G L & C A Poultry Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05483040 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2019

for

G L & C A Poultry Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G L Morgan

SECRETARY:

C A Morgan

REGISTERED OFFICE:

21 Gold Tops

Newport

Gwent

NP20 4PG

REGISTERED NUMBER:

05483040 (England and Wales)

ACCOUNTANTS:

Guilfoyle Sage LLP

21 Gold Tops

Newport

South Wales

NP20 4PG

FIXED ASSETS

Tangible assets

5

2,091,587

2,204,405

CURRENT ASSETS

Stocks

44,878

19,148

Debtors

6

370,491

322,194

Cash at bank

46,153

96,058

461,522

437,400

CREDITORS

Amounts falling due within one year

7

880,035

1,067,516

NET CURRENT LIABILITIES

(418,513

)

(630,116

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,673,074

1,574,289

PROVISIONS FOR LIABILITIES

65,496

70,307

NET ASSETS

1,607,578

1,503,982

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

1,607,478

1,503,882

SHAREHOLDERS' FUNDS

1,607,578

1,503,982

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 22 February 2020 and were signed by:

G L Morgan - Director

1.	STATUTORY INFORMATION

GL & CA Poultry Limited is a private company, limited by shares and is incorporated in England and

Wales. The company's registered number is 05483040 and the address of its registered office is 21

Gold Tops, Newport, South Wales, NP20 4PG. The principal place of business is at Lower Pant

Farm, Llanddewi Rhydderch, Abergavenny, Monmouthshire, NP7 9TN.

The nature of the company's operations and principal activity is poultry farming.

These financial statements are the company's separate financial statements, covering the year to 30

June 2019 and are presented in Sterling (£), the company's functional currency, rounded to the

nearest pound.

The accounting policies applied in the presentation of these financial statements are set out below.

These policies have been consistently applied to all periods presented unless otherwise stated.

2.	STATEMENT OF COMPLIANCE

The individual financial statements of GL & CA Poultry Limited have been prepared in accordance

with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The

Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act

2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

Land nil, poultry buildings 2% on cost

Plant and machinery etc

-

20% on cost, 15% on cost and 8% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Non derivative financial instruments

Financial assets and financial liabilities are recognised in the company's balance sheet when the

company becomes a party to the contractual provisions of the instrument.

Non-derivative financial instruments comprise trade and other debtors, cash and cash equivalents,

trade and other creditors and interest free loans.

Debtors and creditors with no stated interest rate are receivable or payable within one year and are

recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Cash and cash equivalents comprise cash at bank and in hand.

Loans and borrowings and concessionary loans are initially recognised at transaction price including

transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate

method less impairment. If an arrangement constitutes a finance transaction it is measured at present

value. Loans and borrowings receivable within one year are not discounted.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, except to the extent that it relates to items recognised in other

comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 July 2018

1,281,104

1,753,202

3,034,306

Additions

1,396

57,799

59,195

Grants

-

(36,089

)

(36,089

)

At 30 June 2019

1,282,500

1,774,912

3,057,412

DEPRECIATION

At 1 July 2018

3,219

826,682

829,901

Charge for year

1,472

134,452

135,924

At 30 June 2019

4,691

961,134

965,825

NET BOOK VALUE

At 30 June 2019

1,277,809

813,778

2,091,587

At 30 June 2018

1,277,885

926,520

2,204,405

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Trade debtors

347,405

307,438

Other debtors

23,086

14,756

370,491

322,194

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Trade creditors

265,314

235,606

Taxation and social security

30,889

35,709

Other creditors

583,832

796,201

880,035

1,067,516

8.	SECURED DEBTS

The bank overdraft is secured by fixed and floating charges over the undertaking and all property and

assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures and

fixed plant and machinery.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.19

30.6.18

value:

£

£

100

Ordinary

£1

100

100

10.	RELATED PARTY DISCLOSURES

During the year, transactions with those individuals holding a participating interest were as follows:

Expenditure includes poultry unit hire of £40,000 (2018:£40,000).

At the year end, included in creditors is the sum of £533,661 (2018:£783,601) respectively owed to

those individuals holding a participating interest. There is no fixed repayment date on these

outstanding balances and no interest has been charged.