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REGISTERED NUMBER:
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Norman Caley Limited |
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Unaudited Financial Statements for the Year Ended 5th April 2017 |
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REGISTERED NUMBER:
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Norman Caley Limited |
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Unaudited Financial Statements for the Year Ended 5th April 2017 |
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Norman Caley Limited (Registered number: 00671508) |
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Contents of the Financial Statements |
for the year ended 5th April 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Norman Caley Limited |
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Company Information |
for the year ended 5th April 2017 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
Norman Caley Limited (Registered number: 00671508) |
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Balance Sheet |
5th April 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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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 |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 10 |
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Fair value reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
Norman Caley Limited (Registered number: 00671508) |
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Balance Sheet - continued |
5th April 2017 |
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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 director on
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Norman Caley Limited (Registered number: 00671508) |
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Notes to the Financial Statements |
for the year ended 5th April 2017 |
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1. | STATUTORY INFORMATION |
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Norman Caley Limited is a
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company's registered number and 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 |
The financial statements have been prepared in accordance with applicable accounting standards |
including Section 1a of Financial Reporting Standard 102 The Financial Reporting Standard Applicable |
in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements |
have been prepared on a going concern basis under the historical cost convention, modified to include |
certain items at fair value. |
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The significant accounting policies applied in the preparation of these financial statements are set out |
below. These policies have been consistently applied to all years presented unless otherwise stated. |
The company adopted FRS 102 in the current year and an explanation of how transition to FRS 102 |
has affected the reported financial position and performance is given in note 10. |
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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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Intangible fixed assets |
Basic Payment Scheme entitlements are initially recognised at cost and are amortised on a straight |
line basis over their expected useful life. At the reporting date, the expected useful life is 6 years, |
reflecting the 6 year period of benefit to be received via the Basic payment Scheme. the Basic |
Payment Scheme commenced in 2015 and the cessation year expected to be 2020. |
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Provision is made for any impairment. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from |
changes in fair value is recognised in profit or loss. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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Norman Caley Limited (Registered number: 00671508) |
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Notes to the Financial Statements - continued |
for the year ended 5th April 2017 |
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2. | ACCOUNTING POLICIES - continued |
Current & deferred tax |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) |
for the current and past reporting periods. It is measured at the amount expected to be paid or |
recovered using the tax rates and laws that have been enacted or substantively enacted by the |
balance sheet date. |
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Deferred tax represents the future tax consequences of transactions and events recognised in the |
financial statements of current and previous periods. it is recognised in respect of all timing |
differences, with certain exceptions. Timing differences are differences between taxable profits and |
total comprehensive income as stated in the financial statements that arise from the inclusion of |
income and expense in tax assessments in periods different from those in which they are recognised |
in the financial statements. Unrelieved tax losses and other deferred tax assets and recognised only to |
the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities |
and other future taxable profits. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
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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 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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Government grants |
The company receives government grants in respect of the Basic Payment Scheme, under the |
Common Agricultural policy. These grants are recognised at the fair value of the asset received or |
receivable when there is reasonable assurance that the company will comply with conditions attaching |
to them and the grants will be received using the performance model. |
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Government grants received in respect of fixed assets are released to the profit and loss account in |
equal annual amounts over the estimated useful economic lives of the specific asset they relate to. |
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Other government grants of a revenue nature are credited to income so as to match them with the |
expenditure 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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Norman Caley Limited (Registered number: 00671508) |
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Notes to the Financial Statements - continued |
for the year ended 5th April 2017 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 6th April 2016 |
and 5th April 2017 |
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AMORTISATION |
At 6th April 2016 |
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Charge for year |
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At 5th April 2017 |
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NET BOOK VALUE |
At 5th April 2017 |
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At 5th April 2016 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 6th April 2016 |
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Additions |
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Disposals |
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( |
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Reclassification/transfer | ( |
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At 5th April 2017 |
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DEPRECIATION |
At 6th April 2016 |
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Charge for year |
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Eliminated on disposal |
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At 5th April 2017 |
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NET BOOK VALUE |
At 5th April 2017 |
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At 5th April 2016 |
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Norman Caley Limited (Registered number: 00671508) |
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Notes to the Financial Statements - continued |
for the year ended 5th April 2017 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 6th April 2016 |
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Revaluations | 123,767 |
Reclassification/transfer | 101,233 |
At 5th April 2017 |
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NET BOOK VALUE |
At 5th April 2017 |
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At 5th April 2016 |
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Fair value at 5th April 2017 is represented by: |
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£ |
Valuation in 2015 | 225,000 |
Valuation in 2017 | 123,767 |
Cost | 101,233 |
450,000 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
AMC loan |
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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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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
AMC loan |
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Hire purchase contracts |
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Norman Caley Limited (Registered number: 00671508) |
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Notes to the Financial Statements - continued |
for the year ended 5th April 2017 |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2017 | 2016 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans due after 5 years | 84,763 | 100,584 |
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10. | RESERVES |
Revaluation |
reserve |
£ |
At 6th April 2016 |
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Revaluation | 123,767 |
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At 5th April 2017 |
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11. | RELATED PARTY DISCLOSURES |
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Included within other creditors is a balance of £351,762 (2016 £358,614) owed to persons with control |
over the entity. |
Norman Caley Limited (Registered number: 00671508) |
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Notes to the Financial Statements - continued |
for the year ended 5th April 2017 |
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12. | FIRST YEAR ADOPTION |
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The company has adopted FRS 102 for the first time in the year ended 5th April 2017. |
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The effect of transition from previous financial reporting framework to FRS102 were as follows: |
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Changes in accounting policies |
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Previously unrecognised intangible assets, in respect of Basic Payment Scheme entitlements, have |
been revalued to their fair value as at 6 April 2015. These entitlements had not been recognised |
previously due to being acquired via the ownership of existing land, and therefore there being no cost. |
The entitlements have been revalued using the government values per hectare of entitled land at the |
date of revaluation. The revalued amount at 6 April 2015 is now their deemed cost and is being |
amortised to reflect the years remaining on the scheme until it ceases in 2020. The increase in fair |
value amounted to £50,350. |
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Additionally, a cottage was reclassified as investment property on transition and its fair value has been |
included in the accounts at a total of £225,000. |
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Reconciliation of equity shareholders' funds |
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Adjustments to previously reported equity shareholders' funds at the date of transition to FRS102 were |
as follows: |
As at 5 April | As at 5 April |
2015 | 2016 |
Shareholders' funds under old UK GAAP | 942,521 | 960,908 |
Increase in intangible assets to reflect fair value | 50,350 | 50,350 |
Amortisation charge for the year on revalued intangible assets | - | (8,392 | ) |
Deferred tax adjustment for capitalisation of BPS entitlements | (10,070 | ) | (8,392 | ) |
Investment properties fair value adjustment | 225,000 | 225,000 |
Deferred tax adjustment for investment properties | (45,000 | ) | (45,000 | ) |
Reverse depreciation relating to investment property | 8,149 |
1,162,801 | 1,182,623 |
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Reconciliation of comparative period profit |
Profit for the year ended 5 April 2016 under old UK GAAP | (4,960 | ) |
Amortisation charged for the year on BPS entitlements | (8,392 | ) |
Deferred tax movement regarding BPS entitlements | 1,678 |
Reverse depreciation relating to investment property | 8,149 |
Profit for the year ended 5 April 2016 under FRS102 | (3,525 | ) |