A. J. Walker (Farm) Limited - Accounts to registrar (filleted) - small 18.2

A. J. WALKER (FARM) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Uglow

Mrs M E J Uglow

N A Dyson

Mrs J E Dyson

SECRETARY:

Mrs M E J Uglow

REGISTERED OFFICE:

Holly Green Farm

Bledlow

Princes Risborough

Buckinghamshire

HP27 9QJ

REGISTERED NUMBER:

01737394 (England and Wales)

ACCOUNTANTS:

Barretts

Chartered Accountants &

Chartered Tax Advisers

22 Union Street

Newton Abbot

Devon

TQ12 2JS

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,633,191

2,566,722

2,633,191

2,566,722

CURRENT ASSETS

Stocks

6

350,033

458,166

Debtors

7

131,392

113,368

Investments

8

252,994

242,174

Cash at bank and in hand

140,356

597

874,775

814,305

CREDITORS

Amounts falling due within one year

9

274,705

346,795

NET CURRENT ASSETS

600,070

467,510

TOTAL ASSETS LESS CURRENT LIABILITIES

3,233,261

3,034,232

CREDITORS

Amounts falling due after more than one year

10

(50,173

)

(58,581

)

PROVISIONS FOR LIABILITIES

(31,630

)

(31,630

)

NET ASSETS

3,151,458

2,944,021

CAPITAL AND RESERVES

Called up share capital

12

481,000

481,000

Share premium

13

17,753

17,753

Capital redemption reserve

13

50,000

50,000

Retained earnings

13

2,602,705

2,395,268

SHAREHOLDERS' FUNDS

3,151,458

2,944,021

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 17 June 2019 and were signed on its behalf by:

Mrs J E Dyson - Director

1.	STATUTORY INFORMATION

A. J. Walker (Farm) 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

value added tax and other sales taxes.

Intangible fixed assets

Milk quota is amortised equally over five years from the date of acquisition.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles and Tractors

-

25% on reducing balance

Freehold land and buildings are maintained to such a standard that their estimated residual value is not less than

their cost. Depreciation has not been charges as it is not material.

Stocks

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

moving items.

The livestock in the herd is valued on the herd basis.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2017 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Milk

quota

£

COST

At 1 October 2017

and 30 September 2018

746,293

AMORTISATION

At 1 October 2017

and 30 September 2018

746,293

NET BOOK VALUE

At 30 September 2018

-

At 30 September 2017

-

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 October 2017

1,652,517

693,338

480,398

Additions

-

-

9,500

Disposals

-

-

(23,542

)

At 30 September 2018

1,652,517

693,338

466,356

DEPRECIATION

At 1 October 2017

-

-

396,601

Charge for year

-

-

18,659

Eliminated on disposal

-

-

(19,246

)

At 30 September 2018

-

-

396,014

NET BOOK VALUE

At 30 September 2018

1,652,517

693,338

70,342

At 30 September 2017

1,652,517

693,338

83,797

Motor

Fixtures

vehicles

and

and

fittings

Tractors

Totals

£

£

£

COST

At 1 October 2017

356,294

168,427

3,350,974

Additions

85,010

43,150

137,660

Disposals

-

-

(23,542

)

At 30 September 2018

441,304

211,577

3,465,092

DEPRECIATION

At 1 October 2017

267,028

120,623

784,252

Charge for year

25,497

22,739

66,895

Eliminated on disposal

-

-

(19,246

)

At 30 September 2018

292,525

143,362

831,901

NET BOOK VALUE

At 30 September 2018

148,779

68,215

2,633,191

At 30 September 2017

89,266

47,804

2,566,722

6.

STOCKS

2018

2017

£

£

Stocks

215,273

262,086

Herd

134,760

196,080

350,033

458,166

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

119,730

105,128

VAT

11,662

8,240

131,392

113,368

8.	CURRENT ASSET INVESTMENTS

2018

2017

£

£

Unlisted investments

1,277

1,277

Arla (see note 18)

251,717

240,897

252,994

242,174

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

16,000

126,884

Hire purchase contracts

-

20,698

Trade creditors

184,280

135,780

Tax

64,262

54,489

Social security and other taxes

5,709

4,615

Other creditors

3,175

3,050

Directors' current accounts

1,279

1,279

274,705

346,795

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans - 2-5 years

41,549

49,957

Hire purchase contracts

8,624

8,624

50,173

58,581

11.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdraft

-

90,884

Bank loans

57,549

85,957

57,549

176,841

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

481,000

Ordinary

£1

481,000

481,000

13.

RESERVES

Capital

Retained

Share

redemption

earnings

premium

reserve

Totals

£

£

£

£

At 1 October 2017

2,395,268

17,753

50,000

2,463,021

Profit for the year

207,437

207,437

At 30 September 2018

2,602,705

17,753

50,000

2,670,458

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors all occupy, rent free, properties owned by the company.

15.	ARLA FOODS - CONTRACT FOR THE PURCHASE OF MILK

On 1st January 2014 the company became a member of Arla Milk Cooperative Ltd. Every producer who enters

into an agreement must either be, or apply to be, a member of The Arla Foods Milk Partnership and Milk

Partnership Limited.

The company is a member of the Milk Partnership Limited and has agreed to provide certain loans to Milk

Partnership Limited.

Firstly members give authority to Milk Partnership Limited to direct Arla Foods UK plc to deduct certain

amounts from the milk price payable to them under the agreement. The maximum level of that deduction is

currently 1 pence per litre but this could be increased to 1.25 pence per litre by two thirds majority at a vote of

the District Chairman of Milk Partnership Limited and to a higher figure if approved by a special resolution of

Milk Partnership Limited's members. Any monies deducted in this way are treated as loans made by them to Milk

Partnership Limited and will be allocated to a member's Capital Account becoming repayable after cessation of

membership of Milk Partnership Limited and are repaid in three instalments on the 3rd, 4th and 5th anniversaries

of their retirement as a member or in one instalment on the 5th anniversary of cessation of membership where the

member continues in milk production. No interest accrues on these loans.

As at the balance sheet date an amount of £251,717 (2017 - £240,897) was owed to the company and is included

in current asset investments.

Secondly, in the event of an insolvency of Milk Partnership Limited, all members of Milk Partnership Limited

agree to provide a further loan of up to a maximum 5 pence per litre of milk supplied in a certain year. An

insolvency for these purposes includes a situation where any bank lending to Milk Partnership Limited appoints a

receiver.

16.	BIOLOGICAL ASSETS

Herd animals are included within stock at cost (60% of market value for home bred animals), less accumulated

depreciation over their estimated useful life of five years.