Wheat Quarter Limited - Period Ending 2019-02-28

Wheat Quarter Limited

Annual Report and Unaudited Financial Statements
Period from 1 August 2018 to 28 February 2019

Registration number: 10507878

Wheat Quarter Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 7

Wheat Quarter Limited

Company Information

Directors

Mr J J D Fooks Mr J M West

Registered office

1 Hyde Way Welwyn Garden City Hertfordshire AL7 3BU

Accountants

Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

Page 1

Wheat Quarter Limited

Balance Sheet

28 February 2019

	Note	28 February 2019 £	31 July 2018 £
Fixed assets
Tangible assets	4	160,973	156,033
Current assets
Stocks	5	27,858,259	26,435,682
Debtors	6	1,455,540	1,156,184
Cash at bank and in hand		17,592	687,339
		29,331,391	28,279,205
Creditors: Amounts falling due within one year	7	(27,535,605)	(26,093,308)
Net current assets		1,795,786	2,185,897
Net assets		1,956,759	2,341,930
Capital and reserves
Called up share capital		10	10
Profit and loss account		1,956,749	2,341,920
Total equity		1,956,759	2,341,930

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 2

Wheat Quarter Limited

Balance Sheet

28 February 2019

For the financial period ending 28 February 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 accounts for the period 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 25 November 2019 and signed on its behalf by:
 

......................................... Mr J J D Fooks Director

Company Registration Number: 10507878

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

Wheat Quarter Limited

Notes to the Financial Statements

Period from 1 August 2018 to 28 February 2019

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:
1 Hyde Way
Welwyn Garden City
Hertfordshire
AL7 3BU

These financial statements were authorised for issue by the Board on 25 November 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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

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

Wheat Quarter Limited

Notes to the Financial Statements

Period from 1 August 2018 to 28 February 2019

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	2% straight line basis
Fixtures and fittings	20% straight line basis

Stocks

Work in progress represents costs to date on property development and is shown at cost.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Loans; 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.

Except for loans, 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.

Loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 0 (2018 - 0).

Page 5

Wheat Quarter Limited

Notes to the Financial Statements

Period from 1 August 2018 to 28 February 2019

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Asset under construction  £	Total £
Cost or valuation
At 1 August 2018	-	-	156,033	156,033
Additions	-	-	6,685	6,685
Transfers	151,718	11,000	(162,718)	-
At 28 February 2019	151,718	11,000	-	162,718
Charge for the period	1,012	733	-	1,745
At 28 February 2019	1,012	733	-	1,745
Carrying amount
At 28 February 2019	150,706	10,267	-	160,973
At 31 July 2018	-	-	156,033	156,033

Included within the net book value of land and buildings above is £150,706 (2018 - £Nil) in respect of freehold land and buildings.
 

5

Stocks

	28 February 2019 £	31 July 2018 £
Work in progress	27,858,259	26,435,682

6

Debtors

	28 February 2019  £	31 July 2018  £
Other debtors	1,243,047	1,150,184
Prepayments	212,493	6,000
	1,455,540	1,156,184

Page 6

Wheat Quarter Limited

Notes to the Financial Statements

Period from 1 August 2018 to 28 February 2019

7

Creditors

		28 February 2019  £	31 July 2018  £
Due within one year
Loans and borrowings		17,878,070	16,029,435
Trade creditors		487,584	801,887
Corporation tax		455,504	549,339
Accrued expenses		8,714,447	8,712,647
		27,535,605	26,093,308

Loans and borrowings are secured over the assets of the company.

8	Share capital

Allotted, called up and fully paid shares

	28 February 2019		31 July 2018
	No.	£	No.	£
Ordinary shares of £1 each	10	10	10	10

Page 7