Transition Llambed Development Trust
Transition Llambed Development Trust
Registered number: 07035904
Unaudited Financial Statements
For The Year Ended
31 December 2020
DN Accounting Solutions
Transition Llambed Development Trust
Unaudited Financial Statements
For The Year Ended
31 December 2020
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Transition Llambed Development Trust
Balance Sheet
As at
31 December 2020
Balance Sheet
Registered number:
07035904
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
|
|
||
|
|
|
||||
| CURRENT ASSETS | |||||
| Debtors | 4 |
|
|
||
| Cash at bank and in hand |
|
|
|||
|
|
|
||||
| Creditors: Amounts Falling Due Within One Year | 5 |
( |
( |
||
| NET CURRENT ASSETS (LIABILITIES) |
|
( |
|||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
| Creditors: Amounts Falling Due After More Than One Year | 6 |
( |
( |
||
| NET ASSETS |
|
|
|||
| Income and Expenditure Account |
|
|
|||
| MEMBERS' FUNDS | 1,201 | 8,721 | |||
Page 1
Transition Llambed Development Trust
Balance Sheet (continued)
As at
31 December 2020
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income and Expenditure Account.
On behalf of the board
|
Director
|
|
|
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Transition Llambed Development Trust
Notes to the Financial Statements
For The Year Ended
31 December 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
|
| Fixtures & Fittings |
|
1.4.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income and expenditure account.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 3 (2019: NIL)
Page 3
Transition Llambed Development Trust
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
3.
Tangible Assets
| Land & Property | |||||
|---|---|---|---|---|---|
| Leasehold | RCDF Project | Plant & Machinery | Fixtures & Fittings | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at
|
|
|
|
|
|
| Additions |
|
83,827 |
|
|
|
| Disposals |
|
|
( |
( |
( |
| As at
|
|
|
|
|
|
| Depreciation | |||||
| As at
|
|
|
|
|
|
| Provided during the period |
|
5,588 |
|
|
|
| As at
|
|
|
|
|
|
| Net Book Value | |||||
| As at
|
|
|
|
|
|
| As at
|
|
|
|
|
|
4.
Debtors
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
|
|
|
||
5.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Accruals and deferred income |
|
|
|
| Directors' loan accounts | - |
|
|
|
|
|
||
One director has made a short-term loan of £50,000 to the company which will be repaid upon receipt of the grant income. This was to enable the company to commence the planned improvements as early as possible
6.
Creditors: Amounts Falling Due After More Than One Year
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Capital grants | 201,863 | 111,882 | |
|
|
|
||
Grants for capital expenditure on leasehold improvements are treated as deferred income and are released to revenue over the period of the lease.
Page 4
Transition Llambed Development Trust
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
7.
Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
8.
General Information
Transition Llambed Development Trust
is a private company, limited by guarantee, incorporated in England & Wales, registered number
07035904
. The registered office is Victoria Hall, Bryn Road, Lampeter, Ceredigion, SA48 7EE.
Page 5