Company Registration No. 00602186 (England and Wales)
H C C TINSLEY & SON LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
H C C TINSLEY & SON LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
H C C TINSLEY & SON LTD
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
21,429
39,555
Investments
4
1,169
1,169
22,598
40,724
Current assets
Stocks
393,470
216,860
Debtors
5
696,172
770,354
Cash at bank and in hand
1,145,132
1,219,309
2,234,774
2,206,523
Creditors: amounts falling due within one year
6
(913,214)
(561,124)
Net current assets
1,321,560
1,645,399
Total assets less current liabilities
1,344,158
1,686,123
Provisions for liabilities
(4,071)
(7,515)
Net assets
1,340,087
1,678,608
Capital and reserves
Called up share capital
7
40,039
40,039
Profit and loss reserves
1,300,048
1,638,569
Total equity
1,340,087
1,678,608
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 2019 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 July 2019 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 2019
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2017
40,039
2,221,135
2,261,174
Year ended 31 March 2018:
Profit and total comprehensive income for the year
-
172,333
172,333
Dividends
-
(754,899)
(754,899)
Balance at 31 March 2018
40,039
1,638,569
1,678,608
Year ended 31 March 2019:
Profit and total comprehensive income for the year
-
161,479
161,479
Dividends
-
(500,000)
(500,000)
Balance at 31 March 2019
40,039
1,300,048
1,340,087
H C C TINSLEY & SON LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 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. The principal accounting policies adopted are set out below.
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
and farm subsidy receivable
during the year, excluding VAT
.
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.
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
.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
H C C TINSLEY & SON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 5 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
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).
1.6
Stocks
Stocks are
valued
on a first in first out basi
s
at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises
of
materials and
other
direct costs
.
1.7
Cash at bank and in hand
Cash at bank and in hand
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.
1.8
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 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.
H C C TINSLEY & SON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
1.11
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
.
2
Employees
The average monthly number of persons (including employed directors) employed by the company during the year was 4 (2018 - 4).
H C C TINSLEY & SON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2018 and 31 March 2019
257,349
470,599
727,948
Depreciation and impairment
At 1 April 2018
251,623
436,769
688,392
Depreciation charged in the year
5,726
12,401
18,127
At 31 March 2019
257,349
449,170
706,519
Carrying amount
At 31 March 2019
-
21,429
21,429
At 31 March 2018
5,725
33,830
39,555
4
Fixed asset investments
2019
2018
£
£
Unlisted investments
153
153
Loans
1,016
1,016
1,169
1,169
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.
Movements in fixed asset investments
Investments other than loans
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2018 & 31 March 2019
153
1,016
1,169
Carrying amount
At 31 March 2019
153
1,016
1,169
At 31 March 2018
153
1,016
1,169
H C C TINSLEY & SON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 8 -
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
676,596
750,242
Amounts owed by group undertakings
3,158
3,158
Other debtors
8,964
10,864
Prepayments and accrued income
7,454
6,090
696,172
770,354
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
346,640
150,734
Trade creditors
514,920
359,383
Corporation tax
41,322
40,985
Accruals and deferred income
10,332
10,022
913,214
561,124
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
40,039 Ordinary shares of £1 each
40,039
40,039
40,039
40,039
8
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:
2019
2018
£
£
-
4,750
H C C TINSLEY & SON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 9 -
9
Related party transactions
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
3,158
3,158
10
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.