Carleys Of Cornwall Limited - Period Ending 2017-06-30

Carleys Of Cornwall Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2017

Registration number: 03997714

Carleys Of Cornwall Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 10

Carleys Of Cornwall Limited

Company Information

Directors

J M Carley S Y Carley

Company secretary

S Y Carley

Registered office

Great Wheal Daniel Station Road Chacewater Truro Cornwall TR4 8PP

Bankers

Co-operative Bank plc PO Box 101 1 Balloon Street Manchester M60 4EP

Accountants

Francis Clark LLP Chartered Accountants Lowin House Tregolls Road Truro Cornwall TR1 2NA

Page 1

Carleys Of Cornwall Limited

Balance Sheet

30 June 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	178,975	198,801
Current assets
Stocks	5	108,000	96,400
Debtors	6	95,889	124,927
Cash at bank and in hand		21,337	8,847
		225,226	230,174
Creditors: Amounts falling due within one year	7	(119,451)	(154,973)
Net current assets		105,775	75,201
Total assets less current liabilities		284,750	274,002
Creditors: Amounts falling due after more than one year	7	(94,910)	(108,802)
Provisions for liabilities		(33,023)	(30,618)
Net assets		156,817	134,582
Capital and reserves
Called up share capital		200	200
Share premium reserve		119,900	119,900
Profit and loss account		36,717	14,482
Total equity		156,817	134,582

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 2

Carleys Of Cornwall Limited

Balance Sheet

30 June 2017

For the financial year ending 30 June 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 March 2018 and signed on its behalf by:
 

......................................... J M Carley Director

Company Registration Number: 03997714

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 3

Carleys Of Cornwall Limited

Notes to the Financial Statements

Year Ended 30 June 2017

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Great Wheal Daniel
Station Road
Chacewater
Truro
Cornwall
TR4 8PP

These financial statements were authorised for issue by the Board on 27 March 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 July 2016. There is no material impact on the reported financial position and financial performance.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of organic food products. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Page 4

Carleys Of Cornwall Limited

Notes to the Financial Statements

Year Ended 30 June 2017

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Page 5

Carleys Of Cornwall Limited

Notes to the Financial Statements

Year Ended 30 June 2017

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Page 6

Carleys Of Cornwall Limited

Notes to the Financial Statements

Year Ended 30 June 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2016 - 12).

Page 7

Carleys Of Cornwall Limited

Notes to the Financial Statements

Year Ended 30 June 2017

4	Tangible assets

	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 July 2016	479,313	479,313
Additions	24,918	24,918
At 30 June 2017	504,231	504,231
Depreciation
At 1 July 2016	280,512	280,512
Charge for the year	44,744	44,744
At 30 June 2017	325,256	325,256
Carrying amount
At 30 June 2017	178,975	178,975
At 30 June 2016	198,801	198,801

5

Stocks

	2017 £	2016 £
Other inventories	108,000	96,400

6

Debtors

	2017  £	2016  £
Trade debtors	84,357	99,504
Other debtors	955	12,288
Prepayments	10,577	13,135
	95,889	124,927

Page 8

Carleys Of Cornwall Limited

Notes to the Financial Statements

Year Ended 30 June 2017

7

Creditors

Creditors: amounts falling due within one year

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	8	12,599	12,165
Trade creditors		14,224	58,130
Corporation tax		754	-
Social security and other taxes		-	869
Other creditors		87,696	79,696
Accrued expenses		4,178	4,113
		119,451	154,973
Due after one year
Loans and borrowings	8	89,740	102,339
Deferred income		5,170	6,463
		94,910	108,802

Creditors: amounts falling due after more than one year

	Note	2017 £	2016 £
Due after one year
Loans and borrowings	8	89,740	102,339
Deferred income		5,170	6,463
		94,910	108,802

8	Loans and borrowings

	2017 £	2016 £
Loans and borrowings due after one year
Bank borrowings	76,145	86,010
Finance lease liabilities (secured)	13,595	16,329
	89,740	102,339

Page 9

Carleys Of Cornwall Limited

Notes to the Financial Statements

Year Ended 30 June 2017

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	9,864	9,431
Finance lease liabilities (secured)	2,735	2,734
	12,599	12,165

Page 10