E Trewin & Sons (Farms) Ltd 31/12/2019 iXBRL

E Trewin & Sons (Farms) Ltd 31/12/2019 iXBRL

E.TREWIN & SONS(FARMS)LIMITED - Company Information

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31/12/2019 2019-12-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2019-01-01 Sage Accounts Production 19.0 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP 00969624 2019-01-01 2019-12-31 00969624 2019-12-31 00969624 2018-12-31 00969624 2018-01-01 2018-12-31 00969624 2018-12-31 00969624 2017-12-31 00969624 core:PlantMachinery 2019-01-01 2019-12-31 00969624 core:FurnitureFittingsToolsEquipment 2019-01-01 2019-12-31 00969624 core:MotorVehicles 2019-01-01 2019-12-31 00969624 bus:Director1 2019-01-01 2019-12-31 00969624 bus:Director2 2019-01-01 2019-12-31 00969624 core:WithinOneYear 2019-12-31 00969624 core:WithinOneYear 2018-12-31 00969624 core:IntangibleAssetsOtherThanGoodwill 2018-12-31 00969624 core:IntangibleAssetsOtherThanGoodwill 2019-12-31 00969624 core:LandBuildings core:OwnedOrFreeholdAssets 2018-12-31 00969624 core:PlantMachinery 2018-12-31 00969624 core:FurnitureFittingsToolsEquipment 2018-12-31 00969624 core:MotorVehicles 2018-12-31 00969624 core:LandBuildings core:OwnedOrFreeholdAssets 2019-12-31 00969624 core:PlantMachinery 2019-12-31 00969624 core:FurnitureFittingsToolsEquipment 2019-12-31 00969624 core:MotorVehicles 2019-12-31 00969624 core:AfterOneYear 2019-12-31 00969624 core:AfterOneYear 2018-12-31 00969624 core:LandBuildings core:OwnedOrFreeholdAssets 2019-01-01 2019-12-31 00969624 core:ShareCapital 2019-12-31 00969624 core:ShareCapital 2018-12-31 00969624 core:RevaluationReserve 2019-12-31 00969624 core:RevaluationReserve 2018-12-31 00969624 core:RetainedEarningsAccumulatedLosses 2019-12-31 00969624 core:RetainedEarningsAccumulatedLosses 2018-12-31 00969624 core:IntangibleAssetsOtherThanGoodwill 2019-01-01 2019-12-31 00969624 core:IntangibleAssetsOtherThanGoodwill 2018-12-31 00969624 core:CostValuation core:Non-currentFinancialInstruments 2019-12-31 00969624 core:Non-currentFinancialInstruments 2019-12-31 00969624 core:Non-currentFinancialInstruments 2018-12-31 00969624 core:LandBuildings core:OwnedOrFreeholdAssets 2018-12-31 00969624 core:PlantMachinery 2018-12-31 00969624 core:FurnitureFittingsToolsEquipment 2018-12-31 00969624 core:MotorVehicles 2018-12-31 00969624 bus:Director1 2018-12-31 00969624 bus:Director1 2019-12-31 00969624 bus:Director2 2018-12-31 00969624 bus:Director2 2019-12-31 00969624 bus:Director1 2017-12-31 00969624 bus:Director1 2018-12-31 00969624 bus:Director2 2017-12-31 00969624 bus:Director2 2018-12-31 00969624 bus:Director1 2018-01-01 2018-12-31 00969624 bus:Director2 2018-01-01 2018-12-31 00969624 bus:SmallEntities 2019-01-01 2019-12-31 00969624 bus:AuditExemptWithAccountantsReport 2019-01-01 2019-12-31 00969624 bus:FullAccounts 2019-01-01 2019-12-31 00969624 bus:SmallCompaniesRegimeForAccounts 2019-01-01 2019-12-31 00969624 bus:PrivateLimitedCompanyLtd 2019-01-01 2019-12-31
Company registration number: 00969624
E Trewin & Sons (Farms) Ltd
Unaudited filleted financial statements
31 December 2019
E TREWIN & SONS (FARMS) LTD
Contents
Statement of financial position
Notes to the financial statements
E TREWIN & SONS (FARMS) LTD
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 2,270 4,540
Tangible assets 6 1,987,998 1,998,779
Investments 7 1 1
_______ _______
1,990,269 2,003,320
Current assets
Stocks 152,650 89,170
Debtors 8 25,097 35,182
_______ _______
177,747 124,352
Creditors: amounts falling due
within one year 9 ( 250,508) ( 205,508)
_______ _______
Net current liabilities ( 72,761) ( 81,156)
_______ _______
Total assets less current liabilities 1,917,508 1,922,164
Creditors: amounts falling due
after more than one year 10 ( 373,242) ( 426,645)
Provisions for liabilities ( 49,169) ( 50,221)
_______ _______
Net assets 1,495,097 1,445,298
_______ _______
Capital and reserves
Called up share capital 65 65
Revaluation reserve 11 237,509 237,509
Profit and loss account 11 1,257,523 1,207,724
_______ _______
Shareholders funds 1,495,097 1,445,298
