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REGISTERED NUMBER:
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W. HOYES & SONS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 5 APRIL 2017 |
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REGISTERED NUMBER:
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W. HOYES & SONS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 5 APRIL 2017 |
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W. HOYES & SONS LIMITED (REGISTERED NUMBER: 01823807) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2017 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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W. HOYES & SONS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 5 APRIL 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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Chartered Certified Accountants |
Rollestone House |
20-22 Bridge Street |
Horncastle |
Lincolnshire |
LN9 5HZ |
W. HOYES & SONS LIMITED (REGISTERED NUMBER: 01823807) |
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ABRIDGED BALANCE SHEET |
5 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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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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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 |
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Revaluation reserve |
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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
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W. HOYES & SONS LIMITED (REGISTERED NUMBER: 01823807) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2017 |
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1. | STATUTORY INFORMATION |
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W. Hoyes & Sons Limited is a
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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 |
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Turnover |
Turnover represents self billed net invoiced goods, received from corn and produce merchants, as well as goods invoiced by |
the company,excluding value added tax. |
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Intangible fixed assets |
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Entitlements - Straight line over 1 year |
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Property, plant and equipment |
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Farm implements | - |
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Office equipment | - |
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Motor vehicles | - |
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Tractors | - |
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Freehold property |
(excluding land) - Straight line over 10 years |
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Inventories and valuation |
The professional valuation was carried out by Masons Chartered Surveyors of Louth, on the basis of cost of production, |
using the accepted conventions to arrive at deemed cost where actual costs are not accurately ascertainable. |
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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 balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
W. HOYES & SONS LIMITED (REGISTERED NUMBER: 01823807) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and operating lease agreements |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over |
the shorter of the lease term and their useful lives. Finance leases are those where substantially all the benefits and risks of |
ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance |
charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as |
to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
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Rentals paid under operating leases are charged to the profit and loss account in a straight line basis over the period of the |
lease. |
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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 |
Totals |
£ |
COST |
At 6 April 2016 |
and 5 April 2017 |
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AMORTISATION |
At 6 April 2016 |
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Amortisation for year |
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At 5 April 2017 |
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NET BOOK VALUE |
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At 5 April 2017 |
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At 5 April 2016 |
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5. | TANGIBLE FIXED ASSETS |
Totals |
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COST OR VALUATION |
At 6 April 2016 |
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Additions |
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Disposals | ( |
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Revaluations |
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At 5 April 2017 |
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DEPRECIATION |
At 6 April 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 5 April 2017 |
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NET BOOK VALUE |
At 5 April 2017 |
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At 5 April 2016 |
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W. HOYES & SONS LIMITED (REGISTERED NUMBER: 01823807) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2017 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Cost or valuation at 5 April 2017 is represented by: |
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Totals |
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Valuation in 2017 | 18,591 |
Cost | 3,148,618 |
3,167,209 |
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If Farm Properties had not been revalued they would have been included at the following historical cost: |
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2017 | 2016 |
£ | £ |
Cost | 187,585 | - |
Aggregate depreciation | 18,591 | - |
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Farm Properties were valued on a fair value basis on 5 April 2017 by the company directors. . |
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6. | TRANSITION TO FRS 102 |
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This is the first year in which the financial statements have been prepared under FRS 102. The transition to FRS 102 on 6 |
April 2015 had no effect on the income statement or the statement of financial position. |