REGISTERED NUMBER:
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Norman Caley Limited |
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Unaudited Financial Statements for the Year Ended 5th April 2021 |
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REGISTERED NUMBER:
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Norman Caley Limited |
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Unaudited Financial Statements for the Year Ended 5th April 2021 |
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Norman Caley Limited (Registered number: 00671508) |
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Contents of the Financial Statements |
for the year ended 5th April 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Norman Caley Limited |
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Company Information |
for the year ended 5th April 2021 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
Norman Caley Limited (Registered number: 00671508) |
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Balance Sheet |
5th April 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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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 |
9 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 11 |
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Fair value reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
Norman Caley Limited (Registered number: 00671508) |
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Balance Sheet - continued |
5th April 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Norman Caley Limited (Registered number: 00671508) |
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Notes to the Financial Statements |
for the year ended 5th April 2021 |
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1. | STATUTORY INFORMATION |
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Norman Caley Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable accounting standards including Section 1a of Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Intangible fixed assets |
Basic Payment Scheme entitlements are initially recognised at cost and are amortised on a straight line basis over their expected useful life. At the reporting date, the expected useful life is 7 years, reflecting the 7 year period of benefit to be received via the Basic Payment Scheme. The Basic Payment Scheme commenced in 2015 and the cessation year was 2021. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
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Depreciation |
Depreciation of fixed assets is charged by annual instalments commencing with the year of acquisition at rates estimated to write off their cost less any residual value over the expected useful lives. |
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The annual rates used are as follows: |
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Freehold property | 2% reducing balance and 10% reducing balance, land not depreciated |
Plant and machinery etc | 20% reducing balance and 10% reducing balance |
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Government grants |
The company receives government grants in respect of the Basic Payment Scheme, under Common Agricultural Policy. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model. |
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Government grants received in respect of fixed assets are released to the profit and loss account in equal annual amounts over the estimated useful economic lives of the specific asset they relate to. |
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Other government grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Norman Caley Limited (Registered number: 00671508) |
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Notes to the Financial Statements - continued |
for the year ended 5th April 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks, including biological assets, are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method and represents costs incurred to date to bring growing crops and finished produce to its current state. Net realisable value is estimated selling price in the ordinary course of business, less applicable variable selling expenses. |
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Current & deferred tax |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities and other future taxable profits. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
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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. |
Norman Caley Limited (Registered number: 00671508) |
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Notes to the Financial Statements - continued |
for the year ended 5th April 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Debtors and creditors receivable/ payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
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Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
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Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
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Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 6th April 2020 |
and 5th April 2021 |
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AMORTISATION |
At 6th April 2020 |
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Charge for year |
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At 5th April 2021 |
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NET BOOK VALUE |
At 5th April 2021 |
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At 5th April 2020 |
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Norman Caley Limited (Registered number: 00671508) |
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Notes to the Financial Statements - continued |
for the year ended 5th April 2021 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 6th April 2020 |
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Additions |
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Disposals |
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At 5th April 2021 |
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DEPRECIATION |
At 6th April 2020 |
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Charge for year |
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Eliminated on disposal |
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At 5th April 2021 |
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NET BOOK VALUE |
At 5th April 2021 |
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At 5th April 2020 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 6th April 2020 |
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Revaluations | 250,000 |
At 5th April 2021 |
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NET BOOK VALUE |
At 5th April 2021 |
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At 5th April 2020 |
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In the opinion of the director, the value of the investment properties at 5th April 2021 is £740,000. |
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Fair value at 5th April 2021 is represented by: |
£ |
Valuation in 2015 | 225,000 |
Valuation in 2017 | 123,767 |
Valuation in 2018 | 40,000 |
Valuation in 2021 | 250,000 |
Cost | 101,233 |
740,000 |
Norman Caley Limited (Registered number: 00671508) |
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Notes to the Financial Statements - continued |
for the year ended 5th April 2021 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans due after 5 years | 61,176 | 105,412 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Bank loans |
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Hire purchase contracts | 38,565 | 51,163 |
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Bank loans are secured by way of a fixed charge and a mortgage deed. |
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Hire purchase contracts are secured on the related asset. |
Norman Caley Limited (Registered number: 00671508) |
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Notes to the Financial Statements - continued |
for the year ended 5th April 2021 |
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11. | RESERVES |
Revaluation |
reserve |
£ |
At 6th April 2020 |
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Revaluation | 202,500 |
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At 5th April 2021 |
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12. | RELATED PARTY DISCLOSURES |
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Included within other creditors is a balance of £175,329 (2020: £53,928) owed to persons with control over the entity along with a balance due to the director of £40,000 (2020: £NIL). |