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 2018

Rhiannon Cyfyngedig

Directors' Report

Year ended 28 February 2018

The directors present their report and the unaudited financial statements of the company for the year ended 28 February 2018 .

Directors

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

Dr R S Evans
Mr G G Evans
Ms A Oliver-Jansz	(Appointed 1 February 2018)

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 29 November 2018 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 2018

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 28 February 2018, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

FRANCIS GRAY Chartered Accountants

Ty Madog 32 Queens Road Aberystwyth Ceredigion SY23 2HN

29 November 2018

Rhiannon Cyfyngedig

Statement of Financial Position

28 February 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		344,010	349,004

Current assets

Stocks		753,467	651,706
Debtors	6	2,805	450
Cash at bank and in hand		4,122	12,116
		---------	---------
		760,394	664,272

Creditors: amounts falling due within one year	7	362,729		366,535
		---------		---------
Net current assets			397,665	297,737
			---------	---------
Total assets less current liabilities			741,675	646,741

Creditors: amounts falling due after more than one year	8		441,756	347,798

Provisions

Taxation including deferred tax	7,683	8,965
	---------	---------
Net assets	292,236	289,978
	---------	---------

Capital and reserves

Called up share capital	14,072	14,072
Share premium account	96,428	96,428
Profit and loss account	181,736	179,478
	---------	---------
Shareholders funds	292,236	289,978
	---------	---------

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.

For the year ending 28 February 2018 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 2018

These financial statements were approved by the board of directors and authorised for issue on 29 November 2018 , 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 2018

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 23 (2017: 20 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 March 2017	300,811	236,415	35,903	573,129
Additions	–	9,406	–	9,406
	---------	---------	--------	---------
At 28 February 2018	300,811	245,821	35,903	582,535
	---------	---------	--------	---------
Depreciation
At 1 March 2017	–	203,823	20,302	224,125
Charge for the year	–	10,500	3,900	14,400
	---------	---------	--------	---------
At 28 February 2018	–	214,323	24,202	238,525
	---------	---------	--------	---------
Carrying amount
At 28 February 2018	300,811	31,498	11,701	344,010
	---------	---------	--------	---------
At 28 February 2017	300,811	32,592	15,601	349,004
	---------	---------	--------	---------

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

6. Debtors

	2018	2017
	£	£
Trade debtors	2,805	450
	-------	----

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	24,088	53,423
Trade creditors	32,221	26,744
Corporation tax	3,429	7,164
Social security and other taxes	4,560	12,003
LG Evans	4,587	4,587
Other creditors	293,844	262,614
	---------	---------
	362,729	366,535
	---------	---------

Bank loans and overdrafts are made up as follows:

	2018	2017
	£
Bank loans due within a year	19,799	49,210
	--------	--------

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

	2018	2017
	£	£
Bank loans and overdrafts	441,756	347,798
	---------	---------

9. Directors' advances, credits and guarantees

Amounts advanced to the Company by the Directors are as follows: (a) Balance as at 29th February 2018 was £265,800 (2017: £234,561); (b) Interest rate charged nil %; (c) Repayable on demand (d) Additions made during the year amounted to £31,239 (2017: £52,991)

	2018	2017
	£	£
Directors Loan Account - RS Evans	109,255	101,766
Directors Loan Account - GG Evans	156,545	132,795
	---------	---------
Total	265,800	234,561
	---------	---------

10. Related party transactions

No transactions with related parties were undertaken such as required to be disclosed under FRS 102.