ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

E.R. AMESBURY (ROWBURY) LIMITED - Company Information

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Registered number: 01722342










E R AMESBURY (ROWBURY) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2017
 
E R AMESBURY (ROWBURY) LIMITED
REGISTERED NUMBER: 01722342

BALANCE SHEET
AS AT 30 SEPTEMBER 2017

2017
2016
Note
£
£

Fixed assets
  

Intangible assets
 5 
8,987
11,983

Tangible assets
 6 
800,882
815,865

Investments
 7 
74,953
74,952

Investment property
  
572,220
561,000

  
1,457,042
1,463,800

Current assets
  

Stocks
 9 
128,540
172,171

Debtors: amounts falling due within one year
 10 
104,159
6,810

Cash at bank and in hand
  
51,079
100,030

  
283,778
279,011

Creditors: amounts falling due within one year
 11 
(299,675)
(301,567)

Net current liabilities
  
 
 
(15,897)
 
 
(22,556)

Total assets less current liabilities
  
1,441,145
1,441,244

Provisions for liabilities
  

Deferred tax
 12 
(62,619)
(64,110)

  
 
 
(62,619)
 
 
(64,110)

Net assets
  
1,378,526
1,377,134


Capital and reserves
  

Called up share capital 
 13 
100
100

Profit and loss account
  
1,378,426
1,377,034

  
1,378,526
1,377,134


Page 1
 
E R AMESBURY (ROWBURY) LIMITED
REGISTERED NUMBER: 01722342

BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2017

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the Year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
P C Amesbury
Director

Date: 25 June 2018
The notes on pages 3 to 13 form part of these financial statements.

Page 2
 
E R AMESBURY (ROWBURY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

1.


General information

E R Amesbury (Rowbury)  Limited is a limited liability company incorporated in England and Wales.
The registered office is Mill House, Overbridge Square, Hambridge Lane, Newbury, Berkshire, RG14 5UX.
The principal place of business is Rowbury Farm, Leckhampstead, Berkshire, RG20 8RD. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

  
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Cost of Basic Payment Scheme entitlements is the estimated market value of the entitlements at the date of grant of these entitlements. 

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods detailed below.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Plant and machinery
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance
Improvements to property
-
4%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

Page 3
 
E R AMESBURY (ROWBURY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

2.Accounting policies (continued)

  
2.5

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable property in the location.  No depreciation is provided.  Changes in fair value are recognised in the Statement of comprehensive income. 

 
2.6

Valuation of investments

Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a normal farming practicebasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

  
2.8

Biological assets

Tillages and livestock are recognised as biological assets.  Cattle are held at deemed cost and are not further depreciated as the professional valuation of deemed cost is considered to be a more appropriate basis than applying systematic depreciation.  Horses are held at the lower of cost and estimated market value and reviewed annually on an individual basis for impairment.  This is considered by the directors to be more appropriate than applying systematic depreciation to the cost. No depreciation is charged on tillages as they are considered to have a useful economic life of less than 1 year. 

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.12

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4
 
E R AMESBURY (ROWBURY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

2.Accounting policies (continued)

 
2.13

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.

 
2.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

Current and deferred taxation

The tax expense for the Year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2016 - 2).

Page 5
 
E R AMESBURY (ROWBURY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

4.


Taxation


2017
2016
£
£

Corporation tax


Adjustments in respect of previous periods
-
(1,335)


-
(1,335)


Total current tax
-
(1,335)

Deferred tax


Fixed asset timing differences
(140)
2,183

Short term timing differences
-
389

Capital gains/(losses)
220
-

Losses and other deductions
(1,571)
-

Total deferred tax
(1,491)
2,572


Taxation on (loss)/profit on ordinary activities
(1,491)
1,237

Factors affecting tax charge for the year/year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  19.75%        (2016 20%).


Page 6
 
E R AMESBURY (ROWBURY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

5.


Intangible assets




BPS Entitlements

£



Cost


At 1 October 2016 (as previously stated)
1


Prior Year Adjustment

14,978


At 1 October 2016 (as restated)
14,979



At 30 September 2017

14,979



Amortisation


At 1 October 2016
2,996


Charge for the year
2,996



At 30 September 2017

5,992



Net book value



At 30 September 2017
8,987



At 30 September 2016 (as restated)
11,983

Page 7
 
E R AMESBURY (ROWBURY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

6.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Property improvements

£
£
£
£



Cost or valuation


At 1 October 2016
838,994
203,057
46,140
53,060


Additions
-
11,625
-
2,855


Disposals
(9,466)
-
-
-



At 30 September 2017

829,528
214,682
46,140
55,915



Depreciation


At 1 October 2016
121,876
154,460
32,063
16,986


Charge for the Year on owned assets
6,198
7,801
3,519
2,480



At 30 September 2017

128,074
162,261
35,582
19,466



Net book value



At 30 September 2017
701,454
52,421
10,558
36,449



At 30 September 2016
717,118
48,596
14,077
36,074

Total

£



Cost or valuation


At 1 October 2016
1,141,251


Additions
14,480


Disposals
(9,466)



At 30 September 2017

1,146,265



Depreciation


At 1 October 2016
325,385


Charge for the Year on owned assets
19,998



At 30 September 2017

345,383



Net book value



At 30 September 2017
800,882



At 30 September 2016
815,865

Page 8
 
E R AMESBURY (ROWBURY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

           6.Tangible fixed assets (continued)

Included within freehold property is freehold land at cost of £519,631 (2016: £529,097) which is not depreciated.


