R & A Wilson Limited - Accounts to registrar (filleted) - small 18.2
R & A Wilson Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| R & A Wilson Limited |
| Financial Statements |
| for the Year Ended 31st October 2019 |
| R & A Wilson Limited (Registered number: SC237983) |
| Contents of the Financial Statements |
| for the year ended 31st October 2019 |
| Page |
| Company information | 1 |
| Balance sheet | 2 | to | 3 |
| Notes to the financial statements | 4 | to | 8 |
| R & A Wilson Limited |
| Company Information |
| for the year ended 31st October 2019 |
| Directors: |
| Secretary: |
| Registered office: |
| Business address: |
| Registered number: |
| Accountants: |
| Academy House |
| Shedden Park Road |
| Kelso |
| Roxburghshire |
| TD5 7AL |
| R & A Wilson Limited (Registered number: SC237983) |
| Balance Sheet |
| 31st October 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Current assets |
| Stocks |
| Debtors | 6 |
| Investments | 7 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 8 |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| Provisions for liabilities | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital |
| Retained earnings |
| Shareholders' funds |
| R & A Wilson Limited (Registered number: SC237983) |
| Balance Sheet - continued |
| 31st October 2019 |
| The directors acknowledge their 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. |
| 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 Board of Directors and authorised for issue on |
| R & A Wilson Limited (Registered number: SC237983) |
| Notes to the Financial Statements |
| for the year ended 31st October 2019 |
| 1. | Statutory information |
| R & A Wilson Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
| rebates, value added tax and other sales taxes. |
| Turnover arising from the sale of goods is recognised when the significant risks and rewards of |
| ownership have passed to the buyer. Turnover arising from the provision of services is recognised as |
| contract activity progresses and the right to consideration is earned. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2002, has been fully |
| amortised over its estimated useful life of ten years. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
| measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Milk quota has been fully amortised. |
| Basic payment scheme entitlements are being amortised evenly over their estimated useful life of four |
| years. |
| Tangible fixed assets |
| Robotic milking equipment | - |
| Land | - |
| Property improvements | - |
| Plant and machinery | - |
| Tractors | - |
| Motor vehicles | - |
| Office equipment | - |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment |
| losses. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value by the directors with the exception of |
| the animals on herd basis. Cost includes all direct expenditure and appropriate proportion of fixed and |
| variable overheads. Net realisable value is based on estimated selling prices less further costs |
| expected to be incurred in bringing the growing crops to completion and finishing the livestock. |
| R & A Wilson Limited (Registered number: SC237983) |
| Notes to the Financial Statements - continued |
| for the year ended 31st October 2019 |
| 2. | Accounting policies - continued |
| Financial instruments |
| The following assets and liabilities are classified as financial instruments - trade debtors, trade |
| creditors, accruals, hire purchase contracts, bank loans and directors' loans. |
| Bank loans and hire purchase contracts are initially measured at the present value of future payments, |
| discounted at a market rate of interest, and subsequently at amortised cost using the effective interest |
| method. |
| Directors' loans (being repayable on demand), trade debtors, trade creditors and accruals are |
| measured at the undiscounted amount of the cash or other consideration expected to be paid or |
| received. |
| Financial assets that are measured at amortised cost are assessed at the end of each reporting period |
| for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss |
| in the Statement of Income and Retained Earnings. |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
| the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
| exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
| the operating result. |
| Current asset investments are stated at the lower of cost and net realisable value. |
| 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. |
| R & A Wilson Limited (Registered number: SC237983) |
| Notes to the Financial Statements - continued |
| for the year ended 31st October 2019 |
| 2. | Accounting policies - continued |
| Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of |
| Income and Retained Earnings in the period in which they are incurred. |
| Provisions |
| Provisions are set up only where it is probable that a present obligation exists as a result of an event |
| prior to the balance sheet date and that a payment will be required in settlement that can be estimated |
| reliably. Where material, provisions are calculated on a discounted basis. |
| The directors have considered the company's financial position for a period of 12 months from the date |
| of signing these financial statements and have reasonable expectation that the company has adequate |
| resources to continue in operational existence for the foreseeable future. Accordingly, they continue to |
| adopt the going concern basis in preparing these financial statements. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Intangible fixed assets |
| Basic |
| payment |
| Milk | scheme |
| Goodwill | quota | entitlements | Totals |
| £ | £ | £ | £ |
| Cost |
| At 1st November 2018 |
| and 31st October 2019 |
| Amortisation |
| At 1st November 2018 |
| Amortisation for year |
| At 31st October 2019 |
| Net book value |
| At 31st October 2019 |
| At 31st October 2018 |
| R & A Wilson Limited (Registered number: SC237983) |
| Notes to the Financial Statements - continued |
| for the year ended 31st October 2019 |
| 5. | Tangible fixed assets |
| Robotic |
| milking | Property | Plant and |
| equipment | Land | improvements | machinery |
| £ | £ | £ | £ |
| Cost |
| At 1st November 2018 |
| Additions |
| Disposals | ( |
) |
| At 31st October 2019 |
| Depreciation |
| At 1st November 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31st October 2019 |
| Net book value |
| At 31st October 2019 |
| At 31st October 2018 |
| Motor | Office |
| Tractors | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| Cost |
| At 1st November 2018 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31st October 2019 |
| Depreciation |
| At 1st November 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31st October 2019 |
| Net book value |
| At 31st October 2019 |
| At 31st October 2018 |
| 6. | Debtors: amounts falling due within one year |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Other debtors |
| R & A Wilson Limited (Registered number: SC237983) |
| Notes to the Financial Statements - continued |
| for the year ended 31st October 2019 |
| 7. | Current asset investments |
| 2019 | 2018 |
| £ | £ |
| Unlisted investments | 200 | 200 |
| 8. | Creditors: amounts falling due within one year |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | Creditors: amounts falling due after more than one year |
| 2019 | 2018 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans due after five years | 577,282 | 695,770 |
| 10. | Secured debts |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| Hire purchase contracts | 369,345 | 401,178 |
| The Clydesdale Bank PLC hold a floating charge over all the assets of the company together with a |
| personal guarantee of £1,450,000 from Mr ACM and Mrs RE Wilson, the directors of the company. A |
| standard security is also held over 58 acres of land at Chapel-on-Leader. |
| Hire purchase contracts are secured against the assets to which they relate. |
| 11. | Post balance sheet events |
| On 31st March 2020 an interim dividend of £600 per share was declared in respect of the year ended |
| 31st October 2019. |