Company registration number 10625108 (England and Wales)
CYNWYD ENTERPRISES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
CYNWYD ENTERPRISES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CYNWYD ENTERPRISES LIMITED
BALANCE SHEET
- 1 -
30 June 2023
28 February 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
165,250
18,667
Tangible assets
4
2,722,061
1,462,492
2,887,311
1,481,159
Current assets
Stocks
21,420
24,228
Debtors
5
212,542
8,582
Cash at bank and in hand
254,686
60,498
488,648
93,308
Creditors: amounts falling due within one year
6
(3,351,235)
(1,592,468)
Net current liabilities
(2,862,587)
(1,499,160)
Net assets/(liabilities)
24,724
(18,001)
Capital and reserves
Called up share capital
200,100
200,100
Profit and loss reserves
(175,376)
(218,101)
Total equity
24,724
(18,001)
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 period ended 30 June 2023 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.
The members have not required the company to obtain an audit of its financial statements for the period 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 27 March 2024 and are signed on its behalf by:
Mr MJ Duffell
Director
Company registration number 10625108 (England and Wales)
CYNWYD ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
- 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 amounts 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
Reporting period
The Company extended its accounting reference date from 28 February 2023 to 30 June 2023. This means that the comparatives are not directly comparable due to the current period being 16 months long (2022: 12 months).
1.3
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.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
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.
1.6
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 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.
CYNWYD ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
1.7
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.
1.8
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.9
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.
1.10
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.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Government grants
Grants are recognised at the fair value of the asset received 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.
CYNWYD ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
29
29
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2022
35,000
Additions
165,000
At 30 June 2023
200,000
Amortisation and impairment
At 1 March 2022
16,333
Amortisation charged for the period
18,417
At 30 June 2023
34,750
Carrying amount
At 30 June 2023
165,250
At 28 February 2022
18,667
CYNWYD ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 5 -
4
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost
At 1 March 2022
934,100
481,372
44,416
154,146
8,294
1,622,328
Additions
1,340,728
580
29,953
229
1,371,490
At 30 June 2023
2,274,828
481,372
44,996
184,099
8,523
2,993,818
Depreciation and impairment
At 1 March 2022
23,858
22,143
19,917
91,325
2,593
159,836
Depreciation charged in the period
42,097
12,837
11,668
42,267
3,052
111,921
At 30 June 2023
65,955
34,980
31,585
133,592
5,645
271,757
Carrying amount
At 30 June 2023
2,208,873
446,392
13,411
50,507
2,878
2,722,061
At 28 February 2022
910,242
459,229
24,499
62,821
5,701
1,462,492
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,535
629
Other debtors
211,007
7,953
212,542
8,582
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
416,920
27,597
Taxation and social security
16,596
4,461
Other creditors
2,917,719
1,560,410
3,351,235
1,592,468