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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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J.A. PATERSON & CO. LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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FOR |
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J.A. PATERSON & CO. LIMITED |
J.A. PATERSON & CO. LIMITED (REGISTERED NUMBER: 00512155) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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J.A. PATERSON & CO. LIMITED |
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COMPANY INFORMATION |
for the year ended 31 March 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
124 Thorpe Road |
Norwich |
Norfolk |
NR1 1RS |
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BANKERS: |
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56 Market Place |
Aylsham |
Norfolk |
NR11 6PQ |
J.A. PATERSON & CO. LIMITED (REGISTERED NUMBER: 00512155) |
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BALANCE SHEET |
31 March 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
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preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
J.A. PATERSON & CO. LIMITED (REGISTERED NUMBER: 00512155) |
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BALANCE SHEET - continued |
31 March 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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J.A. PATERSON & CO. LIMITED (REGISTERED NUMBER: 00512155) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2017 |
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1. | STATUTORY INFORMATION |
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J.A. Paterson & Co. Limited is a
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The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Quotas |
Sugar beet quotas are written off over three years after the year of acquisition. |
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Tangible fixed assets |
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Freehold property | - |
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Improvements to property | - |
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Plant and machinery | - |
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Leased equipment | - |
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Stocks and work in progress |
Growing crops and stocks are valued at the lower of costs and net realisable value. Growing crops are |
stated at direct cost of production plus attributable overheads. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
J.A. PATERSON & CO. LIMITED (REGISTERED NUMBER: 00512155) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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Government grants |
Single farm payments and other grants are credited to the profit and loss account in the year to which |
they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 April 2016 |
and 31 March 2017 |
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AMORTISATION |
At 1 April 2016 |
and 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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5. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and | Leased |
property | property | machinery | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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J.A. PATERSON & CO. LIMITED (REGISTERED NUMBER: 00512155) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2017 |
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6. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST OR VALUATION |
At 1 April 2016 |
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Revaluations |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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Cost or valuation at 31 March 2017 is represented by: |
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Other |
investments |
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Valuation in 2017 | 41,510 |
Cost | 6,557 |
48,067 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other loans |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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Directors' current accounts |
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Accrued expenses |
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9. | OTHER FINANCIAL COMMITMENTS |
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The company is committed to the payment of a licence fee of £35,000. The licence is held under |
agreements which are renewable on an annual basis. |
J.A. PATERSON & CO. LIMITED (REGISTERED NUMBER: 00512155) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2017 |
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10. | RELATED PARTY DISCLOSURES |
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Rumford Ltd |
2017 | 2016 |
£ | £ |
Licence fee for farmland - charge for the year | 22,500 | 22,500 |
Costs recharged to Rumford Limited | 135,223 | 133,691 |
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Transactions are made at commercial rates. |
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Included in other debtors is a balance of £1,234,798 (2016: £1,303,750) due from Rumford Ltd. |
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J A Paterson & Co Ltd SSAS |
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The company operates a Small Self Administered Pension Scheme of which the assets are held and |
administered separately from those of the company. The company has a loan from the scheme which |
is to be repaid over 5 years and a commercial rate of interest has been applied. The amounts |
outstanding at the year end are shown under Other Loans in the notes to the financial statements. |
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11. | ULTIMATE CONTROLLING PARTY |
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The company is controlled by J G Paterson by virtue of his beneficial interest in 77.5% of the issued |
share capital. |
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12. | FIRST YEAR ADOPTION |
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The company adopted FRS 102 during the year. A summary of the adjustments arising on transition |
are given below:- |
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Deferred tax on the revaluation of assets |
Under previous UK GAAP the company was not required to provide for taxation on revaluations, unless |
the company had entered into a binding sale agreement at the year end. Under FRS 102 deferred |
taxation is provided on the temporary difference arising from the revaluation. A deferred tax charge of |
£7,800 was recognised on transition to FRS 102. |
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Listed investments |
Under previous UK GAAP, investments held in listed shares were measured at cost . FRS 102 |
requires investments to be measured at fair value where shares are publicly traded or where the fair |
value can be measured reliably. Investment values were increased by £38,825 on transition to FRS |
102. |
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