back to W. CARTER AND SON (FARMS) LIMITED detail W. Carter And Son (Farms) Limited - Period Ending 2016-10-31
W. Carter And Son (Farms) Limited 01261641 false true 2015-11-01 2016-10-31 2016-10-31 01261641 2015-11-01 2016-10-31 01261641 2016-10-31 01261641 uk-bus:OrdinaryShareClass1 2016-10-31 01261641 uk-bus:Director1 2015-11-01 2016-10-31 01261641 uk-bus:OrdinaryShareClass1 2015-11-01 2016-10-31 01261641 uk-bus:EntityAccountantsOrAuditors 2015-11-01 2016-10-31 01261641 uk-gaap:OfficeEquipment 2015-11-01 2016-10-31 01261641 uk-gaap:PlantMachinery 2015-11-01 2016-10-31 01261641 2015-10-31 01261641 2015-10-31 01261641 uk-bus:OrdinaryShareClass1 2015-10-31 iso4217:GBP xbrli:shares

Registration number: 01261641

W. Carter And Son (Farms) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2016
 

Saul Fairholm Limited
12 Tentercroft Street
Lincoln
LN5 7DB

 

W. Carter And Son (Farms) Limited
Contents

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

2 to 3

 

W. Carter And Son (Farms) Limited
(Registration number: 01261641)
Abbreviated Balance Sheet at 31 October 2016

   

Note

   

2016
£

   

2015
£

 

Fixed assets

 

             

Tangible fixed assets

 

2

   

556,354

   

590,715

 

Current assets

 

             

Stocks

 

   

483,819

   

477,602

 

Debtors

 

   

75,468

   

127,073

 

Investments

 

   

108

   

108

 

Cash at bank and in hand

 

   

272,304

   

299,642

 
   

   

831,699

   

904,425

 

Creditors: Amounts falling due within one year

 

   

(190,490)

   

(273,059)

 

Net current assets

 

   

641,209

   

631,366

 

Total assets less current liabilities

 

   

1,197,563

   

1,222,081

 

Provisions for liabilities

 

   

(61,040)

   

(67,912)

 

Net assets

 

   

1,136,523

   

1,154,169

 

Capital and reserves

 

             

Called up share capital

 

3

   

100

   

100

 

Profit and loss account

 

   

1,136,423

   

1,154,069

 

Shareholders' funds

 

   

1,136,523

   

1,154,169

 

For the year ending 31 October 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 24 July 2017 and signed on its behalf by:

.........................................
Mr AW Carter
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

 

W. Carter And Son (Farms) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

1

Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Revenue represents the fair value of the consideration received or receivable for arable farming, net of discounts and sales taxes. Revenue is recognised when it is probable that the economic benefits associated with a transaction will flow to the Company and the amount of revenue and associated costs can be measured reliably.

Depreciation

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

Asset class

Depreciation method and rate

Farm implements and machinery

20% on reducing balance

Office equipment

20% on reducing balance

Current asset investments

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

Stock

Stock was professionally valued by Messrs Jas Martin & Co, Lincoln on the basis of cost of production. Stocks are stated at the lower of cost and net realisable value.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 

W. Carter And Son (Farms) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

Pensions

The company operates a defined contribution pension scheme. Payments made by the company are charged to the profit and loss account.

2

Fixed assets

   

Tangible assets
£

   

Total
£

 

Cost

           

At 1 November 2015

 

855,936

   

855,936

 

Additions

 

13,945

   

13,945

 

Disposals

 

(5,500)

   

(5,500)

 

At 31 October 2016

 

864,381

   

864,381

 

Depreciation

           

At 1 November 2015

 

265,221

   

265,221

 

Charge for the year

 

46,960

   

46,960

 

Eliminated on disposals

 

(4,154)

   

(4,154)

 

At 31 October 2016

 

308,027

   

308,027

 

Net book value

           

At 31 October 2016

 

556,354

   

556,354

 

At 31 October 2015

 

590,715

   

590,715

 

3

Share capital

Allotted, called up and fully paid shares

 

2016

2015

   

No.

   

£

   

No.

   

£

 

Ordinary shares of £1 each

 

100

   

100

   

100

   

100

 
                         

4

Control

The company is controlled by Mr A W and Mrs T M Carter by virtue of their shareholding.