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REGISTERED NUMBER:
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P. C. TINSLEY LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2018 |
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REGISTERED NUMBER:
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P. C. TINSLEY LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2018 |
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P. C. TINSLEY LIMITED (REGISTERED NUMBER: 00583026) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
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Company Information | 1 |
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Statement of Financial Position | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 8 |
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P. C. TINSLEY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Enterprise Way |
Pinchbeck |
Spalding |
Lincolnshire |
PE11 3YR |
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SOLICITORS: |
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Abbots Manor |
10 Spalding Road |
Holbeach |
Lincs |
P. C. TINSLEY LIMITED (REGISTERED NUMBER: 00583026) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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Investment property | 7 |
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CURRENT ASSETS |
Valuation |
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Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 10 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Share premium |
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Revaluation reserve | 13 |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year
and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
P. C. TINSLEY LIMITED (REGISTERED NUMBER: 00583026) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2018 |
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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 on
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P. C. TINSLEY LIMITED (REGISTERED NUMBER: 00583026) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
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1. | STATUTORY INFORMATION |
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P. C. Tinsley Limited is a
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registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales of produce and work done, excluding value added tax. |
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Sales of produce are recognised upon despatch. Revenue from work done is recognised on the day of completion of the work. |
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The Basic Farm Payment is recognised in the financial statements in accordance with current HM Revenue & Customs guidance. |
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Intangible assets |
Intangible assets consist of entitlements to the basic payment scheme. The entitlements are recognised at fair value and written off on |
a straight line basis over the period to 31 December 2019. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value by professional valuers in accordance with HS232 Farm Stock Valuation. |
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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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial |
position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. |
Exchange differences are taken into account in arriving at the operating result. |
P. C. TINSLEY LIMITED (REGISTERED NUMBER: 00583026) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase |
contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated |
useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future |
payments is treated as a liability. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged |
to profit or loss in the period to which they relate. |
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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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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 April 2017 |
and 31 March 2018 |
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AMORTISATION |
At 1 April 2017 |
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Charge for year |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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P. C. TINSLEY LIMITED (REGISTERED NUMBER: 00583026) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2017 |
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Additions |
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Disposals | ( |
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At 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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Included in cost or valuation of land and buildings is freehold land of £ 2,155,291 (2017 - £ 2,157,918 ) which is not depreciated. |
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Cost or valuation at 31 March 2018 is represented by: |
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Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 1993 | 112,011 | - | 112,011 |
Cost | 2,533,800 | 1,787,900 | 4,321,700 |
2,645,811 | 1,787,900 | 4,433,711 |
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If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
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2018 | 2017 |
£ | £ |
Cost | 2,533,800 | 2,668,947 |
Aggregate depreciation | 342,190 | 303,437 |
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Value of land in freehold land and buildings | 2,043,280 | 2,045,907 |
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The net book value of tangible fixed assets includes £ 214,896 in respect of assets held under hire purchase contracts. |
P. C. TINSLEY LIMITED (REGISTERED NUMBER: 00583026) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 April 2017 |
and 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2017 |
and 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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Fair value at 31 March 2018 is represented by: |
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£ |
Valuation in 2016 | 17,480 |
Cost | 132,520 |
150,000 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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P. C. TINSLEY LIMITED (REGISTERED NUMBER: 00583026) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans | 50,000 | 50,000 |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Bank overdraft |
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Bank loans |
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Hire purchase contracts | 59,002 | - |
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AMC loan secured on specific asset. |
Overdraft secured via a fixed and floating charge over the undertaking and all property and assets present and future. |
The hire purchase contracts are secured on the assets to which they relate. |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 11,470 | 11,470 |
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13. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2017 |
and 31 March 2018 |
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