H. Casswell and Son (Gosberton) Limited - Accounts to registrar (filleted) - small 18.2

H. CASSWELL AND SON (GOSBERTON) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

Mr K C Casswell

Mrs J A Casswell

Mr R C Casswell

Mr A C Casswell

SECRETARY:

Mrs J A Casswell

REGISTERED OFFICE:

Pond Farm

Rushy Drove

Donington

Spalding

Lincolnshire

PE11 4SF

REGISTERED NUMBER:

00506165 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

FIXED ASSETS

Intangible assets

4

-

8,138

Tangible assets

5

1,427,640

1,453,370

Investments

6

3

3

1,427,643

1,461,511

CURRENT ASSETS

Valuation

50,515

82,585

Debtors

7

799,712

798,776

Cash at bank

231,951

360,745

1,082,178

1,242,106

CREDITORS

Amounts falling due within one year

8

200,929

341,206

NET CURRENT ASSETS

881,249

900,900

TOTAL ASSETS LESS CURRENT LIABILITIES

2,308,892

2,362,411

CREDITORS

Amounts falling due after more than one year

9

(96,183

)

(103,767

)

PROVISIONS FOR LIABILITIES

(4,868

)

(4,800

)

NET ASSETS

2,207,841

2,253,844

CAPITAL AND RESERVES

Called up share capital

11

10,405

10,405

Capital redemption reserve

9,395

9,395

Retained earnings

2,188,041

2,234,044

SHAREHOLDERS' FUNDS

2,207,841

2,253,844

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

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.

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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 16 October 2020 and were signed on its behalf by:

Mr K C Casswell - Director

1.	STATUTORY INFORMATION

H. Casswell and Son (Gosberton) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of produce and work done, excluding value added tax.

Sales of produce are recognised upon despatch. Revenue from work done is recognised on the day of completion of the work.

The Basic Farm Payment is recognised in the financial statements in accordance with current H M Revenue and Customs guidance.

Intangible assets

Intangible assets consist of entitlements to the basic payment. The entitlements are recognised at fair value and written off on a straight line basis over the period to 31 December 2019 when the scheme ends.

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

-

10% on cost and Nil

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks

Stock is valued on basis consistent with that of previous years by professional valuers in accordance with HS232 Farm Stock Valuation.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2019

and 31 March 2020

40,696

AMORTISATION

At 1 April 2019

32,558

Charge for year

8,138

At 31 March 2020

40,696

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

8,138

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2019

1,459,793

474,905

1,934,698

Additions

-

1,053

1,053

Disposals

-

(44,364

)

(44,364

)

At 31 March 2020

1,459,793

431,594

1,891,387

DEPRECIATION

At 1 April 2019

57,349

423,979

481,328

Charge for year

5,779

9,756

15,535

Eliminated on disposal

-

(33,116

)

(33,116

)

At 31 March 2020

63,128

400,619

463,747

NET BOOK VALUE

At 31 March 2020

1,396,665

30,975

1,427,640

At 31 March 2019

1,402,444

50,926

1,453,370

Included in cost of land and buildings is freehold land of £ 1,378,366 (2019 - £ 1,378,366 ) which is not depreciated.

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2019

and 31 March 2020

3

NET BOOK VALUE

At 31 March 2020

3

At 31 March 2019

3

7.

DEBTORS

2020

2019

£

£

Amounts falling due within one year:

Trade debtors

122,051

113,606

Other debtors

13,155

20,664

135,206

134,270

Amounts falling due after more than one year:

Other debtors

664,506

664,506

Aggregate amounts

799,712

798,776

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

7,812

7,649

Trade creditors

15,545

28,005

Taxation and social security

4,285

11,721

Other creditors

173,287

293,831

200,929

341,206

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

96,183

103,767

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

62,626

70,947

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

103,995

111,416

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

10,405

Ordinary

£1

10,405

10,405