J.E. Wakely & Sons Ltd - Limited company - abbreviated

REGISTERED NUMBER: 08351836 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 JULY 2015

FOR

J.E. WAKELY & SONS LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

E B Wakely

N J Wakely

C D Wakely

Mrs N A Wakely

Mrs K Wakely

SECRETARY:

REGISTERED OFFICE:

St John's House

Castle Street

Taunton

Somerset

TA1 4AY

REGISTERED NUMBER:

08351836 (England and Wales)

ACCOUNTANTS:

Mitchells Chartered Accountants

St. John's House,

Castle Street,

Taunton

Somerset

TA1 4AY

FIXED ASSETS

Intangible assets

2

866

13,788

Tangible assets

3

89,872

124,628

90,738

138,416

CURRENT ASSETS

Cash in hand

2,600

CREDITORS

Amounts falling due within one year

87,367

121,723

NET CURRENT LIABILITIES

(84,767

)

(119,123

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,971

19,293

PROVISIONS FOR LIABILITIES

13,503

24,352

NET LIABILITIES

(7,532

)

(5,059

)

CAPITAL AND RESERVES

Called up share capital

4

2,600

Profit and loss account

(10,132

)

(7,659

)

SHAREHOLDERS' FUNDS

(7,532

)

(5,059

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 11 January 2016 and were signed on its behalf by:

N J Wakely - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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 net invoiced sales of services, excluding value added tax.

Intangible fixed assets - single farm payment entitlements

Single farm payment entitlements are capitalised as an intangible asset. Amortisation is provided on the straight

line basis and aims to write off these entitlements over their expected useful life. This is taken to be the period

from aquisition to 31 December 2014, at which time the directors consider that the entitlements will have no

value. Amortisation is calculated by working out the proportion of the expected useful life that has expired

during the accounting period and applying this proportion to the original cost. For any acquisitions of

entitlements after December 2014 these are expected to have a useful life of 5 years and therefore written off

over this period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

15% on cost

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2014

27,575

Additions

1,083

At 31 July 2015

28,658

AMORTISATION

At 1 August 2014

13,787

Amortisation for year

14,005

At 31 July 2015

27,792

NET BOOK VALUE

At 31 July 2015

866

At 31 July 2014

13,788

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2014

202,247

Disposals

(7,365

)

At 31 July 2015

194,882

DEPRECIATION

At 1 August 2014

77,619

Charge for year

29,232

Eliminated on disposal

(1,841

)

At 31 July 2015

105,010

NET BOOK VALUE

At 31 July 2015

89,872

At 31 July 2014

124,628

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.15

31.7.14

value:

£

2,000

Ordinary

£1

2,000

300

'A' and 'B'

£1

300

'C', 'D' and 'E'

£1

300

2,600

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors are all members of the partnership in which the company was a member until 31 March 2014.

They, therefore, had an interest in all of the transactions of the company. All transactions take place on an open

market basis. Transactions with the company since 1 April 2014 have also taken place on an open market basis.

J.E. Wakely & Sons Ltd - Limited company - abbreviated - 11.9

J.E. Wakely & Sons Ltd - Limited company - abbreviated - 11.9