REGISTERED NUMBER:
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WM.KERR (FARMS) LIMITED |
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ABBREVIATED UNAUDITED ACCOUNTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2016 |
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REGISTERED NUMBER:
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WM.KERR (FARMS) LIMITED |
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ABBREVIATED UNAUDITED ACCOUNTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2016 |
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WM.KERR (FARMS) LIMITED (REGISTERED NUMBER: 00534749) |
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CONTENTS OF THE ABBREVIATED ACCOUNTS |
for the Year Ended 30 September 2016 |
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Page |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 | to | 3 |
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Notes to the Abbreviated Accounts | 4 | to | 7 |
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Chartered Accountants' Report | 8 |
WM.KERR (FARMS) LIMITED |
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COMPANY INFORMATION |
for the Year Ended 30 September 2016 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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WM.KERR (FARMS) LIMITED (REGISTERED NUMBER: 00534749) |
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ABBREVIATED BALANCE SHEET |
30 September 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
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Tangible assets | 3 |
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Investments | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
5 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Revaluation reserve |
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Profit and loss account | ( |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
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. |
WM.KERR (FARMS) LIMITED (REGISTERED NUMBER: 00534749) |
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ABBREVIATED BALANCE SHEET - continued |
30 September 2016 |
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The financial statements were approved by the director on
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WM.KERR (FARMS) LIMITED (REGISTERED NUMBER: 00534749) |
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NOTES TO THE ABBREVIATED ACCOUNTS |
for the Year Ended 30 September 2016 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention as modified by the |
revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities |
(effective January 2015). |
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Turnover |
Turnover is the total amount receivable by the company for goods supplied and services provided, excluding |
Value Added Tax and trade discounts. |
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Sales of produce are recognised upon despatch. Revenue from livestock is recognised on the day of sale. |
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Intangible fixed assets |
Intangible assets are represented by the cost of purchasing sugar beet contracts. These contracts are |
amortised evenly over the period for which they may reasonably be expected to be of value to the business. |
Amortisation at a rate of 33.33% has been charged to the profit and loss account in this respect. |
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Tangible fixed assets |
Depreciation is calculated to write down the cost of all tangible fixed assets other than freehold land and |
buildings, by equal annual instalments or by the reducing balance method over their expected useful lives. The |
rates/periods generally applicable are: |
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Freehold land and buildings | Nil |
Improvements to property | 4% on cost |
Plant and equipment | 15 - 25% reducing balance and 10 - 33% straight line |
Motor vehicles | 15 - 25% reducing balance |
Tractors and harvesters | 15 - 25% reducing balance |
Office equipment | 25 - 33% straight line |
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No depreciation has been provided for freehold property. It is the company's policy to maintain its property in |
a continual state of sound repair. In the case of freehold buildings, the directors consider that the lives of these |
buildings and their residual value are such that their depreciation is not significant. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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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. In accordance with the Financial Reporting Standard for Smaller Entities (effective January |
2015) a deferred tax asset is only recognised to the extent that it is considered recoverable. |
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Foreign currencies |
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 of exchange |
ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating |
result. |
WM.KERR (FARMS) LIMITED (REGISTERED NUMBER: 00534749) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
for the Year Ended 30 September 2016 |
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1. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance |
leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to the profit and loss account over the relevant period. |
The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
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Fixed asset investments |
Investments are valued at the lower of cost and market value at the year end. |
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Single farm payment |
The Single Farm Payment is recognised in the financial statements in accordance with current H.M. Revenue & |
Customs guidance. |
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2. | INTANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 October 2015 |
and 30 September 2016 |
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AMORTISATION |
At 1 October 2015 |
and 30 September 2016 |
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NET BOOK VALUE |
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At 30 September 2016 |
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At 30 September 2015 |
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WM.KERR (FARMS) LIMITED (REGISTERED NUMBER: 00534749) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
for the Year Ended 30 September 2016 |
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3. | TANGIBLE FIXED ASSETS |
Total |
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COST OR VALUATION |
At 1 October 2015 |
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Additions |
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Disposals | ( |
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At 30 September 2016 |
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DEPRECIATION |
At 1 October 2015 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 September 2016 |
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NET BOOK VALUE |
At 30 September 2016 |
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At 30 September 2015 |
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4. | FIXED ASSET INVESTMENTS |
Investments |
other |
than |
loans |
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COST |
At 1 October 2015 |
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Reclassification/transfer | ( |
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At 30 September 2016 |
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NET BOOK VALUE |
At 30 September 2016 |
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At 30 September 2015 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Associated company |
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Nature of business:
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Class of shares: | holding |
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30/6/16 | 30/6/15 |
£ | £ |
Aggregate capital and reserves | 781,230 | 759,696 |
Profit for the year | 152,414 | 160,749 |
WM.KERR (FARMS) LIMITED (REGISTERED NUMBER: 00534749) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
for the Year Ended 30 September 2016 |
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5. | CREDITORS |
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Creditors include an amount of £
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Ordinary shares of £1 each | £1 |
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Deferred Ordinary shares of £1 |
each | £1 |
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Redeemable preference shares |
of £1 each | £1 |
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96,425 | 96,425 |
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The company may, by giving six months notice in writing to the holder, redeem any preference shares by |
paying to the holder the nominal amount of the preference shares. |
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7. | ADVANCES TO DIRECTORS |
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2016 | 2015 |
£ | £ |
B W Kerr |
Balances outstanding at start of period | 296,806 | 97,827 |
Balances outstanding at end of period | 395,069 | 296,806 |
Maximum balance outstanding during period | 395,069 | 296,806 |
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The loan is interest free and repayable on demand. |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
WM.KERR (FARMS) LIMITED |
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The following reproduces the text of the report prepared for the director in respect of the company's annual |
unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to seven) |
have been prepared. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of WM.Kerr (Farms) Limited for the year ended 30 September 2016 which comprise the Profit and |
Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information |
and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of WM.Kerr (Farms) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of WM.Kerr (Farms) Limited and state those matters that we have agreed to state to the director of WM.Kerr (Farms) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than WM.Kerr (Farms) Limited director for our work or for this report. |
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It is your duty to ensure that WM.Kerr (Farms) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of WM.Kerr (Farms) Limited. You consider that WM.Kerr (Farms) Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of WM.Kerr (Farms) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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30 June 2017 |