Registered number: 00541042
CHARLES WHARTON LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
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CHARLES WHARTON LIMITED
The following reproduces the text of the Chartered accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 8) have been prepared.
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CHARLES WHARTON LIMITED
FOR THE YEAR ENDED 30 SEPTEMBER 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Charles Wharton Limited for the year ended 30 September 2016 which comprise the Profit and loss account, the Statement of total recognised gains and losses, the Balance sheet, the Cash flow statement and the related notes from the company's accounting records and from information and explanations you have given to us.
As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/
regulations-standards-and-guidance.
This report is made solely to the Board of directors of Charles Wharton Limited, as a body, in accordance with the terms of our engagement letter dated
dated 8 January 2013. Our work has been undertaken solely
to prepare for your approval the financial statements of Charles Wharton Limited and state those matters that we have agreed to state to the Board of directors of Charles Wharton Limited, as a body, in this report in accordance with ICAEW Technical release TECH07/16AAF . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Charles Wharton Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Charles Wharton Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Charles Wharton Limited. You consider that Charles Wharton Limited is exempt from the statutory audit requirement for the year.
We
have not been instructed to carry out an audit or review of the financial statements of Charles Wharton Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MA Partners LLP
Chartered Accountants
7 The Close
Norwich
Norfolk
NR1 4DJ
22 March 2017
Page 1
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CHARLES WHARTON LIMITED
REGISTERED NUMBER:
00541042
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2016
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CREDITORS:
amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS:
amounts falling due after more than one year
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PROVISIONS FOR LIABILITIES
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Investment property reserve
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act")
and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 September 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
Page 2
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CHARLES WHARTON LIMITED
ABBREVIATED BALANCE SHEET
(continued)
AS AT
30 SEPTEMBER 2016
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on
1 March 2017
.
The notes on pages 4 to 8 form part of these financial statements.
Page 3
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CHARLES WHARTON LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
1.
ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of investment properties
and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015)
.
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The financial statements do not include a Cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective January 2015).
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Turnover comprises revenue recognised by the company in respect of crops sold, rent and grants received and work done during the year, exclusive of Value Added Tax.
Revenue is recognised in the following manner:
·
Work done - on perfomance of the service for the customer;
·
Crops sold - on physical delivery to the customer;
·
Rent received - amounts receivable in the year;
·
Grant income - in the year when the qualifying conditions entitling payment are met.
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Intangible fixed assets and amortisation
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Acquired sugar beet quota is stated at cost less accumulated amortisation and has been written off in equal annual instalments over its estimated economic life of four years.
Purchased single farm payment entitlements are held at cost and are not amortised as the directors consider that their residual value exceeds cost.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is not charged on freehold land. Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases:
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10%, 15% and 20% reducing balance
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Freehold farm land is not depreciated.
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Current asset investments are stated at the lower of cost and net realisable value.
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Page 4
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CHARLES WHARTON LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
1.
ACCOUNTING POLICIES (continued)
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Investment properties are included in the Balance sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.
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Leasing and hire purchase
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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Stocks and closing valuation for cultivations are valued at the lower of cost and net realisable value and have been valued by a professional valuer in accordance with the Royal Institution of Chartered Surveyors' and Central Association of Agricultural Valuers' Guidance Notes.
Net realisable value represents estimated selling price for produce in store with values reduced in accordance with the guidance within H M Revenue & Customs help sheet IR232 and BIM55410.
Consumable stocks are valued at cost.
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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Page 5
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CHARLES WHARTON LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
1.
ACCOUNTING POLICIES (continued)
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Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Profit and loss account.
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The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
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2.
INTANGIBLE FIXED ASSETS
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At 1 October 2015 and 30 September 2016
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At 1 October 2015 and 30 September 2016
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Page 6
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CHARLES WHARTON LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
3.
TANGIBLE FIXED ASSETS
Included in land and buildings is freehold land at cost of
£6,169,525
(
2015 - £6,189,007
) which is not depreciated.
4.
INVESTMENT PROPERTY
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Surplus/(deficit) on revaluation
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Annual revaluation surplus/(deficit):
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The 2016 valuations were made by the directors, on an open market value for existing use basis.
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Net surplus in investment properties
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Page 7
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CHARLES WHARTON LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
5.
CREDITORS:
Amounts falling due within one year
Included within creditors: amounts falling due within one year are secured creditors totalling
£340,888
(
2015 - £234,851
).
6.
CREDITORS:
Amounts falling due after more than one year
Creditors include amounts not wholly repayable within 5 years as follows:
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Released to profit and loss account in instalments
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Included within creditors: amounts falling due after more than one year are secured creditors totalling
£2,698,248
(
2015 - £1,958,649
).
7.
SHARE CAPITAL
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Allotted, called up and fully paid
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43,200
'A' Ordinary
shares of £
1
each
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18,800
'B' Ordinary
shares of £
1
each
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1,000
'C' Ordinary
shares of £
1
each
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4,000
'D' Ordinary
shares of £
1
each
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8.
RESERVES
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Investment property revaluation reserve
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Movement on investment property
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Page 8
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