REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A. H. Clark (Farms) Limited |
|
Unaudited Financial Statements |
|
for the Year Ended 31 March 2021 |
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A. H. Clark (Farms) Limited |
|
Unaudited Financial Statements |
|
for the Year Ended 31 March 2021 |
|
|
|
|
|
A. H. Clark (Farms) Limited (Registered number: 00692327) |
|
Contents of the Financial Statements |
for the Year Ended 31 March 2021 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company information | 1 |
|
Chartered accountants' report | 2 |
|
Statement of financial position | 3 | to | 4 |
|
Notes to the financial statements | 5 | to | 10 |
|
A. H. Clark (Farms) Limited |
|
Company Information |
for the Year Ended 31 March 2021 |
|
|
|
|
|
|
|
Directors: |
|
|
|
|
|
|
|
Registered office: |
|
|
|
|
|
|
|
|
|
|
Registered number: |
|
|
|
|
|
|
Accountants: |
|
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
A. H. Clark (Farms) Limited |
|
|
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies. |
|
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A. H. Clark (Farms) Limited for the year ended 31 March 2021 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. |
|
As a practising 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
|
This report is made solely to the Board of Directors of A. H. Clark (Farms) Limited, as a body, in accordance with the terms of our engagement letter dated 3 July 2019. Our work has been undertaken solely to prepare for your approval the financial statements of A. H. Clark (Farms) Limited and state those matters that we have agreed to state to the Board of Directors of A. H. Clark (Farms) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A. H. Clark (Farms) Limited and its Board of Directors, as a body, for our work or for this report. |
|
It is your duty to ensure that A. H. Clark (Farms) 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 A. H. Clark (Farms) Limited. You consider that A. H. Clark (Farms) Limited is exempt from the statutory audit requirement for the year. |
|
We have not been instructed to carry out an audit or a review of the financial statements of A. H. Clark (Farms) 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. |
|
|
|
|
|
|
|
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
|
|
|
A. H. Clark (Farms) Limited (Registered number: 00692327) |
|
Statement of Financial Position |
31 March 2021 |
|
2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
|
|
Investments | 6 |
|
|
Investment property | 7 |
|
|
|
|
|
Current assets |
Stocks |
|
|
Debtors | 8 |
|
|
Cash at bank |
|
|
|
|
Creditors |
Amounts falling due within one year | 9 |
|
|
Net current assets |
|
|
Total assets less current liabilities |
|
|
|
Creditors |
Amounts falling due after more than one
year |
10 |
|
|
Net assets |
|
|
|
Capital and reserves |
Called up share capital | 11 |
|
|
Revaluation reserve | 12 |
|
|
Capital redemption reserve |
|
|
Retained earnings |
|
|
Shareholders' funds |
|
|
|
|
|
|
|
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. |
A. H. Clark (Farms) Limited (Registered number: 00692327) |
|
Statement of Financial Position - continued |
31 March 2021 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
A. H. Clark (Farms) Limited (Registered number: 00692327) |
|
Notes to the Financial Statements |
for the Year Ended 31 March 2021 |
|
|
1. | Statutory information |
|
A. H. Clark (Farms) Limited is a
|
|
2. | Statement of compliance |
|
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'. |
|
3. | Accounting policies |
|
Basis of preparing the financial statements |
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. |
|
Farm support income |
|
Monies received and receivable from the Rural Payments Agency in respect of the Basic Payment Scheme and the Environmental Stewardship Scheme are recognised as other operating income in the period to which they relate. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
|
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
|
Tangible fixed assets |
|
All fixed assets are initially recorded at cost, except for breeding mares. These are capitalised on a herd basis under the Income and Corporation Taxes Act 1988. The movement in valuation is reflected in the profit and loss account. Freehold land is included within the financial statements at the open market value at the balance sheet date. |
A. H. Clark (Farms) Limited (Registered number: 00692327) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
|
|
3. | Accounting policies - continued |
|
Depreciation |
|
Freehold property | - |
|
Leasehold property and drainage | - |
|
Plant and machinery | - |
|
Motor vehicles | - |
|
Fixtures and office equipment | - |
|
|
Depreciation is not provided on freehold property where , in the opinion of the directors, the residual value of that property is such that any depreciation charge would be immaterial. |
|
Investment properties |
|
Investment property is initially recorded 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. |
|
Government grants |
The company receives grants in respect of the following matters: |
- Retail, Hospitality and Leisure Grant Fund (RHLGF) |
- Coronavirus Local Authority Discretionary Grant Fund |
|
Theses grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with the conditions attaching to them and the grant will be received using the accrual model, |
|
