Company Registration No. 00575515 (England and Wales)
ALNWICK FARMERS LIVESTOCK AUCTION COMPANY LIMITED
TRADING AS NORTH EAST LIVESTOCK SALES
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
ALNWICK FARMERS LIVESTOCK AUCTION COMPANY LIMITED
TRADING AS NORTH EAST LIVESTOCK SALES
COMPANY INFORMATION
Directors
C.G. Manners (Chairman)
W.A. Curry (Vice-Chairman)
H.H. Annett
G.A. Davy
J.A. Walton
E.J. Davy
W.J. Curry
Secretary
Miss K. Hill
Company number
00575515
Registered office
Acklington Auction Market
Acklington
Morpeth
Northumberland
NE65 9BU
Auditor
Greaves West & Ayre
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
Bankers
Lloyds
24 Bondgate Within
Alnwick
Northumberland
NE66 1TD
ALNWICK FARMERS LIVESTOCK AUCTION COMPANY LIMITED
TRADING AS NORTH EAST LIVESTOCK SALES
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Notes to the financial statements
8 - 14
ALNWICK FARMERS LIVESTOCK AUCTION COMPANY LIMITED
TRADING AS NORTH EAST LIVESTOCK SALES
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2019
- 1 -
The directors present their annual report and financial statements for the year ended 31 July 2019.
Principal activities
The principal activity of the company continued to be that of livestock auctioneers, valuers and estate agents.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
C.G. Manners (Chairman)
W.A. Curry (Vice-Chairman)
H.H. Annett
G.A. Davy
J.A. Walton
E.J. Davy
W.J. Curry
Auditor
In accordance with section 485 of the Companies Act 2006, a resolution proposing that Greaves West & Ayre be reappointed as auditor of the company will be put to the Annual General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
ALNWICK FARMERS LIVESTOCK AUCTION COMPANY LIMITED
TRADING AS NORTH EAST LIVESTOCK SALES
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 2 -
By order of the board
Miss K. Hill
Secretary
24 October 2019
ALNWICK FARMERS LIVESTOCK AUCTION COMPANY LIMITED
TRADING AS NORTH EAST LIVESTOCK SALES
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALNWICK FARMERS LIVESTOCK AUCTION COMPANY LIMITED
- 3 -
Opinion
We have audited the financial statements of Alnwick Farmers Livestock Auction Company Limited (the 'company') for the year ended 31 July 2019 which comprise the profit and loss account, the balance sheet and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 July 2019 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the financial statements
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
The impact of uncertainties on our audit due to the UK leaving the European Union
Uncertainties relating to the effects of the UK leaving the European Union are relevant to understanding our audit of the financial statements. All audits assess the reasonableness of estimates made by the directors and the appropriateness of the going concern basis of preparation of the financial statements. These depend upon assessments of the future economic environment and the company's prospects.
Leaving the European Union is a significant economic event for the UK, and at the date of this report its effects are subject to various possible outcomes, with the full range of possible effects unknown. We have applied a standard firm wide approach in response to this uncertainty when assessing the company's future prospects. However, it is not possible to predict all of the possible effects on the company of the UK leaving the European Union.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
However, as we cannot predict all future events, in particular with regard to any possible effects arising from the UK leaving the European Union, the absence of a reference to a material uncertainty in this report is not a guarantee that the company will continue in operation.
ALNWICK FARMERS LIVESTOCK AUCTION COMPANY LIMITED
TRADING AS NORTH EAST LIVESTOCK SALES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALNWICK FARMERS LIVESTOCK AUCTION COMPANY LIMITED
- 4 -
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the
financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
ALNWICK FARMERS LIVESTOCK AUCTION COMPANY LIMITED
TRADING AS NORTH EAST LIVESTOCK SALES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALNWICK FARMERS LIVESTOCK AUCTION COMPANY LIMITED
- 5 -
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Stuart Faed CA (Senior Statutory Auditor)
for and on behalf of Greaves West & Ayre
29 October 2019
Chartered Accountants
Statutory Auditor
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
ALNWICK FARMERS LIVESTOCK AUCTION COMPANY LIMITED
TRADING AS NORTH EAST LIVESTOCK SALES
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2019
- 6 -
2019
2018
£
£
Gross profit
501,789
511,131
Administrative expenses
(447,687)
(442,614)
Operating profit
54,102
68,517
Interest payable and similar expenses
(390)
(1,522)
Profit before taxation
53,712
66,995
Tax on profit
(14,275)
(16,725)
Profit for the financial year
39,437
50,270
ALNWICK FARMERS LIVESTOCK AUCTION COMPANY LIMITED
TRADING AS NORTH EAST LIVESTOCK SALES
BALANCE SHEET
AS AT
31 JULY 2019
31 July 2019
- 7 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
562,877
580,266
Current assets
Debtors
687,732
810,070
Cash at bank and in hand
7,975
4,871
695,707
814,941
Creditors: amounts falling due within one year
(131,806)
(300,062)
Net current assets
563,901
514,879
Total assets less current liabilities
1,126,778
1,095,145
Creditors: amounts falling due after more than one year
(3,628)
(9,069)
Provisions for liabilities
(10,687)
(10,050)
Net assets
1,112,463
1,076,026
Capital and reserves
Called up share capital
7
30,000
30,000
Share premium account
1,620
1,620
Revaluation reserve
8
462,288
462,288
Profit and loss reserves
618,555
582,118
Total equity
1,112,463
1,076,026
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 October 2019 and are signed on its behalf by:
C.G. Manners (Chairman)
W.A. Curry (Vice-Chairman)
Director
Director
Company Registration No. 00575515
ALNWICK FARMERS LIVESTOCK AUCTION COMPANY LIMITED
TRADING AS NORTH EAST LIVESTOCK SALES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
- 8 -
1
Accounting policies
Company information
Alnwick Farmers Livestock Auction Company Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Acklington Auction Market, Acklington, Morpeth, Northumberland, NE65 9BU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.4
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.
