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2020-07-01
Sage Accounts Production 2020 Update 1 - FRS102_2019
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2021-06-30
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2021-06-30
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2020-06-30
00091818
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2021-06-30
00091818
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2020-06-30
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2021-06-30
00091818
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00091818
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2020-06-30
00091818
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2021-06-30
00091818
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2020-06-30
00091818
core:LandBuildings
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2020-06-30
00091818
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2020-06-30
00091818
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2020-06-30
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2021-06-30
Company registration number:
00091818
Thirsk Farmers Auction Mart Company Limited
Filleted financial statements
30 June 2021
Thirsk Farmers Auction Mart Company Limited
Contents
Directors and other information
Directors responsibilities statement
Balance sheet
Notes to the financial statements
Thirsk Farmers Auction Mart Company Limited
Directors and other information
|
|
|
|
|
Directors
|
Mr J I Woodhead
|
|
|
|
Mr A Armstrong
|
(Died 5 October 2020)
|
|
|
Mr R L Cordingley
|
|
|
|
Mr J T Garside
|
|
|
|
|
|
|
|
|
|
|
Secretary
|
M T Stephenson BSc (Hons) MRICS
|
|
|
|
|
|
|
|
|
|
|
Company number
|
00091818
|
|
|
|
|
|
|
|
|
|
|
Registered office
|
Thirsk Rural Business Centre
|
|
|
|
Blakey Lane
|
|
|
|
Thirsk
|
|
|
|
North Yorkshire
|
|
|
|
YO7 3AB
|
|
|
|
|
|
|
|
|
|
|
Auditor
|
The Barker Partnership
|
|
|
|
17 Central Buildings
|
|
|
|
Market Place
|
|
|
|
Thirsk
|
|
|
|
North Yorkshire
|
|
|
|
YO7 1HD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers
|
Lloyds Bank plc
|
|
|
39 Market Place
|
|
|
Thirsk
|
|
|
North Yorkshire
|
|
|
YO7 1HB
|
|
|
|
|
|
Barclays Bank plc
|
|
|
7 Market Place East
|
|
|
Ripon
|
|
|
North Yorkshire
|
|
|
HG4 1PB
|
|
|
|
|
|
|
|
Solicitors
|
Harrowells Solicitors
|
|
|
17 Finkle Street
|
|
|
Thirsk
|
|
|
North Yorkshire
|
|
|
YO7 1DA
|
|
|
|
Thirsk Farmers Auction Mart Company Limited
Directors responsibilities statement
Year ended 30 June 2021
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Thirsk Farmers Auction Mart Company Limited
Balance sheet
30 June 2021
|
|
|
2021
|
|
|
|
2020
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
5
|
1,750
|
|
|
|
2,000
|
|
|
Tangible assets
|
|
6
|
6,490,397
|
|
|
|
6,532,605
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
6,492,147
|
|
|
|
6,534,605
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
2,600
|
|
|
|
2,600
|
|
|
Debtors
|
|
7
|
1,332,418
|
|
|
|
1,549,334
|
|
|
Cash at bank and in hand
|
|
|
108,286
|
|
|
|
108,553
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
1,443,304
|
|
|
|
1,660,487
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
8
|
(
1,900,805)
|
|
|
|
(
2,431,330)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current liabilities
|
|
|
|
|
(
457,501)
|
|
|
|
(
770,843)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
6,034,646
|
|
|
|
5,763,762
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
after more than one year
|
|
9
|
|
|
(
2,545,782)
|
|
|
|
(
2,623,053)
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
(
61,060)
|
|
|
|
(
57,060)
|
|
|
|
|
|
|
|
|
|
|
Deferred income
|
|
10
|
|
|
(
88,740)
|
|
|
|
(
89,760)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net assets
|
|
|
|
|
3,339,064
|
|
|
|
2,993,889
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
|
24,000
|
|
|
|
24,000
|
Share premium account
|
|
|
|
|
62
|
|
|
|
62
|
Profit and loss account
|
|
|
|
|
3,315,002
|
|
|
|
2,969,827
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders funds
|
|
|
|
|
3,339,064
|
|
|
|
2,993,889
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
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 Section 1A of 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 Profit and loss account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
02 November 2021
, and are signed on behalf of the board by:
Mr J I Woodhead
Director
Company registration number:
00091818
Thirsk Farmers Auction Mart Company Limited
Notes to the financial statements
Year ended 30 June 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Thirsk Rural Business Centre, Blakey Lane, Thirsk, North Yorkshire, YO7 3AB.
The activities of the company continue to be that of a livestock auction mart deriving income from commission charged on the vendors of livestock, furniture and machinery etc. Commissions earned on property sales and lettings, fees for valuation and surveying of property are dealt with by the trading arm known as Joplings.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Commission and fees earned derive from the amount of commission charged on the vendors of livestock and other goods at the auction mart. Commissions and fees earned from the Joplings Estate Agencies derive from property sales, fees for the valuation of property, and lettings management. All are stated net of value added tax. Commission and fees earned are included in the accounting period during which the associated sale took place.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved taxlosses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated as cost less any accumulated amortisation and impairment losses.