Fixed asset investments |
Fixed asset investments are included at fair value at reach reporting date with any changes in fair value being recognised in profit or loss. |
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
|
Biological assets |
|
Biological assets measured under the fair value model are valued on initial recognition and at each reporting date at fair value less costs to sell. Changes in fair value less costs to sell are recognised in profit or loss. |
|
Agricultural produce harvested from these biological assets is measured at the point of harvest at its fair value less costs to sell. |
|
Biological assets measured under the cost model are held at cost less any accumulated depreciation and any accumulated impairment losses. |
|
Agricultural produce harvested from these biological assets is measured at the point of harvest at either: the lower of cost and estimated selling price less costs to complete and sell; or its fair value less costs to sell. Any gain or loss arising on initial recognition of produce at fair value less costs to sell is included in profit or loss for the period. |
|
A. H. Clark (Farms) Limited (Registered number: 00692327) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
|
|
3. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
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. |
|
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. |
|
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. |
|
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. |
|
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. |
|
Finance leases and hire purchase contracts |
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. |
|
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
|
Sales and leasebacks (where the leaseback is treated as a finance lease as defined by FRS 102) are recorded in the balance sheet as assets and as obligations to pay future rentals. Rents payable are apportioned between the finance charge and a reduction in the outstanding obligation for future amounts payable. |
|
The total finance charge, which includes the amortisation of deferred expenses relating to finance leases, is allocated to accounting periods over the lease terms so as to produce a constant periodic charge on the remaining balance of the obligation for each accounting period |
|
Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
|
4. | Employees and directors |
|
The average number of employees during the year was
|
A. H. Clark (Farms) Limited (Registered number: 00692327) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
|
|
5. | Tangible fixed assets |
Leasehold |
property |
Freehold | and | Plant and |
property | drainage | machinery |
£ | £ | £ |
Cost |
At 1 April 2020 |
|
|
|
Additions |
|
|
|
At 31 March 2021 |
|
|
|
Depreciation |
At 1 April 2020 |
|
|
|
Charge for year |
|
|
|
At 31 March 2021 |
|
|
|
Net book value |
At 31 March 2021 |
|
|
|
At 31 March 2020 |
|
|
|
|
Fixtures |
and |
Motor | office |
vehicles | equipment | Totals |
£ | £ | £ |
Cost |
At 1 April 2020 |
|
|
|
Additions |
|
|
|
At 31 March 2021 |
|
|
|
Depreciation |
At 1 April 2020 |
|
|
|
Charge for year |
|
|
|
At 31 March 2021 |
|
|
|
Net book value |
At 31 March 2021 |
|
|
|
At 31 March 2020 |
|
|
|
A. H. Clark (Farms) Limited (Registered number: 00692327) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
|
|
6. | Fixed asset investments |
Unlisted |
investments |
£ |
Cost |
At 1 April 2020 |
and 31 March 2021 |
|
Net book value |
At 31 March 2021 |
|
At 31 March 2020 |
|
|
7. | Investment property |
Total |
£ |
Fair value |
At 1 April 2020 |
and 31 March 2021 |
|
Net book value |
At 31 March 2021 |
|
At 31 March 2020 |
|
|
8. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade debtors |
|
|
VAT |
|
|
Deferred tax asset |
|
|
Prepayments and accrued income |
|
|
|
|
|
9. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
The bank loans and overdraft included above and below are secured by fixed and floating charges over the company's undertakings and assets. |
|
The finance lease and hire purchase agreements included above and below are secured against the assets to which they relate. |
|
Included in bank loans is £50,000 relating to a Coronavirus Bounce Back loan payable over six years. Interest is chargeable twelve months after the loan being drawn. |
A. H. Clark (Farms) Limited (Registered number: 00692327) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
|
|
10. | Creditors: amounts falling due after more than one year |
2021 | 2020 |
£ | £ |
Bank loans |
|
|
Other creditors |
|
|
|
|
|
The bank loans and overdraft included above and below are secured by fixed and floating charges over the company's undertakings and assets. |
|
The finance lease and hire purchase agreements included above and below are secured against the assets to which they relate. |
|
Included within creditors: amounts falling due after more than one year is an amount of £135,991 (2020: £145,941) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date. |
|
Included in bank loans is £50,000 relating to a Coronavirus Bounce Back loan payable over six years. Interest is chargeable twelve months after the loan being drawn. |
|
11. | Called up share capital |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
|
Ordinary shares | £1 | 26,419 | 26,419 |
|
12. | Reserves |
Revaluation |
reserve |
£ |
At 1 April 2020 |
and 31 March 2021 |
|