Company registration number 01631054 (England and Wales)
ALEXANDER & ANGELL (FARMS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
PAGES FOR FILING WITH REGISTRAR
ALEXANDER & ANGELL (FARMS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ALEXANDER & ANGELL (FARMS) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2022
30 September 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,193,951
1,344,502
Investment properties
4
692,068
692,068
Investments
5
9,998
9,998
1,896,017
2,046,568
Current assets
Stocks
738,729
815,810
Debtors
6
548,720
706,317
Cash at bank and in hand
95,101
179,561
1,382,550
1,701,688
Creditors: amounts falling due within one year
7
(1,575,823)
(1,594,223)
Net current (liabilities)/assets
(193,273)
107,465
Total assets less current liabilities
1,702,744
2,154,033
Creditors: amounts falling due after more than one year
9
(895,313)
(1,011,993)
Provisions for liabilities
(108,679)
Net assets
807,431
1,033,361
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
797,431
1,023,361
Total equity
807,431
1,033,361
The notes on pages 3 to 7 form part of these financial statements.
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 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 2022
30 September 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 January 2023 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 2022
- 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 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.
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
.
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.
Changes in fair value are recognised in profit or loss.
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
.
ALEXANDER & ANGELL (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.6
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.
1.7
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.
1.8
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
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.
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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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.
ALEXANDER & ANGELL (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 23 (2021 - 27).
2022
2021
Number
Number
Total
23
27
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2021
2,355,541
1,413,944
3,769,485
Additions
22,368
22,368
Disposals
(3,500)
(4,595)
(8,095)
At 30 September 2022
2,352,041
1,431,717
3,783,758
Depreciation and impairment
At 1 October 2021
1,556,643
868,340
2,424,983
Depreciation charged in the year
64,823
108,096
172,919
Eliminated in respect of disposals
(3,500)
(4,595)
(8,095)
At 30 September 2022
1,617,966
971,841
2,589,807
Carrying amount
At 30 September 2022
734,075
459,876
1,193,951
At 30 September 2021
798,898
545,604
1,344,502
4
Investment property
2022
£
Fair value
At 1 October 2021 and 30 September 2022
692,068
Investment property comprises a residential house which is subject to a three year lease. The property was purchased in 2017 is considered by the directors to be a reasonable estimate of fair value at the year end.
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
9,998
9,998
ALEXANDER & ANGELL (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
5
Fixed asset investments
(Continued)
- 6 -
Fixed asset investments not carried at market value
The investments in the dormant associated companies are stated at cost as the market value cannot be estimated without unreasonable cost and effort.
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
431,594
561,051
Corporation tax recoverable
64,756
93,890
Amounts owed by group undertakings and undertakings in which the company has a participating interest
7,250
7,250
Other debtors
45,120
44,126
548,720
706,317
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
8
119,937
90,877
Trade creditors
661,240
699,216
Amounts owed to group undertakings
738,845
733,445
Amounts owed to undertakings in which the company has a participating interest
29,642
29,642
Corporation tax
16,457
Other taxation and social security
22,220
19,289
Other creditors
3,939
5,297
1,575,823
1,594,223
8
Loans and overdrafts
2022
2021
£
£
Bank loans
1,015,250
1,102,870
Payable within one year
119,937
90,877
Payable after one year
895,313
1,011,993
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.
ALEXANDER & ANGELL (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 7 -
9
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
8
895,313
1,011,993
Amounts included above which fall due after five years are as follows:
Payable by instalments
415,566
648,487
10
Directors' transactions
L
oans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
-
13,656
5,470
(12,231)
6,895
13,656
5,470
(12,231)
6,895
11
Parent company
The parent company of Alexander and Angell (Farms) Limited is
Alexander and Angell Limited
and its registered office is Court Farm, Witcombe, Gloucestershire GL3
4TU.