Company Registration No. 04954144 (England and Wales)
Eversfield Organic Limited
Unaudited accounts
for the year ended 31 March 2019
Eversfield Organic Limited
Unaudited accounts
Contents
Eversfield Organic Limited
Company Information
for the year ended 31 March 2019
Directors
M Bury
A Elliot
H Bury
Company Number
04954144 (England and Wales)
Registered Office
Ellacott Barton
Bratton Clovelly
Near Okehampton
Devon
EX20 4LB
Accountants
EllamWalker Ltd
Sydeham Farm
Rackenford
Tiverton
Devon
EX16 8ER
Eversfield Organic Limited
Statement of financial position
as at 31 March 2019
Intangible assets
138,305
128,785
Tangible assets
266,632
261,710
Inventories
131,350
98,755
Cash at bank and in hand
-
125
Creditors: amounts falling due within one year
(1,080,554)
(1,720,731)
Net current liabilities
(153,287)
(1,279,334)
Total assets less current liabilities
251,650
(888,839)
Creditors: amounts falling due after more than one year
(1,462,826)
(515,265)
Net liabilities
(1,211,176)
(1,404,104)
Called up share capital
251,000
251,000
Profit and loss account
(1,462,176)
(1,655,104)
Shareholders' funds
(1,211,176)
(1,404,104)
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 10 September 2019.
M Bury
Director
Company Registration No. 04954144
Eversfield Organic Limited
Notes to the Accounts
for the year ended 31 March 2019
Eversfield Organic Limited is a private company, limited by shares, registered in England and Wales, registration number 04954144. The registered office is Ellacott Barton, Bratton Clovelly, Near Okehampton, Devon, EX20 4LB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents net invoiced sales of organic produce, excluding value added tax.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% Reducing balance
Plant & machinery
20% Reducing balance
Motor vehicles
20% Reducing balance
Fixtures & fittings
20% Reducing balance
Computer equipment
25% Reducing balance
Other tangible fixed assets
10% Straight Line
Intangible fixed assets (including purchased goodwill and software) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Eversfield Organic Limited
Notes to the Accounts
for the year ended 31 March 2019
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The accounts have been prepared on a going concern basis due to the fact that the two year business forecast shows the business generating a profit by the end of this period and is currently on target to achieve this. The managing director has no intention of withdrawing his financial support.
4
Intangible fixed assets
Goodwill
Other
Total
At 1 April 2018
34,881
119,209
154,090
At 31 March 2019
34,881
134,631
169,512
At 1 April 2018
21,480
3,825
25,305
Charge for the year
1,807
4,095
5,902
At 31 March 2019
23,287
7,920
31,207
At 31 March 2019
11,594
126,711
138,305
At 31 March 2018
13,401
115,384
128,785
Eversfield Organic Limited
Notes to the Accounts
for the year ended 31 March 2019
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2018
60,835
403,867
2,333
20,214
487,249
Additions
29,965
34,192
-
1,607
65,764
Disposals
-
(554)
-
-
(554)
At 31 March 2019
90,800
437,505
2,333
21,821
552,459
At 1 April 2018
37,778
174,154
39
13,568
225,539
Charge for the year
5,302
52,722
459
2,063
60,546
On disposals
-
(258)
-
-
(258)
At 31 March 2019
43,080
226,618
498
15,631
285,827
At 31 March 2019
47,720
210,887
1,835
6,190
266,632
At 31 March 2018
23,057
229,713
2,294
6,646
261,710
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
205,343
196,171
Raw materials
131,350
98,755
Trade debtors
119,634
254,626
Amounts due from group undertakings etc.
382,463
67,617
Accrued income and prepayments
281,383
-
Other debtors
12,437
20,274
Eversfield Organic Limited
Notes to the Accounts
for the year ended 31 March 2019
8
Creditors: amounts falling due within one year
2019
2018
Bank loans and overdrafts
82
735,775
Obligations under finance leases and hire purchase contracts
87,322
81,870
Trade creditors
691,028
677,961
Taxes and social security
48,313
86,443
The obligations under finance leases and hire purchase contracts of £87,320 (2018- £81,870) will be secured against the machinery purchased.
9
Creditors: amounts falling due after more than one year
2019
2018
Obligations under finance leases and hire purchase contracts
27,762
70,921
Other creditors
1,435,064
444,344
The obligations under finance leases and hire purchase contracts of £27,762 (2018 - £70,921) will be secured against the machinery purchased.
Allotted, called up and fully paid:
251,000 Ordinary shares of £1 each
251,000
251,000
11
Transactions with related parties
The company has a loan account with the director, Mr MP Bury. The loan is interest free and repayable on demand. At no point in the year was the company owed money from the director.
Eversfield Manor Farm is operated as a sole trader by the director, MR MP Bury. The company trades with the farm on ordinary trade terms. During the year ended 31 March 2019 the company purchased goods from the farm totaling £39,272 (2018 - £29,848).
At the year end the company owed £1,435,064 (2018 - £355,844) to Mr Bury, on which no interest is being charged.
The company also has a loan account with Mr Bury's wife, Mrs E Bury. The loan is interest free and repayable on demand. At the year end the company owed £81,700 (2018 - £88,500) to Mrs Bury.
12
Average number of employees
During the year the average number of employees was 33 (2018: 30).
