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

28 February 2021

Rhiannon Cyfyngedig

Directors' Report

Year ended 28 February 2021

The directors present their report and the unaudited financial statements of the company for the year ended 28 February 2021 .

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 30 April 2021 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 28 February 2021

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 28 February 2021, 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

30 April 2021

Rhiannon Cyfyngedig

Statement of Financial Position

28 February 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		337,237	332,038

Current assets

Stocks		832,435	821,585
Debtors	6	11,671	11,035
Cash at bank and in hand		31,164	2,915
		---------	---------
		875,270	835,535

Creditors: amounts falling due within one year	7	204,036		422,101
		---------		---------
Net current assets			671,234	413,434
			------------	---------
Total assets less current liabilities			1,008,471	745,472

Creditors: amounts falling due after more than one year	8		487,464	451,167

Provisions

Taxation including deferred tax	6,633	5,581
	------------	---------
Net assets	514,374	288,724
	------------	---------

Capital and reserves

Called up share capital	27,405	14,072
Share premium account	283,090	96,428
Profit and loss account	203,879	178,224
	---------	---------
Shareholders funds	514,374	288,724
	---------	---------

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 comprehensive income has not been delivered.

For the year ending 28 February 2021 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)

28 February 2021

These financial statements were approved by the board of directors and authorised for issue on 30 April 2021 , 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 28 February 2021

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 10 (2020: 8 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 March 2020	300,811	256,224	35,903	592,938
Additions	–	6,080	11,260	17,340
	---------	---------	--------	---------
At 28 February 2021	300,811	262,304	47,163	610,278
	---------	---------	--------	---------
Depreciation
At 1 March 2020	–	231,579	29,321	260,900
Charge for the year	–	7,681	4,460	12,141
	---------	---------	--------	---------
At 28 February 2021	–	239,260	33,781	273,041
	---------	---------	--------	---------
Carrying amount
At 28 February 2021	300,811	23,044	13,382	337,237
	---------	---------	--------	---------
At 29 February 2020	300,811	24,645	6,582	332,038
	---------	---------	--------	---------

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

6. Debtors

	2021	2020
	£	£
Trade debtors	11,671	11,035
	--------	--------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	30,622	52,641
Trade creditors	37,676	30,254
Corporation tax	4,966	1,286
Social security and other taxes	13,535	4,520
LG Evans	–	4,587
Other creditors	117,237	328,813
	---------	---------
	204,036	422,101
	---------	---------

Other creditors are made up as follows:

	2021	2020
	£
HP < 1 year	2,815	–
R S Evans	99,255	99,255
G G Evans	12,000	12,000
Wages control account	2,077	5,423
Accruals	1,090	1,090
Loan - Gwynfil Holdings Ltd	–	211,045
	---------	---------
TOTAL	117,237	328,813
	---------	---------

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

	2021	2020
	£	£
Bank loans and overdrafts	479,488	451,167
Other creditors	7,976	–
	---------	---------
	487,464	451,167
	---------	---------

Other creditors consist of a hire purchase agreement.

9. Directors' advances, credits and guarantees

Amounts advanced to the Company by the Directors are as follows: (a) Balance as at 28th February 2021 was £111,255 (2020: £111,255); (b) Interest rate charged nil %; (c) Repayable on demand (d) Additions made during the year amounted to £nil (2020: £12,000)

	2021	2020
	£	£
Directors Loan Account - RS Evans	99,255	99,255
Directors Loan Account - GG Evans	12,000	12,000
	---------	---------
Total	111,255	111,255
	---------	---------

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. The remaining loan owed to Gwynfil Holdings Ltd (10854940) has been converted into equity shares of Rhiannon Cyfyngedig at £15 per share (13,333 shares). Mr GG Evans and Ms A Oliver-Jansz are directors and shareholders of Gwynfil Holdings Ltd. The loan from Mr LG Evans has been repaid in full. Mr LG Evans is son to Dr RS Evans and brother to Mr GG Evans. During the financial year, building work has been undertaken by Arycyd Ltd (07422324) for Rhiannon Cyfyngedig . Mr GG Evans and Ms A Oliver-Jansz are shareholders of Arycyd Ltd with Mr GG Evans the sole director of the company. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102.