Company registration number 10625108 (England and Wales)
CYNWYD ENTERPRISES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
PAGES FOR FILING WITH REGISTRAR
CYNWYD ENTERPRISES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CYNWYD ENTERPRISES LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2022
28 February 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
18,667
22,167
Tangible assets
4
1,462,492
849,752
1,481,159
871,919
Current assets
Stocks
24,228
18,783
Debtors
5
8,582
3,142
Cash at bank and in hand
60,498
35,893
93,308
57,818
Creditors: amounts falling due within one year
6
(1,592,468)
(944,063)
Net current liabilities
(1,499,160)
(886,245)
Net liabilities
(18,001)
(14,326)
Capital and reserves
Called up share capital
200,100
200,100
Profit and loss reserves
(218,101)
(214,426)
Total equity
(18,001)
(14,326)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 December 2022 and are signed on its behalf by:
Mr MJ Duffell
Director
Company Registration No. 10625108
CYNWYD ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 2 -
1
Accounting policies
Company information
Cynwyd Enterprises Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Guilden Sutton Lane, Guilden Sutton, Chester, Cheshire, England, CH3 7EX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Leasehold land and buildings
2% straight line
Leasehold improvements
2% straight line
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computers
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
CYNWYD ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Government grants
Grants
are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
29
16
CYNWYD ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2021 and 28 February 2022
35,000
Amortisation and impairment
At 1 March 2021
12,833
Amortisation charged for the year
3,500
At 28 February 2022
16,333
Carrying amount
At 28 February 2022
18,667
At 28 February 2021
22,167
CYNWYD ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 5 -
4
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
£
Cost
At 1 March 2021
265,999
33,794
477,996
35,860
138,909
1,931
954,489
Additions
668,101
3,376
8,556
15,237
6,363
701,633
Disposals
(33,794)
(33,794)
At 28 February 2022
934,100
481,372
44,416
154,146
8,294
1,622,328
Depreciation and impairment
At 1 March 2021
15,657
1,634
12,521
11,176
62,504
1,245
104,737
Depreciation charged in the year
8,201
507
9,622
8,741
28,821
1,348
57,240
Eliminated in respect of disposals
(2,141)
(2,141)
At 28 February 2022
23,858
22,143
19,917
91,325
2,593
159,836
Carrying amount
At 28 February 2022
910,242
459,229
24,499
62,821
5,701
1,462,492
At 28 February 2021
250,342
32,160
465,475
24,684
76,405
686
849,752
CYNWYD ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 6 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
629
Other debtors
7,953
3,142
8,582
3,142
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
27,597
17,201
Taxation and social security
4,461
1,332
Other creditors
1,560,410
925,530
1,592,468
944,063