REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017 |
FOR |
ABBOTT & COMPANY (WESSEX) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017 |
FOR |
ABBOTT & COMPANY (WESSEX) LIMITED |
ABBOTT & COMPANY (WESSEX) LIMITED (REGISTERED NUMBER: 00363475) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ABBOTT & COMPANY (WESSEX) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2017 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Chargrove House |
Shurdington Road |
Cheltenham |
Gloucestershire |
GL51 4GA |
ABBOTT & COMPANY (WESSEX) LIMITED (REGISTERED NUMBER: 00363475) |
BALANCE SHEET |
31 MAY 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 its behalf by: |
ABBOTT & COMPANY (WESSEX) LIMITED (REGISTERED NUMBER: 00363475) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2017 |
1. | STATUTORY INFORMATION |
Abbott & Company (Wessex) Limited is a |
and Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax, and after trade discounts. |
Revenue is recognised on provision of goods or services. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stock represents any forward purchase of any traded commodity held in stock against future sales. It |
also includes prepayments made in respect of expenses incurred against crops the company |
subsequently intend to procure at harvest time. Where the yield from the harvest is not known with any |
certainty no profit is recognised on the sale under the rules of SSAP 9. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
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. |
Going concern |
No material uncertainties that may cast significant doubt about the ability of the company to continue |
as a going concern have been identified by the directors. |
Accounting convention |
These financial statements are the first financial statements that comply with FRS 102 Section 1A. The |
date of transition is 1 June 2015. The transition to FRS 102 Section 1A small entities has resulted in no |
material changes in accounting policies to those used previously. |
ABBOTT & COMPANY (WESSEX) LIMITED (REGISTERED NUMBER: 00363475) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2016 |
Additions |
At 31 May 2017 |
DEPRECIATION |
At 1 June 2016 |
Charge for year |
At 31 May 2017 |
NET BOOK VALUE |
At 31 May 2017 |
At 31 May 2016 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Corporation Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
ABBOTT & COMPANY (WESSEX) LIMITED (REGISTERED NUMBER: 00363475) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2017 | 2016 |
£ | £ |
Bank overdrafts |
The company's bankers hold a Personal Guarantee from Mr D F Crockford to £50,000 as well as a |
debenture over the trade debtors of the company. |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Mr D F Crockford has a Personal Guarantee in place with the company's bankers to the value of £50,000 by way of security against the company's bank facility. |
9. | RELATED PARTY DISCLOSURES |
The directors of the company act as agents for the company on the same commercial basis as the |
other agents. Transactions with directors for the financial year are as follows: |
D F Crockford | S Dee Shapland | J D Givons |
2017 | 2016 | 2017 | 2016 | 2017 | 2016 |
£ | £ | £ | £ | £ | £ |
Commission and expenses received |
38,579 |
36,424 |
78,632 |
82,890 |
288,641 |
294,026 |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is S Dee Shapland and D F Crockford. |