number: 04729424

Clydfan Limited

Notes to the Financial Statements

Year ended 30 September 2019

1. GENERAL INFORMATION

Clydfan Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities is that of property rental and consultancy.

2. STATEMENT OF COMPLIANCE

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 30 September 2019. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.

Investment properties

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Land and buildings were valued at the 30th September 2019. The valuation was undertaken by the directors. Although the directors do not have qualifications for valuations, they have an extensive knowledge of the area the property is located. This company have owned the properties for many years so the directors are sufficient to review the value of the properties included in the financial statements.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Leases

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Rental income Income from rentals is recognised in accordance with the terms of the relevant lease. The company's turnover represents the value, excluding Value added Tax, of goods and services supplied to customers during the year. Rendering of services When the outcome of a transaction can be estimated reliably, turnover from rental of properties is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to monies received. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. Interest and dividends receivable Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	20% straight line

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

4. TANGIBLE ASSETS

	Land and buildings	Equipment	Total
	£	£	£
Cost
At 1 October 2018	936,554	–	936,554
Additions	–	999	999
	---------	----	---------
At 30 September 2019	936,554	999	937,553
	---------	----	---------
Depreciation
At 1 October 2018	–	–	–
Charge for the year	–	83	83
	---------	----	---------
At 30 September 2019	–	83	83
	---------	----	---------
Carrying amount
At 30 September 2019	936,554	916	937,470
	---------	----	---------
At 30 September 2018	936,554	–	936,554
	---------	----	---------

The net book value of land and buildings comprised:

	2019	2018
	£	£
Investment Properties	936,554	936,554
	---------	---------

Cost or valuation of Land and Buildings comprises:

	2019	2018
	£	£
Cost	821,554	821,554
Valuation	115,000	115,000
	---------	---------
	936,554	936,554
	---------	---------

The comparable amounts determined by historical cost convention are as follows:

	2019	2018
	£	£
Cost	821,554	821,554
Accumulated Depreciation	–	–
	---------	---------
	821,554	821,554
	---------	---------

Land and Buildings were valued at 30th September 2019. The valuation was undertaken by the directors. Although the directors do not have qualifications for valuations, they have an extensive knowledge of the area the property is located. This company have owned the properties for many years so the directors are sufficient to review the value of the properties included in the financial statements.

5. INVESTMENTS

	Shares in group undertakings
	£
Cost
At 1 October 2018	341,616
Additions	23,126
	---------
At 30 September 2019	364,742
	---------
Impairment
At 1 October 2018 and 30 September 2019	–
	---------

Carrying amount
At 30 September 2019	364,742
	---------
At 30 September 2018	341,616
	---------

6. DEBTORS

	2019	2018
	£	£
Trade debtors	10,920	10,920
Amounts owed by group undertakings and undertakings in which the company has a participating interest	39,837	13,860
Other debtors	268	536
	--------	--------
	51,025	25,316
	--------	--------

7. CREDITORS: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	33,060	32,424
Trade creditors	1,301	30
Corporation tax	11,547	12,745
Social security and other taxes	4,284	4,315
Other creditors	119,666	161,376
	---------	---------
	169,858	210,890
	---------	---------

8. CREDITORS: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	209,799	243,496
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £77,559 (2018: £113,800) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loans are secured by a charge over the properties. The total amount of secured liabilities are £242,859 (2018: £275,920).

9. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
B Ordinary shares of £ 1 each	1	1	1	1
C Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----
	4	4	4	4
	----	----	----	----

10. RELATED PARTY TRANSACTIONS

The aggregated balances for the year ended 30th September 2019 are as follows: Other Related Parties

	2019	2018
	£	£
Balance due (to)/from other related parties	39,837	13,860

No interest was charged on this balance.

11. KEY MANAGEMENT PERSONNEL

	2019	2018
	£	£
Amounts owed (to)/from Key Management Personnel	(117,189)	(155,649)