Aylesby Manor Farms Limited - Period Ending 2020-09-30
Aylesby Manor Farms Limited - Period Ending 2020-09-30
Registration number:
Aylesby Manor Farms Limited
for the Year Ended 30 September 2020
Aylesby Manor Farms Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Aylesby Manor Farms Limited
Company Information
Directors |
P M Spilman D A J Spilman J E Spilman |
Registered office |
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Solicitors |
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Bankers |
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Aylesby Manor Farms Limited
(Registration number: 00507767)
Balance Sheet as at 30 September 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Other financial assets |
30 |
30 |
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Current assets |
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Stocks |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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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 |
20,000 |
20,000 |
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Revaluation reserve |
133,458 |
140,021 |
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Profit and loss account |
355,007 |
295,700 |
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Shareholders' funds |
508,465 |
455,721 |
For the financial year ending 30 September 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Aylesby Manor Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
General information |
The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 00507767.
The address of its registered office is:
These financial statements cover the individual entity, Aylesby Manor Farms Limited.
These financial statements were authorised for issue by the
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.
The financial statements are prepared in Sterling which is the functional currency of the Company and have been expressed rounded to the nearest pound.
Going concern
Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason 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 sales/value added tax, returns, rebates and discounts.
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.
Aylesby Manor Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
Government grants
FRS 102 1A requires grants towards fixed assets, if material, to be credited to a deferred income account, to be released to the profit and loss account over the useful life of the asset in question.
However, the directors consider that the grant received in 2004 and 2005, amounting to £34,447, is not significant in the context of the company's financial statements and on the grounds of practicality and materiality have reduced the renovation cost of the building by this amount. This along with the cost of renovations are being released to the profit and loss account over the useful life of the asset.
Basic payment scheme is received in respect of calendar years. Receipt is contingent upon meeting certain eligibility criteria. Once the criteria have been met, the income is recognised on a time apportioned basis over the calendar year to which it relates.
Government grants which become 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 as income in the period in which they become receivable.
Tax
The tax expense for the period comprises current and deferred 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 income 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 represents the future tax consequences of transactions and events recognised in the financial
statements of current and previous periods. It is recognised in respect of all timing differences, with certain
exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 ofdeferred 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
balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued
non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible assets are stated in the statement of financial position 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:
Asset class |
Depreciation method and rate |
Land and buildings |
3% per annum of cost or valuation |
Plant and machinery |
15% and 20% per annum of net book value |
Motor vehicles |
25% per annum of net book value |
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:
Aylesby Manor Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
Asset class |
Amortisation method and rate |
Entitlements |
33% straight line basis |
Stocks
The basis of valuation is as follows:
Raw materials and consumables are stated at the lower of cost or net realisable value.
Tenantright is calculated by a combination of actual costs incurred and standard costs.
Standard costings used are based upon calculation prepared by the Central Association of Agricultural Valuers.
The basis of valuation is consistent with previous years.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
BPS Entitlements |
Total |
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Cost or valuation |
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At 1 October 2019 |
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At 30 September 2020 |
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Amortisation |
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At 1 October 2019 |
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At 30 September 2020 |
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Carrying amount |
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At 30 September 2020 |
- |
- |
Aylesby Manor Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 October 2019 |
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Additions |
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- |
- |
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At 30 September 2020 |
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Depreciation |
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At 1 October 2019 |
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- |
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Charge for the year |
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- |
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At 30 September 2020 |
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- |
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Carrying amount |
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At 30 September 2020 |
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At 30 September 2019 |
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Aylesby Manor Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 October 2019 |
30 |
30 |
At 30 September 2020 |
30 |
30 |
Carrying amount |
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At 30 September 2020 |
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30 |
Stocks |
2020 |
2019 |
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Farm valuation |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
23,061 |
10,083 |
Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
12,315 |
17,641 |
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Aylesby Manor Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Bank loans |
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Loans and borrowings |
2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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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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Bank loans and overdrafts totalling £2,004,586 (2019: £1,800,848) are secured on the assets of the company.
Amounts due by installments after five years amount to £1,557,239 (2019: £1,249,178).
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Summary of transactions with other related parties
Loans to related parties
2020 |
Other related parties |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
- |
- |
Aylesby Manor Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
2019 |
Other related parties |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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