ALNWICK FARMERS LIVESTOCK AUCTION COMPANY LIMITED
TRADING AS NORTH EAST LIVESTOCK SALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 9 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Straight Line over Thirty Years/Nil
Plant and machinery
20% Reducing Balance
Computer equipment
10% - 25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
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.
1.7
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 balance sheet 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.
ALNWICK FARMERS LIVESTOCK AUCTION COMPANY LIMITED
TRADING AS NORTH EAST LIVESTOCK SALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 10 -
Basic financial assets
Basic financial assets, which include 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.
Financial assets classified as receivable within one year are not amortised.
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 creditors, bank loans, loans from
fellow group companies and preference shares 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
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. A
m
ounts 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ALNWICK FARMERS LIVESTOCK AUCTION COMPANY LIMITED
TRADING AS NORTH EAST LIVESTOCK SALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 11 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Turnover
The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the UK.
2019
2018
Analysis of turnover by activity
£
£
Throughput of Mart
12,460,899
14,117,791
ALNWICK FARMERS LIVESTOCK AUCTION COMPANY LIMITED
TRADING AS NORTH EAST LIVESTOCK SALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
2
Turnover
(Continued)
- 12 -
Commission earned = Normal
470,732
486,879
Certifying fees
1,203
1,195
471,935
488,074
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 19 (2018 - 20).
4
Tangible fixed assets
Total
£
Cost
At 1 August 2018
842,447
Additions
18,610
Disposals
(9,600)
At 31 July 2019
851,457
Depreciation and impairment
At 1 August 2018
262,181
Depreciation charged in the year
34,414
Eliminated in respect of disposals
(8,015)
At 31 July 2019
288,580
Carrying amount
At 31 July 2019
562,877
At 31 July 2018
580,266
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2019
2018
£
£
Plant and machinery
26,890
33,612
Depreciation charge for the year in respect of leased assets
6,722
8,402
On transition to FRS102 the company has chosen to revalue its land and buildings up to its fair value, using the exception under FRS102 that this now becomes the deemed cost.
ALNWICK FARMERS LIVESTOCK AUCTION COMPANY LIMITED
TRADING AS NORTH EAST LIVESTOCK SALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 13 -
5
Loans and overdrafts
2019
2018
£
£
Bank overdrafts
60,843
222,145
Payable within one year
60,843
222,145
The Bank overdraft is secured by a charges over the company's property.
6
Finance lease obligations
2019
2018
Future minimum lease payments due under finance leases:
£
£
Within one year
5,441
5,441
In two to five years
3,628
9,069
9,069
14,510
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The finance lease obligations are secured on the assets to which they relate.
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
30,000 Ordinary shares of £1 each
30,000
30,000
8
Revaluation reserve
2019
2018
£
£
At the beginning and end of the year
462,288
462,288
ALNWICK FARMERS LIVESTOCK AUCTION COMPANY LIMITED
TRADING AS NORTH EAST LIVESTOCK SALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 14 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
4,687
4,688
10
Capital commitments
Amounts contracted for but not provided in the financial statements:
2019
2018
£
£
Acquisition of tangible fixed assets
-
7,050
11
Events after the reporting date
The directors have declared a final dividend after the year end of £3,000 to be paid in 2020.
2019-07-31
2018-08-01
false
CCH Software
CCH Accounts Production 2019.300
C.G. Manners (Chairman)
W.A. Curry (Vice-Chairman)
H.H. Annett
H.H. Annett
G.A. Davy
J.A. Walton
E.J. Davy
Miss K. Hill
00575515
2018-08-01
2019-07-31
00575515
bus:Director1
2018-08-01
2019-07-31
00575515
bus:Director2
2018-08-01
2019-07-31
00575515
bus:Director4
2018-08-01
2019-07-31
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2018-07-31
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2018-08-01
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2018-07-31
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2019-07-31
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2018-07-31
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2019-07-31
00575515
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2018-07-31
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bus:PrivateLimitedCompanyLtd
2018-08-01
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2018-08-01
2019-07-31
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