S.J.Farrant & Son Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00507887 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018

FOR

S.J.FARRANT & SON LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J P Farrant

H A Farrant

G N S Farrant

E J T Farrant

A E Farrant

SECRETARY:

S L Farrant

REGISTERED OFFICE:

Manor Farm

Drayton St. Leonard

Wallingford

Oxfordshire

OX10 7BE

REGISTERED NUMBER:

00507887 (England and Wales)

ACCOUNTANTS:

Martin and Company

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

FIXED ASSETS

Tangible assets

4

1,512,237

1,525,703

Investment property

5

3,800,000

3,800,000

5,312,237

5,325,703

CURRENT ASSETS

Stocks

343,700

294,740

Debtors

6

92,067

42,796

Cash at bank

1,127,466

1,023,063

1,563,233

1,360,599

CREDITORS

Amounts falling due within one year

7

200,849

128,044

NET CURRENT ASSETS

1,362,384

1,232,555

TOTAL ASSETS LESS CURRENT LIABILITIES

6,674,621

6,558,258

PROVISIONS FOR LIABILITIES

84,557

80,416

NET ASSETS

6,590,064

6,477,842

CAPITAL AND RESERVES

Called up share capital

20,000

20,000

Fair value reserve

8

3,467,292

3,467,292

Retained earnings

3,102,772

2,990,550

SHAREHOLDERS' FUNDS

6,590,064

6,477,842

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 15 April 2019 and were signed on its behalf by:

G N S Farrant - Director

E J T Farrant - Director

1.	STATUTORY INFORMATION

S.J.Farrant & Son Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land - not depreciated

Buildings - 2% straight line

Plant and machinery - 25% reducing balance

Motor vehicles - 25% reducing balance

Computer equipment - 25% reducing balance

Investment property, non investment land and buildings

Investment property, non investment land and buildings are all shown at their most recent valuation. Any

aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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 or other future taxable profits.

Pensions

The company pays into defined contribution pension schemes. Contributions are recognised in the profit and loss

account in which period they become payable in accordance with the rules of the schemes.

Investment properties

Investment properties are revalued annually at their open market value in accordance with FRS102 (effective

October 2016). The surplus or deficit is deemed to be permanent and reduced the property below its historical

cost, in which case it is taken to the profit and loss account.

The treatment as regards the company's investment properties may be a departure from the requirements of the

Companies Act concerning depreciation of fixed assets. However, these properties are not held for consumption

but for investment and the directors consider that systematic annual depreciation would be inappropriate. The

accounting policy adopted is therefore necessary for the financial statements to give a true and fair view.

Depreciation or amortisation is only one of many factors reflect in the annual valuation and the amount which

might otherwise have been shown cannot be separately identified or quantified.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2017

1,186,907

1,140,195

88,582

8,256

2,423,940

Additions

-

109,420

-

-

109,420

Disposals

-

(54,750

)

-

-

(54,750

)

At 30 September 2018

1,186,907

1,194,865

88,582

8,256

2,478,610

DEPRECIATION

At 1 October 2017

38,735

807,266

45,568

6,668

898,237

Charge for year

13,123

91,572

10,753

396

115,844

Eliminated on disposal

-

(47,708

)

-

-

(47,708

)

At 30 September 2018

51,858

851,130

56,321

7,064

966,373

NET BOOK VALUE

At 30 September 2018

1,135,049

343,735

32,261

1,192

1,512,237

At 30 September 2017

1,148,172

332,929

43,014

1,588

1,525,703

During the year, the land and buildings in tangible fixed assets have been included at original cost in accordance

with FRS102.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2017

and 30 September 2018

3,800,000

NET BOOK VALUE

At 30 September 2018

3,800,000

At 30 September 2017

3,800,000

Fair value at 30 September 2018 is represented by:

£

Valuation in 2018

3,800,000

The investment properties class of fixed assets was revalued on 27 July 2014 by S P Alden MRICS FAAV and A

G Chandler MRICS FAAV for and behalf of Adkin who is external to the company. The basis of this valuation

was to value the property at open market value in accordance with the Royal Institution of Chartered Surveyors -

Professional Standards 2014. This class of assets has a current value of £3,800,000 (2017 - £3,800,000) and a

carrying amount at historical cost of £332,707 (2017 - £332,707).

The directors have not had the property revalued at the year end as they believe there is no material change from

the valuation dated 27 July 2014.

The last full valuation of freehold land and buildings was carried out on 27 July 2014.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.18

30.9.17

£

£

Trade debtors

68,526

31,974

Other debtors

15,642

10,822

VAT

7,899

-

92,067

42,796

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.18

30.9.17

£

£

Trade creditors

103,662

35,370

Tax

37,257

35,929

Social security and other taxes

6,464

5,987

Other creditors

3,150

8,187

Directors' loan accounts

-

2,770

Accruals and deferred income

50,316

39,801

200,849

128,044

8.

RESERVES

Fair

value

reserve

£

At 1 October 2017

and 30 September 2018

3,467,292