Company Registration No. SC327352 (Scotland)
John Pollock & Sons Limited
Unaudited Accounts
for the year ended 31 March 2020
John Pollock & Sons Limited
Unaudited Accounts
Contents
John Pollock & Sons Limited
Company Information
for the year ended 31 March 2020
Directors
Mr A Pollock
Mr R A P Pollock
Mr W Pollock
Company Number
SC327352 (Scotland)
Registered Office
Bonnyhill Farm
BONNYBRIDGE
Stirlingshire
FK4 2EP
Scotland
Accountants
Hugh Ferguson & Co. Ltd.
22 West Main Street
DARVEL
Ayrshire
KA17 0AQ
John Pollock & Sons Limited
Statement of financial position
as at
31 March 2020
Tangible assets
730,820
791,135
Inventories
521,101
453,687
Cash at bank and in hand
555,459
196,779
Creditors: amounts falling due within one year
(375,831)
(296,231)
Net current assets
1,057,048
891,703
Total assets less current liabilities
1,787,868
1,682,838
Creditors: amounts falling due after more than one year
(12,833)
(14,633)
Provisions for liabilities
Deferred tax
(135,200)
(145,611)
Net assets
1,639,835
1,522,594
Called up share capital
3,000
3,000
Profit and loss account
1,636,835
1,519,594
Shareholders' funds
1,639,835
1,522,594
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2021 and were signed on its behalf by
Mr A Pollock
Director
Company Registration No. SC327352
John Pollock & Sons Limited
Notes to the Accounts
for the year ended 31 March 2020
John Pollock & Sons Limited is a private company, limited by shares, registered in Scotland, registration number SC327352. The registered office is Bonnyhill Farm, BONNYBRIDGE, Stirlingshire, FK4 2EP, Scotland.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% on reducing balance
Plant & machinery
20% on reducing balane
Motor vehicles
25% on reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell, with the exception of the dairy herd. The cattle included in the dairy herd are included at their historical herd cost in accordance with the herd basis rules.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
John Pollock & Sons Limited
Notes to the Accounts
for the year ended 31 March 2020
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Hire purchase and leasing assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2019
67,515
2,151,129
252,647
2,471,291
Additions
-
146,980
-
146,980
Disposals
-
(94,345)
-
(94,345)
At 31 March 2020
67,515
2,203,764
252,647
2,523,926
At 1 April 2019
46,140
1,449,139
184,877
1,680,156
Charge for the year
2,135
165,190
16,940
184,265
On disposals
-
(71,315)
-
(71,315)
At 31 March 2020
48,275
1,543,014
201,817
1,793,106
At 31 March 2020
19,240
660,750
50,830
730,820
At 31 March 2019
21,375
701,990
67,770
791,135
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
113,940
137,490
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Debtors: amounts falling due within one year
2020
2019
Trade debtors
162,848
172,541
Accrued income and prepayments
29,461
167,357
Other debtors
164,010
197,570
John Pollock & Sons Limited
Notes to the Accounts
for the year ended 31 March 2020
6
Creditors: amounts falling due within one year
2020
2019
Obligations under finance leases and hire purchase contracts
34,867
44,617
Trade creditors
160,272
181,010
Taxes and social security
54,153
10,751
Loans from directors
73,983
7,845
Amounts owed under hire purchase contracts are secured over the assets acquired under those hire purchase contracts.
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Creditors: amounts falling due after more than one year
2020
2019
Obligations under finance leases and hire purchase contracts
12,833
14,633
Amounts owed under hire purchase contracts are secured over the assets acquired under those hire purchase contracts.
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
The loan is unsecured, interest is charged on overdrawn balance at the official rate of interest.
115,821
-
45,953
69,868
The loan is unsecured, interest is charged on overdrawn balance at the official rate of interest.
4,671
-
52,105
(47,434)
The loan is unsecured, interest is charged on overdrawn balance at the official rate of interest.
(7,845)
-
18,704
(26,549)
112,647
-
116,762
(4,115)
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Average number of employees
During the year the average number of employees was 15 (2019: 18).