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REGISTERED NUMBER:
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SCOTT AND SCOTT (AYSTON) LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2017 |
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REGISTERED NUMBER:
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SCOTT AND SCOTT (AYSTON) LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2017 |
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SCOTT AND SCOTT (AYSTON) LIMITED (REGISTERED NUMBER: 01611951) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
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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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SCOTT AND SCOTT (AYSTON) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
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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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26 Park Road |
Melton Mowbray |
Leicestershire |
LE13 1TT |
SCOTT AND SCOTT (AYSTON) LIMITED (REGISTERED NUMBER: 01611951) |
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STATEMENT OF FINANCIAL POSITION |
31 OCTOBER 2017 |
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2017 | 2016 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Property, plant and equipment | 5 |
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CURRENT ASSETS |
Inventories |
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Debtors | 6 |
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Investments | 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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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Capital redemption reserve |
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Retained earnings |
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2,570,929 |
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. |
SCOTT AND SCOTT (AYSTON) LIMITED (REGISTERED NUMBER: 01611951) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 OCTOBER 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 Board of Directors on
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SCOTT AND SCOTT (AYSTON) LIMITED (REGISTERED NUMBER: 01611951) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
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1. | STATUTORY INFORMATION |
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Scott and Scott (Ayston) 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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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Revenue |
Revenue 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 assets |
Intangible assets consist of entitlements to the basic payment. The entitlements are recognised at fair value |
and written off on a straight line basis over the period to 31 December 2019 when the scheme ends. |
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Property, plant and equipment |
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Freehold property | - |
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Farm houses | - |
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Farm buildings | - |
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Fixtures and fittings | - |
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Plant and machinery | - |
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Plant hire equipment | - |
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Motor vehicles | - |
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Computer equipment | - |
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Inventories |
The farm valuation has been prepared by independent professional valuers at the lower of cost and fair value |
less costs to complete and sell. |
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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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SCOTT AND SCOTT (AYSTON) LIMITED (REGISTERED NUMBER: 01611951) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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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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Listed investments are stated at their market value at the statement of financial position date. Unrealised gains |
arising from the increase in the value of the investments are charged to profit or loss in the period to which |
they relate. |
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The Basic Payment is recognised in the financial statements in accordance with current H.M. Revenue & |
Customs guidance. |
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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 November 2016 |
and 31 October 2017 |
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AMORTISATION |
At 1 November 2016 |
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Charge for year |
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At 31 October 2017 |
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NET BOOK VALUE |
At 31 October 2017 |
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At 31 October 2016 |
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SCOTT AND SCOTT (AYSTON) LIMITED (REGISTERED NUMBER: 01611951) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 November 2016 |
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Additions |
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Disposals |
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( |
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At 31 October 2017 |
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DEPRECIATION |
At 1 November 2016 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31 October 2017 |
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NET BOOK VALUE |
At 31 October 2017 |
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At 31 October 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
as restated |
£ | £ |
Trade debtors |
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Other debtors |
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Directors' current accounts |
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Prepayments |
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7. | CURRENT ASSET INVESTMENTS |
2017 | 2016 |
as restated |
£ | £ |
Investments |
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Current asset investments are revalued at market value at the year end. |
SCOTT AND SCOTT (AYSTON) LIMITED (REGISTERED NUMBER: 01611951) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
as restated |
£ | £ |
Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Accrued expenses |
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Deferred government grants |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | as restated |
£ | £ |
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'A' Ordinary | £1 | 148,825 | 148,825 |
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'B' Ordinary | £1 | 148,825 | 148,825 |
297,650 | 297,650 |
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The 'B' Ordinary shares do not entitle the holders to participate in profits. The shares rank equally in all other |
respects. |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 October 2017 and |
31 October 2016: |
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2017 | 2016 |
as restated |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Loans to directors are interest free and repayable on demand. |
SCOTT AND SCOTT (AYSTON) LIMITED (REGISTERED NUMBER: 01611951) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
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11. | FIRST YEAR ADOPTION |
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This is the first year that the company has presented its results under FRS 102 Section 1A. The last financial |
statements under the UK GAAP were for the year ended 31 October 2016. The date of transition to FRS 102 |
was 1 November 2015. Set out below are the changes in accounting policies which reconcile profit for the |
financial year ended 31 October 2016 and the total equity as at 31 October 2016 between UK GAAP as |
previously reported and FRS 102 Section 1A. |
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Reconciliation of equity |
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Note | 2016 | 2015 |
£ | £ |
Capital and reserves (as previously stated) | 2,936,804 | 2,890,562 |
Change in accounting policy re: deferred tax | i | (8,695 | (4,918 | ) |
Capital and reserves (as restated) | 2,928,109 | 2,885,644 |
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Reconciliation of profit for the year |
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Note | 2016 |
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Profit for the year (as previously stated) | 75,957 |
Change in accounting policy re: deferred tax | i | (3,777 | ) |
Reclassification of revaluation of investments | ii | 23,713 |
Profit for the year (as restated) | 95,893 |
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i) Change in accounting policy re: deferred tax |
Under previous UK GAAP, the company was not required to provide for taxation on revaluations, unless the |
company had entered into a binding sale agreement and recognised the gain or loss expected to arise. Under |
FRS 102 deferred taxation is provided on the temporary timing difference arising from the revaluation. A |
deferred tax provision of £4,918 was recognised on transition with a charge of £3,777 included in the income |
statement to 31 October 2016. |
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ii) Revaluation of investments |
As part of the transition to FRS 102, the directors have reclassified the revaluation of current asset investments |
as at the date of transition and at 31 October 2017. At the date of transition, £24,591 was reclassified as |
distributable reserves, with a further £23,713 reclassified in the year to 31 October 2017. |
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iii) Recognition of entitlements |
Under previous UK GAAP the company was not required to recognise the basic payment entitlements as an |
intangible asset. Under FRS 102, an asset of £73,279 was recognised on transition with a corresponding |
balance in deferred income. The amortisation charge in the year to 31.10.16 was £14,656 with the same |
amount released from deferred income. |