Wright Farm Produce Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06510209 (England and Wales)

Wright Farm Produce Limited

Unaudited Financial Statements

For The Year Ended 31 March 2018

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C P Wright

Mrs K Wright

SECRETARY:

Mrs K Wright

REGISTERED OFFICE:

Rutland

Taylors Meanygate

Tarleton

Preston

Lancashire

PR4 6XB

REGISTERED NUMBER:

06510209 (England and Wales)

ACCOUNTANTS:

Lloyd Piggott Limited

Chartered Accountants

St George's House

56 Peter Street

Manchester

M2 3NQ

FIXED ASSETS

Tangible assets

4

806,738

776,201

CURRENT ASSETS

Stocks

5

256,033

225,826

Debtors

6

102,631

88,136

Cash at bank and in hand

374,350

616,687

733,014

930,649

CREDITORS

Amounts falling due within one year

7

321,548

349,350

NET CURRENT ASSETS

411,466

581,299

TOTAL ASSETS LESS CURRENT LIABILITIES

1,218,204

1,357,500

PROVISIONS FOR LIABILITIES

129,764

154,822

NET ASSETS

1,088,440

1,202,678

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

1,088,240

1,202,478

SHAREHOLDERS' FUNDS

1,088,440

1,202,678

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 November 2018 and were signed on its behalf by:

Mr C P Wright - Director

1.	STATUTORY INFORMATION

Wright Farm Produce 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Leasehold improvements

-

5% on reducing balance

Plant and machinery

-

10% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

All tangible fixed assets are initially recorded at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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.

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.

Employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the period in

which they are incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2017 - 42 ) .

4.	TANGIBLE FIXED ASSETS

Leasehold

Plant and

Motor

Computer

improvements

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2017

54,517

1,487,845

73,729

23,267

1,639,358

Additions

-

79,125

41,866

235

121,226

Disposals

-

(11,000

)

(11,988

)

-

(22,988

)

At 31 March 2018

54,517

1,555,970

103,607

23,502

1,737,596

DEPRECIATION

At 1 April 2017

20,266

783,481

43,364

16,046

863,157

Charge for year

1,712

73,980

8,602

1,436

85,730

Eliminated on disposal

-

(11,000

)

(7,029

)

-

(18,029

)

At 31 March 2018

21,978

846,461

44,937

17,482

930,858

NET BOOK VALUE

At 31 March 2018

32,539

709,509

58,670

6,020

806,738

At 31 March 2017

34,251

704,364

30,365

7,221

776,201

5.

STOCKS

2018

2017

£

£

Stocks

256,033

225,826

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

21,068

20,040

Other debtors

81,563

68,096

102,631

88,136

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

211,020

207,855

Taxation and social security

13,961

44,714

Other creditors

96,567

96,781

321,548

349,350

8.	OTHER FINANCIAL COMMITMENTS

Pension Commitments

The company operates a defined contribution pension scheme. The pension cost charge for the year

represents contributions payable by the company to the scheme and amounted to £4,769 (2017 -

£3,905).

Contributions totalling £315 (2017 - £38) were payable to the scheme at the end of the year.

9.	RELATED PARTY DISCLOSURES

L, CP and K Wright

A partnership in which the directors are partners.

Rent paid to the partnership totalled £44,800 (2017:£41,800).

At the balance sheet date the amount due from the partnership was £2,700 (2017:£10,050).

MRL (Seeds) Limited

Directors shareholdings

Purchase of goods from MRL (Seeds) Limited during the year totalled £82,238 (2017:£70,653).

At the balance sheet date the amount due to MRL (Seeds) was £26,954 (2017:£32,259).

Len Wright Salads Limited

Indirect shareholding

Sales of goods to Len Wright Salads Limited during the year totalled £1,877,843 (2017:£2,129,182).

Purchase of goods from Len Wright Salads Limited during the year totalled £50,603 (2017:£23,827).

At the balance sheet date the amount due from Len Wright Salads Limited was £10,285

(2017:£13,251).

Commercial Control Systems Limited

Directors shareholdings

Sales of goods to Commercial Control Systems Limited during the year totalled £85 (2017: £Nil)

Purchase of goods from Commercial Control Systems Limited during the year totalled £11,450

(2017:£Nil).

At the balance sheet date the amount due to Commercial Control Systems Limited was £4,282

(2017:£Nil).

Loan made to Commercial Control Systems Limited in the year of £15,000 (2017: £Nil). Balance due

at the balance sheet date from Commercial Control Systems Limited was £15,000 (2017: £Nil).

Mr and Mrs C P Wright

Included in trade creditors at the year end is an amount of £1,750 due to Mr and Mrs C P Wright.