|
|
|
|
|
|
|
|
|
|
|
|
|
Report of the Directors and |
|
Unaudited Financial Statements |
|
for the Year Ended 31 December 2020 |
|
for |
|
Llanllyr Water Company Limited |
|
|
|
|
|
|
|
|
|
|
|
|
|
Report of the Directors and |
|
Unaudited Financial Statements |
|
for the Year Ended 31 December 2020 |
|
for |
|
Llanllyr Water Company Limited |
Llanllyr Water Company Limited (Registered number: 03648492) |
|
Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Report of the Directors | 2 |
|
Balance Sheet | 3 |
|
Notes to the Financial Statements | 5 |
|
Llanllyr Water Company Limited |
|
Company Information |
for the Year Ended 31 December 2020 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
8/10 South Street |
Epsom |
Surrey |
KT18 7PF |
Llanllyr Water Company Limited (Registered number: 03648492) |
|
Report of the Directors |
for the Year Ended 31 December 2020 |
|
|
The directors present their report with the financial statements of the company for the year ended 31 December 2020. |
|
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of extraction, bottling & distribution of spring water. |
|
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2020 to the date of this report. |
|
|
|
|
Other changes in directors holding office are as follows: |
|
|
|
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
|
|
Llanllyr Water Company Limited (Registered number: 03648492) |
|
Balance Sheet |
31 December 2020 |
|
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Stocks | 5 |
|
|
Debtors | 6 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
|
( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
8 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 11 |
|
|
Share premium | 12 |
|
|
Retained earnings | 12 |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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. |
Llanllyr Water Company Limited (Registered number: 03648492) |
|
Balance Sheet - continued |
31 December 2020 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
Llanllyr Water Company Limited (Registered number: 03648492) |
|
Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
|
|
1. | STATUTORY INFORMATION |
|
Llanllyr Water Company Limited is a
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
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. |
|
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. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
|
A sale is recognised when the goods are invoiced and leave the premises of the company. |
|
Tangible fixed assets |
|
Land and buildings | - |
|
Plant and machinery etc | - |
|
|
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. |
|
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. |
|
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. |
|
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. |
|
Llanllyr Water Company Limited (Registered number: 03648492) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
|
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. |
|
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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
|
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
|
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | TANGIBLE FIXED ASSETS |
Long | Plant and |
leasehold | machinery | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2020 |
|
|
|
Additions |
|
|
|
At 31 December 2020 |
|
|
|
DEPRECIATION |
At 1 January 2020 |
|
|
|
Charge for year |
|
|
|
At 31 December 2020 |
|
|
|
NET BOOK VALUE |
At 31 December 2020 |
|
|
|
At 31 December 2019 |
|
|
|
|
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. |
Llanllyr Water Company Limited (Registered number: 03648492) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
|
4. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST OR VALUATION |
At 1 January 2020 |
and 31 December 2020 |
|
NET BOOK VALUE |
At 31 December 2020 |
|
At 31 December 2019 |
|
|
5. | STOCKS |
2020 | 2019 |
£ | £ |
Raw materials & work in progress |
|
|
Finished goods |
|
|
|
|
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
|
|
VAT |
|
|
Prepayments and accrued income |
|
|
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts (see note 9) |
|
|
Hire purchase contracts |
|
|
Factoring account |
|
|
Trade creditors |
|
|
Social security and other taxes |
|
( |
) |
Accrued expenses |
|
|
|
|
|
The factoring account is secured by a fixed and floating charge against the trade debtors of the company. |
|
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans (see note 9) |
|
|
Hire purchase contracts |
|
|
Amounts owed to group undertakings |
|
|
|
|
Llanllyr Water Company Limited (Registered number: 03648492) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
|
9. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2020 | 2019 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
|
|
|
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
|
In addition to existing loans with Lloyds bank, loan from Development Bank of Wales received in September 2020 for £250,000 in relation to Covid-19, repayable within 72 months & government Bounce Back loan received in June 2020 for £50,000 in relation to Covid-19, repayable within 6 years. |
|
10. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2020 | 2019 |
£ | £ |
Factoring account | 186,604 | 285,120 |
|
The factoring facility is secured by a fixed and floating charge on all assets of the company |
|
11. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
|
Ordinary shares | £1 | 116,706 | 116,706 |
|
Ordinary A shares | 10p | 51,511 | 51,511 |
168,217 | 168,217 |
|
12. | RESERVES |
|
The Company's other reserves are as follows: |
|
The retained earnings reserve represents cumulative profits or losses, net of dividends paid and other adjustments, as well as a non-distributable Borehole Revaluation Reserve of a carrying value of £1,396,330 (2019: £1,396,330) |
|
The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses. |
Llanllyr Water Company Limited (Registered number: 03648492) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
|
13. | RELATED PARTY DISCLOSURES |
|
Llanllyr Source Limited |
Parent company. |
|
Amount owed to related part at the balance sheet dates was £541,237 (2019: £518,682). |
|
14. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling party is SJR Equity Water LLC, a company incorporated in USA. Seth Romans is a director and shareholder in this business |