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Wheat Quarter Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 July 2018

Registration number: 10507878

Wheat Quarter Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 7

Wheat Quarter Limited

Company Information

Directors

Mr J J D Fooks Mr P K Rajani Mr A G Shelock

Registered office

1 Hyde Way Welwyn Garden City Hertfordshire AL7 3BU

Accountants

Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

Page 1

Wheat Quarter Limited

Balance Sheet

31 July 2018

	Note	31 July 2018 £	31 July 2017 £
Fixed assets
Tangible assets	4	156,033	-
Current assets
Stocks	5	26,435,682	41,850,838
Debtors	6	1,156,184	150,695
Cash at bank and in hand		687,339	7,966,410
		28,279,205	49,967,943
Creditors: Amounts falling due within one year	7	(26,093,308)	(40,149,380)
Net current assets		2,185,897	9,818,563
Net assets		2,341,930	9,818,563
Capital and reserves
Called up share capital		10	1,000
Share premium reserve		-	9,999,000
Profit and loss account		2,341,920	(181,437)
Total equity		2,341,930	9,818,563

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 2

Wheat Quarter Limited

Balance Sheet

31 July 2018

For the financial year ending 31 July 2018 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 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 Board on 17 April 2019 and signed on its behalf by:
 

......................................... Mr J J D Fooks Director

......................................... Mr A G Shelock Director

Company Registration Number: 10507878

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

Wheat Quarter Limited

Notes to the Financial Statements

Year Ended 31 July 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Hyde Way
Welwyn Garden City
Hertfordshire
AL7 3BU

These financial statements were authorised for issue by the Board on 17 April 2019.

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.

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, returns, rebates and discounts and after eliminating sales within the company.

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

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.

Page 4

Wheat Quarter Limited

Notes to the Financial Statements

Year Ended 31 July 2018

Tangible assets

Tangible assets are stated in the balance sheet 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.

Stocks

Work in progress represents costs to date on property development and is shown at cost.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

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 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.

Loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2017 - 0).

Page 5

Wheat Quarter Limited

Notes to the Financial Statements

Year Ended 31 July 2018

4	Tangible assets

	Asset under construction  £	Total £
Cost or valuation
Additions	156,033	156,033
At 31 July 2018	156,033	156,033
Carrying amount
At 31 July 2018	156,033	156,033

5

Stocks

	31 July 2018 £	31 July 2017 £
Work in progress	26,435,682	41,850,838

6

Debtors

	31 July 2018  £	31 July 2017  £
Other debtors	1,150,184	115,695
Prepayments	6,000	35,000
	1,156,184	150,695

7

Creditors

		31 July 2018  £	31 July 2017  £
Due within one year
Loans and borrowings		16,029,435	39,809,336
Trade creditors		801,887	335,044
Corporation tax		549,339	-
Accrued expenses		8,712,647	5,000
		26,093,308	40,149,380