G.H. Myers Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 00811098

G.H. Myers Limited

Filleted Unaudited Financial Statements

for the year ended

31 March 2019

G.H. Myers Limited

Financial Statements

for the year ended 31st March 2019

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 7

G.H. Myers Limited

Statement of Financial Position

as at 31 March 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Intangible assets	6	2,149	3,224
Tangible assets	7	1,913,475	1,865,945
Investments	8	750,000	750,000
		---------------	---------------
		2,665,624	2,619,169

Current assets

Stocks		381,564	359,547
Debtors	9	887,989	949,903
Cash at bank and in hand		328,556	293,369
		---------------	---------------
		1,598,109	1,602,819

Creditors: amounts falling due within one year	10	519,662		607,741
		---------------		---------------
Net current assets			1,078,447		995,078
			---------------		---------------
Total assets less current liabilities			3,744,071		3,614,247
			---------------		---------------
Net assets			3,744,071		3,614,247
			---------------		---------------

Capital and reserves

Called up share capital	11	13,250	13,250
Share premium account		12,187	12,187
Profit and loss account		3,718,634	3,588,810
		---------------	---------------
Shareholders funds		3,744,071	3,614,247
		---------------	---------------

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 March 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 .

G.H. Myers Limited

Statement of Financial Position (continued)

as at 31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 28 November 2019 , and are signed on behalf of the board by:

H.W. Myers

Director

Company registration number: 00811098

G.H. Myers Limited

Notes to the Financial Statements

for the year ended 31st March 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 company's trading address is Poplar Farm, Austendyke Road, Spalding, Lincs, PE12 6BZ.

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Single farm payment receipts

Income is only recognised after the conditions of ownership have been met on 15 May. Once this recognition point has 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, 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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Entitlements	-	7 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Freehold land and buildings	-	Not depreciated
Plant and machinery	-	10% / 20% reducing balance
Computer equipment	-	3 years straight lline
Motor vehicles and tractors	-	25% 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.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

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.

Stocks

Stocks are valued by professional valuers and are stated at the lower of cost and net realisable value.

Defined contribution plans

The company operates a defined contribution pension scheme for the benefit of a director. The assets of the scheme are administered by Trustees in a fund independent from those of the company. The pension costs charged against profits represent the amount of the contributions payable to the scheme or to directors personal pension plans in respect of the accounting period.

4. Staff costs

The average number of persons employed by the company during the year amounted to 5 (2018: 7 ).

5. Tax on profit

Major components of tax expense

	2019	2018
	£	£

Current tax:

UK current tax expense	30,083	25,638

Deferred tax:

Origination and reversal of timing differences	( 1,609)	( 1,330)
	-----------	-----------
Tax on profit	28,474	24,308
	-----------	-----------

6. Intangible assets

	Entitlements
	£

Cost
At 1 04 18 and 31 03 19	7,522
	-----------
Amortisation
At 1 04 18	4,298
Charge for the year	1,075
	-----------
At 31 03 19	5,373
	-----------
Carrying amount
At 31 03 19	2,149
	-----------
At 31 03 18	3,224
	-----------

7. Tangible assets

Land and buildings	Plant and machinery	Tractors	Motor vehicles	Total
£	£	£	£	£

Cost
At 1 04 18	1,837,099	108,317	300	2,400	1,948,116
Additions	–	3,847	–	65,800	69,647
	---------------	-------------	-----------	-----------	---------------
At 31 03 19	1,837,099	112,164	300	68,200	2,017,763
	---------------	-------------	-----------	-----------	---------------
Depreciation
At 1 04 18	–	80,821	300	1,050	82,171
Charge for the year	–	5,329	–	16,788	22,117
	---------------	-------------	-----------	-----------	---------------
At 31 03 19	–	86,150	300	17,838	104,288
	---------------	-------------	-----------	-----------	---------------
Carrying amount
At 31 03 19	1,837,099	26,014	–	50,362	1,913,475
	---------------	-------------	-----------	-----------	---------------
At 31 03 18	1,837,099	27,496	–	1,350	1,865,945
	---------------	-------------	-----------	-----------	---------------

Included within the above figure is an amount of £1,837,099 in respect of freehold property upon which no depreciation is charged, because the residual values are so high that any depreciation charge would be immaterial.

8. Investments

	Shares in group undertakings
	£

Cost
At 1 04 18 and 31 03 19	750,000
	-------------
Impairment
At 1 04 18 and 31 03 19	–
	-------------

Carrying amount
At 31 03 19	750,000
	-------------
At 31 03 18	750,000
	-------------

Hoddins Way Limited is a subsidiary company, in which the company acquired 750,000 ordinary £1 shares in 2013 in exchange for property transferred. The company was incorporated in England and Wales on 23 April 2012, company number 08040308. The subsidiary commenced business on 1 April 2015 and has aggregate share capital and reserves of £751,246 (2018 : £761,205).

9. Debtors

	2019	2018
	£	£

Trade debtors	860,314	932,586
Amounts owed by undertakings in which the company has a participating interest	9,384	–
Deferred tax asset	4,613	3,004
Prepayments and accrued income	636	6,371
Other debtors	13,042	7,942
	-------------	-------------
	887,989	949,903
	-------------	-------------

10. Creditors: amounts falling due within one year

	2019	2018
	£	£

Trade creditors	332,132	416,130
Amounts owed to undertakings in which the company has a participating interest	–	8,051
Accruals and deferred income	11,410	10,933
Corporation tax	30,083	25,638
Social security and other taxes	13,286	9,261
Director loan accounts	128,865	137,633
Pension contributions	54	15
Other creditors	3,832	80
	-------------	-------------
	519,662	607,741
	-------------	-------------

11. Called up share capital

Issued, called up and fully paid

2019		2018
No.	£	No.	£

Ordinary "A" shares of £ 1 each	13,250	13,250.00	13,250	13,250.00
	-----------	---------------	-----------	---------------

12. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£

Not later than 1 year	12,979	14,183
Later than 1 year and not later than 5 years	3,245	16,224
	-----------	-----------
	16,224	30,407
	-----------	-----------