REGISTERED NUMBER:
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LLESIANT DELTA WELLBEING LTD |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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REGISTERED NUMBER:
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LLESIANT DELTA WELLBEING LTD |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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LLESIANT DELTA WELLBEING LTD (REGISTERED NUMBER: 11148475) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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LLESIANT DELTA WELLBEING LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
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DIRECTORS: |
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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 |
45 High Street |
Haverfordwest |
Pembrokeshire |
SA61 2BP |
LLESIANT DELTA WELLBEING LTD (REGISTERED NUMBER: 11148475) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2020 |
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2020 | 2019 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
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Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PENSION LIABILITY | 7 | ( |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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LLESIANT DELTA WELLBEING LTD (REGISTERED NUMBER: 11148475) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Llesiant Delta Wellbeing Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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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Pension costs and other post-retirement benefits |
The company operates both defined benefit and contribution schemes. All contributions due have been paid or accrued for. |
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Tangible assets |
The company's de-minimus policy for the capitalisation of assets is £10,000. |
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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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LLESIANT DELTA WELLBEING LTD (REGISTERED NUMBER: 11148475) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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Accrued income |
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Payments in advance |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Other loans |
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Receipts in advance |
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Trade creditors |
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Social security and other taxes |
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VAT | 201,313 | 96,328 |
Other creditors |
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Accrued expenses |
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6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was qualified on the following basis: |
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Basis for qualified opinion |
As a result of the COVID 19 pandemic we were not able to physically attend the stock count at the financial year end due to the government "work from home" instructions. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 March 2020, which are included in the balance sheet at £736,525. Consequently, we were unable to determine whether any adjustment to this amount was necessary. |
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We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
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for and on behalf of
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7. | EMPLOYEE BENEFIT OBLIGATIONS |
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The company operates a defined benefit scheme in the UK. A full actuarial valuation was carried out at 31 March 2020. |
LLESIANT DELTA WELLBEING LTD (REGISTERED NUMBER: 11148475) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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7. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
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The amounts recognised in the balance sheet are as follows: |
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Defined benefit |
pension plans |
2020 | 2019 |
£ | £ |
Present value of funded obligations | ( |
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Fair value of plan assets |
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(2,647,000 | ) | - |
Present value of unfunded obligations |
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Deficit | ( |
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Net liability | ( |
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The amounts recognised in profit or loss are as follows: |
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Defined benefit |
pension plans |
2020 | 2019 |
£ | £ |
Current service cost & benefit obligations |
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Net interest from net defined benefit
asset/liability |
47,000 |
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Past service cost |
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Gains/losses on settlements and
curtailments |
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Administrative expenses | 7,000 | - |
Transfer of defined benefit liability | 1,881,000 | - |
2,905,000 | - |
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Actual return on plan assets | ( |
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Changes in the present value of the defined benefit obligation are as follows: |
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Defined benefit |
pension plans |
2020 | 2019 |
£ | £ |
Opening defined benefit obligation | 4,670,000 | - |
Current service cost & benefit obligations |
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Contributions by scheme participants |
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Interest cost |
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Actuarial losses/(gains) |
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Benefits paid |
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LLESIANT DELTA WELLBEING LTD (REGISTERED NUMBER: 11148475) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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7. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
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Changes in the fair value of scheme assets are as follows: |
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Defined benefit |
pension plans |
2020 | 2019 |
£ | £ |
Fair value of scheme assets | 2,789,000 | - |
Administration expenses | (7,000 | ) | - |
Contributions by employer |
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Contributions by scheme participants |
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Benefits paid | 12,000 | - |
Interest |
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Remeasurements (assets) | 377,000 | - |
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The amounts recognised in other comprehensive income are as follows: |
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Defined benefit |
pension plans |
2020 | 2019 |
£ | £ |
Actuarial gains/(losses) | ( |
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(259,000 | ) | - |
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The major categories of scheme assets as amounts of total scheme assets are as follows: |
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Defined benefit |
pension plans |
2020 | 2019 |
£ | £ |
Equities |
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Government bonds | 142,000 | - |
Bonds |
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Property |
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Cash/liquidity | 18,000 | - |
3,631,000 | - |
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Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
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2020 | 2019 |
Discount rate |
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Future salary increases |
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Future pension increases |
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CPI inflation/CARE benefits revaluation |
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LLESIANT DELTA WELLBEING LTD (REGISTERED NUMBER: 11148475) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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8. | ULTIMATE CONTROLLING PARTY |
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During the period under review the company was controlled by Carmarthenshire County Council, by virtue of their 100% holding of the issued share capital. |
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Carmarthenshire County Council guarantees the Dyfed Pension Fund deficit which is detailed in note 6 to the financial statements. |