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Registration number: 01261641

W. Carter And Son (Farms) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2017

Saul Fairholm Limited
12 Tentercroft Street
Lincoln
LN5 7DB

 

W. Carter And Son (Farms) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

W. Carter And Son (Farms) Limited

Company Information

Directors

Mr DW Carter

Mr AW Carter

Mrs T M Carter

Company secretary

Mr DW Carter

Registered office

Lake House
Fillingham
Gainsborough
Lincolnshire
DN21 5BS

Accountants

Saul Fairholm Limited
12 Tentercroft Street
Lincoln
LN5 7DB

 

W. Carter And Son (Farms) Limited

(Registration number: 01261641)
Balance Sheet as at 31 October 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

520,670

556,354

Current assets

 

Stocks

5

439,889

483,819

Debtors

6

20,281

75,468

Investments

7

108

108

Cash at bank and in hand

 

290,003

272,304

 

750,281

831,699

Creditors: Amounts falling due within one year

8

(149,252)

(190,490)

Net current assets

 

601,029

641,209

Total assets less current liabilities

 

1,121,699

1,197,563

Provisions for liabilities

(51,208)

(61,040)

Net assets

 

1,070,491

1,136,523

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,070,391

1,136,423

Total equity

 

1,070,491

1,136,523

For the financial year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

 

W. Carter And Son (Farms) Limited

(Registration number: 01261641)
Balance Sheet as at 31 October 2017

Approved and authorised by the Board on 26 July 2018 and signed on its behalf by:
 

.........................................

Mr AW Carter
Director

 

W. Carter And Son (Farms) Limited

Notes to the Financial Statements for the Year Ended 31 October 2017

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Lake House
Fillingham
Gainsborough
Lincolnshire
DN21 5BS

These financial statements were authorised for issue by the Board on 26 July 2018.

2

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.

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.

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.

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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

 

W. Carter And Son (Farms) Limited

Notes to the Financial Statements for the Year Ended 31 October 2017

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Farm implements and machinery

20% reducing balance

Office equipment

20% reducing balance

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 amortised cost using the effective interest method, 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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

W. Carter And Son (Farms) Limited

Notes to the Financial Statements for the Year Ended 31 October 2017

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.

3

Staff numbers

The average number of persons employed by the company (including directors with contracts of employment) during the year was 3 (2016 - 3).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Properties under construction
 £

Other property, plant and equipment
 £

Cost or valuation

At 1 November 2016

251,154

129,887

24,194

459,146

Additions

-

-

-

10,500

At 31 October 2017

251,154

129,887

24,194

469,646

Depreciation

At 1 November 2016

-

51,284

24,194

232,549

Charge for the year

-

10,000

-

36,184

At 31 October 2017

-

61,284

24,194

268,733

Carrying amount

At 31 October 2017

251,154

68,603

-

200,913

At 31 October 2016

251,154

78,603

-

226,597

 

W. Carter And Son (Farms) Limited

Notes to the Financial Statements for the Year Ended 31 October 2017

Total
£

Cost or valuation

At 1 November 2016

864,381

Additions

10,500

At 31 October 2017

874,881

Depreciation

At 1 November 2016

308,027

Charge for the year

46,184

At 31 October 2017

354,211

Carrying amount

At 31 October 2017

520,670

At 31 October 2016

556,354

Included within the net book value of land and buildings above is £251,154 (2016 - £251,154) in respect of freehold land and buildings.
 

5

Stocks

2017
£

2016
£

Other inventories

439,889

483,819

6

Debtors

2017
£

2016
£

Trade debtors

-

42,380

Prepayments

6,947

6,927

Other debtors

13,334

26,161

20,281

75,468

7

Current asset investments

2017
£

2016
£

Other investments

108

108

 

W. Carter And Son (Farms) Limited

Notes to the Financial Statements for the Year Ended 31 October 2017

8

Creditors

Creditors: amounts falling due within one year

Note

2017
£

2016
£

Due within one year

 

Trade creditors

 

62,542

35,118

Other creditors

 

86,710

155,372

 

149,252

190,490

9

Transition to FRS 102

This is the first year that W Carter And Son (Farms) Limited has presented its financial statements under Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The last financial statements for the year ended 31st October 2016 were prepared under previous Financial Reporting Standard for Smaller Entities (effective 2015). The transition date to FRS 102 is 1st November 2016.

The transition to FRS 102 has resulted in no changes in accounting policies to those previously used.