Registration number:
G H & V E Davies & Son Limited
for the Year Ended 30 June 2017
Lower Berghill Farm
Whittington
Oswestry
Shropshire
SY11 4PD
G H & V E Davies & Son Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
G H & V E Davies & Son Limited
Company Information
Directors |
Mrs R M Davies Mrs V E Davies Mr P G Davies Mr G H Davies |
Registered office |
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Accountants |
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Page 1 |
G H & V E Davies & Son Limited
Directors' Report for the Year Ended 30 June 2017
The directors present their report and the financial statements for the year ended 30 June 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is mixed farming activities
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
.........................................
Mr P G Davies
Director
Page 2 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
G H & V E Davies & Son Limited
for the Year Ended 30 June 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of G H & V E Davies & Son Limited for the year ended 30 June 2017 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of G H & V E Davies & Son Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of G H & V E Davies & Son Limited and state those matters that we have agreed to state to the Board of Directors of G H & V E Davies & Son Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G H & V E Davies & Son Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that G H & V E Davies & Son Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of G H & V E Davies & Son Limited. You consider that G H & V E Davies & Son Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of G H & V E Davies & Son Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Whittington
Oswestry
Shropshire
SY11 4PD
Page 3 |
G H & V E Davies & Son Limited
(Registration number: 2819806)
Balance Sheet as at 30 June 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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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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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Page 4 |
G H & V E Davies & Son Limited
(Registration number: 2819806)
Balance Sheet as at 30 June 2017
Approved and authorised by the
.........................................
Mr P G Davies
Director
Page 5 |
G H & V E Davies & Son Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
1 The Old Barn
Walton Grange
High Ercall
Telford
TF6 6AR
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Page 6 |
G H & V E Davies & Son Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold property |
50 years straight line on buildings |
Property improvements |
25 years straight line |
Plant and machinery |
5 to 15 years |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 7 |
G H & V E Davies & Son Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2017 |
2016 |
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Depreciation expense |
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Page 8 |
G H & V E Davies & Son Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
Intangible assets |
Quota |
Total |
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Cost or valuation |
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At 1 July 2016 |
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At 30 June 2017 |
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Amortisation |
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At 1 July 2016 |
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At 30 June 2017 |
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Carrying amount |
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At 30 June 2017 |
- |
- |
Tangible assets |
Land and buildings |
Improvements to property |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 July 2016 |
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Additions |
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Disposals |
- |
- |
( |
( |
At 30 June 2017 |
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Depreciation |
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At 1 July 2016 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 30 June 2017 |
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Carrying amount |
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At 30 June 2017 |
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At 30 June 2016 |
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Page 9 |
G H & V E Davies & Son Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
Included within the net book value of land and buildings above is £5,992,565 (2016 - £5,763,051) in respect of freehold land and buildings.
Stocks |
2017 |
2016 |
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Other inventories |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Page 10 |
G H & V E Davies & Son Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2017 |
2016 |
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Due after one year |
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Loans and borrowings |
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2017 |
2016 |
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Due after more than five years |
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After more than five years by instalments |
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- |
- |
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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20,000 |
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20,000 |
Page 11 |
G H & V E Davies & Son Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Bank borrowings
The loan is secured against property owned by the company |
Included in the loans and borrowings are the following amounts due after more than five years:
Borrowings due after five years
At 30 June 2017 £19,667 due after 5 years (at 30 June 2016 - £236,109)
Dividends |
2017 |
2016 |
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£ |
£ |
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Interim dividend of £
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6,650 |
- |
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
Page 12 |
G H & V E Davies & Son Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
2017 |
2016 |
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Remuneration |
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Contributions paid to money purchase schemes |
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121,646 |
153,201 |
Page 13 |