A & B White (Frinkley) Ltd

Contents
	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

Registered number: 2514905

		2017		2016
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		2,933,676		2,941,678

			2,933,676		2,941,678
CURRENT ASSETS
Stocks	5	484,526		455,701
Debtors	6	167,991		147,053
Cash at bank and in hand		104,294		28,442

		756,811		631,196
Creditors: Amounts Falling Due Within One Year	7	(340,208 )		(216,376 )

NET CURRENT ASSETS (LIABILITIES)			416,603		414,820

TOTAL ASSETS LESS CURRENT LIABILITIES			3,350,279		3,356,498

Creditors: Amounts Falling Due After More Than One Year	8		(1,444,443 )		(1,525,433 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	10		(145,464 )		(145,464 )

NET ASSETS			1,760,372		1,685,601

CAPITAL AND RESERVES
Called up share capital	11		4,000		4,000
Share premium account			758,950		758,950
Profit and Loss Account			997,422		922,651

SHAREHOLDERS' FUNDS			1,760,372		1,685,601

Page 1

Balance Sheet (continued)

As at 30 September 2017

For the year ending 30 September 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Andrew White

1 June 2018

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

1.2. Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

1.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	Over 15 years
Plant & Machinery	15% and 20% reducing balance and 4% straight line

1.4. Investment Properties

Investment properties shall not be subject to periodic charges for depreciation except for properties held on lease, which shall be depreciated at least over the period when the unexpired term is 20 years or less.

Investment properties shall be included in the balance sheet at their market value.

1.5. Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

1.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

1.7. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Page 3

A & B White (Frinkley) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2017

1.8. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

1.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Page 4

A & B White (Frinkley) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2017

4. Tangible Assets

	Land & Property
	Freehold	Investment Properties	Plant & Machinery	Total
	£	£	£	£
Cost
As at 1 October 2016	1,282,449	991,371	1,656,807	3,930,627
Additions	-	-	95,755	95,755
Disposals	-	-	(10,400 )	(10,400 )

As at 30 September 2017	1,282,449	991,371	1,742,162	4,015,982

Depreciation
As at 1 October 2016	241,286	-	747,663	988,949
Provided during the period	2,004	-	101,752	103,756
Disposals	-	-	(10,399 )	(10,399 )

As at 30 September 2017	243,290	-	839,016	1,082,306

Net Book Value
As at 30 September 2017	1,039,159	991,371	903,146	2,933,676

As at 1 October 2016	1,041,163	991,371	909,144	2,941,678

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2017	2016
	£	£
Plant & Machinery	64,000	80,000

	64,000	80,000

5. Stocks

	2017	2016
	£	£
Stocks	484,526	455,701

	484,526	455,701

Page 5

A & B White (Frinkley) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2017

6. Debtors

	2017	2016
	£	£
Due within one year
Trade debtors	122,857	119,016
Prepayments and accrued income	13,128	12,745
VAT	27,010	15,292
Directors' loan accounts	4,996	-

	167,991	147,053

7. Creditors: Amounts Falling Due Within One Year

	2017	2016
	£	£
Net obligations under finance lease and hire purchase contracts	12,500	12,500
Trade creditors	266,697	150,589
Bank loans and overdrafts	42,089	41,704
Corporation tax	7,017	-
Other creditors	11,905	11,583

	340,208	216,376

8. Creditors: Amounts Falling Due After More Than One Year

	2017	2016
	£	£
Net obligations under finance lease and hire purchase contracts	25,000	37,500
Bank loans	242,015	281,505
Directors loan account	1,177,428	1,206,428

	1,444,443	1,525,433

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A & B White (Frinkley) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2017

9. Obligations Under Finance Leases and Hire Purchase

	2017	2016
	£	£
The maturity of these amounts is as follows:
Amounts Payable:
Within one year	12,500	12,500
Between one and five years	25,000	37,500

	37,500	50,000

	37,500	50,000

10. Deferred Taxation

The provision for deferred taxation is made up of accelerated capital allowances

	2017	2016
	£	£
Deferred tax	145,464	145,464

	145,464	145,464

11. Share Capital

	2017		2016
Allotted, Called up and fully paid	4,000		4,000

12. General Information

A & B White (Frinkley) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 2514905. The registered office is Frinkley Farm, Gelston Road, Hougham, Lincolnshire, NG32 2JQ.

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