W Crowder and Sons Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 01069525 (England and Wales)

W CROWDER AND SONS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr W K R Crowder

Mr N Rudkin

Mr J S Carter

Mr S Hawtin

SECRETARY:

Mr N Rudkin

REGISTERED OFFICE:

Lincoln Road

Horncastle

Lincolnshire

LN9 5LZ

REGISTERED NUMBER:

01069525 (England and Wales)

ACCOUNTANTS:

Dexter & Sharpe

Chartered Certified Accountants

Rollestone House

20-22 Bridge Street

Horncastle

Lincolnshire

LN9 5HZ

FIXED ASSETS

Property, plant and equipment

4

1,888,585

1,742,720

Investments

5

-

25

1,888,585

1,742,745

CURRENT ASSETS

Inventories

2,044,680

1,876,750

Debtors

6

758,178

1,198,414

Cash at bank and in hand

61,185

93,724

2,864,043

3,168,888

CREDITORS

Amounts falling due within one year

7

1,592,101

2,193,145

NET CURRENT ASSETS

1,271,942

975,743

TOTAL ASSETS LESS CURRENT LIABILITIES

3,160,527

2,718,488

CREDITORS

Amounts falling due after more than one year

8

(177,698

)

(418,360

)

PROVISIONS FOR LIABILITIES

(277,163

)

(306,681

)

PENSION (LIABILITY)/ASSET

(3,000

)

304,000

NET ASSETS

2,702,666

2,297,447

CAPITAL AND RESERVES

Called up share capital

8,065

8,065

Share premium

564,435

564,435

Revaluation reserve

820,820

820,820

Retained earnings

1,309,346

904,127

SHAREHOLDERS' FUNDS

2,702,666

2,297,447

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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 by the Board of Directors and authorised for issue on 30 May 2023 and were signed on its behalf by:

Mr N Rudkin - Director

1.	STATUTORY INFORMATION

W Crowder and Sons Ltd 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 as modified by the revaluation of certain assets.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

The company's freehold land and buildings were revalued on 24th July 2012. The valuation was completed on an existing use basis, taking account of trading potential. The fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold Land

Nil

Freehold Buildings

Straight line basis over 50 years

Nursery and irrigation equipment

part

20% reducing balance basis

part

Straight line basis over 5 years

Fixtures, fittings and office equipment

part

25% reducing balance basis

part

Straight line basis over 3, 4 or 10 years

Computer software

Straight line basis over 4 years

Tractors

part

25% reducing balance basis

part

Straight line basis over 5 years

Motor vehicles

part

25% reducing balance basis

part

Straight line basis over 4 or 5 years

Tenant's fixtures

Straight line basis over 5 years

Stocks

Costs includes all direct costs and an appropriate proportion of fixed and variable overheads.

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 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Operating Leases and Contract Hire

Rentals applicable to operating leases and contract hire agreements where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

Pensions

The Company operates a defined contribution pension scheme for its employees and the pension charge represents the amounts payable by the company to the fund in respect of the year. The Company also operates a defined contribution pension scheme for its directors only and the pension contributions are charged to the profit and loss account. The Company previously operated a defined benefit scheme for its employees but contributions were ceased on 30th June 2003.

Grants and contributions

Grants receivable in respect of tangible fixed assets are treated as deferred income which is credited to the profit and loss account over the estimated economic lives of the related assets. Grants receivable in respect of profit and loss expenditure are credited to the expenditure heading concerned in the year of receipt.

Debt factoring

The company assigns a certain amount of its trade debtors to its banker and receives payments from the bank in respect of the assigned debts but retains all significant risks. Accordingly trade debtors are shown gross of the finance received with the finance included in overdrafts due to its short term nature. All interest and charges are charged to the profit and loss as incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2021 - 41 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 October 2021

1,681,047

1,580,357

170,243

3,431,647

Additions

74,182

193,454

9,875

277,511

Disposals

-

(222,191

)

(7,750

)

(229,941

)

At 30 September 2022

1,755,229

1,551,620

172,368

3,479,217

DEPRECIATION

At 1 October 2021

155,482

1,407,348

126,097

1,688,927

Charge for year

11,134

108,593

10,919

130,646

Eliminated on disposal

-

(222,191

)

(6,750

)

(228,941

)

At 30 September 2022

166,616

1,293,750

130,266

1,590,632

NET BOOK VALUE

At 30 September 2022

1,588,613

257,870

42,102

1,888,585

At 30 September 2021

1,525,565

173,009

44,146

1,742,720

The company's freehold land and buildings were revalued on 24th July 2012 by Quinton Edwards, Newbury, Berkshire, an independent firm of Chartered Surveyors. The valuation was completed on an existing use basis, taking account of trading potential.

If freehold land, buildings and tenants fixtures had not been included at valuation they would have been included under the historical cost convention as follows:

2020

2019

£

£

Cost

702,651

702,651

Accumulated Depreciation

(348,140

)

(342,793

)

Net Book Value

354,421

359,858

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 October 2021

25

Disposals

(25

)

At 30 September 2022

-

NET BOOK VALUE

At 30 September 2022

-

At 30 September 2021

25

Investments in other unlisted companies are as valued by the Directors.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

590,908

851,758

Other debtors

167,270

346,656

758,178

1,198,414

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

125,212

158,530

Hire purchase contracts

73,953

63,930

Trade creditors

494,643

378,674

Taxation and social security

304,736

335,201

Other creditors

593,557

1,256,810

1,592,101

2,193,145

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

116,346

313,299

Hire purchase contracts

61,352

38,663

Other creditors

-

66,398

177,698

418,360

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank overdrafts

77,069

38,958

Bank loans

164,489

432,871

Hire purchase contracts

135,305

102,593

376,863

574,422

The bank loans are secured by legal charges on the company's freehold land and property and a debenture over the company's assets.

Hire purchase contracts are secured on the assets to which they relate.

10.	FINANCIAL INSTRUMENTS

The company takes out forward currency contracts from time to time. There were no outstanding currency contracts at 30 September 2022.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2022 and 30 September 2021:

2022

2021

£

£

Mr W K R Crowder

Balance outstanding at start of year

162,676

293,772

Amounts advanced

153,138

163,063

Amounts repaid

(319,199

)

(294,159

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(3,385

)

162,676

12.	RELATED PARTY DISCLOSURES

The Company was under the control of Mr W K R Crowder throughout the current and previous year.

The Company rents land from a farm owned by a director amounting to £ 5,475 (2021: £ 5,475). .

The dividend for the year of £319,199 (2021: £294,039) was paid to directors.

Family Pension Scheme

A loan has been made to the Company by the Family Pension Scheme. The balance due to the Family Pension Scheme at 30 September 2022 amounted to £54,636 (2021: £112,312).

The interest on the loan amounted to £4,476 (2021: £10,875)

A rent of £2,100 (2021: £2,100) was charged by the Scheme for the year in respect of land owned by the Scheme and occupied by the Company.