P&P Howlett & Son Farming Limited - Period Ending 2020-04-30
P&P Howlett & Son Farming Limited - Period Ending 2020-04-30
Year Ended
Registration number:
P&P Howlett & Son Farming Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
P&P Howlett & Son Farming Limited
Company Information
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Directors |
Mr P G F Howlett Mrs P A Howlett |
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Registered office |
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Accountants |
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P&P Howlett & Son Farming Limited
Balance Sheet
30 April 2020
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Note |
2020 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Investments |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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P&P Howlett & Son Farming Limited
Balance Sheet
30 April 2020
For the financial year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 06836595
P&P Howlett & Son Farming Limited
Notes to the Unaudited Financial Statements
Year Ended 30 April 2020
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The directors of P and P Howlett & Son Farming Limited have considered the impact of COVID-19.
In the opinion of the directors, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
P&P Howlett & Son Farming Limited
Notes to the Unaudited Financial Statements
Year Ended 30 April 2020
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and Machinery |
15% Reducing balance |
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Motor Vehicles |
25% Reducing balance |
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Fixtures and Fittings |
15% Reducing Balance |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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BPS Entitlements |
20% Straight Line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
P&P Howlett & Son Farming Limited
Notes to the Unaudited Financial Statements
Year Ended 30 April 2020
Stocks
Stock is stated at the lower of cost and realisable value, estimated as necessary. Cost, in respect of own-bred animals, has been taken as an appropriate percentage of estimated market value.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
P&P Howlett & Son Farming Limited
Notes to the Unaudited Financial Statements
Year Ended 30 April 2020
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
P&P Howlett & Son Farming Limited
Notes to the Unaudited Financial Statements
Year Ended 30 April 2020
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Intangible assets |
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BPS Entitlements |
Total |
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Cost or valuation |
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At 1 May 2019 |
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At 30 April 2020 |
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Amortisation |
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At 1 May 2019 |
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Amortisation charge |
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At 30 April 2020 |
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Carrying amount |
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At 30 April 2020 |
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At 30 April 2019 |
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Tangible assets |
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Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 May 2019 |
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Additions |
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Disposals |
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At 30 April 2020 |
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Depreciation |
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At 1 May 2019 |
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Charge for the year |
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Eliminated on disposal |
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At 30 April 2020 |
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Carrying amount |
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At 30 April 2020 |
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At 30 April 2019 |
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P&P Howlett & Son Farming Limited
Notes to the Unaudited Financial Statements
Year Ended 30 April 2020
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Stocks |
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2020 |
2019 |
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Herd & Flock |
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Stocks |
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£69,470 of biological assets are included within stock (2019: £72,661)
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Debtors |
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2020 |
2019 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Current asset investments |
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2020 |
2019 |
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Other investments |
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P&P Howlett & Son Farming Limited
Notes to the Unaudited Financial Statements
Year Ended 30 April 2020
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Creditors |
Creditors: amounts falling due within one year
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Note |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Corporation tax |
8,500 |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Deferred income |
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Creditors: amounts falling due after more than one year
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Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
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2020 |
2019 |
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Loans and borrowings due after one year |
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Bank borrowings |
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HP and finance lease liabilities |
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2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Hire purchase contracts |
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Plant & equipment has been pledged as security in respect of bank borrowings and hire purchase.
P&P Howlett & Son Farming Limited
Notes to the Unaudited Financial Statements
Year Ended 30 April 2020
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Share capital |
Allotted, called up and fully paid shares
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2020 |
2019 |
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No. |
£ |
No. |
£ |
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Oridnary share capital of £1 each |
100 |
100 |
100 |
100 |
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Transition to FRS 102 |
The company has adopted FRS102 for the first time in this financial year. Due to the change in basis of accounting, a prior year adjustment has been made to bring in deferred tax. This has the overall effect of reducing the profit after tax by £57,000 and reducing the net assets of the company by £57,000.
The biological assets held by the company are now shown within stock instead of within fixed assets. This is a presentational adjustment.