R & A Wilson Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC237983 (Scotland)

R & A Wilson Limited

Financial Statements

for the Year Ended 31st October 2017

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

8

Directors:

A C M Wilson

Mrs R E Wilson

Secretary:

A C M Wilson

Registered office:

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Registered number:

SC237983 (Scotland)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Intangible assets

4

-

-

Tangible assets

5

1,445,755

1,339,248

1,445,755

1,339,248

Current assets

Stocks

895,828

921,293

Debtors

6

162,855

315,687

Investments

7

200

200

Cash at bank

1,027

2,005

1,059,910

1,239,185

Creditors

Amounts falling due within one year

8

715,708

1,321,202

Net current assets/(liabilities)

344,202

(82,017

)

Total assets less current liabilities

1,789,957

1,257,231

Creditors

Amounts falling due after more than one year

9

(1,334,933

)

(857,849

)

Provisions for liabilities

(157,412

)

(149,637

)

Net assets

297,612

249,745

Capital and reserves

Called up share capital

100

100

Retained earnings

297,512

249,645

Shareholders' funds

297,612

249,745

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors on 27th July 2018 and were signed on its behalf by:

A C M Wilson - Director

1.	Statutory information

R & A Wilson Limited is a private company, limited by shares , registered in Scotland. 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.

Turnover

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have

passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses

and the right to consideration is earned.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Robotic milking equipment

-

10% on cost

Property improvements

-

5% on cost and 4% on cost

Plant and machinery

-

15% on reducing balance

Tractors

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks

Stock is valued at the lower of cost and net realisable value by the directors with the exception of the animals on

herd basis. Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net

realisable value is based on estimated selling prices less further costs expected to be incurred in bringing the

growing crops to completion and finishing the livestock.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank

loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of

interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the

undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss in the

Statement of Income and Retained Earnings.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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 balance sheet date.

Deferred tax

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

balance sheet 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and

depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are

included in creditors net of the finance charge allocated to future periods. The finance element of the rental

payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net

obligations outstanding in each period.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over

the term of the lease.

Investments

Current asset investments are stated at the lower of cost and net realisable value.

Employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income

and Retained Earnings in the period in which they are incurred.

Going concern

The directors have considered the company's financial position for a period of 12 months from the date of

signing these financial statements and have reasonable expectation that the company has adequate resources

to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going

concern basis in preparing these financial statements.

3.	Employees and directors

The average number of employees during the year was 7 .

4.	Intangible fixed assets

Goodwill

Quota

Totals

£

£

£

Cost

At 1st November 2016

and 31st October 2017

71,200

334,680

405,880

Amortisation

At 1st November 2016

and 31st October 2017

71,200

334,680

405,880

Net book value

At 31st October 2017

-

-

-

At 31st October 2016

-

-

-

5.	Tangible fixed assets

Robotic

milking

Property

Plant and

equipment

improvements

machinery

£

£

£

Cost

At 1st November 2016

391,148

974,484

295,395

Additions

84,960

51,965

31,531

At 31st October 2017

476,108

1,026,449

326,926

Depreciation

At 1st November 2016

201,198

107,809

152,243

Charge for year

47,610

48,511

26,201

Eliminated on disposal

-

-

-

At 31st October 2017

248,808

156,320

178,444

Net book value

At 31st October 2017

227,300

870,129

148,482

At 31st October 2016

189,950

866,675

143,152

Motor

Computer

Tractors

vehicles

equipment

Totals

£

£

£

£

Cost

At 1st November 2016

209,616

30,820

16,852

1,918,315

Additions

86,687

23,500

2,215

280,858

Disposals

(35,750

)

(17,580

)

-

(53,330

)

At 31st October 2017

260,553

36,740

19,067

2,145,843

Depreciation

At 1st November 2016

86,344

14,764

16,709

579,067

Charge for year

33,265

3,139

696

159,422

Eliminated on disposal

(28,238

)

(10,163

)

-

(38,401

)

At 31st October 2017

91,371

7,740

17,405

700,088

Net book value

At 31st October 2017

169,182

29,000

1,662

1,445,755

At 31st October 2016

123,272

16,056

143

1,339,248

6.

Debtors: amounts falling due within one year

2017

2016

£

£

Trade debtors

122,421

244,376

Other debtors

40,434

71,311

162,855

315,687

7.	Current asset investments

2017

2016

£

£

Unlisted investments

200

200

8.

Creditors: amounts falling due within one year

2017

2016

£

£

Bank loans and overdrafts

330,154

1,013,645

Hire purchase contracts

104,978

112,513

Trade creditors

209,045

186,916

Taxation and social security

-

128

Other creditors

71,531

8,000

715,708

1,321,202

9.

Creditors: amounts falling due after more than one year

2017

2016

£

£

Bank loans

1,010,971

486,778

Hire purchase contracts

323,962

371,071

1,334,933

857,849

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due after five years

678,533

326,504

10.	Secured debts

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

254,347

980,390

Bank loans

1,086,778

520,033

Hire purchase contracts

428,940

483,584

1,770,065

1,984,007

The Clydesdale Bank PLC hold a floating charge over all the assets of the company together with a personal

guarantee of £1,100,000 from Mr ACM and Mrs RE Wilson, the directors of the company.

Hire purchase contracts are secured against the assets to which they relate.

11.	Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31st October 2017 and

31st October 2016:

2017

2016

£

£

A C M Wilson and Mrs R E Wilson

Balance outstanding at start of year

26,243

28,409

Amounts advanced

46,775

29,876

Amounts repaid

(54,312

)

(32,042

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

18,706

26,243

This loan is unsecured, repayable on demand and interest has been charged at the rates published by HMRC.

12.	Post balance sheet events

On 30th March 2018 an interim dividend of £550 per share was declared in respect of the year ended 31st

October 2017.