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No description of principal activity
2017-01-01
Sage Accounts Production Advanced 2018 - FRS
5
5
5
xbrli:pure
xbrli:shares
iso4217:GBP
03999086
2017-01-01
2017-12-31
03999086
2017-12-31
03999086
2016-12-31
03999086
2016-01-01
2016-12-31
03999086
2016-12-31
03999086
bus:RegisteredOffice
2017-01-01
2017-12-31
03999086
bus:OrdinaryShareClass1
2017-01-01
2017-12-31
03999086
bus:LeadAgentIfApplicable
2017-01-01
2017-12-31
03999086
bus:Director1
2017-01-01
2017-12-31
03999086
bus:CompanySecretary1
2017-01-01
2017-12-31
03999086
core:LandBuildings
2016-12-31
03999086
core:PlantMachinery
2016-12-31
03999086
core:FurnitureFittings
2016-12-31
03999086
core:LandBuildings
2017-12-31
03999086
core:PlantMachinery
2017-12-31
03999086
core:FurnitureFittings
2017-12-31
03999086
core:LandBuildings
2017-01-01
2017-12-31
03999086
core:PlantMachinery
2017-01-01
2017-12-31
03999086
core:FurnitureFittings
2017-01-01
2017-12-31
03999086
core:WithinOneYear
2017-12-31
03999086
core:WithinOneYear
2016-12-31
03999086
core:AfterOneYear
2017-12-31
03999086
core:AfterOneYear
2016-12-31
03999086
core:ShareCapital
2017-12-31
03999086
core:ShareCapital
2016-12-31
03999086
core:RevaluationReserve
2016-12-31
03999086
core:RetainedEarningsAccumulatedLosses
2017-12-31
03999086
core:RestatedAmount
core:RetainedEarningsAccumulatedLosses
2016-12-31
03999086
core:RestatedAmount
2016-12-31
03999086
core:CostValuation
core:Non-currentFinancialInstruments
2017-12-31
03999086
core:Non-currentFinancialInstruments
2017-12-31
03999086
core:Non-currentFinancialInstruments
2016-12-31
03999086
core:LandBuildings
2016-12-31
03999086
core:FurnitureFittings
2016-12-31
03999086
bus:SmallEntities
2017-01-01
2017-12-31
03999086
bus:AuditExemptWithAccountantsReport
2017-01-01
2017-12-31
03999086
bus:FullAccounts
2017-01-01
2017-12-31
03999086
bus:SmallCompaniesRegimeForAccounts
2017-01-01
2017-12-31
03999086
bus:PrivateLimitedCompanyLtd
2017-01-01
2017-12-31
03999086
bus:OrdinaryShareClass1
2017-12-31
03999086
bus:OrdinaryShareClass1
2016-12-31
COMPANY REGISTRATION NUMBER:
03999086
Tir Canol Holdings Limited
|
|
Filleted Unaudited Financial Statements
|
|
Tir Canol Holdings Limited
|
|
Year ended 31 December 2017
Officers and Professional Advisers
|
1
|
|
|
Statement of Financial Position
|
2
|
|
|
Notes to the Financial Statements
|
4
|
|
|
Tir Canol Holdings Limited
|
|
Officers and Professional Advisers
|
|
Company secretary
|
Mr J Adams
|
|
|
Registered office
|
Glyn Cynwal Uchaf Farm
|
|
Lower Cwmtwrch
|
|
Swansea
|
|
SA9 2QQ
|
|
|
Accountants
|
James & Uzzell Ltd
|
|
Chartered Certified Accountants
|
|
Axis 15, Axis Court
|
|
Mallard Way
|
|
Riverside Business Park
|
|
Swansea
|
|
SA7 0AJ
|
|
|
Tir Canol Holdings Limited
|
|
Statement of Financial Position
|
|
31 December 2017
FIXED ASSETS
Tangible assets
|
5
|
615,937
|
768,937
|
Investments
|
6
|
5
|
5
|
|
---------
|
---------
|
|
615,942
|
768,942
|
|
|
|
|
CURRENT ASSETS
Stocks
|
33,981
|
–
|
Debtors
|
7
|
78,991
|
69,624
|
Cash at bank and in hand
|
34,956
|
32,407
|
|
---------
|
---------
|
|
147,928
|
102,031
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
8
|
156,734
|
193,936
|
|
---------
|
---------
|
NET CURRENT LIABILITIES
|
8,806
|
91,905
|
|
---------
|
---------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
607,136
|
677,037
|
|
|
|
|
CREDITORS: amounts falling due after more than one year
|
9
|
323,062
|
339,704
|
|
|
|
|
PROVISIONS
Taxation including deferred tax
|
–
|
18,641
|
|
---------
|
---------
|
NET ASSETS
|
284,074
|
318,692
|
|
---------
|
---------
|
|
|
|
CAPITAL AND RESERVES
Called up share capital
|
10
|
78
|
78
|
Revaluation reserve
|
–
|
88,612
|
Profit and loss account
|
283,996
|
230,002
|
|
---------
|
---------
|
SHAREHOLDERS FUNDS
|
284,074
|
318,692
|
|
---------
|
---------
|
|
|
|
|
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 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Tir Canol Holdings Limited
|
|
Statement of Financial Position (continued)
|
|
31 December 2017
These financial statements were approved by the
board of directors
and authorised for issue on
20 September 2018
, and are signed on behalf of the board by:
Mr J L Adams
Director
Company registration number:
03999086
Tir Canol Holdings Limited
|
|
Notes to the Financial Statements
|
|
Year ended 31 December 2017
1.
