Registered number: 00567299
A.L. ALSTON & CO LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
|
A.L. ALSTON & CO LIMITED
The following reproduces the text of the Chartered accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF A.L. ALSTON & CO LIMITED
FOR THE YEAR ENDED 31 MARCH 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A.L. Alston & Co Limited for the year ended 31 March 2016 which comprise the Profit and loss account, the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a 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/membership/
regulations-standards-and-guidance.
This report is made solely to the Board of directors of A.L. Alston & Co Limited, as a body, in accordance with the terms of our engagement letter dated
23 August 2013. Our work has been undertaken solely
to prepare for your approval the financial statements of A.L. Alston & Co Limited and state those matters that we have agreed to state to the Board of directors of A.L. Alston & Co Limited, as a body, in this report in accordance with ICAEW Technical release TECH07/16AAF . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A.L. Alston & Co Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that A.L. Alston & Co Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A.L. Alston & Co Limited. You consider that A.L. Alston & Co Limited is exempt from the statutory audit requirement for the year.
We
have not been instructed to carry out an audit or review of the financial statements of A.L. Alston & Co 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 financial statements.
MA Partners LLP
Chartered Accountants
7 The Close
Norwich
Norfolk
NR1 4DJ
24 November 2016
Page 1
|
A.L. ALSTON & CO LIMITED
REGISTERED NUMBER:
00567299
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDITORS:
amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
|
|
CREDITORS:
amounts falling due after more than one year
|
|
|
|
|
|
PROVISIONS FOR LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act")
and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
Page 2
|
A.L. ALSTON & CO LIMITED
ABBREVIATED BALANCE SHEET
(continued)
AS AT
31 MARCH 2016
The abbreviated accounts, which 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, were approved and authorised for issue by the board and were signed on its behalf on
23 November 2016
.
The notes on pages 4 to 6 form part of these financial statements.
Page 3
|
A.L. ALSTON & CO LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
1.
ACCOUNTING POLICIES
|
|
Basis of preparation of financial statements
|
|
|
The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015)
.
|
|
|
|
|
|
The financial statements do not include a Cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective January 2015).
|
|
|
|
|
|
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax.
|
|
|
Tangible fixed assets and depreciation
|
|
|
|
Tangible fixed assets are stated at cost less depreciation. Depreciation is not charged on freehold land. Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost of those assets over their expected useful lives on the following bases:
|
|
|
|
|
|
|
|
Buildings on freehold land
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments held as fixed assets are shown at cost.
|
|
|
Leasing and hire purchase
|
|
|
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
|
|
|
|
|
|
Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term.
|
Page 4
|
A.L. ALSTON & CO LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
1.
ACCOUNTING POLICIES (continued)
|
|
|
|
|
Stocks and closing valuation for cultivations (work in progress) are valued at the lower of cost and net realisable value. Costs have been determined from cost of production calculations. Net realisable value represents estimated selling price for produce in store with values reduced in accordance with the guidance within H M Revenue & Customs help sheet IR232 and BIM55410. Consumable stocks are valued at cost..
|
|
|
|
|
|
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
|
|
|
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
|
2.
TANGIBLE FIXED ASSETS
Included in land and buildings is freehold land at cost of
£18,200
(2015 - £18,200)
which is not depreciated.
Page 5
|
A.L. ALSTON & CO LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
3.
FIXED ASSET INVESTMENTS
|
|
|
|
|
|
|
At 1 April 2015 and 31 March 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.
CREDITORS:
Amounts falling due within one year
Security has been given by the company on bank loan and overdrafts totalling £308,296 (2015 - £205,850).
The obligations under finance leases and hire purchase contracts are secured on the assets financed.
5.
SHARE CAPITAL
|
|
|
|
|
|
|
|
|
|
|
|
Shares classified as capital
 
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
1,000
Ordinary
shares of £
1
each
|
|
|
|
|
Shares classified as debt
 
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
9,000
Preference
shares of £
1
each
|
|
|
The preference shares confer a right to a fixed cumulative preferential dividend of 5% per annum, but do not confer on the holder thereof any right to receive notice of or to be present or to vote at any general meeting.
6.
DIRECTORS' BENEFITS: ADVANCES, CREDIT AND GUARANTEES
As at 1 April 2015, D N Alston owed the company
£27,687
. During the year the company paid personal expenses of
£
80,365
and received credits totaling
£ 68,140
.
 
At the 31 March 2016 the balance on the
director's loan account
of
D N Alston
was
£
39,912
and is included within other debtors in note 8 to the financial statements. The loan is interest free and repayable on demand.
Page 6
|