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A & M Griffiths Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

A & M Griffiths Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 10

A & M Griffiths Limited

Company Information

Directors

Mr Aled Griffiths Mrs Margaret Griffiths

Company secretary

Mrs Margaret Griffiths

Registered office

Gwynne House 6 Quay Street Carmarthen SA31 3JX

Page 1

A & M Griffiths Limited

(Registration number: 06526622)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	6	460,882	455,001
Current assets
Stocks	7	219,193	216,175
Debtors	8	47,622	48,392
Cash at bank and in hand		2,578	1,463
		269,393	266,030
Creditors: Amounts falling due within one year	9	(73,669)	(80,250)
Net current assets		195,724	185,780
Total assets less current liabilities		656,606	640,781
Creditors: Amounts falling due after more than one year	9	(151,697)	(185,657)
Net assets		504,909	455,124
Capital and reserves
Called up share capital		3	3
Profit and loss account		504,906	455,121
Total equity		504,909	455,124

For the financial year ending 31 March 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 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 21 November 2017 and signed on its behalf by:
 

......................................... Mr Aled Griffiths Director

The notes on pages 3 to 10 form an integral part of these financial statements.

Page 2

A & M Griffiths Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

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

The address of its registered office is:
Gwynne House
6 Quay Street
Carmarthen
SA31 3JX

The principal place of business is:
Llwyngwcw
Upland Arms
Carmarthen
SA32 8DX

These financial statements were authorised for issue by the Board on 21 November 2017.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

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 sales/value added tax, returns, rebates and discounts.

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

The tax expense for the period comprises current 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 income 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 3

A & M Griffiths Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

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:

Asset class	Depreciation method and rate
Motor vehicles	20% reducing balance basis
Plant and machinery	10% reducing balance basis

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:

Asset class	Amortisation method and rate
Single farm payment	20% straight line basis
Milk quota	20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 inventories 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.

Page 4

A & M Griffiths Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2016 - 3).

Page 5

A & M Griffiths Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4	Profit before tax

Arrived at after charging/(crediting)

	2017 £	2016 £
Depreciation expense	12,544	11,905

Page 6

A & M Griffiths Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

5	Intangible assets

	Trademarks, patents and licenses  £	Internally generated software development costs  £	Total £
Cost or valuation
At 1 April 2016	5,474	73,310	78,784
At 31 March 2017	5,474	73,310	78,784
Amortisation
At 1 April 2016	5,474	73,310	78,784
At 31 March 2017	5,474	73,310	78,784
Carrying amount
At 31 March 2017	-	-	-

Revalued assets for the year ended 31 March 2016

6	Tangible assets

	Land and buildings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2016	348,474	217,705	2,930	569,109
Additions	-	18,425	-	18,425
At 31 March 2017	348,474	236,130	2,930	587,534
Depreciation
At 1 April 2016	-	111,670	2,438	114,108
Charge for the year	-	12,446	98	12,544
At 31 March 2017	-	124,116	2,536	126,652
Carrying amount
At 31 March 2017	348,474	112,014	394	460,882
At 31 March 2016	348,474	106,035	492	455,001

Included within the net book value of land and buildings above is £348,474 (2016 - £348,474) in respect of freehold land and buildings.
 

Page 7

A & M Griffiths Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

7

Stocks

	2017 £	2016 £
Raw materials and consumables	42,800	48,800
Work in progress	793	775
Other inventories	175,600	166,600
	219,193	216,175

8

Debtors

	2017 £	2016 £
Trade debtors	39,421	44,538
Other debtors	8,201	3,854
	47,622	48,392

Page 8

A & M Griffiths Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

9

Creditors

Creditors: amounts falling due within one year

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	10	-	895
Trade creditors		35,369	30,106
Directors loan account	11	7,696	12,233
Other creditors		30,604	37,016
		73,669	80,250
Due after one year
Loans and borrowings	10	93,873	127,833
Other non-current financial liabilities		57,824	57,824
		151,697	185,657