Wycombe Rye Limited - Period Ending 2018-12-31

Wycombe Rye Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2018

Registration number: 09918700

Wycombe Rye Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 6

Wycombe Rye Limited

Company Information

Directors

Mrs S J Miller Mr A P Smith

Registered office

Southcombe Barn Chapel Street Seaton Devon EX12 4AN

Accountants

Francis Clark LLP Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

Page 1

Wycombe Rye Limited

Balance Sheet

31 December 2018

	Note	2018 £	2017 £
Current assets
Stocks		-	1,287,892
Debtors	3	4,437	339
Cash at bank and in hand		327,220	1,532
		331,657	1,289,763
Creditors: Amounts falling due within one year	4	(63,863)	(1,299,301)
Net assets/(liabilities)		267,794	(9,538)
Capital and reserves
Called up share capital		100	100
Profit and loss account		267,694	(9,638)
Total equity		267,794	(9,538)

The notes on pages 4 to 6 form an integral part of these financial statements.

Page 2

Wycombe Rye Limited

Balance Sheet

31 December 2018

For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 14 August 2019 and signed on its behalf by:
 

......................................... Mr A P Smith Director

Company Registration Number: 09918700

The notes on pages 4 to 6 form an integral part of these financial statements.

Page 3

Wycombe Rye Limited

Notes to the Financial Statements

Year Ended 31 December 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Southcombe Barn
Chapel Street
Seaton
Devon
EX12 4AN

These financial statements were authorised for issue by the Board on 14 August 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A, and the Companies Act 2006.

There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 4

Wycombe Rye Limited

Notes to the Financial Statements

Year Ended 31 December 2018

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Debtors

	2018 £	2017 £
Other debtors	4,437	105
Prepayments	-	234
	4,437	339

Page 5

Wycombe Rye Limited

Notes to the Financial Statements

Year Ended 31 December 2018

4

Creditors

Creditors: amounts falling due within one year

	2018  £	2017  £
Due within one year
Social security and other taxes	62,863	1,000
Other creditors	-	1,297,301
Accrued expenses	1,000	1,000
	63,863	1,299,301

5	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
100 ordinary shares of £1 each	100	100	100	100

Page 6