Company Registration No. 00486162 (England and Wales)
A G WRIGHT & SON (FARMS) LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 OCTOBER 2016
A G WRIGHT & SON (FARMS) LTD
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
A G WRIGHT & SON (FARMS) LTD
ABBREVIATED BALANCE SHEET
AS AT
11 OCTOBER 2016
11 October 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
11,841,896
11,260,653
Current assets
Stocks
1,337,558
1,428,101
Debtors
3
435,335
504,235
Cash at bank and in hand
109,324
255,528
1,882,217
2,187,864
Creditors: amounts falling due within one year
4
(713,040)
(654,166)
Net current assets
1,169,177
1,533,698
Total assets less current liabilities
13,011,073
12,794,351
Creditors: amounts falling due after more than one year
5
(1,815,602)
(1,960,601)
Provisions for liabilities
(228,414)
(178,611)
10,967,057
10,655,139
Capital and reserves
Called up share capital
6
14,101
14,101
Revaluation reserve
282,928
-
Profit and loss account
10,670,028
10,641,038
Shareholders' funds
10,967,057
10,655,139
A G WRIGHT & SON (FARMS) LTD
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
11 OCTOBER 2016
11 October 2016
- 2 -
For the financial year ended 11 October 2016 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 27 April 2017
N R W Wright
Director
Company Registration No. 00486162
A G WRIGHT & SON (FARMS) LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 11 OCTOBER 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of plant and machinery and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
The company's turnover represents the value, excluding Value Added Tax, of goods and services supplied to customers during the year.
1.3
Tangible fixed assets and depreciation
Depreciation has been computed to write off the cost and revaluations of tangible fixed assets over their expected useful lives using the following rates:and revaluations of tangible fixed assets over their expected useful lives using the following rates:
Freehold buildings
- 5% on cost - 15% to 33% on written down value - 5% on cost
Reservoir
- 4% on cost
Plant and equipment
- 15% to 33% on written down value
Biomass heating system
- 5% on cost
Investment properties are included in the balance sheet at their open market value.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities , it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have
been charged cannot be separately identified or quantified.
1.4
Hire purchase commitments
Tangible fixed assets acquired under hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.
1.5
Stock
Stock is valued on a first in first out basis at the lower of cost and net realisable value.
1.6
Grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets.
1.7
Deferred taxation
Deferred taxation is provided on the liability method to take account of timimg differences between the treatment of certain items for accounts purposes and their treatement for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timimg differences.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
A G WRIGHT & SON (FARMS) LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 11 OCTOBER 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 12 October 2015
13,023,580
Exchange differences
327,559
Additions
665,583
Disposals
(8,500)
At 11 October 2016
14,008,222
Depreciation
At 12 October 2015
1,762,927
On disposals
(1,151)
Charge for the year
404,550
At 11 October 2016
2,166,326
Net book value
At 11 October 2016
11,841,896
At 11 October 2015
11,260,653
3
Debtors
Debtors include an amount of £17,500 (2015 - £17,500) which is due after more than one year.
4
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £137,686 (2015 - £192,687).
5
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £137,686).
6
Share capital
2016
2015
£
£
Allotted, called up and fully paid
14,101 Ordinary shares of £1 each
14,101
14,101