Company Registration No. SC287072 (Scotland)
A & W WILSON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
PAGES FOR FILING WITH REGISTRAR
A & W WILSON LIMITED
COMPANY INFORMATION
Directors
Mr A F Wilson
Mrs W A Wilson
Secretary
Mrs W A Wilson
Company number
SC287072
Registered office
Shantlerhill
Maud
PETERHEAD
AB42 5SJ
Accountants
Johnston Carmichael LLP
Axis Business Centre
Thainstone
INVERURIE
AB51 5TB
A & W WILSON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
A & W WILSON LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2017
31 August 2017
2017
2016
Notes
£
£
£
£
Fixed assets
Goodwill
3
14,000
15,750
Tangible assets
4
549,056
582,348
Biological assets
5
31,161
22,390
594,217
620,488
Current assets
Stocks
276,555
229,960
Debtors
6
102,451
97,712
Cash at bank and in hand
386
30,269
379,392
357,941
Creditors: amounts falling due within one year
7
(364,828)
(340,433)
Net current assets
14,564
17,508
Total assets less current liabilities
608,781
637,996
Creditors: amounts falling due after more than one year
8
(270,373)
(349,938)
Provisions for liabilities
Deferred tax liability
49,249
63,986
(49,249)
(63,986)
Net assets
289,159
224,072
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
289,059
223,972
Total equity
289,159
224,072
- 1 -
A & W WILSON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2017
31 August 2017

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 21 May 2018 and are signed on its behalf by:
Mr A F Wilson
Director
Company Registration No. SC287072
- 2 -
A & W WILSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
Company information

A & W Wilson Limited is a private company limited by shares incorporated in Scotland. The registered office is Shantlerhill, Maud, PETERHEAD, AB42 5SJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 August 2017 are the first financial statements of A & W Wilson Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 September 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102 other than reclassifying breeding livestock to biological assets.

 

Basic payment entitlements are government grants and for qualifying businesses these entitlements would have been granted automatically on 1 January 2015. In accordance with FRS 102, an asset is defined as a resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity. In the opinion of the directors, recognising such entitlements as an asset could be misleading as the control is conditional and not absolute. As a result, granted entitlements have not been recognised because it leads to a better understanding of the company's financial statements.

 

1.2
Turnover

Turnover represents amounts receivable for agricultural goods net of VAT. Turnover comprises income received from the following sources:

 

Livestock sales are recognised at the point of supply

 

Haulage sales are recognised at the point of supply.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

- 3 -
A & W WILSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
0%
Plant and equipment
20% reducing balance
Computers
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Depreciation on Plant and equipment and Computers has been adjusted this year from 25% straight line to 20% reducing balance as a more reliable estimate of the assets net book values. If this change in accounting policy was not made, the net book value of assets would be £444,286 compared to £549,056. The depreciation charge for the year if no change in policy was made would be £180,461 compared to a depreciation charge of £75,691.

1.5
Biological assets

The company breeds sheep and a small amount of cattle. Cereal crops are grown for the consumption of the Livestock. In accordance with FRS102, such breeding animals and cereal crops are defined as biological assets. The company measures all biological assets at cost less accumulated depreciation and accumulated impairment losses with the breeding animals included within fixed assets and the remainder of livestock and cereal crops included within stock.

 

In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at the lower of cost and estimated selling price less costs to complete and sell. All such items are included within stock.

- 4 -
A & W WILSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)

Depreciation is recognised so as to write off the cost or valuation of breeding animals less their residual values over their useful lives on the following bases:

Beef
Bulls - 25% straight line Cows - 0% straight line
Sheep
0% straight line
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

- 5 -
A & W WILSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

 

- 6 -
A & W WILSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.15
Government grants

Government grants are recognised as revenue when the proceeds are received or receivable. A grant received prior to the recognition criteria being satisfied is recognised in the financial statements as a liability.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 4 (2016 - 5).

3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2016 and 31 August 2017
35,000
Amortisation and impairment
At 1 September 2016
19,250
Amortisation charged for the year
1,750
At 31 August 2017
21,000
Carrying amount
At 31 August 2017
14,000
At 31 August 2016
15,750
- 7 -
A & W WILSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2016
244,240
724,738
968,978
Additions
2,052
41,035
43,087
Disposals
-
(8,450)
(8,450)
At 31 August 2017
246,292
757,323
1,003,615
Depreciation and impairment
At 1 September 2016
-
386,630
386,630
Depreciation charged in the year
-
75,691
75,691
Eliminated in respect of disposals
-
(7,762)
(7,762)
At 31 August 2017
-
454,559
454,559
Carrying amount
At 31 August 2017
246,292
302,764
549,056
At 31 August 2016
244,240
338,108
582,348
5
Biological assets
Beef
Sheep
Total
£
£
£
Cost
At 1 September 2016
8,550
13,840
22,390
Additions - purchases
15,286
1,895
17,181
Disposals
(950)
(6,960)
(7,910)
At 31 August 2017
22,886
8,775
31,661
Depreciation and impairment
At 1 September 2016
-
-
-
Depreciation charged for the year
500
-
500
At 31 August 2017
500
-
500
Carrying amount
At 31 August 2017
22,386
8,775
31,161
At 31 August 2016
8,550
13,840
22,390
- 8 -
A & W WILSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
80,987
76,345
Other debtors
21,464
21,367
102,451
97,712
7
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
39,973
7,700
Trade creditors
42,091
39,945
Corporation tax
22,910
14,961
Other taxation and social security
20,717
32,382
Other creditors
239,137
245,445
364,828
340,433

