REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
ABBOTT & COMPANY (WESSEX) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
ABBOTT & COMPANY (WESSEX) LIMITED |
ABBOTT & COMPANY (WESSEX) LIMITED (REGISTERED NUMBER: 00363475) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ABBOTT & COMPANY (WESSEX) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Chargrove House |
Shurdington Road |
Cheltenham |
Gloucestershire |
GL51 4GA |
ABBOTT & COMPANY (WESSEX) LIMITED (REGISTERED NUMBER: 00363475) |
BALANCE SHEET |
31 MAY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
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. |
ABBOTT & COMPANY (WESSEX) LIMITED (REGISTERED NUMBER: 00363475) |
BALANCE SHEET - continued |
31 MAY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ABBOTT & COMPANY (WESSEX) LIMITED (REGISTERED NUMBER: 00363475) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
1. | STATUTORY INFORMATION |
Abbott & Company (Wessex) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements comply with FRS 102 Section 1A. |
Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax, and after trade discounts. Revenue is recognised on provision of goods or services. |
Tangible fixed assets |
Plant and machinery | - |
Computer equipment | - |
Stocks |
Stock represents any forward purchase of any traded commodity held in stock against future sales. It also includes prepayments made in respect of expenses incurred against crops the company subsequently intend to procure at harvest time. Where the yield from the harvest is not known with any certainty no profit is recognised on the sale under the rules of SSAP 9. |
Financial instruments |
Financial Instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Foreign currencies |
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
ABBOTT & COMPANY (WESSEX) LIMITED (REGISTERED NUMBER: 00363475) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
No material uncertainties that may cast significant doubt about the ability of the company to continue as a |
going concern have been identified by the directors. |
Provisions |
Provisions are recognised only where a present obligation exists as a result of a past transaction or event at or prior to the balance sheet date. In addition, a provision is only recognised where the amounts involved can be reliably estimated. Where material, provisions are calculated on a discounted basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2022 |
and 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Corporation Tax |
Social security and other taxes | ( |
) |
Accrued expenses |
ABBOTT & COMPANY (WESSEX) LIMITED (REGISTERED NUMBER: 00363475) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Mr D F Crockford has a Personal Guarantee in place with the company's bankers to the value of £50,000 by way of security against the company's bank facility. |
8. | RELATED PARTY DISCLOSURES |
The directors of the company act as agents for the company on the same commercial basis as the other agents. Transactions with directors for the financial year are as follows: |
D F Crockford - 2023: £33,303 (2022: £26,976) |
S Dee Shapland - 2023: £58,734 (2022: £70,977) |
J D Givons - 2023: £226,105 (2022: £233,086) - paid via J D Givons Ltd, a company in which J D Givons is a director & shareholder |
I C Pearman - 2023: £119,971 (2022: £109,834) - paid via I C Pearman Ltd, a company in which I C Pearman is a director & shareholder |