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REGISTERED NUMBER:
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Newark Cattle Market Company Limited |
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Unaudited Financial Statements for the Year Ended 31st March 2019 |
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REGISTERED NUMBER:
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Newark Cattle Market Company Limited |
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Unaudited Financial Statements for the Year Ended 31st March 2019 |
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Newark Cattle Market Company Limited (Registered number: 01049267) |
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Contents of the Financial Statements |
for the year ended 31st March 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Newark Cattle Market Company Limited |
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Company Information |
for the year ended 31st March 2019 |
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DIRECTORS: |
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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 |
Newark Cattle Market Company Limited (Registered number: 01049267) |
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Balance Sheet |
31st March 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 |
7 |
( |
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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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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. |
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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
by: |
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Newark Cattle Market Company Limited (Registered number: 01049267) |
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Notes to the Financial Statements |
for the year ended 31st March 2019 |
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1. | STATUTORY INFORMATION |
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Newark Cattle Market Company Limited is a
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Wales. The 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 in the UK and Republic of |
Ireland (FRS102) and the Companies Act 2006. The financial statements have been prepared on a going |
concern basis under the historic cost convention. |
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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 represents net invoiced sales of services, excluding value added tax. Turnover from commissions are |
recognised at the point of sale of the livestock. |
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Tangible fixed assets |
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Plant and machinery | 10%, 20% or 33% on cost |
Property improvements | 10% on cost |
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Current taxation |
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 |
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 the profit and loss account 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. |
Newark Cattle Market Company Limited (Registered number: 01049267) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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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4. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1st April 2018 |
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Additions |
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At 31st March 2019 |
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DEPRECIATION |
At 1st April 2018 |
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Charge for year |
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At 31st March 2019 |
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NET BOOK VALUE |
At 31st March 2019 |
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At 31st March 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Amounts owed by related undertakings | 83,340 | 26,160 |
Other debtors |
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Newark Cattle Market Company Limited (Registered number: 01049267) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2019 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts (see note 8) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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The bank overdraft is secured by a mortgage pledge by Newark Cattle Market Company Limited. |
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The company is also party to an inter-company guarantee between Gascoines Group Limited and Newark Cattle |
Market Company Limited. |
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The bank loans outstanding are secured by a fixed and floating charge over all fixed assets, land and buildings |
of Gascoines Group Limited and Newark Cattle Market Company Limited |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans (see note 8) |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Bank loans - over 5 years |
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8. | LOANS |
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An analysis of the maturity of loans is given below: |
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2019 | 2018 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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Bank loans |
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Other loans |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans - over 5 years | 686,832 | 793,123 |
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9. | LEASING AGREEMENTS |
The company is committed to an operating lease payment for land and buildings which expires in more than one |
year. The amount paid for the lease is calculated on the livestock sales made in the year. |
Newark Cattle Market Company Limited (Registered number: 01049267) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2019 |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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P L Gentry |
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2019 | 2018 |
£ | £ |
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Balance due to the company | - | 11,653 |