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Unaudited Financial Statements for the Year Ended 30th June 2017 |
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Hail Weston Farms Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30th June 2017 |
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for |
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Hail Weston Farms Limited |
Hail Weston Farms Limited (Registered number: 01934145) |
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Contents of the Financial Statements |
for the year ended 30th June 2017 |
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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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Hail Weston Farms Limited |
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Company Information |
for the year ended 30th June 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 Accountants |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
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SOLICITORS: |
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6 Bedford Road |
Sandy |
Bedfordshire |
SG19 1EN |
Hail Weston Farms Limited (Registered number: 01934145) |
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Balance Sheet |
30th June 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 | 6 |
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Debtors | 7 |
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Cash at bank |
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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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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital reserve |
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Fair value 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. |
Hail Weston Farms Limited (Registered number: 01934145) |
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Balance Sheet - continued |
30th June 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
its behalf by: |
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Hail Weston Farms Limited (Registered number: 01934145) |
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Notes to the Financial Statements |
for the year ended 30th June 2017 |
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1. | STATUTORY INFORMATION |
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Hail Weston Farms Limited is a
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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 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. |
The company adopted FRS 102 in the current year and an explanation of how transition to FRS 102 |
has affected the reported financial position and performance is given in note 12. |
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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 6 years, |
reflecting the 6 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 2020. |
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Provision is made for any impairment. |
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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 Land | Nil |
Land & Buildings | 10% on cost |
Plant & Machinery | between 3 and 10 years |
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Government grants |
The company receives government grants in respect of the Basic Payment Scheme, under the |
Common Agricultural Policy. These grants are recognised at the fair value of the asset received or |
receivable when there is reasonable assurance that the company will comply with conditions attaching |
to them and the grants will be received using the performance model. |
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Government grants received in respect of fixed assets are released to the profit and loss account in |
equal annual amounts over the estimated useful economic lives of the specific asset they relate to. |
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Other government grants of a revenue nature are credited to income so as to match them with the |
expenditure to which they relate. |
Hail Weston Farms Limited (Registered number: 01934145) |
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Notes to the Financial Statements - continued |
for the year ended 30th June 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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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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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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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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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Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risk of ownership |
remain with the lessor are charged against profits on 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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Hail Weston Farms Limited (Registered number: 01934145) |
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Notes to the Financial Statements - continued |
for the year ended 30th June 2017 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1st July 2016 |
and 30th June 2017 |
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AMORTISATION |
At 1st July 2016 |
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Charge for year |
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At 30th June 2017 |
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NET BOOK VALUE |
At 30th June 2017 |
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At 30th June 2016 |
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Other intangible assets comprise Basic Payment Scheme Entitlements. |
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5. | TANGIBLE FIXED ASSETS |
Land & | Plant and |
Buildings | machinery | Totals |
£ | £ | £ |
COST |
At 1st July 2016 |
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Additions |
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Disposals |
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At 30th June 2017 |
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DEPRECIATION |
At 1st July 2016 |
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Charge for year |
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Eliminated on disposal |
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At 30th June 2017 |
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NET BOOK VALUE |
At 30th June 2017 |
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At 30th June 2016 |
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6. | STOCKS |
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2017 | 2016 |
£ | £ |
Produce | - | 2,655 |
Growing crop | 332,996 | 348,811 |
Consumables | 59,358 | 31,929 |
392,354 | 383,395 |
Hail Weston Farms Limited (Registered number: 01934145) |
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Notes to the Financial Statements - continued |
for the year ended 30th June 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Tax |
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VAT |
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Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts (see note 10) |
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Trade creditors |
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Tax |
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Social security and other taxes |
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Accruals and deferred income |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts (see note 10) |
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10. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase |
contracts |
2017 | 2016 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable |
operating leases |
2017 | 2016 |
£ | £ |
Within one year |
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Between one and five years |
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Hail Weston Farms Limited (Registered number: 01934145) |
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Notes to the Financial Statements - continued |
for the year ended 30th June 2017 |
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11. | PENSION COMMITMENTS |
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The company contributes to a defined contribution pension scheme in respect of one (2016: one) |
employee. The assets of the scheme are held separately from those of the company. The pension cost |
for the year ended 30 June 2017 amounted to £7,500 (2016 £7,500). |
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12. | RELATED PARTY DISCLOSURES |
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Key management personnel of the entity |
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2017 | 2016 |
£ | £ |
Rent paid | 8,546 | 8,546 |
Loans due to related parties | - | 30 |
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13. | FIRST YEAR ADOPTION |
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The company has adopted FRS 102 for the first time in the year ended 30 June 2017. |
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The effect of transition from previous financial reporting framework to FRS 102 is outlined below. |
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Changes in accounting policies |
Previously unrecognised intangible assets, in respect of Basic Payment Scheme entitlements, have |
been revalued to their fair value as at 1 July 2015. These entitlements had not been recognised |
previously due to being acquired via the ownership of existing land, and therefore there being no cost. |
The entitlements have been revalued using the government values per hectare of entitled land at the |
date of the revaluation. The revalued amount at 1 July 2015 is now their deemed cost and is being |
amortised to reflect the years remaining on the scheme until it ceases in 2020.The increase in fair |
value amounted to £83,013. |
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Reconciliation of equity shareholders' funds |
Adjustments to previously reported equity shareholders' funds at the date of transition to FRS 102 were |
as follows: |
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As at 1 July | As at 1 July |
2015 | 2016 |
Shareholders' funds under old UK GAAP | 1,129,851 | 1,088,379 |
Increase in intangible assets to reflect fair value | 83,013 | 83,013 |
Amortisation charge for the year on revalued intangible assets | - | (13,836 | ) |
Deferred tax adjustment for capitalisation of BPS entitlements | (16,603 | ) | (13,836 | ) |
Shareholders' funds under FRS 102 | 1,196,261 | 1,143,720 |
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Reconciliation of comparative period profit |
Profit for the year ended 30 June 2016 under old UK GAAP | (41,472 | ) |
Amortisation charged for the year on BPS entitlements | (13,836 | ) |
Deferred tax movement regarding BPS entitlements | 2,767 |
Profit for the year ended 30 June 2016 under FRS 102 | (52,541 | ) |
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