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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Plas Glynllifon Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 31 August 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 10304939
Plas Glynllifon Limited
Unaudited Abridged Financial Statements
31 August 2017
J D ACCOUNTANCY
Accountants
Unit 3,
37 Watling Street,
Leintwardine,
Shropshire,
SY7 0LW
Plas Glynllifon Limited
Abridged Financial Statements
Period from 1 August 2016 to 31 August 2017
Contents
Page
Directors' report
1
Abridged statement of comprehensive income
2
Abridged statement of financial position
3
Statement of changes in equity
5
Notes to the abridged financial statements
6
The following pages do not form part of the abridged financial statements
Detailed abridged income statement
12
Notes to the detailed abridged income statement
13
Plas Glynllifon Limited
Directors' Report
Period from 1 August 2016 to 31 August 2017
The directors present their report and the unaudited abridged financial statements of the company for the Period ended 31 August 2017 .
Principal activities
The principal activity of the company during the year was Hotels and similar accommodation.
Directors
The directors who served the company during the Period were as follows:
Mr P S Williams
(Appointed 1 August 2016)
Mrs R C Williams
(Appointed 1 August 2016)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 21 September 2017 and signed on behalf of the board by:
Mr P S Williams
Mrs R C Williams
Director
Director
Registered office:
Plas Glynllifon,
Clynnog Road,
Caernarfon,
Gwynedd,
LL54 5DY
Plas Glynllifon Limited
Abridged Statement of Comprehensive Income
Period from 1 August 2016 to 31 August 2017
Period from
1 Aug 16 to
31 Aug 17
Note
£
Gross profit
121,779
Administrative expenses
514,723
---------
Operating loss
( 392,944)
Interest payable and similar expenses
27,518
---------
Loss before taxation
5
( 420,462)
Tax on loss
---------
Loss for the financial period and total comprehensive income
( 420,462)
---------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the Period as set out above.
Plas Glynllifon Limited
Abridged Statement of Financial Position
31 August 2017
31 Aug 17
Note
£
Fixed assets
Intangible assets
6
1,607,041
Tangible assets
7
9,003,278
-------------
10,610,319
Current assets
Stocks
7,980
Cash at bank and in hand
98,253
---------
106,233
Creditors: amounts falling due within one year
10,136,914
-------------
Net current liabilities
10,030,681
-------------
Total assets less current liabilities
579,638
Creditors: amounts falling due after more than one year
1,000,000
------------
Net liabilities
( 420,362)
------------
Capital and reserves
Called up share capital
100
Profit and loss account
( 420,462)
---------
Members deficit
( 420,362)
---------
These abridged financial statements have been prepared 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'.
For the Period ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the Period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
Plas Glynllifon Limited
Abridged Statement of Financial Position (continued)
31 August 2017
These abridged financial statements were approved by the board of directors and authorised for issue on 21 September 2017 , and are signed on behalf of the board by:
Mr P S Williams
Mrs R C Williams
Director
Director
Company registration number: 10304939
Plas Glynllifon Limited
Statement of Changes in Equity
Period from 1 August 2016 to 31 August 2017
Called up share capital
Profit and loss account
Total
£
£
£
At 1 August 2016
Loss for the period
( 420,462)
( 420,462)
----
---------
---------
Total comprehensive income for the period
( 420,462)
( 420,462)
Issue of shares
100
100
----
----
----
Total investments by and distributions to owners
100
100
----
---------
---------
At 31 August 2017
100
( 420,462)
( 420,362)
----
---------
---------
Plas Glynllifon Limited
Notes to the Abridged Financial Statements
Period from 1 August 2016 to 31 August 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Plas Glynllifon,, Clynnog Road,, Caernarfon,, Gwynedd,, LL54 5DY.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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 and machinery
-
8% reducing balance
Fixtures and fittings
-
8% reducing balance
Motor vehicles
-
8% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
4. Staff costs
The average number of persons employed by the company during the Period, including the directors, amounted to 5.
5. Profit before taxation
Loss before taxation is stated after charging:
Period from
1 Aug 16 to
31 Aug 17
£
Amortisation of intangible assets
84,581
Depreciation of tangible assets
253,499
---------
6. Intangible assets
£
Cost
Additions
1,691,622
------------
At 31 August 2017
1,691,622
------------
Amortisation
Charge for the Period
84,581
------------
At 31 August 2017
84,581
------------
Carrying amount
At 31 August 2017
1,607,041
------------
7. Tangible assets
£
Cost
Additions
9,256,777
------------
At 31 August 2017
9,256,777
------------
Depreciation
Charge for the period
253,499
------------
At 31 August 2017
253,499
------------
Carrying amount
At 31 August 2017
9,003,278
------------
8. Directors' advances, credits and guarantees
During the Period the directors entered into the following advances and credits with the company:
31 Aug 17
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr P S Williams
( 5,061,955)
( 5,061,955)
Mrs R C Williams
( 5,061,955)
( 5,061,955)
----
-------------
-------------
(10,123,910)
(10,123,910)
----
-------------
-------------
9. Related party transactions
10. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.
No transitional adjustments were required in equity or profit or loss for the period.
Plas Glynllifon Limited
Management Information
Period from 1 August 2016 to 31 August 2017
The following pages do not form part of the abridged financial statements.
Plas Glynllifon Limited
Detailed Abridged Income Statement
Period from 1 August 2016 to 31 August 2017
Period from
1 Aug 16 to
31 Aug 17
£
Turnover
Sales
318,851
Cost of sales
Purchases
86,439
Wages and salaries
118,613
---------
205,052
Closing stock
7,980
---------
197,072
---------
---------
Gross profit
121,779
Overheads
Administrative expenses
514,723
---------
Operating loss
( 392,944)
Interest payable and similar expenses
27,518
---------
Loss before taxation
(420,462)
---------
Plas Glynllifon Limited
Notes to the Detailed Abridged Income Statement
Period from 1 August 2016 to 31 August 2017
Period from
1 Aug 16 to
31 Aug 17
£
Administrative expenses
Rent rates and water
26,472
Light and heat
45,032
Insurance
14,025
Repairs and maintenance (allowable)
66,229
Motor expenses
12,843
Telephone
2,030
Printing postage and stationery
1,161
Advertising
8,470
Amortisation of intangible assets
84,581
Depreciation of tangible assets
253,499
Bank charges
381
---------
514,723
---------
Interest payable and similar expenses
Interest on bank loans and overdrafts
27,518
--------