J E Dale (Farmers) Limited - Period Ending 2017-09-30
J E Dale (Farmers) Limited - Period Ending 2017-09-30
Registration number:
J E Dale (Farmers) Limited
for the Year Ended 30 September 2017
J E Dale (Farmers) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
J E Dale (Farmers) Limited
Company Information
Directors |
Mrs J E Dale T E Dale J H Dale |
Company secretary |
Mrs J E Dale |
Registered office |
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Bankers |
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Page 1 |
J E Dale (Farmers) Limited
(Registration number: 04591463)
Balance Sheet as at 30 September 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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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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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
J E Dale (Farmers) Limited
(Registration number: 04591463)
Balance Sheet as at 30 September 2017
Approved and authorised by the
.........................................
Mrs J E Dale
Director
.........................................
T E Dale
Director
.........................................
J H Dale
Director
Page 3 |
J E Dale (Farmers) Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
General information |
The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 04591463.
The address of its registered office is:
These accounts cover the individual entity, J E Dale (Farmers) Limited.
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 subject to the departure below.
This is the first year that the company has presented its results under FRS 102 Section 1A. The last financial statements under UK GAAP were for the year ended 30 September 2015. The date of transition to FRS 102 Section 1A was 1 October 2015. As a consequence of adopting FRS 102 Section 1A, a number of accounting policies have changed to comply with that standard.
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.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.
Departure from requirements of FRS 102
No depreciation has been charged on freehold land and buildings as they are maintained to such a standard that their residual value is not less than their cost. Management have concluded that this does not affect the financial statements from showing a true and fair view. Apart from this departure the company has complied with the relevant accounting standards and legislation. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
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 |
J E Dale (Farmers) Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Single farm payment is received in respect of calendar years. Receipt is contingent upon meeting certain eligibility criteria on 15th May. Once the criteria have been met the income is recognised on a time apportioned basis over the calendar year to which it relates.
Tax
The tax expense for the period comprises current and deferred 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 income 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 represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
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.
On transition to FRS 102, the accounting standards permitted a company to revalue their tangible fixed assets and use the revalued amount as deemed cost. Freehold land and buildings are stated in the statement of financial position at deemed cost.
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold land and buildings |
No depreciation is charged |
Plant and machinery |
25% per annum of net book value |
Office equipment |
20% per annum of net book value |
Motor vehicles |
25% per annum of net book value |
Intangible assets
Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Page 5 |
J E Dale (Farmers) Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Asset class |
Amortisation method and rate |
Goodwill |
5% straight line basis |
Single Farm Payment Entitlement |
20% and 33.3% straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
The basis of valuation is as follows:
Raw materials and consumables are stated at the lower of cost and net realisable value.
Tenantright is calculated by a combination of actual costs incurred and standard costs.
Produce on hand is valued at standard cost.
Standard costings used are based upon calculations prepared by the Central Association of Agricultural Valuers.
The basis of valuation is consistent with previous years.
Trade creditors
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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Page 6 |
J E Dale (Farmers) Limited
Notes to the Financial Statements for the Year Ended 30 September 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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 7 |
J E Dale (Farmers) Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Intangible assets |
Goodwill |
SFP entitlements |
Total |
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Cost or valuation |
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At 1 October 2016 |
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At 30 September 2017 |
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Amortisation |
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At 1 October 2016 |
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Amortisation charge |
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At 30 September 2017 |
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Carrying amount |
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At 30 September 2017 |
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At 30 September 2016 |
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Tangible assets |
Land and buildings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 October 2016 |
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Additions |
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- |
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Disposals |
- |
( |
- |
- |
( |
At 30 September 2017 |
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Depreciation |
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At 1 October 2016 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
- |
- |
( |
At 30 September 2017 |
- |
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Carrying amount |
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At 30 September 2017 |
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At 30 September 2016 |
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Stocks |
2017 |
2016 |
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Raw materials and consumables |
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Tenantright |
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Finished goods and goods for resale |
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Other inventories |
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Page 8 |
J E Dale (Farmers) Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
128,588 |
96,433 |
Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
81,344 |
55,075 |
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Creditors: amounts falling due after more than one year
Note |
2017 |
2016 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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- |
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3,286,849 |
3,434,779 |
2017 |
2016 |
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Due after more than five years |
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After more than five years by instalments |
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- |
- |
Creditor amounts falling due within one year on which security has been given includes a bank loan of £135,450 (2016 - £132,174), a bank overdraft of £766,837 (2016 - £788,517) and finance lease liabilities of £56,950 (2016 - £91,200).