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:
|
|
|
|
Toll rights |
- |
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 are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
|
|
|
|
|
|
Freehold property
|
-
|
1 %
|
straight line
|
|
Plant and machinery
|
-
|
6.67 %
|
straight line
|
|
Office equipment
|
-
|
20 %
|
straight line
|
|
Motor vehicles
|
-
|
20 %
|
straight line
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
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.
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 stocks to their present location and condition.
Government grants
Grants are recognised at fair value of the asset received or receivable Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
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 Balance sheet 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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
33
(2020:
38
).
5.
Intangible assets
|
|
Other intangible assets
|
Total
|
|
|
|
|
|
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 1 July 2020 and 30 June 2021
|
5,000
|
5,000
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Amortisation
|
|
|
|
|
|
|
|
At 1 July 2020
|
3,000
|
3,000
|
|
|
|
|
|
Charge for the year
|
250
|
250
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 30 June 2021
|
3,250
|
3,250
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 30 June 2021
|
1,750
|
1,750
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 30 June 2020
|
2,000
|
2,000
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Freehold property
|
Investment property
|
Plant and machinery
|
Fixtures, fittings and equipment
|
Motor vehicles
|
Total
|
|
|
|
£
|
£
|
£
|
£
|
£
|
£
|
|
|
Cost or valuation
|
|
|
|
|
|
|
|
|
At 1 July 2020
|
2,810,128
|
3,790,000
|
2,186,257
|
225,254
|
1,750
|
9,013,389
|
|
|
Additions
|
30,026
|
66,724
|
4,200
|
8,038
|
-
|
108,988
|
|
|
Revaluation
|
-
|
28,276
|
-
|
-
|
-
|
28,276
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
At 30 June 2021
|
2,840,154
|
3,885,000
|
2,190,457
|
233,292
|
1,750
|
9,150,653
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 July 2020
|
313,534
|
-
|
1,947,215
|
218,285
|
1,750
|
2,480,784
|
|
|
Charge for the year
|
28,412
|
-
|
145,976
|
5,084
|
-
|
179,472
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
At 30 June 2021
|
341,946
|
-
|
2,093,191
|
223,369
|
1,750
|
2,660,256
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 30 June 2021
|
2,498,208
|
3,885,000
|
97,266
|
9,923
|
-
|
6,490,397
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
At 30 June 2020
|
2,496,594
|
3,790,000
|
239,042
|
6,969
|
-
|
6,532,605
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
Investment property
The investment properties were revalued at the year end date by M Stephenson, Company Secretary and Chartered Surveyor, on an open market existing use basis.
7.
Debtors
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
1,268,726
|
1,507,098
|
|
Other debtors
|
|
63,692
|
42,236
|
|
|
|
_______
|
_______
|
|
|
|
1,332,418
|
1,549,334
|
|
|
|
_______
|
_______
|
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Bank loans and overdrafts
|
|
1,503,916
|
1,985,997
|
|
Trade creditors
|
|
115,335
|
77,588
|
|
Social security and other taxes
|
|
43,048
|
67,594
|
|
Other creditors
|
|
238,506
|
300,151
|
|
|
|
_______
|
_______
|
|
|
|
1,900,805
|
2,431,330
|
|
|
|
_______
|
_______
|
|
|
|
|
|
The bank loan and the bank overdrafts are secured on the assets of the company.
9.
Creditors: amounts falling due after more than one year
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Bank loans and overdrafts
|
|
1,345,782
|
1,423,053
|
|
Other creditors
|
|
1,200,000
|
1,200,000
|
|
|
|
_______
|
_______
|
|
|
|
2,545,782
|
2,623,053
|
|
|
|
_______
|
_______
|
|
|
|
|
|
The bank loans comprise two loans, one totalling £412,568 (2020 - £488,498), which bears interest at 1% over the Bank of England base rate and which is to be repaid by September 2026. The other, totalling £1,007,500 (2020 - £1,007,500), is due for repayment by October 2024. Both bank loans are secured on the assets of the company.
Included within other creditors are redeemable £1 preference shares totalling £300,000 (2020: £300, 000) which are classified as liabilities under FRS 102.
10.
Deferred income - government grants
The amounts recognised in the for deferred income - government grants are as follows:
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Recognised in creditors:
|
|
|
|
|
Deferred government grants due after more than one year
|
|
88,740
|
89,760
|
|
|
|
_______
|
_______
|
|
Recognised in other operating income:
|
|
|
|
|
Government grants recognised directly in income
|
|
1,020
|
1,020
|
|
|
|
_______
|
_______
|
|
|
|
|
|
11.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
|
|
|
£ |
£ |
|
|
|
Not later than 1 year |
- |
3,338
|
Later than 1 year and not later than 5 years |
46,797
|
81,694
|
|
_______ |
_______ |
|
46,797
|
85,032
|
|
_______ |
_______ |
|
|
|
The operating leases detailed above relate to office space and motor vehicles leased by the company.
12.
Summary audit opinion
The auditor's report for the year dated
02 November 2021
was unqualified.
The senior statutory auditor was
William Pearson FCA FCCA
for and on behalf of
The Barker Partnership
13.
Related party transactions
A director and shareholder of the company has provided the company with interest free loans. The amount included in creditors due within one year is £192,670 (2020 - £227,670) and due in more than one year is £900,000 (2020 - £900,000).The company's bank loan is partially secured on freehold property owned by a director.