The bank loan is secured over the land purchased.

 

Included within other creditors are net obligations under finance leases which are secured over the assets to which they relate amounting to £74,834 (2016 - 81,929)

 

8
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
165,574
175,154
Other creditors
104,799
174,784
270,373
349,938

Included within other creditors are net obligations under finance leases which are secured over the assets in which they relate to amounting to £104,799 (2016 - £174,784).

Amounts included above which fall due after five years are as follows:
Payable by instalments
131,014
139,654

The long-term loans are secured by standard security over the land purchased.

- 9 -
A & W WILSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
10
Related party transactions

The following amounts were outstanding at the reporting end date:

2017
2016
Amounts owed to related parties
£
£
Key management personnel
159,948
160,151
- 10 -
2017-08-312016-09-01falseCCH SoftwareCCH Accounts Production 2018.100No description of principal activityMr A F WilsonMrs W A WilsonMrs W A Wilson2018-05-21SC2870722016-09-012017-08-31SC287072bus:Director12016-09-012017-08-31SC287072bus:Director22016-09-012017-08-31SC287072bus:CompanySecretary12016-09-012017-08-31SC287072bus:RegisteredOffice2016-09-012017-08-31SC2870722017-08-31SC287072core:Goodwill2017-08-31SC287072core:Goodwill2016-08-31SC287072core:NetGoodwill2017-08-31SC287072core:NetGoodwill2016-08-31SC2870722016-08-31SC287072core:LandBuildings2017-08-31SC287072core:OtherPropertyPlantEquipment2017-08-31SC287072core:LandBuildings2016-08-31SC287072core:OtherPropertyPlantEquipment2016-08-31SC287072core:CurrentFinancialInstruments2017-08-31SC287072core:CurrentFinancialInstruments2016-08-31SC287072core:WithinOneYear2017-08-31SC287072core:WithinOneYear2016-08-31SC287072core:AfterOneYear2017-08-31SC287072core:AfterOneYear2016-08-31SC287072core:CurrentFinancialInstrumentscore:WithinOneYear2017-08-31SC287072core:Non-currentFinancialInstrumentscore:AfterOneYear2017-08-31SC287072core:Non-currentFinancialInstruments2016-08-31SC287072core:ShareCapital2017-08-31SC287072core:ShareCapital2016-08-31SC287072core:RetainedEarningsAccumulatedLosses2017-08-31SC287072core:RetainedEarningsAccumulatedLosses2016-08-31SC287072core:Goodwill2016-09-012017-08-31SC287072core:LandBuildingscore:OwnedOrFreeholdAssets2016-09-012017-08-31SC287072core:PlantMachinery2016-09-012017-08-31SC287072core:ComputerEquipment2016-09-012017-08-31SC287072core:ConsumableBiologicalAssetClass12016-09-012017-08-31SC287072core:BearerBiologicalAssetClass22016-09-012017-08-31SC287072core:NetGoodwill2016-08-31SC287072core:NetGoodwill2016-09-012017-08-31SC287072core:LandBuildings2016-08-31SC287072core:OtherPropertyPlantEquipment2016-08-31SC2870722016-08-31SC287072core:LandBuildings2016-09-012017-08-31SC287072core:OtherPropertyPlantEquipment2016-09-012017-08-31SC287072core:ConsumableBiologicalAssetClass12016-08-31SC287072core:BearerBiologicalAssetClass22016-08-31SC287072core:ConsumableBiologicalAssetClass12017-08-31SC287072core:BearerBiologicalAssetClass22017-08-31SC287072core:ConsumableBiologicalAssetClass12016-08-31SC287072core:BearerBiologicalAssetClass22016-08-31SC287072core:Non-currentFinancialInstruments2017-08-31SC287072bus:PrivateLimitedCompanyLtd2016-09-012017-08-31SC287072bus:FRS1022016-09-012017-08-31SC287072bus:AuditExemptWithAccountantsReport2016-09-012017-08-31SC287072bus:SmallCompaniesRegimeForAccounts2016-09-012017-08-31SC287072bus:FullAccounts2016-09-012017-08-31xbrli:purexbrli:sharesiso4217:GBP