Ynyshir Hall Holdings Limited 31/12/2019 iXBRL

Ynyshir Hall Holdings Limited 31/12/2019 iXBRL

YNYSHIR HALL HOLDINGS LIMITED - Company Information

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Company registration number: 11421787
Ynyshir Hall Holdings Limited
Unaudited filleted financial statements
31 December 2019
Ynyshir Hall Holdings Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Ynyshir Hall Holdings Limited
Directors and other information
Directors Mr John Andrew Talbot
Mrs Jennifer Anne Talbot
Miss Amelia Dora Eiriksson
Company number 11421787
Registered office Ynyshir Hall
Eglwysfach
Machynlleth
Powys
SY20 8TA
Business address Ynyshir Hall
Eglwysfach
Machynlleth
Powys
SY20 8TA
Accountant Davies Lewis Baker
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
Ynyshir Hall Holdings Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Ynyshir Hall Holdings Limited
Period ended 31 December 2019
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Ynyshir Hall Holdings Limited for the period ended 31 December 2019 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
This report is made solely to the board of directors of Ynyshir Hall Holdings Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Ynyshir Hall Holdings Limited and state those matters that we have agreed to state to the board of directors of Ynyshir Hall Holdings Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Ynyshir Hall Holdings Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Ynyshir Hall Holdings Limited 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 Ynyshir Hall Holdings Limited. You consider that Ynyshir Hall Holdings Limited is exempt from the statutory audit requirement for the period.
I have not been instructed to carry out an audit or a review of the financial statements of Ynyshir Hall Holdings Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Davies Lewis Baker
Chartered Certified Accountants
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
7 December 2020
Ynyshir Hall Holdings Limited
Statement of financial position
31 December 2019
31/12/19 30/06/19
Note £ £ £ £
Fixed assets
Tangible assets 5 989,674 959,990
Investments 6 1,100 1,100
_______ _______
990,774 961,090
Current assets
Debtors 7 240,439 218,882
Cash at bank and in hand 256 4,946
_______ _______
240,695 223,828
Creditors: amounts falling due
within one year 8 ( 1,011,776) ( 977,803)
_______ _______
Net current liabilities ( 771,081) ( 753,975)
_______ _______
Total assets less current liabilities 219,693 207,115
Creditors: amounts falling due
after more than one year 9 ( 227,044) ( 236,946)
_______ _______
Net liabilities ( 7,351) ( 29,831)
_______ _______
Capital and reserves
Called up share capital 1,100 1,100
Profit and loss account ( 8,451) ( 30,931)
_______ _______
Shareholders deficit ( 7,351) ( 29,831)
_______ _______
For the period ending 31 December 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 period 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 22 November 2020 , and are signed on behalf of the board by:
Mr John Andrew Talbot
Director
Company registration number: 11421787
Ynyshir Hall Holdings Limited
Statement of changes in equity
Period ended 31 December 2019
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2018 - - -
Profit/(loss) for the period ( 30,931) ( 30,931)
_______ _______ _______
Total comprehensive income for the period - ( 30,931) ( 30,931)
Issue of shares 1,100 1,100
_______ _______ _______
Total investments by and distributions to owners 1,100 - 1,100
_______ _______ _______
At 30 June 2019 and 1 July 2019 1,100 ( 30,931) ( 29,831)
Profit/(loss) for the period 22,480 22,480
_______ _______ _______
Total comprehensive income for the period - 22,480 22,480
_______ _______ _______
At 31 December 2019 1,100 ( 8,451) ( 7,351)
_______ _______ _______
Ynyshir Hall Holdings Limited
Notes to the financial statements
Period ended 31 December 2019
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Ynyshir Hall, Eglwysfach, Machynlleth, Powys, SY20 8TA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
The financial statements have been prepared for a period of 6 months up to 31 December 2019 to bring the year end in line with that of the wholly owned subsiduary. Therefore the comparative amounts presented in the financial statements and related notes are not entirely comparable.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Freehold property - 2 % straight line
No depreciation is provided on freehold property because the directors consider that the residual value will be higher than the original purchase cost.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 3 (2019: 3 ).
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 July 2019 959,990 959,990
Additions 29,684 29,684
_______ _______
At 31 December 2019 989,674 989,674
_______ _______
Depreciation
At 1 July 2019 and 31 December 2019 - -
_______ _______
Carrying amount
At 31 December 2019 989,674 989,674
_______ _______
At 30 June 2019 959,990 959,990
_______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 July 2019 and 31 December 2019 1,100 1,100
_______ _______
Impairment
At 1 July 2019 and 31 December 2019 - -
_______ _______
Carrying amount
At 31 December 2019 1,100 1,100
_______ _______
At 30 June 2019 1,100 1,100
_______ _______
7. Debtors
31/12/19 30/06/19
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 195,439 203,882
Other debtors 45,000 15,000
_______ _______
240,439 218,882
_______ _______
8. Creditors: amounts falling due within one year
31/12/19 30/06/19
£ £
Bank loans and overdrafts 19,803 19,803
Other creditors 991,973 958,000
_______ _______
1,011,776 977,803
_______ _______
9. Creditors: amounts falling due after more than one year
31/12/19 30/06/19
£ £
Bank loans and overdrafts 227,044 236,946
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 147,832 (2018 £ 157,734 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Secured Debts Secured debts of £246,847 are included within creditors. The bank borrowings are secured by a debenture on the Bank's standard form and a legal charge over the freehold property. The directors loans are secured by a second fixed and floating charge covering the property and undertaking of the company.
10. Related party transactions
During the period the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
6 months Year 6 months Year
ended ended ended ended
31/12/19 30/06/19 31/12/19 30/06/19
£ £ £ £
Plas Ynyshir Hall Hotel Limited - - 195,439 203,882
Rent receivable 30,000 15,000 - -
Interest receivable - - - -
_______ _______ _______ _______
Ynyshir Hall Holdings Limited is the holding company for it's wholly owned subsiduary, Plas Ynyshir Hall Hotel Limited, of Ynyshir Hall, Eglwysfach, Machynlleth, Powys, SY20 8TA.Plas Ynyshir Hall Hotel Limited leases the property at Ynyshir Hall from Ynyshir Hall Holdings Limited for a sum of £60,000 per annum. As at 31 December 2019 there was accrued rent receivable of £45,000.
11. Controlling party
The company is controlled by it's directors, Mr JA Talbot and Mrs JA Talbot.
12. Going Concern
The company is reliant on the continued support of the directors for it's financial needs, and in the opinion of the directors the company remains a going concern.