Company Registration No. 00602186 (England and Wales)
H C C TINSLEY & SON LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
H C C TINSLEY & SON LTD
COMPANY INFORMATION
Directors
H C Tinsley
W R Woodfield
R C Tinsley
S G Mountjoy
Secretary
W R Woodfield
Company number
00602186
Registered office
14 St Mary's Street
Stamford
Lincolnshire
PE9 2DF
Accountants
Stephenson Smart & Co
36 Tyndall Court
Commerce Road
Lynchwood
Peterborough
Cambridgeshire
PE2 6LR
Business address
14 St Mary's Street
Stamford
Lincolnshire
PE9 2DF
H C C TINSLEY & SON LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
H C C TINSLEY & SON LTD
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
46,062
84,094
Investments
4
1,169
2,026,875
47,231
2,110,969
Current assets
Stocks
458,483
388,263
Debtors
6
1,759,927
1,620,601
Investments
7
-
3,655,000
Cash at bank and in hand
1,238,919
2,266,889
3,457,329
7,930,753
Creditors: amounts falling due within one year
8
(1,237,102)
(1,854,353)
Net current assets
2,220,227
6,076,400
Total assets less current liabilities
2,267,458
8,187,369
Provisions for liabilities
(6,284)
(9,506)
Net assets
2,261,174
8,177,863
Capital and reserves
Called up share capital
9
40,039
40,039
Profit and loss reserves
2,221,135
8,137,824
Total equity
2,261,174
8,177,863
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 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .
he 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.
H C C TINSLEY & SON LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 June 2017 and are signed on its behalf by:
H C Tinsley
Director
Company Registration No. 00602186
H C C TINSLEY & SON LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2015
40,039
4,023,465
4,063,504
Year ended 31 March 2016:
Profit and total comprehensive income for the year
-
4,114,359
4,114,359
Balance at 31 March 2016
40,039
8,137,824
8,177,863
Year ended 31 March 2017:
Profit and total comprehensive income for the year
-
585,311
585,311
Dividends
-
(6,502,000)
(6,502,000)
Balance at 31 March 2017
40,039
2,221,135
2,261,174
H C C TINSLEY & SON LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 4 -
1
Accounting policies
Company information
H C C Tinsley & Son Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
14 St Mary's Street, Stamford, Lincolnshire, PE9 2DF.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of H C C Tinsley & Son Ltd 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 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The
parent
company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group is a small group
. The financial statements present information about the company as an individual entity and not about its group
. H C C Tinsley & Son Ltd is a wholly owned subsidiary of Via Alicia Investments Ltd.
1.2
Turnover
Turnover represents the value of farm sales during the year, excluding VAT and farm subsidy receivable.
and farm subsidy receivable.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, 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.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold farm cottages and farm buildings
5% to 15% on cost or written down value
Plant and machinery
15% to 20% on cost or written down value
Office equipment
15% to 25% on cost or written down value
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
.
H C C TINSLEY & SON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 5 -
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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).
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell on a first in first out basis . Cost comprises of materials and other direct costs .
on a first in first out basis
. Cost comprises
of
materials and
other
direct costs
.
1.6
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.
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.
1.7
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.
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,
cash and bank balances
and loans to other group companies
, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans
and overdrafts
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
paymen
ts 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. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
H C C TINSLEY & SON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 6 -
1.8
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.
1.9
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.
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.
1.10
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.
1.11
Retirement benefits
The company contributes to the personal pension schemes of some of its employees. The pension cost charged to the accounts represents contributions paid during the year.
company
contributes to the personal pension schemes of some of its employees. The pension cost charged to the accounts represents contributions paid during the year.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease .
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease
.
2
Employees
The average monthly number of persons (including employed directors) employed by the company during the year was 3 (2016 - 3).
H C C TINSLEY & SON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2016
268,406
556,508
824,914
Disposals
-
(108,386)
(108,386)
At 31 March 2017
268,406
448,122
716,528
Depreciation and impairment
At 1 April 2016
244,800
496,020
740,820
Depreciation charged in the year
8,963
29,069
38,032
Eliminated in respect of disposals
-
(108,386)
(108,386)
At 31 March 2017
253,763
416,703
670,466
Carrying amount
At 31 March 2017
14,643
31,419
46,062
At 31 March 2016
23,606
60,488
84,094
4
Fixed asset investments
2017
2016
£
£
Investments
153
2,025,859
Loans
1,016
1,016
1,169
2,026,875
Financial assets for which fair value cannot be measured reliably
The fair value of the company's unlisted investments cannot be reliably measured therefore the investments are shown at cost within the accounts.
H C C TINSLEY & SON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
4
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Investments other than loans
Loans
Total
£
£
£
Cost or valuation
At 1 April 2016
2,025,859
1,016
2,026,875
Additions
549,368
-
549,368
Valuation changes
210,599
-
210,599
Reinvested net income added to cost
26,000
-
26,000
Transfers to parent company
(2,326,914)
-
(2,326,914)
Disposals
(484,759)
-
(484,759)
At 31 March 2017
153
1,016
1,169
Carrying amount
At 31 March 2017
153
1,016
1,169
At 31 March 2016
2,025,859
1,016
2,026,875
5
Financial instruments
2017
2016
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss (cost in 2016)
-
3,655,000
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
1,093,664
1,059,104
Amount due from parent undertaking
113,429
-
Other debtors
505,699
19,831
Prepayments and accrued income
47,135
41,666
1,759,927
1,120,601
2017
2016
Amounts falling due after more than one year:
£
£
Other debtors
-
500,000
Total debtors
1,759,927
1,620,601
H C C TINSLEY & SON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 9 -
7
Current asset investments
2017
2016
£
£
Other investments
-
3,655,000
8
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
621,963
334,745
Trade creditors
546,965
652,095
Corporation tax
57,978
855,330
Other taxation and social security
586
2,289
Accruals and deferred income
9,610
9,894
1,237,102
1,854,353
9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
40,039 Ordinary shares of £1 each
40,039
40,039
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
4,750
86,451
11
Related party transactions
The following amounts were outstanding at the reporting end date:
2017
Balance
Amounts owed by related parties
£
Entities with control, joint control or significant influence over the company
113,429
There were no amounts owed in the previous period.
H C C TINSLEY & SON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 10 -
12
Parent company
The parent company of H C C Tinsley & Son Ltd is Via Alicia Investments Ltd by virtue of its 100% shareholding in the company. The registered office of Via Alicia Investments Ltd is 36 Tyndall Court, Commerce road, Lynchwood, Peterborough, PE2 6LR.
The ultimate controlling party is Mr H C Tinsley by virtue of his 100% shareholding in Via Alicia Investments Ltd.
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