Year Ended
Registration number:
Agricultural Sales and Service Ltd
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Agricultural Sales and Service Ltd
Company Information
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Directors |
Mrs K M Lutey Mr J R Lutey |
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Registered office |
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Accountants |
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Page 1 |
Agricultural Sales and Service Ltd
Balance Sheet
30 November 2017
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2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 2 |
Agricultural Sales and Service Ltd
Balance Sheet
30 November 2017
For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 04961074
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Page 3 |
Agricultural Sales and Service Ltd
Notes to the Financial Statements
Year Ended 30 November 2017
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
The Barn, Trenance
St Issey
Wadebridge
Cornwall
PL27 7QX
These financial statements were authorised for issue by the
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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.
Change in basis of accounting
The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 December 2015. There is no material impact on the reported financial position and financial performance.
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 value added tax.
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.
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Page 4 |
Agricultural Sales and Service Ltd
Notes to the Financial Statements
Year Ended 30 November 2017
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 corporation 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.
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:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
15% reducing balance |
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Motor vehicles |
25% reducing balance |
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Office equipment |
25% reducing balance |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
10% straight line |
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 stocks 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.
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Page 5 |
Agricultural Sales and Service Ltd
Notes to the Financial Statements
Year Ended 30 November 2017
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Intangible assets |
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Goodwill |
Total |
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Cost or valuation |
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At 1 December 2016 |
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At 30 November 2017 |
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Amortisation |
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At 1 December 2016 |
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At 30 November 2017 |
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Carrying amount |
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At 30 November 2017 |
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Page 6 |
Agricultural Sales and Service Ltd
Notes to the Financial Statements
Year Ended 30 November 2017
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Tangible assets |
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Land and buildings |
Office equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 December 2016 |
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Additions |
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At 30 November 2017 |
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Depreciation |
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At 1 December 2016 |
- |
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Charge for the year |
- |
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At 30 November 2017 |
- |
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Carrying amount |
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At 30 November 2017 |
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At 30 November 2016 |
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Included within the net book value of land and buildings above is £50,717 (2016 - £44,579) in respect of freehold land and buildings.
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Page 7 |
Agricultural Sales and Service Ltd
Notes to the Financial Statements
Year Ended 30 November 2017
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Stocks |
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2017 |
2016 |
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Other inventories |
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Debtors |
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2017 |
2016 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2017 |
2016 |
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Due within one year |
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Trade creditors |
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Corporation tax |
5,711 |
5,031 |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Page 8 |