Rhiannon Cyfyngedig Filleted accounts for Companies House (small and micro)

RHIANNON CYFYNGEDIG - Company Information

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COMPANY REGISTRATION NUMBER: 01417020

Rhiannon Cyfyngedig

Filleted Unaudited Financial Statements

29 February 2020

Rhiannon Cyfyngedig

Directors' Report

Year ended 29 February 2020

The directors present their report and the unaudited financial statements of the company for the year ended 29 February 2020 .

Directors

The directors who served the company during the year were as follows:

Ms A Oliver-Jansz
Dr R S Evans
Mr G G Evans

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 11 June 2020 and signed on behalf of the board by:

Registered office:

Emporium

Tregaron

Ceredigion

SY25 6JL

Rhiannon Cyfyngedig

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Rhiannon Cyfyngedig

Year ended 29 February 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rhiannon Cyfyngedig for the year ended 29 February 2020, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Rhiannon Cyfyngedig, as a body, in accordance with the terms of our engagement letter dated 1 March 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Rhiannon Cyfyngedig and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rhiannon Cyfyngedig and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Rhiannon Cyfyngedig has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Rhiannon Cyfyngedig. You consider that Rhiannon Cyfyngedig is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Rhiannon Cyfyngedig. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

FRANCIS GRAY Chartered Accountants

Ty Madog 32 Queens Road Aberystwyth Ceredigion SY23 2HN

11 June 2020

Rhiannon Cyfyngedig

Statement of Financial Position

29 February 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		332,038	336,709

Current assets

Stocks		821,585	781,277
Debtors	6	11,035	4,548
Cash at bank and in hand		2,915	4,619
		---------	---------
		835,535	790,444

Creditors: amounts falling due within one year	7	422,101		386,455
		---------		---------
Net current assets			413,434	403,989
			---------	---------
Total assets less current liabilities			745,472	740,698

Creditors: amounts falling due after more than one year	8		451,167	489,700

Provisions

Taxation including deferred tax	5,581	6,390
	---------	---------
Net assets	288,724	244,608
	---------	---------

Capital and reserves

Called up share capital	14,072	14,072
Share premium account	96,428	96,428
Profit and loss account	178,224	134,108
	---------	---------
Shareholders funds	288,724	244,608
	---------	---------

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 Section 1A of 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 income and retained earnings has not been delivered.

For the year ending 29 February 2020 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 .

Rhiannon Cyfyngedig

Statement of Financial Position (continued)

29 February 2020

These financial statements were approved by the board of directors and authorised for issue on 11 June 2020 , and are signed on behalf of the board by:

GG Evans Director

Dr RS Evans Director

Company registration number: 01417020

Rhiannon Cyfyngedig

Notes to the Financial Statements

Year ended 29 February 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Emporium, Tregaron, Ceredigion, SY25 6JL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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:

Fixtures & Fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Particulars of employees

The average number of persons employed by the company during the year amounted to 8 (2019: 26 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 March 2019	300,811	250,486	35,903	587,200
Additions	–	5,738	–	5,738
	---------	---------	--------	---------
At 29 February 2020	300,811	256,224	35,903	592,938
	---------	---------	--------	---------
Depreciation
At 1 March 2019	–	223,364	27,127	250,491
Charge for the year	–	8,215	2,194	10,409
	---------	---------	--------	---------
At 29 February 2020	–	231,579	29,321	260,900
	---------	---------	--------	---------
Carrying amount
At 29 February 2020	300,811	24,645	6,582	332,038
	---------	---------	--------	---------
At 28 February 2019	300,811	27,122	8,776	336,709
	---------	---------	--------	---------

Freehold property (£300,811) is the cost of acquiring the Company's premises known as the Emporium, the Square, Tregaron in 2015.

6. Debtors

	2020	2019
	£	£
Trade debtors	11,035	3,288
Other debtors	–	1,260
	--------	-------
	11,035	4,548
	--------	-------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	52,641	49,655
Trade creditors	30,254	29,932
Corporation tax	1,286	–
Social security and other taxes	4,520	2,339
LG Evans	4,587	4,587
Other creditors	328,813	299,942
	---------	---------
	422,101	386,455
	---------	---------

Other creditors are made up as follows:

	2020	2019
	£
R S Evans	99,255	99,255
G G Evans	12,000	–
Wages control account	5,423	8,552
Accruals	1,090	1,090
Loan - Gwynfil Holdings Ltd	211,045	191,045
	---------	---------
TOTAL	328,813	299,942
	---------	---------

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

	2020	2019
	£	£
Bank loans and overdrafts	451,167	489,700
	---------	---------

9. Directors' advances, credits and guarantees

Amounts advanced to the Company by the Directors are as follows: (a) Balance as at 29th February 2020 was £111,255 (2019: £99,255); (b) Interest rate charged nil %; (c) Repayable on demand (d) Additions made during the year amounted to £12,000 (2019: £166,545)

	2020	2019
	£	£
Directors Loan Account - RS Evans	99,255	99,255
Directors Loan Account - GG Evans	12,000	–
	---------	--------
Total	111,255	99,255
	---------	--------

10. Related party transactions

The company was under the control of the directors, Mr GG Evans, Dr RS Evans and Ms A Oliver-Jansz throughout the previous and current years. Rhiannon Cyfyngedig has been loaned funds from Gwynfil Holdings Ltd (10854940). Mr GG Evans and Ms A Oliver-Jansz are directors and shareholders of Gwynfil Holdings Ltd. This is a non-interest bearing debt that is payable on demand. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102.