GENERAL INFORMATION
Tir Canol Holdings Limited
is a private company limited by shares incorporated in England & Wales, United Kingdom. The company number is 03999086
. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are letting and operating of own or leased real estate and activities of head offices.
2.
STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31st December 2017. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. The director has considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Investments are stated at cost less, where appropriate, any provision for impairment.
Investment properties
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
The methods and significant assumptions used to ascertain the fair value movement included in profit/loss for the year are as follows:
- For properties for which recent valuations have been obtained, there is no reason to believe these have altered
- For the remaining properties, discussions with the director have established that the values in the accounts are deemed reasonable based on his knowledge of current market conditions of similar properties in the area.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Going concern
The director has considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Management Charges & Rent Receivable The company's turnover represents the value, excluding Value added Tax, of services supplied to customers, subsidiaries, during the year and rentals payable and receivable under operating leases, which are charged to the profit and loss account on a straight line basis over the period of the lease. Interest and Dividends receivable Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
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:
|
Plant & Machinery
|
-
|
|
|
Fixtures & Fittings
|
-
|
|
|
|
|
|
Land - 0% Investment Property - 0% Freehold Property - 0%
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
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.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
1
(2016:
1
).
5.
TANGIBLE ASSETS
|
Land and buildings
|
Plant and machinery
|
Fixtures and fittings
|
Total
|
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
At 1 January 2017
|
751,937
|
81,743
|
21,578
|
855,258
|
Additions
|
–
|
11,500
|
–
|
11,500
|
Disposals
|
(
150,000)
|
(
11,500)
|
–
|
(
161,500)
|
|
---------
|
--------
|
--------
|
---------
|
At 31 December 2017
|
601,937
|
81,743
|
21,578
|
705,258
|
|
---------
|
--------
|
--------
|
---------
|
Depreciation
|
|
|
|
|
At 1 January 2017
|
–
|
81,743
|
4,578
|
86,321
|
Charge for the year
|
–
|
–
|
3,000
|
3,000
|
|
---------
|
--------
|
--------
|
---------
|
At 31 December 2017
|
–
|
81,743
|
7,578
|
89,321
|
|
---------
|
--------
|
--------
|
---------
|
Carrying amount
|
|
|
|
|
At 31 December 2017
|
601,937
|
–
|
14,000
|
615,937
|
|
---------
|
--------
|
--------
|
---------
|
At 31 December 2016
|
751,937
|
–
|
17,000
|
768,937
|
|
---------
|
--------
|
--------
|
---------
|
|
|
|
|
|
The historical cost equivalent of land and buildings included at valuation are as follows:
|
|
2017 |
2016 |
|
|
£ |
£ |
|
Cost |
395,937 |
400,375 |
|
Accumulated depreciation |
– |
– |
|
|
--------- |
--------- |
|
Net book value |
395,937 |
400,375 |
|
|
--------- |
--------- |
|
|
|
|
Freehold properties are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. The director believes the carrying valuation of these properties represent their current market value and so no depreciation has been charged in the current year. This will be reviewed annually by the director.
6.
INVESTMENTS
|
Shares in group undertakings
|
|
£
|
Cost
|
|
At 1 January 2017 and 31 December 2017
|
5
|
|
----
|
Impairment
|
|
At 1 January 2017 and 31 December 2017
|
–
|
|
----
|
|
|
Carrying amount
|
|
At 31 December 2017
|
5
|
|
----
|
At 31 December 2016
|
5
|
|
----
|
|
|
7.
DEBTORS
|
2017
|
2016
|
|
£
|
£
|
Trade debtors
|
(
66)
|
–
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest
|
74,738
|
69,229
|
Other debtors
|
4,319
|
395
|
|
--------
|
--------
|
|
78,991
|
69,624
|
|
--------
|
--------
|
|
|
|
8.
CREDITORS:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Bank loans and overdrafts
|
16,044
|
15,438
|
Trade creditors
|
(
219)
|
76
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
11,474
|
65,712
|
Corporation tax
|
7,586
|
–
|
Social security and other taxes
|
–
|
331
|
Other creditors
|
121,849
|
112,379
|
|
---------
|
---------
|
|
156,734
|
193,936
|
|
---------
|
---------
|
|
|
|
All bank loans are secured by a cross guarantee on assets held by subsidiaries
9.
CREDITORS:
amounts falling due after more than one year
|
2017
|
2016
|
|
£
|
£
|
Bank loans and overdrafts
|
323,062
|
339,704
|
|
---------
|
---------
|
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £155,888 (2016: £174,954) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10.
CALLED UP SHARE CAPITAL
Issued, called up and fully paid
|
2017
|
2016
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 1 each
|
78
|
78
|
78
|
78
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
11.
CONTINGENCIES
Both JLA Disposal Limited and JLA Recycling Limited, fellow subsidiary companies, and
Tir Canol Holdings Limited
, are party to a cross guarantee in respect of the group's bank borrowings.
12.
TRANSACTIONS WITH DIRECTOR
Included in other creditors is a balance due to the director at the year end of £49,927 (2016 - £40,380) No interest has been incurred in relation to this balance.
13.
RELATED PARTY TRANSACTIONS
Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies.