James Abbey & Son (Vegetables) Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: 02106333 (England and Wales)

Abbreviated Unaudited Accounts

For The Year Ended

30 June 2016

for

JAMES ABBEY & SON (VEGETABLES) LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

Chartered Certified Accountants' Report

5

DIRECTOR:

J A Abbey

SECRETARY:

J A Abbey

REGISTERED OFFICE:

Units 9 Burtonwood Ind.Centre

Phipps Lane

Burtonwood

Warrington

WA5 4HX

REGISTERED NUMBER:

02106333 (England and Wales)

ACCOUNTANTS:

Leavitt Walmsley Associates Limited

Chartered Certified Accountants

8 Eastway

Sale

Cheshire

M33 4DX

FIXED ASSETS

Tangible assets

2

267,819

292,774

CURRENT ASSETS

Stocks

107,803

88,363

Debtors

1,070,541

935,037

Cash at bank and in hand

135,588

248,947

1,313,932

1,272,347

CREDITORS

Amounts falling due within one year

1,115,026

983,219

NET CURRENT ASSETS

198,906

289,128

TOTAL ASSETS LESS CURRENT
LIABILITIES

466,725

581,902

CREDITORS

Amounts falling due after more than one
year

-

(27,266

)

PROVISIONS FOR LIABILITIES

(48,465

)

(44,922

)

NET ASSETS

418,260

509,714

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

418,160

509,614

SHAREHOLDERS' FUNDS

418,260

509,714

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 28 October 2016 and were signed by:

J A Abbey - 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 January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service

contracts where turnover is recognised when the company obtains the right to consideration.

A sale is recognised when the goods have been despatched to clients, which is the point at which the risks and

rewards of ownership pass to the customer and therefore revenue recognised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Improvements to property

-

10% on cost

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

The company carries tangible fixed assets in the balance sheet using the depreciated historic cost method.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Cost comprises the cost of purchase plus all directly attributable costs incurred in getting stocks to their present

location and condition. Net realisable value is the estimated selling price less costs to complete.

The basis of stock valuation is first in first out.

Deferred tax

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

balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay

more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets

and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that,

at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no

provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than

not that the taxable gain will be rolled over into replacement assets and charged to tax only where the

replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that

there will be suitable taxable profits from which the future reversal of the underlying timing differences can be

deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in

which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance

sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

Financial instruments

Financial Instruments are classified and accounted for according to the substance of the transaction as either a

financial asset, liability or equity instrument. An equity instrument is any contract that evidences a residual

interest in the assets of the company after all liabilities have been deducted.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

1,067,757

Additions

30,261

At 30 June 2016

1,098,018

DEPRECIATION

At 1 July 2015

774,983

Charge for year

55,216

At 30 June 2016

830,199

NET BOOK VALUE

At 30 June 2016

267,819

At 30 June 2015

292,774

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.16

30.6.15

value:

£

76

Ordinary A

£1

76

24

Ordinary B

£1

24

100

4.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2016 and

30 June 2015:

30.6.16

30.6.15

£

J A Abbey

Balance outstanding at start of year

(10,101

)

(3,296

)

Amounts advanced

10,100

-

Amounts repaid

(31,143

)

(6,805

)

Balance outstanding at end of year

(31,144

)

(10,101

)

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to four)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of James Abbey & Son (Vegetables) Ltd for the year ended 30 June 2016 which comprise the

Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of James Abbey & Son (Vegetables) Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of James Abbey & Son (Vegetables) Ltd and state those matters that we have agreed to state to the director of James Abbey & Son (Vegetables) Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that James Abbey & Son (Vegetables) Ltd 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 James Abbey & Son (Vegetables) Ltd. You consider that James Abbey & Son (Vegetables) Ltd 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 financial statements of James Abbey & Son (Vegetables) Ltd. 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.

Leavitt Walmsley Associates Limited

Chartered Certified Accountants

8 Eastway

Sale

Cheshire

M33 4DX

Date: .............................................