Edward Oatley and Son Limited - Period Ending 2015-06-30

Registration number: 00545947

Edward Oatley and Son Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2015
 

J S Weeks & Co
41 St John's Street
Devizes
Wiltshire
SN10 1BL

Edward Oatley and Son Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Edward Oatley and Son Limited
for the Year Ended 30 June 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Edward Oatley and Son Limited for the year ended 30 June 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Edward Oatley and Son Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Edward Oatley and Son Limited and state those matters that we have agreed to state to them, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Edward Oatley and Son Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Edward Oatley and Son Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Edward Oatley and Son Limited. You consider that Edward Oatley and Son Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Edward Oatley and Son Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

J S Weeks & Co
41 St John's Street
Devizes
Wiltshire
SN10 1BL

18 March 2016

Page 1

Edward Oatley and Son Limited
(Registration number: 00545947)
Abbreviated Balance Sheet at 30 June 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					1,562,146			1,401,230
Investments					675,699			640,008
					2,237,845			2,041,238
Current assets
Stocks					139,065			175,396
Debtors		3			123,083			119,090
Cash at bank and in hand					172,345			258,591
					434,493			553,077
Creditors: Amounts falling due within one year					(157,043)			(172,313)
Net current assets					277,450			380,764
Total assets less current liabilities					2,515,295			2,422,002
Creditors: Amounts falling due after more than one year					(100,414)			(107,586)
Provisions for liabilities					(51,202)			(57,145)
Net assets					2,363,679			2,257,271
Capital and reserves
Called up share capital		5			26,000			26,000
Profit and loss account					2,337,679			2,231,271
Shareholders' funds					2,363,679			2,257,271

For the year ending 30 June 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 18 March 2016 and signed on its behalf by:

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Edward Oatley and Son Limited
(Registration number: 00545947)
Abbreviated Balance Sheet at 30 June 2015
......... continued

.........................................
Mr A J Oatley
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Edward Oatley and Son Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Property improvements	10% reducing balance
Plant and machinery	20% reducing balance
Tractors	25% reducing balance
Motor vehicles	25% reducing balance

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Non-depreciation of freehold property
It is the company's policy to maintain the freehold property to a high standard, so that the estimated residual value will not be impaired over time. The costs of the maintenance are charged to the profit and loss account as they are incurred. The directors are of the opinion that any depreciation in respect of the company's freehold property would be immaterial and consequently no provision is made in the accounts for such depreciation.

Paragraph body

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 4

Edward Oatley and Son Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2015
......... continued

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation 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. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 July 2014		3,540,516			640,008			4,180,524
Additions		313,082			35,691			348,773
Disposals		(27,950)			-			(27,950)
At 30 June 2015		3,825,648			675,699			4,501,347
Depreciation
At 1 July 2014		2,139,286			-			2,139,286
Charge for the year		143,321			-			143,321
Eliminated on disposals		(19,105)			-			(19,105)
At 30 June 2015		2,263,502			-			2,263,502
Net book value
At 30 June 2015		1,562,146			675,699			2,237,845
At 30 June 2014		1,401,230			640,008			2,041,238

Page 5

Edward Oatley and Son Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2015
......... continued

3

Debtors

Debtors includes £1,667 (2014 - £5,000) receivable after more than one year.

 

4

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		16,839			17,911
Amounts falling due after more than one year		6,058			13,230
Total secured creditors		22,897			31,141

5	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		26,000			26,000			26,000			26,000

Page 6