7.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 October 2016 (as previously stated)
3,065


Prior Year Adjustment

71,887


At 1 October 2016 (as restated)
74,952



At 30 September 2017

74,952






Net book value



At 30 September 2017
74,952



At 30 September 2016 (as restated)
74,952



Page 9
 
E R AMESBURY (ROWBURY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

8.


Investment property


Freehold investment property

£



Valuation


At 1 October 2016
561,000


Surplus on revaluation
11,220



At 30 September 2017
572,220

The 2017 valuations were made by the  Directors, on an open market value for existing use basis.

2017
2016
£
£

Revaluation reserves


Revaluation reserve
412,220
401,000

At 30 September 2017
412,220
401,000




If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2017
2016
£
£


Historic cost
160,000
160,000

Accumulated depreciation and impairments
(66,933)
(63,733)

93,067
96,267


9.


Stocks

2017
2016
£
£

Valuation
42,349
47,203

Stock - biological assets
86,191
124,968

128,540
172,171



10.


Debtors

2017
2016
£
£


Trade debtors
100,000
3,904

Other debtors
3,685
2,715
Page 10
 
E R AMESBURY (ROWBURY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

10.Debtors (continued)


Prepayments and accrued income
474
191

104,159
6,810



11.


Creditors: Amounts falling due within one year

2017
2016
£
£

Bank overdrafts
8,046
20,912

Trade creditors
9,687
9,888

Other creditors
257,641
243,459

Accruals and deferred income
24,301
27,308

299,675
301,567



12.


Deferred taxation




2017
2016


£

£






At beginning of year
(64,110)
(61,538)


Charged to profit or loss
1,491
(2,572)



At end of year
(62,619)
(64,110)

The provision for deferred taxation is made up as follows:

2017
2016
£
£


Fixed asset timing differences
(13,087)
(13,227)

Capital gains/(losses)
(64,353)
(64,133)

Losses and other deductions
14,821
13,250

(62,619)
(64,110)

Page 11
 
E R AMESBURY (ROWBURY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

13.


Share capital

2017
2016
£
£
Allotted, called up and fully paid



100 Share capital shares of £1 each
100
100


14.


Related party transactions

E R Amesbury (Rowbury) Limited is a subsidary of Rowbury Farm Limited. P C Amesbury, a director, is also a director of Rowbury Farm Limited and both directors are shareholders of Rowbury Farm Limited. In aggregation with their holdings in the parent company, P C Amesbury holds 51% (2016: 51%) and Mrs D  C Amesbury holds 49% (2016: 49%) of the issued share capital. During the year dividends of £Nil (2016: £30,300) and £Nil (2016: £29,700) were paid to P C Amesbury and Mrs D F C Amesbury respectively.
Included within other creditors due within one year is a balance of £238,612 (2016: £244,635) due to the directors.  


15.


ULTIMATE PARENT COMPANY

The ultimate parent undertaking of this company is Rowbury Farm Limited which is registered in Great Britain.

Page 12
 
E R AMESBURY (ROWBURY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

16.


First time adoption of FRS 102

The Company transitioned to FRS 102 from previously extant UK GAAP as at 1 October 2015. The impact of the transition to FRS 102 is as follows:

Reconciliation of equity at 1 October 2015

        £
Equity at 1 October 2015 under previous UK GAAP

  
909,363

Increase within investment properties to market value

  
453,733

Increase within listed investments to market value

  
60,761

Equity shareholders funds at 1 October 2015 under FRS 102

  
 
1,423,857



Reconciliation of equity at 30 September 2016

        £
Equity at 30 September 2016 under previous UK GAAP

  
904,548

Increase within investment properties to market value

  
464,733

Increase within listed investments to market value

  
71,887

Equity shareholders funds at 30 September 2016 under FRS 102

  
 
1,441,168


Reconciliation of profit and loss account for the year ended 30 September 2016

        £
Loss for the year under previous UK GAAP

  
(4,815)

Fair value movements

  
22,125

Adjustment to depreciation

  
3,200

Profit for the Year ended 30 September 2016 under FRS 102

  
 
20,510


The following were changes in accounting policies arising from the transition to FRS 102:

1

Investment properties and listed investment assets are restated to fair value and the fair value movement is recognised in the profit and loss account.
 
Basic Payment Scheme Entitlements received by way of a grant are accounted for at fair value at the date that the entitlement is received or receivable.  In subsequent years the entitlements are amortised over their useful economic lives.


Page 13