Elsoms Wheat Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08464660 (England and Wales)

ELSOMS WHEAT LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

6

DIRECTORS:

R A L Keeling

W von Rhade

REGISTERED OFFICE:

Pinchbeck Road

Spalding

Lincolnshire

PE11 1QG

REGISTERED NUMBER:

08464660 (England and Wales)

AUDITORS:

Duncan & Toplis Limited, Statutory Auditor

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

FIXED ASSETS

Intangible assets

3

1,292,005

1,372,757

Tangible assets

4

148,790

182,040

1,440,795

1,554,797

CURRENT ASSETS

Debtors

5

26,387

44,876

Cash at bank

268,072

140,909

294,459

185,785

CREDITORS

Amounts falling due within one year

6

114,876

140,744

NET CURRENT ASSETS

179,583

45,041

TOTAL ASSETS LESS CURRENT LIABILITIES

1,620,378

1,599,838

PROVISIONS FOR LIABILITIES

7

23,440

28,703

NET ASSETS

1,596,938

1,571,135

CAPITAL AND RESERVES

Called up share capital

8

300

300

Share premium

9

1,625,000

1,625,000

Retained earnings

9

(28,362

)

(54,165

)

SHAREHOLDERS' FUNDS

1,596,938

1,571,135

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 1 November 2017 and were signed on its behalf by:

R A L Keeling - Director

1.	STATUTORY INFORMATION

Elsoms Wheat Limited is a private company, limited by shares , registered in England and Wales. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A small entities.

There were no material departures from that standard.

The significant accounting policies applied in the preparation of these financial statements are set out below. These

policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover represents the invoiced value of goods sold and services provided to customers during the year, excluding value

added tax and trade discounts. Sales are recognised upon delivery of product to the customer

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

Know-how are being amortised evenly over their estimated useful life of nil years.

Intangible assets

Intangible assets, being the acquisition of 'know-how' in 2013, are recognised at cost where cost can be identified.

Amortisation is to be provided to write off each difference intangible asset over its estimated useful life. The useful life of

the intangible asset is believed to be 20 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

over 5 years

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the statement of financial position date.

Deferred tax

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

financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been

enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of

financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the

date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

Financial instruments

The company has adopted Sections 11 and 12 of FRS 102 Section 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction

price, unless the arrangement constitutes a financing transaction where the transaction is measured at the present value of

the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of

impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present

value of the estimated cashflows discounted at the asset's original effective interest rate. The impairment loss is

recognised in profit or loss.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and

preference shares that are classified as debt, are initially recognised at transaction price,unless the arrangement constitutes

a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a

market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from

suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are

measured at amortised cost using the effective interest method.

3.	INTANGIBLE FIXED ASSETS

Goodwill

Know-how

Totals

£

£

£

COST

At 1 July 2016

and 30 June 2017

565,249

1,049,749

1,614,998

AMORTISATION

At 1 July 2016

84,780

157,461

242,241

Amortisation for year

28,264

52,488

80,752

At 30 June 2017

113,044

209,949

322,993

NET BOOK VALUE

At 30 June 2017

452,205

839,800

1,292,005

At 30 June 2016

480,469

892,288

1,372,757

Other intangible assets relates to the purchase of the know-how for the Winter Wheat breeding project that the company

is undertaking.

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 July 2016

209,444

Additions

3,864

At 30 June 2017

213,308

DEPRECIATION

At 1 July 2016

27,404

Charge for year

37,114

At 30 June 2017

64,518

NET BOOK VALUE

At 30 June 2017

148,790

At 30 June 2016

182,040

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

20,588

8,730

Other debtors

-

24,985

Tax

-

660

Prepayments and accrued income

5,799

10,501

26,387

44,876

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

1,501

66,729

Corporation Tax

28,083

-

Social security and other taxes

5,979

5,421

VAT

1,827

-

Other creditors

2,393

2,250

Accrued expenses

75,093

66,344

114,876

140,744

7.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

23,440

28,703

Deferred

tax

£

Balance at 1 July 2016

28,703

Accelerated capital allowances

(5,263

)

Balance at 30 June 2017

23,440

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

300

Ordinary

1.00

300

300

9.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 July 2016

(54,165

)

1,625,000

1,570,835

Profit for the year

25,803

25,803

At 30 June 2017

(28,362

)

1,625,000

1,596,638

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Gratton BSc FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Limited, Statutory Auditor

11.	RELATED PARTY DISCLOSURES

During the year the company sold goods and recharged services to members, and their subsidiaries, of the joint venture to

the value of £16,147 (2016 £126,739), as well as receiving funding to the value of £930,000 (2016 £738,000) to cover

expenditure incurred as per the owner agreement. The company also paid charges to the value of £328,345 (2016

£377,203) and purchased goods and services to the value of £4,871 (2016 £3,420) from these entities. At the year end the

company owed £nil (2016 £13,989) to these entities.

12.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.