W.R. Humphrey & Son (Farmers) Limited Filleted accounts for Companies House (small and micro)

W.R. Humphrey & Son (Farmers) Limited Filleted accounts for Companies House (small and micro)

W.R. HUMPHREY & SON (FARMERS) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00563438
W.R. Humphrey & Son (Farmers) Limited
Filleted Unaudited Financial Statements
for the year ended
31 May 2019
W.R. Humphrey & Son (Farmers) Limited
Financial Statements
for the year ended 31st May 2019
Contents
Pages
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 10
W.R. Humphrey & Son (Farmers) Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of W.R. Humphrey & Son (Farmers) Limited
for the year ended 31st May 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of W.R. Humphrey & Son (Farmers) Limited for the year ended 31st May 2019, as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us. As a practising 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of W.R. Humphrey & Son (Farmers) Limited, as a body, in accordance with the terms of our engagement letter dated 6th September 2018. Our work has been undertaken solely to prepare for your approval the financial statements of W.R. Humphrey & Son (Farmers) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than W.R. Humphrey & Son (Farmers) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that W.R. Humphrey & Son (Farmers) 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 W.R. Humphrey & Son (Farmers) Limited. You consider that W.R. Humphrey & Son (Farmers) Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of W.R. Humphrey & Son (Farmers) 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.
MOORE THOMPSON Chartered Accountants
Bank House Broad Street Spalding PE11 1TB
Dated: 5 September 2019
W.R. Humphrey & Son (Farmers) Limited
Statement of Financial Position
as at 31 May 2019
2019
2018
Note
£
£
£
£
Fixed assets
Tangible assets
6
79,076
99,144
Investments
7
237
237
--------
--------
79,313
99,381
Current assets
Stocks
46,689
47,332
Debtors
8
6,842
6,965
Cash at bank and in hand
104,560
69,643
---------
---------
158,091
123,940
Creditors: amounts falling due within one year
9
28,891
13,274
---------
---------
Net current assets
129,200
110,666
---------
---------
Total assets less current liabilities
208,513
210,047
Provisions
Taxation including deferred tax
15,024
18,837
---------
---------
Net assets
193,489
191,210
---------
---------
Capital and reserves
Called up share capital
11
10,000
10,000
Profit and loss account
183,489
181,210
---------
---------
Shareholders funds
193,489
191,210
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st May 2019 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
W.R. Humphrey & Son (Farmers) Limited
Statement of Financial Position (continued)
as at 31 May 2019
These financial statements were approved by the board of directors and authorised for issue on 5 September 2019 , and are signed on behalf of the board by:
A.R. Humphrey
Director
Company registration number: 00563438
W.R. Humphrey & Son (Farmers) Limited
Notes to the Financial Statements
for the year ended 31st May 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bank House, Broad Street, Spalding, Lincolnshire, PE11 1TB. The trading address of the company is Glebe Farm, Cuckoo Bridge, Spalding, Lincolnshire, PE11 3JQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Single farm payment - income recognition
Income is only recognised once the ten-month basis for the year of claim has come to an end. Once this recognition point has been passed, then income accrues evenly up to 31 December in each claim year.
In the event that the conditions for the receipt of the Single Farm Payment have not been met, income recognition is deferred until such time as those conditions can be assumed to have been met, and there is reasonable assurance that the Single Farm Payment will be received.
Revenue recognition
Turnover represents the total amount receivable by the company for goods supplied and services provided, together with relevant subsidies, exclusive of value added tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Implements
-
15% reducing balance
Motorised machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures
-
15% reducing balance
Grain drying plant
-
15% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are valued by professional valuers and are stated at the lower of cost and net realisable value.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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.
4. Staff costs
The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).
5. Tax on profit
Major components of tax expense
2019
2018
£
£
Current tax:
UK current tax expense/(income)
11,384
( 1,656)
Deferred tax:
Origination and reversal of timing differences
( 3,813)
7,628
--------
--------
Tax on profit
7,571
5,972
--------
--------
6. Tangible assets
Implements
Motorised machinery
Motor vehicles
Fixtures
Grain drying plant
Total
£
£
£
£
£
£
Cost
At 1 06 18
48,111
280,444
27,028
4,456
4,827
364,866
Additions
–
5,500
–
–
–
5,500
Disposals
( 2,032)
–
( 6,205)
( 2,532)
–
( 10,769)
--------
---------
--------
--------
--------
---------
At 31 05 19
46,079
285,944
20,823
1,924
4,827
359,597
--------
---------
--------
--------
--------
---------
Depreciation
At 1 06 18
39,711
201,756
16,151
3,319
4,785
265,722
Charge for the year
1,253
21,047
2,670
139
7
25,116
Disposals
( 1,985)
–
( 6,008)
( 2,324)
–
( 10,317)
--------
---------
--------
--------
--------
---------
At 31 05 19
38,979
222,803
12,813
1,134
4,792
280,521
--------
---------
--------
--------
--------
---------
Carrying amount
At 31 05 19
7,100
63,141
8,010
790
35
79,076
--------
---------
--------
--------
--------
---------
At 31 05 18
8,400
78,688
10,877
1,137
42
99,144
--------
---------
--------
--------
--------
---------
7. Investments
Other investments other than loans
£
Cost
At 1 06 18 and 31 05 19
237
--------
Impairment
At 1 06 18 and 31 05 19
–
--------
Carrying amount
At 31 05 19
237
--------
At 31 05 18
237
--------
8. Debtors
2019
2018
£
£
Prepayments and accrued income
5,905
5,176
Corporation tax repayable
–
1,656
Other debtors
937
133
--------
--------
6,842
6,965
--------
--------
9. Creditors: amounts falling due within one year
2019
2018
£
£
Accruals and deferred income
5,665
5,550
Corporation tax
9,728
–
Social security and other taxes
2,212
1,938
Director loan accounts
10,430
4,930
Other creditors
856
856
--------
--------
28,891
13,274
--------
--------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2019
2018
£
£
Included in provisions
15,024
18,837
--------
--------
11. Called up share capital
Issued, called up and fully paid
2019
2018
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000.00
10,000
10,000.00
--------
------------
--------
------------
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2019
2018
£
£
Not later than 1 year
15,750
15,750
--------
--------