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Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 December 2018 |
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for |
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Llanllyr Water Company Limited |
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Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 December 2018 |
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for |
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Llanllyr Water Company Limited |
Llanllyr Water Company Limited (Registered number: 03648492) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2018 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 4 |
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Llanllyr Water Company Limited |
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Company Information |
for the Year Ended 31 December 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditors |
8/10 South Street |
Epsom |
Surrey |
KT18 7PF |
Llanllyr Water Company Limited (Registered number: 03648492) |
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Report of the Directors |
for the Year Ended 31 December 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2018. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of extraction, bottling & distribution of |
spring water. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2018 to the date of |
this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in |
accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law |
the directors have elected to prepare the financial statements in accordance with United Kingdom Generally |
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including |
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of |
Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied |
that they give a true and fair view of the state of affairs of the company and of the profit or loss of the |
company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain |
the company's transactions and disclose with reasonable accuracy at any time the financial position of the |
company and enable them to ensure that the financial statements comply with the Companies Act 2006. They |
are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for |
the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps |
that he ought to have taken as a director in order to make himself aware of any relevant audit information and |
to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Williams & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 |
relating to small companies. |
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ON BEHALF OF THE BOARD: |
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Llanllyr Water Company Limited (Registered number: 03648492) |
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Balance Sheet |
31 December 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Share premium |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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Llanllyr Water Company Limited (Registered number: 03648492) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Llanllyr Water Company Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on a going concern basis even though at the balance |
sheet date, the company reported negative P&L reserves, before taking account of the revaluation |
reserve, which results in positive retained earnings. |
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The directors consider the going concern basis to be appropriate because in the opinion of the Board, |
the company will continue to obtain sufficient funding to enable it to pay its debts as they arise and has |
returned to profit in this year. If the company were unable to obtain this funding and this did affect the |
ability of the company to trade going forward, then the directors recognise that adjustments to the |
accounts would have to be made to some assets to reduce their value to a realisable amount and |
there may be further liabilities to provide against. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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A sale is recognised when the goods are invoiced and leave the premises of the company. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Stocks |
Stock and work in progress are valued using the standard cost basis and this policy has been changed |
in the year to reflect the company's increasing turnover. |
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Cost of sales is then calculated using the standard basis which includes all purchase, transport and |
handling costs in bring stocks to their present location and condition. |
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As a result of these changes in policy, a revised cost of sales figure arose within the year but the |
comparative figures for 2017 have not been adjusted. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
Income and Retained Earnings, except to the extent that it relates to items recognised in other |
comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Llanllyr Water Company Limited (Registered number: 03648492) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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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. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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Cost or valuation at 31 December 2018 is represented by: |
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Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2012 | 1,496,330 | - | 1,496,330 |
Cost | 12,887 | 1,094,858 | 1,107,745 |
1,509,217 | 1,094,858 | 2,604,075 |
Llanllyr Water Company Limited (Registered number: 03648492) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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4. | TANGIBLE FIXED ASSETS - continued |
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If the boreholes had not been revalued they would have been included at the following historical cost: |
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2018 | 2017 |
£ | £ |
Cost | 12,887 | 12,887 |
Aggregate depreciation | 1,804 | 1,804 |
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Value of land in freehold land and buildings | 1,432,609 | 1,432,609 |
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The boreholes were valued on a future earnings basis on 31 December 2012 by the Directors . |
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The company has a 99 year lease in place which gives it the right to use 8 different boreholes on the |
site at Llanllyr Farm. The company was previously only using one borehole for production but since the |
last valuation has now started using a second borehole. As a result, a revaluation of the asset has |
taken place and further ones are expected if the remaining 6 boreholes are brought into use.These |
boreholes have not yet come into use and the directors therefore consider the current value of the |
borehole accurately reflects the income stream currently being generated. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Factoring account |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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The factoring account is secured by a fixed and floating charge against the trade debtors of the |
company. |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Amounts owed to group undertakings |
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Llanllyr Water Company Limited (Registered number: 03648492) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Factoring account | 377,046 | 272,746 |
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The factoring facility is secured by a fixed and floating charge on all assets of the company |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary shares | £1 | 116,666 | 116,666 |
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Ordinary A shares | 10p | 51,551 | 51,551 |
168,217 | 168,217 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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Stock Valuation |
The company has changed its accounting policy on stock in the year whereby it is now valued on a |
Standard cost basis. The comparative figures have not been adjusted to reflect this change but the |
accounting policy note on page 7 has been updated with the new policy. |
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Paul M Smith BSc FCA (Senior Statutory Auditor) |
for and on behalf of Williams & Co |
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11. | RELATED PARTY DISCLOSURES |
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Llanllyr Source Limited |
Parent company. |
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Amount owed to related part at the balance sheet dates was £670,756 (2017: £891,814). |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is SJR Equity Water LLC, a company incorporated in USA. Seth Romans |
is a director and shareholder in this business |