Joseph Atherton Limited - Period Ending 2016-10-31

Registration number: 00560402

Joseph Atherton Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2015
 

Thompson Jones Business Solutions Limited
Chartered Accountants
2 Heap Bridge
Bury
Lancashire
BL9 7HR

Joseph Atherton Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Joseph Atherton Limited
(Registration number: 00560402)
Abbreviated Balance Sheet at 31 October 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					101,515			103,549
Current assets
Stocks					75,732			61,552
Debtors		3			966,739			920,354
Cash at bank and in hand					19,311			19,109
					1,061,782			1,001,015
Creditors: Amounts falling due within one year					(714,490)			(684,488)
Net current assets					347,292			316,527
Total assets less current liabilities					448,807			420,076
Creditors: Amounts falling due after more than one year					(42,866)			(35,724)
Provisions for liabilities					(16,500)			(15,500)
Net assets					389,441			368,852
Capital and reserves
Called up share capital		5			236,662			236,662
Profit and loss account					152,779			132,190
Shareholders' funds					389,441			368,852

For the year ending 31 October 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 10 June 2016 and signed on its behalf by:

.........................................
T Longworth
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Joseph Atherton Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 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).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of fruit, vegetables and flowers 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
Plant and machinery	20% on written down value
Fixtures and fittings	10% on written down value
Motor vehicles	25% on written down value

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.

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.

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Joseph Atherton Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... continued

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 £			Total £
Cost
At 1 November 2014		456,044			456,044
Additions		29,424			29,424
Disposals		(24,735)			(24,735)
At 31 October 2015		460,733			460,733
Depreciation
At 1 November 2014		352,495			352,495
Charge for the year		31,458			31,458
Eliminated on disposals		(24,735)			(24,735)
At 31 October 2015		359,218			359,218
Net book value
At 31 October 2015		101,515			101,515
At 31 October 2014		103,549			103,549

3

Debtors

Debtors includes £242,577 (2014 - £222,577) receivable after more than one year.

 

4

Creditors

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

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Joseph Atherton Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... continued

		2015 £			2014 £
Amounts falling due within one year		16,643			11,476
Amounts falling due after more than one year		42,866			35,724
Total secured creditors		59,509			47,200

5	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		1,662			1,662			1,662			1,662
A Ordinary of £1 each		235,000			235,000			235,000			235,000
		236,662			236,662			236,662			236,662

6	Related party transactions

Other related party transactions

During the year the company made the following related party transactions:

Mr T Longworth

At the balance sheet date the amount due from Mr T Longworth was £52,611. The loan was repaid to the company in April 2016.

7

Control

The company is controlled by Mr T Longworth. Mr T Longworth is the managing director and holds the majority of shares.

Page 4