Company Registration No. 01631054 (England and Wales)
ALEXANDER & ANGELL (FARMS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
PAGES FOR FILING WITH REGISTRAR
ALEXANDER & ANGELL (FARMS) LIMITED
COMPANY INFORMATION
Directors
Mr A B Hope
Mrs C M Hope
Secretary
J M Maguire
Company number
01631054
Registered office
Court Farm
Witcombe
Gloucestershire
GL3 4TU
Accountants
CK Accounting Services
No.4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
Business address
Court Farm
Witcombe
Gloucestershire
GL3 4TU
ALEXANDER & ANGELL (FARMS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
ALEXANDER & ANGELL (FARMS) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2017
30 September 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,739,842
1,840,977
Investment properties
4
692,068
-
Investments
5
9,998
9,998
2,441,908
1,850,975
Current assets
Stocks
979,933
774,009
Debtors
6
406,953
435,316
Cash at bank and in hand
299,997
236,515
1,686,883
1,445,840
Creditors: amounts falling due within one year
7
(1,813,589)
(1,580,626)
Net current liabilities
(126,706)
(134,786)
Total assets less current liabilities
2,315,202
1,716,189
Creditors: amounts falling due after more than one year
8
(1,369,240)
(964,648)
Provisions for liabilities
(127,216)
(112,674)
Net assets
818,746
638,867
Capital and reserves
Called up share capital
10
10,000
10,000
Profit and loss reserves
808,746
628,867
Total equity
818,746
638,867
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
ALEXANDER & ANGELL (FARMS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2017
30 September 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 February 2018 and are signed on its behalf by:
Mr A B Hope
Director
Company Registration No. 01631054
ALEXANDER & ANGELL (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 3 -
1
Accounting policies
Company information
Alexander & Angell (Farms) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Court Farm, Witcombe, Gloucestershire, GL3 4TU.
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.
These financial statements for the year ended 30 September 2017
are the
first
financial statements of Alexander & Angell (Farms) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 October 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 11.
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.
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.
1.3
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.
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 Leasehold
Straight line over 15 - 20 years
Plant and machinery
Straight line over 10 - 20 years
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
.
ALEXANDER & ANGELL (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
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.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash at bank and in hand
Cash at bank and in hand
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.
ALEXANDER & ANGELL (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 5 -
1.9
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.
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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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.
ALEXANDER & ANGELL (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 6 -
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.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was 23 (2016 - 23).
ALEXANDER & ANGELL (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2016
2,319,719
1,250,648
3,570,367
Additions
-
61,231
61,231
Disposals
-
(25,460)
(25,460)
At 30 September 2017
2,319,719
1,286,419
3,606,138
Depreciation and impairment
At 1 October 2016
1,235,644
493,748
1,729,392
Depreciation charged in the year
63,444
92,706
156,150
Eliminated in respect of disposals
-
(19,246)
(19,246)
At 30 September 2017
1,299,088
567,208
1,866,296
Carrying amount
At 30 September 2017
1,020,631
719,211
1,739,842
At 30 September 2016
1,080,151
760,826
1,840,977
4
Investment property
2017
£
Fair value
At 1 October 2016
-
Additions
692,068
At 30 September 2017
692,068
Investment property comprises a residential house which is subject to a three year lease. The property was purchased during the year and the cost is considered by the directors to be a reasonable estimate of fair value at the year end.
5
Fixed asset investments
2017
2016
£
£
Investments
9,998
9,998
The investments in the dormant associated companies are stated at cost as the market value cannot be estimated without unreasonable cost and effort.
ALEXANDER & ANGELL (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 8 -
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
358,307
381,868
Corporation tax recoverable
6,617
22,376
Amounts owed by group undertakings and undertakings in which the company has a participating interest
7,250
7,250
Other debtors
34,779
23,822
406,953
435,316
7
Creditors: amounts falling due within one year
2017
2016
Notes
£
£
Bank loans and overdrafts
9
93,615
72,510
Trade creditors
908,126
743,280
Amounts due to group undertakings
706,277
698,819
Amounts due to undertakings in which the company has a participating interest
29,642
29,642
Corporation tax
42,434
-
Other taxation and social security
19,056
16,153
Other creditors
4,939
5,037
Accruals and deferred income
9,500
15,185
1,813,589
1,580,626
8
Creditors: amounts falling due after more than one year
2017
2016
Notes
£
£
Bank loans and overdrafts
9
1,369,240
964,648
Amounts included above which fall due after five years are as follows:
Payable by instalments
994,783
674,606
ALEXANDER & ANGELL (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 9 -
9
Loans and overdrafts
2017
2016
£
£
Bank loans
1,462,855
1,037,158
Payable within one year
93,615
72,510
Payable after one year
1,369,240
964,648
The long-term loans are secured by fixed and floating charges over the assets of the company including the investment property and a cross guarantee and debenture from the parent company Alexander & Angell Limited.
10
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary of £1 each
10,000
10,000
10,000
10,000
11
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 October
30 September
2015
2016
£
£
Equity as reported under previous UK GAAP and under FRS 102
612,845
638,867
Reconciliation of profit for the financial period
2016
£
Profit as reported under previous UK GAAP and under FRS 102
26,023
Notes to reconciliations on adoption of FRS 102
The inter group loan more than one year has been restated as amounts due within one year. There is no effect on profit or opening reserves.
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