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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 2018 |
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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 2018 |
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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 2018 |
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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 2018 |
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DIRECTOR: |
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SECRETARY: |
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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 2018 |
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2018 | 2017 |
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 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 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 2018 |
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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. |
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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 5 years, |
reflecting the 8 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 2023. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation |
and accumulated impairment losses. Cost includes costs directly attributable to making the asset |
capable of operating as intended. |
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Depreciation |
Depreciation of fixed assets is charged by annual instalments commencing with the year of acquisition |
at rates estimated to write off their cost less any residual value over the expected useful lives. |
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The annual rates used are as follows: |
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Freehold property | 10% on cost, land not depreciated |
Plant and machinery | 20% on cost |
Fixtures and fittings | 20% on cost |
Motor vehicles | 20% on cost |
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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, including biological assets, are stated at the lower of cost and net realisable value. Cost is |
determined using the first-in, first-out (FIFO) method and represents costs incurred to date to bring |
growing crops and finished produce to its current state. Net realisable value is estimated selling price |
in the ordinary course of business, less applicable variable selling expenses. |
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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 2018 |
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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 are 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. |
Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured |
using the rates and allowances that apply to the sale of the asset. |
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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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Debtors and creditors receivable/ payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are |
recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss |
account in other administrative expenses. |
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Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. |
Subsequently, they are measured at amortised cost using the effective interest rate method, less |
impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
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Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at |
each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's |
cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount |
exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is |
carried at a revalued amount where the impairment loss is a revaluation decrease. |
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Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of |
a past event, it is probable that an outflow of economic benefits will be required in settlement and the |
amount can be reliably estimated. |
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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 2018 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 6th April 2017 |
and 5th April 2018 |
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AMORTISATION |
At 6th April 2017 |
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Charge for year |
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At 5th April 2018 |
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NET BOOK VALUE |
At 5th April 2018 |
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At 5th April 2017 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 6th April 2017 |
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Additions |
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Disposals |
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At 5th April 2018 |
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DEPRECIATION |
At 6th April 2017 |
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Charge for year |
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Eliminated on disposal |
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At 5th April 2018 |
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NET BOOK VALUE |
At 5th April 2018 |
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At 5th April 2017 |
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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 2018 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 6th April 2017 |
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Revaluations | 40,000 |
At 5th April 2018 |
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NET BOOK VALUE |
At 5th April 2018 |
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At 5th April 2017 |
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In the opinion of the director, the value of the investment properties at 5th April 2018 is £490,000. |
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Fair value at 5th April 2018 is represented by: |
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£ |
Valuation in 2015 | 225,000 |
Valuation in 2017 | 123,767 |
Valuation in 2018 | 40,000 |
Cost | 101,233 |
490,000 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
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 |
2018 | 2017 |
£ | £ |
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 2018 |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2018 | 2017 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans due after 5 years | 70,936 | 84,763 |
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10. | RESERVES |
Revaluation |
reserve |
£ |
At 6th April 2017 |
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Revaluation | 40,000 |
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At 5th April 2018 |
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11. | RELATED PARTY DISCLOSURES |
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Included within other creditors is a balance of £336,795 (2017 £351,762) owed to persons with control |
over the entity. |