Creditor amounts falling due after one year on which security has been given includes a bank loan of £3,192,399 (2016 - £3,336,279) and finance lease liabilities of £56,950 (2016 - £98,500).
The bank loans and bank overdraft are secured by charges over the company's assets and land owned by the directors.
The finance lease liabilities are secured on the assets to which they relate to.
Page 9 |
J E Dale (Farmers) Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Finance lease liabilities |
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Other borrowings |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Transactions with directors |
The directors have forgone rent due to them from the company.
Page 10 |
J E Dale (Farmers) Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Transition to FRS 102 |
Balance Sheet at 1 October 2015
As originally reported |
Reclassification |
Remeasurement |
As restated |
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Fixed assets |
||||
Intangible assets |
40,243 |
- |
- |
40,243 |
Tangible assets |
5,030,978 |
- |
482,726 |
5,513,704 |
5,071,221 |
- |
482,726 |
5,553,947 |
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Current assets |
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Stocks |
797,622 |
- |
- |
797,622 |
Debtors |
183,493 |
- |
- |
183,493 |
Cash at bank and in hand |
749 |
- |
- |
749 |
981,864 |
- |
- |
981,864 |
|
Creditors: Amounts falling due within one year |
(1,357,293) |
- |
- |
(1,357,293) |
Net current liabilities |
(375,429) |
- |
- |
(375,429) |
Total assets less current liabilities |
4,695,792 |
- |
482,726 |
5,178,518 |
Creditors: Amounts falling due after more than one year |
(3,510,923) |
- |
- |
(3,510,923) |
Provisions for liabilities |
(136,437) |
- |
(37,486) |
(173,923) |
Net assets |
1,048,432 |
- |
445,240 |
1,493,672 |
Capital and reserves |
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Called up share capital |
1,425 |
- |
- |
1,425 |
Revaluation reserve |
- |
- |
445,240 |
445,240 |
Profit and loss account |
1,047,007 |
- |
- |
1,047,007 |
Total equity |
1,048,432 |
- |
445,240 |
1,493,672 |
Page 11 |
J E Dale (Farmers) Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Balance Sheet at 30 September 2016
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
||||
Intangible assets |
36,573 |
- |
- |
36,573 |
Tangible assets |
5,550,735 |
- |
- |
5,550,735 |
5,587,308 |
- |
- |
5,587,308 |
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Current assets |
||||
Stocks |
700,046 |
- |
- |
700,046 |
Debtors |
269,948 |
- |
- |
269,948 |
Cash at bank and in hand |
879 |
- |
- |
879 |
970,873 |
- |
- |
970,873 |
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Creditors: Amounts falling due within one year |
(1,539,827) |
- |
- |
(1,539,827) |
Net current liabilities |
(568,954) |
- |
- |
(568,954) |
Total assets less current liabilities |
5,018,354 |
- |
- |
5,018,354 |
Creditors: Amounts falling due after more than one year |
(3,434,779) |
- |
- |
(3,434,779) |
Provisions for liabilities |
(161,981) |
- |
(19,969) |
(181,950) |
Net assets/(liabilities) |
1,421,594 |
- |
(19,969) |
1,401,625 |
Capital and reserves |
||||
Called up share capital |
1,425 |
- |
- |
1,425 |
Revaluation reserve |
482,726 |
- |
(19,969) |
462,757 |
Profit and loss account |
937,443 |
- |
- |
937,443 |
Total equity |
1,421,594 |
- |
(19,969) |
1,401,625 |
Deferred taxation |
Under UK GAAP, the company was not required to provide taxation on revaluations, unless the company had entered into a binding sale agreement and recognised the gain or loss expected to arise. Under FRS 102, deferred taxation is provided on the temporary timing difference arising from the revaluation. A deferred tax charge of £37,486 arose on transition to FRS 102 which was transferred to the revaluation reserve. In the year ending 30 September 2016, there was an decrease of £17,517 in deferred tax on the change in the timing difference in the year.
Freehold land and buildings |
On transition to FRS 102, companies were permitted to revalue their tangible fixed assets and use the revalued amount as deemed cost. J E Dale (Farmers) Limited revalued their freehold land and buildings on transition upwards by £482,726. The revalued amount will now be carried forward as deemed cost.
Page 12 |