Company Registration No. 00486162 (England and Wales)
A G WRIGHT & SON (FARMS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 OCTOBER 2017
PAGES FOR FILING WITH REGISTRAR
A G WRIGHT & SON (FARMS) LIMITED
COMPANY INFORMATION
Directors
G R W Wright
A C Wright
N R W Wright
J A Thorp
Secretary
N R W Wright
Company number
00486162
Registered office
Badlingham Manor
Chippenham
Ely
Cambridgeshire
CB7 5QQ
Accountants
Stephenson Smart & Co
36 Tyndall Court
Commerce Road
Lynchwood
Peterborough
Cambridgeshire
PE2 6LR
Business address
Badlingham Manor
Chippenham
Ely
Cambridgeshire
CB7 5QQ
A G WRIGHT & SON (FARMS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
A G WRIGHT & SON (FARMS) LIMITED
BALANCE SHEET
AS AT
11 OCTOBER 2017
11 October 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,714,029
11,546,896
Investment properties
4
295,000
295,000
12,009,029
11,841,896
Current assets
Stocks
1,059,519
1,337,558
Debtors
5
740,454
435,336
Cash at bank and in hand
98,672
109,324
1,898,645
1,882,218
Creditors: amounts falling due within one year
6
(1,320,539)
(713,040)
Net current assets
578,106
1,169,178
Total assets less current liabilities
12,587,135
13,011,074
Creditors: amounts falling due after more than one year
7
(1,208,316)
(1,815,602)
Provisions for liabilities
(224,028)
(228,414)
Net assets
11,154,791
10,967,058
Capital and reserves
Called up share capital
8
14,101
14,101
Revaluation reserve
9
220,697
282,928
Profit and loss reserves
10
10,919,993
10,670,029
Total equity
11,154,791
10,967,058

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 11 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

A G WRIGHT & SON (FARMS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
11 OCTOBER 2017
11 October 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 June 2018 and are signed on its behalf by:
N R W Wright
Director
Company Registration No. 00486162
A G WRIGHT & SON (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 OCTOBER 2017
- 3 -
1
Accounting policies
Company information

A G Wright & Son (Farms) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Badlingham Manor, Chippenham, Ely, Cambridgeshire, CB7 5QQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain plant and machinery and to include investment properties at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 11 October 2017 are the first financial statements of A G Wright & Son (Farms) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 12 October 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 13.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
-     5% on cost
Plant and equipment
-     15% to 33% on written down value
Biomass heating system
-     5% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

A G WRIGHT & SON (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 11 OCTOBER 2017
1
Accounting policies
(Continued)
- 4 -
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

 

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Stocks

Stocks are stated at the lower of cost of production or, if lower, net realisable value

 

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from associated companies that are classified as debt, are recognised at transaction.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

1.9
Equity instruments

Equity instruments being share capital issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

 

 

A G WRIGHT & SON (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 11 OCTOBER 2017
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

 

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 26 (2016 - 30).

A G WRIGHT & SON (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 11 OCTOBER 2017
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 12 October 2016
10,660,518
3,052,703
13,713,221
Additions
264,332
333,618
597,950
Disposals
-
(225,500)
(225,500)
At 11 October 2017
10,924,850
3,160,821
14,085,671
Depreciation and impairment
At 12 October 2016
782,352
1,383,974
2,166,326
Depreciation charged in the year
82,488
291,422
373,910
Eliminated in respect of disposals
-
(168,594)
(168,594)
At 11 October 2017
864,840
1,506,802
2,371,642
Carrying amount
At 11 October 2017
10,060,010
1,654,019
11,714,029
At 11 October 2016
9,878,166
1,668,730
11,546,896

The historical cost of plant and machinery included above at a valuation of £2,994,233 was £2,666.674 and the aggregate depreciation thereon would have been £1,486,454.

4
Investment property
2017
£
Fair value
At 12 October 2016 and 11 October 2017
295,000

Investment property comprises residential rental properties. The properties were purchased in 2011 and in the opinion of the directors the market value at 11 October 2017 was not materially different to the acquisition price.

5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
624,521
311,601
Other debtors
115,933
123,735
740,454
435,336
A G WRIGHT & SON (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 11 OCTOBER 2017
- 7 -
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
882,870
35,958
Trade creditors
347,068
455,730
Corporation tax
53,564
50,930
Other taxation and social security
13,864
12,016
Other creditors
23,173
158,406
1,320,539
713,040
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Deferred Government grant
122,701
129,987
Other creditors
1,085,615
1,685,615
1,208,316
1,815,602
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
14,101 Ordinary shares of £1 each
14,101
14,101
14,101
14,101
9
Revaluation reserve
2017
2016
£
£
At beginning of year
282,928
327,559
Transfer to retained earnings
(62,231)
(44,631)
At end of year
220,697
282,928

 

 

 

 

 

 

 

 

 

A G WRIGHT & SON (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 11 OCTOBER 2017
- 8 -
10
Profit and loss reserves
2017
2016
£
£
At the beginning of the year
10,670,029
10,641,038
Profit/(loss) for the year
183,646
(15,656)
Transfer from revaluation reserve
62,231
44,631
Currency translation differences
4,087
16
At the end of the year
10,919,993
10,670,029

 

11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding total commitments for future minimum lease payments under non-cancellable operating leases in respect of land rents as follows:

2017
2016
£
£
1,338,085
1,572,793
12
Related party transactions
Amounts owed to/by related parties

The following amounts were outstanding at the reporting end date:

Amount owed to
Amounts owed by
2017
2016
2017
2016
£
£
£
£
Other related parties
1,085,615
1,685,615
-
0
-
0
__________
__________
__________
__________
13
Reconciliations on adoption of FRS 102
Reconciliation of equity
12 October
11 October
2015
2016
£
£
Equity as reported under previous UK GAAP and under FRS 102
10,982,698
10,967,058
Reconciliation of loss for the financial period
2016
£
Loss as reported under previous UK GAAP and under FRS 102
(15,656)
A G WRIGHT & SON (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 11 OCTOBER 2017
13
Reconciliations on adoption of FRS 102
(Continued)
- 9 -
Notes to reconciliations on adoption of FRS 102
Plant and machinery included at deemed cost

FRS 102 allows, as a transitional relief, the inclusion within the accounts of a class of fixed assets at their valuation which is treated as 'deemed cost' at the transition date of 12 October 2015. The company has adopted this treatment for its plant and machinery. This has not resulted in any restatement of prior year amounts as the plant and machinery was already included in the accounts at valuation.

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