Registered number: 06996729
B&M CRICK AND SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
|
|
|
|
B&M CRICK AND SONS 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 7) have been prepared.
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF B&M CRICK AND SONS LIMITED
FOR THE YEAR ENDED 30 SEPTEMBER 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 B&M Crick and Sons Limited for the year ended 30 September 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 B&M Crick and Sons Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely
to prepare for your approval the financial statements of B&M Crick and Sons Limited and state those matters that we have agreed to state to the Board of Directors of B&M Crick and Sons 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 B&M Crick and Sons Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that B&M Crick and Sons 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 B&M Crick and Sons Limited. You consider that B&M Crick and Sons 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 B&M Crick and Sons 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.
Scrutton Bland LLP
Chartered Accountants
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG
15 May 2017
- 1 -
|
|
|
|
B&M CRICK AND SONS LIMITED
REGISTERED NUMBER:
06996729
|
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 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 30 September 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.
- 2 -
|
|
|
|
B&M CRICK AND SONS LIMITED
|
ABBREVIATED BALANCE SHEET
(continued)
AS AT
30 SEPTEMBER 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
15 May 2017
.
The notes on pages 4 to 7 form part of these financial statements.
- 3 -
|
|
|
|
B&M CRICK AND SONS LIMITED
|
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 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)
.
|
|
|
|
|
|
Turnover comprises revenue recognised by the company in respect of livestock sold during the year, exclusive of Value Added Tax.
|
|
|
Intangible fixed assets and amortisation
|
|
|
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and Loss Account over its estimated economic life.
|
|
|
|
|
|
Amortisation is provided at the following rates:
 
|
|
|
Tangible fixed assets and depreciation
|
|
|
|
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
|
|
|
|
|
|
|
|
|
Investments held as fixed assets are shown at cost less provision for impairment.
|
|
|
|
|
|
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
|
- 4 -
|
|
|
|
B&M CRICK AND SONS LIMITED
|
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
1.
Accounting Policies (continued)
|
|
|
|
|
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.
|
|
|
Operating lease agreements
|
|
|
Rentals under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term.
|
|
|
|
|
|
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.
|
|
|
|
|
|
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
|
- 5 -
|
|
|
|
B&M CRICK AND SONS LIMITED
|
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
2.
Intangible fixed assets
|
|
|
|
|
|
|
At 1 October 2015 and 30 September 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.
Tangible fixed assets
- 6 -
|
|
|
|
B&M CRICK AND SONS LIMITED
|
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
4.
Fixed asset investments
|
|
|
|
|
|
|
At 1 October 2015 and 30 September 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.
Creditors:
Amounts falling due within one year
Included under creditors falling due within one year are bank loans secured by the company of £27,887 (2015: £27,849).
6.
Creditors:
Amounts falling due after more than one year
Creditors include amounts not wholly repayable within 5 years as follows:
Included under creditors falling due after more than one year are bank loans secured by the company of £171,524 (2015 - £199,449).
7.
Share capital
|
|
|
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
100
Ordinary
shares of £
1
each
|
|
|
- 7 -
|