REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 31 December 2022 |
for |
Western Arable Services Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 31 December 2022 |
for |
Western Arable Services Limited |
Western Arable Services Limited (Registered number: 02793000) |
Contents of the Financial Statements |
For The Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Western Arable Services Limited |
Company Information |
For The Year Ended 31 December 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Goodridge Court |
Goodridge Avenue |
Gloucester |
Gloucestershire |
GL2 5EN |
BANKERS: |
21 Eastgate Street |
Gloucester |
GL1 1NH |
SOLICITORS: |
Royal House |
60 Bruton Way |
Gloucester |
GL1 1EP |
Western Arable Services Limited (Registered number: 02793000) |
Statement of Financial Position |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Western Arable Services Limited (Registered number: 02793000) |
Notes to the Financial Statements |
For The Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Western Arable Services Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for the sale of grain and cereal crops, and other services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is calculated to write off the cost of fixed assets less their residual values over their estimated useful lives at the following rates per annum: |
Plant and machinery | 20% on cost |
Fixtures and fittings | 20% on cost |
Motor vehicles | 20% on cost |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. |
Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to present location and condition. |
Stocks held for distribution at no nominal consideration are measured at cost, adjusted where applicable for any loss of service potential. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
Western Arable Services Limited (Registered number: 02793000) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans, and loans from related companies that are classified as debt are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire. |
Western Arable Services Limited (Registered number: 02793000) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
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. |
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. |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Assets that are held by Company under leases which transfer to the Company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases. |
Assets held under finance leases are initially recognised as assets of the Company at their fair value at |
the inception of the lease or, if lower, at the present value of the minimum lease payments. The |
corresponding liability to the lessor is included in the statement of financial position as a finance lease |
obligation. Lease payments are apportioned between finance expenses and reduction of the lease |
obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance |
expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying |
assets, in which case they are capitalised. Contingent rentals are recognised as expenses in the period in which they are incurred. |
Operating lease payments are recognised as an expense on a straight-line basis over the lease term, |
except where another systematic basis is more representative of the time pattern in which economic |
benefits from the leased asset are consumed. Contingent rentals arising under operating leases are |
recognised as an expense in the period in which they are incurred. |
In the event that lease incentives are received to enter into operating leases, such incentives are |
recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental |
expense on a straight-line basis, except where another systematic basis is more representative of the |
time pattern in which economic benefits from the leased asset are consumed. |
Western Arable Services Limited (Registered number: 02793000) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | STOCKS |
31.12.22 | 31.12.21 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade debtors |
Other debtors |
Amount due from related |
company | 143,855 | 166,755 |
Corporation tax recoverable |
VAT |
Prepayments and accrued income |
Western Arable Services Limited (Registered number: 02793000) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.22 | 31.12.21 |
£ | £ |
Bank overdrafts |
A debenture is held over the assets on the company with regard to a bank loan in related company Abbey Cereals Limited. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £ | £ |
Ordinary "A" | £1 | 100,000 | 100,000 |
Ordinary "B" | £1 | 2,500 | 2,500 |
102,500 | 102,500 |