Anglo Welsh Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04062985 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2020

for

ANGLO WELSH LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D J Medlock

P J Medlock

G R Peyer

R J Lawrence

SECRETARY:

A C Ambridge

REGISTERED OFFICE:

2 The Hide Market

West Street

Bristol

BS2 0BH

REGISTERED NUMBER:

04062985 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

6-8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Intangible assets

4

206

2,766

Tangible assets

5

1,483,803

1,569,647

1,484,009

1,572,413

CURRENT ASSETS

Stocks

271,680

239,963

Debtors

6

280,857

150,509

Cash at bank and in hand

1,086,173

385,740

1,638,710

776,212

CREDITORS

Amounts falling due within one year

7

(1,299,398

)

(691,539

)

NET CURRENT ASSETS

339,312

84,673

TOTAL ASSETS LESS CURRENT LIABILITIES

1,823,321

1,657,086

PROVISIONS FOR LIABILITIES

(270,593

)

(245,148

)

NET ASSETS

1,552,728

1,411,938

CAPITAL AND RESERVES

Called up share capital

600,000

600,000

Retained earnings

952,728

811,938

1,552,728

1,411,938

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 15 October 2021 and were signed on its behalf by:

D J Medlock - Director

1.	COMPANY INFORMATION

Anglo Welsh Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal activity of the company in the year under review was that of a booking agency specialising in the management and marketing of boating holidays, together with the supply and fitting of new canal boats to order.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that despite the adverse effects COVID-19 is having on both the company and the economy as a whole the company has adequate resources to continue in operational existence for the foreseeable future. On this basis, the directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Goodwill

Goodwill is being written off in equal annual instalments over 20 years which is the term of the lease of the operating base from which it arises.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

Straight line over the life of the lease

Plant and machinery

-

20% on cost

Motor vehicles

-

20% on cost

Depreciation on narrowboats is calculated on an individual basis, based on the original cost of the boats. An estimated residual value based upon normal market conditions is calculated on the boat's planned retirement age, which is assumed to be 20 years from the date of boat construction. Depreciation is then charged on a straight line basis in order to achieve the planned residual values.

Government grants

Government grants received are in relation to the Job Retention Scheme and Business Support Schemes set up to help with the ongoing COVID-19 pandemic.

Government grants are recognised in the profit and loss account over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Those grants which become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 53 (2019 - 46 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2019

and 31 October 2020

51,189

AMORTISATION

At 1 November 2019

48,423

Charge for year

2,560

At 31 October 2020

50,983

NET BOOK VALUE

At 31 October 2020

206

At 31 October 2019

2,766

5.	TANGIBLE FIXED ASSETS

Long

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

COST

At 1 November 2019

125,500

2,395,424

65,830

2,586,754

Additions

-

139,478

-

139,478

Disposals

-

(114,712

)

(7,224

)

(121,936

)

At 31 October 2020

125,500

2,420,190

58,606

2,604,296

DEPRECIATION

At 1 November 2019

123,996

852,183

40,928

1,017,107

Charge for year

1,499

115,841

10,123

127,463

Eliminated on disposal

-

(16,854

)

(7,223

)

(24,077

)

At 31 October 2020

125,495

951,170

43,828

1,120,493

NET BOOK VALUE

At 31 October 2020

5

1,469,020

14,778

1,483,803

At 31 October 2019

1,504

1,543,241

24,902

1,569,647

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

66,370

-

Other debtors

207

4,889

VAT

31,642

-

Prepayments and accrued income

182,638

145,620

280,857

150,509

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

1,101,055

396,703

Tax

10,055

-

Social security and other taxes

36,555

55,181

VAT

-

116,895

Other creditors

5,780

17,863

Accruals and deferred income

145,953

104,897

1,299,398

691,539

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

102,730

118,730

Between one and five years

410,920

410,920

In more than five years

289,150

391,880

802,800

921,530