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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2019 |
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H A SIMPSON AND SON LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2019 |
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FOR |
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H A SIMPSON AND SON LTD |
H A SIMPSON AND SON LTD (REGISTERED NUMBER: 02475267) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 January 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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H A SIMPSON AND SON LTD |
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COMPANY INFORMATION |
for the year ended 31 January 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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H A SIMPSON AND SON LTD (REGISTERED NUMBER: 02475267) |
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STATEMENT OF FINANCIAL POSITION |
31 January 2019 |
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2019 | 2018 |
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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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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Retained earnings |
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SHAREHOLDERS' FUNDS |
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H A SIMPSON AND SON LTD (REGISTERED NUMBER: 02475267) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 January 2019 |
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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 and authorised for issue by the Board of Directors on
behalf by: |
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H A SIMPSON AND SON LTD (REGISTERED NUMBER: 02475267) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 January 2019 |
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1. | STATUTORY INFORMATION |
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H A Simpson and Son Ltd is a
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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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Significant judgements and estimates |
In preparing the financial statements, management is required to make estimates and assumptions which affect reported |
income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and |
application of judgement are inherent in the formation of estimates, together with past experience and expectations of future |
events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such |
estimates. |
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Critical accounting estimates and assumptions |
The directors do not consider that any of the estimates and assumptions used in the preparation of these financial statements |
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next |
financial year. |
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Revenue |
Revenue represents goods and services supplied, excluding value added tax. Revenue is recognised to the extent that the |
company has obtained the right to consideration through its performance and is measured at the fair value of the right to |
consideration. |
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Intangible assets |
Intangible assets comprise single farm payments and are initially measured at cost. After initial recognition intangible assets |
are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Amortisation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful |
life. |
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Single Farm Payment |
- 5 years straight line basis |
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Property, plant and equipment |
Items of property, plant and equipment are initially measured at cost. After initial recognition items of property, plant and |
equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses. |
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Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life. |
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Plant and machinery - 15% on reducing balance |
Motor vehicles - 25% on reducing balance |
Computer equipment - 33% on cost |
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Inventories |
Agricultural produce and other inventories are measured at the lower of cost and estimated selling price less costs to |
complete and sell. |
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Biological assets and agricultural produce are valued using the cost model. |
H A SIMPSON AND SON LTD (REGISTERED NUMBER: 02475267) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and |
liabilities such as trade, other accounts receivable and payable and loans to related parties. |
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Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, |
initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
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Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future |
payments and subsequently at amortised costs using the effective interest method. |
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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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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 |
Assets acquired under finance lease agreements, including hire purchase agreements, are capitalised and the corresponding |
liability is included in creditors. Finance lease interest is charged to the profit and loss account on a sum of digits basis over |
the period of the agreement. |
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Pension costs and other post-retirement benefits |
Payments to defined contribution pension schemes are charged as an expense in the period to which they relate. |
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Current asset investments |
Current asset investments are stated at the lower of cost and net realisable value. |
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Going concern |
The company has a net asset position and a healthy bank position and the directors are satisfied that there are sufficient |
resources in place to continue operating for the foreseeable future. Thus the directors continue to adopt the going concern |
basis of accounting in preparing the annual financial statements. |
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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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H A SIMPSON AND SON LTD (REGISTERED NUMBER: 02475267) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2019 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 February 2018 |
and 31 January 2019 |
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AMORTISATION |
At 1 February 2018 |
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Charge for year |
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At 31 January 2019 |
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NET BOOK VALUE |
At 31 January 2019 |
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At 31 January 2018 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Land and | Plant and | Motor | Computer |
buildings | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2018 |
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Additions |
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Disposals |
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At 31 January 2019 |
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DEPRECIATION |
At 1 February 2018 |
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Charge for year |
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Eliminated on disposal |
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At 31 January 2019 |
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NET BOOK VALUE |
At 31 January 2019 |
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At 31 January 2018 |
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The net book value of property, plant and equipment includes £ 332,956 (2018 - £ 385,340 ) in respect of assets held under |
hire purchase contracts. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CURRENT ASSET INVESTMENTS |
2019 | 2018 |
£ | £ |
Unlisted investments | 13,791 | 12,704 |
H A SIMPSON AND SON LTD (REGISTERED NUMBER: 02475267) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2019 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Hire purchase contracts | 63,950 | 61,026 |
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Assets held on finance leases and hire purchase contracts are secured on the underlying asset. |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The directors operate loan accounts with the company which are repayable on demand. The following advances and credits |
subsisted during the years ended 2019 and 2018 in respect to two of the directors. |
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2019 | 2018 |
£ | £ |
Balance outstanding at start of year | - | - |
Amounts advanced | 5,397 | - |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 5,397 | - |
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Interest has been charged at the HMRC beneficial loan rate whilst overdrawn. |