_______ _______
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director s 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 July 2020 , and are signed on behalf of the board by:
Mr C E Trewin
Director
Company registration number: 00969624
E TREWIN & SONS (FARMS) LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 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 Higher Northcott Barn, Northcott Road, Poughill, Bude, Cornwall, EX23 9EQ.
Principal activity
The principal activity of the company is that of farming and holiday lettings.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 a revalued amount, 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:
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
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 15 % reducing balance
Office equipment - 33 % straight line
Motor vehicles - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset 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
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates. Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satsfied, no adjustment is made irrespective of whether market or non-vesting conditions are met. Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification. Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately. Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2018: 4 ).
5. Intangible assets
Basic payment entitlements Total
£ £
Cost
At 1 January 2019 and 31 December 2019 11,350 11,350
_______ _______
Amortisation
At 1 January 2019 6,810 6,810
Charge for the year 2,270 2,270
_______ _______
At 31 December 2019 9,080 9,080
_______ _______
Carrying amount
At 31 December 2019 2,270 2,270
_______ _______
At 31 December 2018 4,540 4,540
_______ _______
6. Tangible assets
Freehold property Plant and machinery Office equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2019 1,734,459 566,690 258 18,698 2,320,105
Additions - 22,700 - 25,413 48,113
Disposals ( 5,245) ( 15,950) - ( 18,698) ( 39,893)
_______ _______ _______ _______ _______
At 31 December 2019 1,729,214 573,440 258 25,413 2,328,325
_______ _______ _______ _______ _______
Depreciation
At 1 January 2019 - 310,680 86 10,560 321,326
Charge for the year - 38,348 86 - 38,434
Disposals - ( 8,873) - ( 10,560) ( 19,433)
_______ _______ _______ _______ _______
At 31 December 2019 - 340,155 172 - 340,327
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2019 1,729,214 233,285 86 25,413 1,987,998
_______ _______ _______ _______ _______
At 31 December 2018 1,734,459 256,010 172 8,138 1,998,779
_______ _______ _______ _______ _______
7. Investments
Other investments other than loans Total
£ £
Cost
At 1 January 2019 and 31 December 2019 1 1
_______ _______
Impairment
At 1 January 2019 and 31 December 2019 - -
_______ _______
Carrying amount
At 31 December 2019 1 1
_______ _______
At 31 December 2018 1 1
_______ _______
8. Debtors
2019 2018
£ £
Trade debtors 4,702 16,605
Other debtors 20,395 18,577
_______ _______
25,097 35,182
_______ _______
9. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 76,114 56,810
Trade creditors 34,651 20,015
Accruals and deferred income 5,768 9,440
Social security and other taxes 14,315 17,834
Other creditors 119,660 101,409
_______ _______
250,508 205,508
_______ _______
10. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans and overdrafts 310,373 354,858
Other creditors 62,869 71,787
_______ _______
373,242 426,645
_______ _______
11. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
12. Director s advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 January 2019 Loans to / (from) the directors Amounts repaid Balance at 31 December 2019
£ £ £ £
Director 13,121 ( 4,000) 5,138 14,259
Director ( 19,771) ( 72,913) 59,012 ( 33,672)
_______ _______ _______ _______
( 6,650) ( 76,913) 64,150 ( 19,413)
_______ _______ _______ _______
Loans to / (from) directors at 1 January 2018 Loans to / (from) the directors Amounts repaid Balance at 31 December 2018
£ £ £ £
Director 5,466 - 7,655 13,121
Director ( 24,603) ( 33,600) 38,432 ( 19,771)
_______ _______ _______ _______
( 19,137) ( 33,600) 46,087 ( 6,650)
_______ _______ _______ _______
Director s' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.