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Registered number: 01719860
EAST BROADLAND POTATO GROWERS LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2016
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EAST BROADLAND POTATO GROWERS LIMITED
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COMPANY INFORMATION
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EAST BROADLAND POTATO GROWERS LIMITED
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CONTENTS
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Income and Expenditure Account
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Notes to the Financial Statements
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EAST BROADLAND POTATO GROWERS LIMITED
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2016
The directors present their report and the unaudited financial statements for the year ended 31 August 2016.
The principal activity of the company continued to be that of an agricultural co-operative engaged mainly in potato storage.
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The directors who served during the year were:
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DIRECTORS' RESPONSIBILITIES STATEMENT
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The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:
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·select suitable accounting policies and then apply them consistently;
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·make judgments and accounting estimates that are reasonable and prudent;
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·prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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This report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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This report was approved by the board and signed on its behalf.
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Mrs G V Preece
Secretary
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Page 1
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EAST BROADLAND POTATO GROWERS LIMITED
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CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF EAST BROADLAND POTATO GROWERS LIMITED
FOR THE YEAR ENDED 31 AUGUST 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of East Broadland Potato Growers Limited for the year ended 31 August 2016 which comprise the Income and Expenditure Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/
regulations-standards-and-guidance.
This report is made solely to the Board of Directors of East Broadland Potato Growers Limited, as a body, in accordance with the terms of our engagement letter dated 7 October 2013. Our work has been undertaken solely to prepare for your approval the financial statements of East Broadland Potato Growers Limited and state those matters that we have agreed to state to the Board of Directors of East Broadland Potato Growers Limited, as a body, in this report in accordance with ICAEW Technical release TECH07/16AAF . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than East Broadland Potato Growers Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that East Broadland Potato Growers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of East Broadland Potato Growers Limited. You consider that East Broadland Potato Growers Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of East Broadland Potato Growers 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 financial statements.
Larking Gowen
Chartered Accountants
43 Bull Street
Holt
Norfolk
NR25 6HP
5 December 2016
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EAST BROADLAND POTATO GROWERS LIMITED
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INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2016
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SURPLUS ON ORDINARY ACTIVITIES BEFORE TAXATION
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Tax on surplus on ordinary activities
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SURPLUS FOR THE FINANCIAL YEAR
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The notes on pages 6 to 9 form part of these financial statements.
Page 3
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EAST BROADLAND POTATO GROWERS LIMITED
REGISTERED NUMBER: 01719860
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BALANCE SHEET
AS AT 31 AUGUST 2016
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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Capital redemption reserve
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Income and expenditure account
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question 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 for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 August 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act 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 in accordance with the special provisions applicable to small companies within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Page 4
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EAST BROADLAND POTATO GROWERS LIMITED
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BALANCE SHEET (continued)
AS AT 31 AUGUST 2016
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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B R Ellis
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N J B Gardiner
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The notes on pages 6 to 9 form part of these financial statements.
Page 5
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EAST BROADLAND POTATO GROWERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2016
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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The company maintains a level of reserves to fully recover its operational needs. In addition, the company continues to have the financial support of its members. On this basis, the directors' believe that it is appropriate to prepare the financial statements on the going concern basis.
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is not charged on freehold land. Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases:
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The company depreciated its potato boxes down to replacement cost (being £22.50 per box). The company has an ongoing maintenance procedure to keep these boxes at the residual value and on this basis no depreciation is charged.
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Government grants relating to tangible fixed assets are treated as deferred income and released to the Income and Expenditure Account over the expected useful lives of the assets concerned. Other grants are credited to the Income and Expenditure Account as the related expenditure is incurred.
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2.OTHER OPERATING INCOME
Page 6
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EAST BROADLAND POTATO GROWERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2016
3.SURPLUS
The surplus is stated after charging:
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Depreciation of tangible fixed assets:
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During the year, no director received any emoluments (2015 - £NIL).
4.TAXATION
The company is a non-profit making agricultural co-operative. On the basis of this and these financial statements, no provision for corporation tax has been made.
5.TANGIBLE FIXED ASSETS
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At 1 September 2015 and 31 August 2016
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Freehold land of £3,515 (2015: £3,515) was not depreciated during the year.
6.DEBTORS
Page 7
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EAST BROADLAND POTATO GROWERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2016
7.CREDITORS:
Amounts falling due within one year
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Bank loans and overdrafts
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Other taxation and social security
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The bank overdraft is secured upon the assets of the company.
8.CREDITORS:
Amounts falling due after more than one year
The deferred income relates to three grants received to purchase fixed assets. The grants are to be written off over the expected useful life of the related assets. One grant has 5 years remaining, whilst the second and third have been fully amortised. The deferred income element due within one year has been shown within other creditors in note 7. The amortisation charge for the year was £521 (2015: £521).
9.SHARE CAPITAL
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Allotted, called up and fully paid
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3 Ordinary shares of £1 each
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10.RESERVES
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Capital redempt'n reserve
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Income and expenditure account
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Surplus for the financial year
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Page 8
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EAST BROADLAND POTATO GROWERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2016
11.TRANSACTIONS WITH DIRECTORS
Due to the mutual trading status of the company, the trading activities are all with the members, from which the directors are selected, or businesses with which the members/directors are associated or with another mutual trading company. As at the year end, the following amounts were owed and shown within trade debtors, for the storage charges raised in August 2016, by businesses in which the directors have an interest:
12.CONTROL
All shares are owned by separate, individual shareholders, none of whom exercise control over the business. Therefore the company has no ultimate controlling party.
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