| G & M A WEDD LTD |
| Registered number: |
00430716 |
| Abbreviated Balance Sheet |
| as at 31 March 2015 |
|
| Notes |
|
|
2015 |
|
|
2014 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
106,634 |
|
|
108,750 |
| Investments |
3 |
|
|
96,963 |
|
|
93,339 |
|
|
|
|
203,597 |
|
|
202,089 |
|
| Current assets |
| Stocks |
|
|
314,261 |
|
|
267,245 |
| Debtors |
|
|
95,820 |
|
|
115,082 |
| Cash at bank and in hand |
|
|
1 |
|
|
24,914 |
|
|
|
410,082 |
|
|
407,241 |
|
| Creditors: amounts falling due within one year |
|
|
(174,161) |
|
|
(98,142) |
|
| Net current assets |
|
|
|
235,921 |
|
|
309,099 |
|
| Total assets less current liabilities |
|
|
|
439,518 |
|
|
511,188 |
|
| Creditors: amounts falling due after more than one year |
|
|
|
(282,046) |
|
|
(320,429) |
|
|
| Net assets |
|
|
|
157,472 |
|
|
190,759 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
5 |
|
|
10,000 |
|
|
10,000 |
| Profit and loss account |
|
|
|
147,472 |
|
|
180,759 |
|
| Shareholders' funds |
|
|
|
157,472 |
|
|
190,759 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
| G Wedd |
| Director |
| Approved by the Board of Directors and signed on behalf of the Board on 2 November 2015 |
|
| G & M A WEDD LTD |
| Notes to the Abbreviated Accounts |
| for the year ended 31 March 2015 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Farm improvements |
10% of cost per annum |
|
Vehicles and equipment |
15% - 25% reducing balance per annum |
|
|
Stocks |
|
Stock is valued at the lower of cost and net realisable value. |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
Foreign currencies |
|
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
|
|
Leasing and hire purchase commitments |
|
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.
The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.
Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
|
|
Pensions |
|
The company recognises income it receives under this scheme when all conditions relating to it have been met. |
|
|
| 2 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 April 2014 |
341,444 |
|
Disposals |
(12,732) |
|
At 31 March 2015 |
328,712 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2014 |
232,694 |
|
Charge for the year |
1,399 |
|
On disposals |
(12,015) |
|
At 31 March 2015 |
222,078 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2015 |
106,634 |
|
At 31 March 2014 |
108,750 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Investments |
£ |
|
|
Cost |
|
At 1 April 2014 |
93,339 |
|
Additions |
3,624 |
|
Disposals |
- |
|
|
At 31 March 2015 |
96,963 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Borrowings |
2015 |
|
2014 |
| £ |
£ |
|
|
Bank loans and overdrafts |
343,279 |
|
352,704 |
|
|
|
|
|
|
|
|
|
|
The maturity of the above amounts is as follows: |
|
|
In one year of less, or on demand |
61,233 |
|
32,275 |
|
In more than one year but not more than two years |
35,329 |
|
32,275 |
|
In more than two years but not more than five years |
105,987 |
|
96,825 |
|
In more than five years |
140,730 |
|
191,329 |
|
|
|
|
|
|
343,279 |
|
352,704 |
|
|
|
|
|
|
|
|
|
|
The bank loans and overdraft are secured on the freehold property owned by the company and the |
|
directors. Interest is charged at rate of 3.52% above base rate. |
|
|
| 5 |
Share capital |
Nominal |
|
2015 |
|
2015 |
|
2014 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
10,000 |
|
10,000 |
|
10,000 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Ultimate controlling party |
|
|
The ultimate controliing party is Mr & Mrs Wedd. |
|
|
| 7 |
Related party transactions |
|
|
Directors' loan account |
|
|
|
|
|
|
2015 |
|
2014 |
| £ |
£ |
|
|
Balance as at 1 April 2014 |
611 |
|
(7,245) |
|
Cash introduced/(withdrawn and expenses paid) |
4,906 |
|
7,856 |
|
|
|
|
|
|
5,517 |
|
611 |
|
|
|
|
|
|
|
|
|
|
The maximum debtor balance on the directors' loan account in the year was £5,517 (2014 - £611). The balance is split equally between the directors. |
|
|
|
| 8 |
Going concern |
|
|
The financial statements have been produced on a going concern basis. |
|
|
The company meets its day-to-day working capital requirements through an overdraft facility which is repayable on demand. |
|
|
|
The directors prepare cashflow information approximately twelve months forward on a rolling basis. On the basis of this cashflow information and discussions with the company's bankers, the directors have formed a judgement at the time of approving the financial statements that the company will not exceed the facility currently agreed. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. |
