T J Bird & Sons Limited Company Accounts

T J Bird & Sons Limited Company Accounts

T.J.BIRD & SONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00462960
T J Bird & Sons Limited
Filleted Unaudited Financial Statements
31 December 2016
T J Bird & Sons Limited
Financial Statements
Year ended 31 December 2016
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
T J Bird & Sons Limited
Statement of Financial Position
31 December 2016
2016
2015
Note
£
£
£
Fixed assets
Intangible assets
5
7,678
7,678
Tangible assets
6
938,779
913,160
Investments
7
240,886
240,886
------------
------------
1,187,343
1,161,724
Current assets
Stocks
63,364
55,253
Debtors
8
70,800
106,218
Cash at bank and in hand
312,891
326,541
---------
---------
447,055
488,012
Creditors: amounts falling due within one year
9
95,187
94,532
---------
---------
Net current assets
351,868
393,480
------------
------------
Total assets less current liabilities
1,539,211
1,555,204
Creditors: amounts falling due after more than one year
10
85,289
61,452
------------
------------
Net assets
1,453,922
1,493,752
------------
------------
T J Bird & Sons Limited
Statement of Financial Position (continued)
31 December 2016
2016
2015
Note
£
£
£
Capital and reserves
Called up share capital
1,300
1,300
Share premium account
6,900
6,900
Revaluation reserve
–
119,896
Capital redemption reserve
300
300
Profit and loss account
1,445,422
1,365,356
------------
------------
Members funds
1,453,922
1,493,752
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 5 July 2017 , and are signed on behalf of the board by:
Mrs N Foxwell
Director
Company registration number: 00462960
T J Bird & Sons Limited
Notes to the Financial Statements
Year ended 31 December 2016
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Oaklands, Dinas Powis, Vale of Glamorgan, Wales, CF64 4HD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.
Revenue recognition
Turnover comprises the amount derived from the provision of goods and services falling within the company's ordinary activities after deduction of trade discounts and value added tax. The secondary activity of property management is not designated as turnover in order to preserve clarity of reporting.
Income tax
Provision is made at current rates for taxation liabilities arising from the reallocation of items to different periods for taxation and accounting purposes.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
-
No depreciation
-
No amortisation
-
25% reducing balance
-
between 10-25% reducing balance
In the opinion of the directors, the market value of the company land and property interests is in excess of its cost and that no charge for amortisation is required.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Agricultural stocks are included at their estimated cost at the balance sheet date. Cost includes n=maximum absorption of overheads excluding financial costs to ensure consistent reporting of margins achieved on sales.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Grants receivable in respect of capital expenditure are credited to the profit and loss account over the estimated useful economic life of the asset to which it relates.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to 6 (2015: 6 ).
5. Intangible assets
Development costs
£
Cost
At 1 Jan 2016 and 31 Dec 2016
7,678
-------
Amortisation
At 1 Jan 2016 and 31 Dec 2016
–
-------
Carrying amount
At 31 December 2016
7,678
-------
6. Tangible assets
Freehold property
Long leasehold property
Plant and machinery
Motor vehicles
User defined asset
Total
£
£
£
£
£
£
Cost
At 1 Jan 2016
493,588
89,952
21,078
34,846
515,922
1,155,386
Additions
–
–
–
–
138,037
138,037
Disposals
–
–
–
–
( 103,700)
( 103,700)
---------
--------
--------
--------
---------
------------
At 31 Dec 2016
493,588
89,952
21,078
34,846
550,259
1,189,723
---------
--------
--------
--------
---------
------------
Depreciation
At 1 Jan 2016
3,861
20,446
–
22,767
195,152
242,226
Charge for the year
–
–
–
1,530
54,695
56,225
Disposals
–
–
–
–
( 47,507)
( 47,507)
---------
--------
--------
--------
---------
------------
At 31 Dec 2016
3,861
20,446
–
24,297
202,340
250,944
---------
--------
--------
--------
---------
------------
Carrying amount
At 31 Dec 2016
489,727
69,506
21,078
10,549
347,919
938,779
---------
--------
--------
--------
---------
------------
At 31 Dec 2015
489,727
69,506
21,078
12,079
320,770
913,160
---------
--------
--------
--------
---------
------------
7. Investments
Other investments other than loans
£
Cost
At 1 Jan 2016 and 31 Dec 2016
240,886
---------
Impairment
At 1 Jan 2016 and 31 Dec 2016
–
---------
Carrying amount
At 31 December 2016
240,886
---------
The principal investment is a long term loan to Wholesale Fruit Centre (Cardiff) limited of £240,380 that is repayable in accordance with the Articles of that company. The company also owns the following unquoted shares which are stated at cost:
2016 2015
16 Ordinary shares of £1 each in
Wholesale Fruit Centre (Cardiff) Limited 16 16
Shares in Countrywide Farmers Holdings plc 490 490
---- ---
506 506
==== ===
In addition the company also owns 1,247 shares in Genus plc and 320 shares in National Milk Records Limited, both at £nil cost.
8. Debtors
2016
2015
£
£
Trade debtors
44,800
48,100
Other debtors
26,000
58,118
--------
---------
70,800
106,218
--------
---------
9. Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
5,032
60
Social security and other taxes
1,967
14,747
Other creditors
88,188
79,725
--------
--------
95,187
94,532
--------
--------
Bank borrowings are secured by a mortgage debenture and a first legal charge over certain long leasehold and freehold properties.
10. Creditors: amounts falling due after more than one year
2016
2015
£
£
Other creditors
85,289
61,452
--------
--------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2016
2015
£
£
Later than 5 years
16
16
----
----
12. Related party transactions
The company was under the control of the directors as listed in the directors' report throughout the current and previous year. The directors own the entire issued share capital of the company No transactions with related parties were undertaken such as are required to be disclosed.
13. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.
No transitional adjustments were required in equity or profit or loss for the year.