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O.A. TAYLOR & SONS BULBS LIMITED |
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STRATEGIC REPORT, |
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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REGISTERED NUMBER:
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O.A. TAYLOR & SONS BULBS LIMITED |
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STRATEGIC REPORT, |
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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O.A. TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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Company Information | 1 |
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Strategic Report | 2 | to | 3 |
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Report of the Directors | 4 | to | 5 |
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Report of the Independent Auditors | 6 | to | 7 |
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Income Statement | 8 |
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Other Comprehensive Income | 9 |
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Balance Sheet | 10 |
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Statement of Changes in Equity | 11 |
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Notes to the Financial Statements | 12 | to | 20 |
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O.A. TAYLOR & SONS BULBS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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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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AUDITORS: |
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Enterprise Way |
Pinchbeck |
Spalding |
Lincolnshire |
PE11 3YR |
O.A. TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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The directors present their strategic report for the year ended 30 November 2018. |
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REVIEW OF BUSINESS |
O A Taylor & Sons Bulbs Limited maintains their position as the preferred supplier of all types of flowering bulbs to UK and Irish |
garden centres. |
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The results of the company are in line with the targets set, changes in the market and climatic conditions experienced during the |
growing and retail seasons. |
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The company continues to see further success in bespoke products to customers outside the core market of garden centres and |
continues to innovate and introduce new products, packaging and varieties throughout the range. |
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KEY PERFORMANCE INDICATORS |
Given the straightforward commercial nature of the business, the directors' opinion is that supplementary KPI analysis over and |
above that in the financial statements is not necessary to an understanding of the development, performance and financial strength |
of the company. |
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O.A. TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and the execution of the company's strategy are subject to a number of risks. Risks are formally |
reviewed by the board and appropriate processes put in place to monitor and mitigate them. |
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The key risks affecting the company are set out below: |
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Customers |
In order to reduce the potential loss of custom the company values integrity and seeks to conduct its business with professionalism |
and aspires to provide excellent service in the eyes of our customers. |
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Employees |
The company continues to use the principle of staff training in return for loyalty, openness, commitment and performance, |
respecting and caring for staff and investing in their employment potential. The company operates a variety of progression based |
structures, invests in personal and professional development and remains committed to involving all staff in the operation of the |
business. The company believes in remunerating its staff fairly for doing a good job which includes taking on responsibility, working |
as a team and supporting the company's continuous improvement. |
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Commodity risk |
As a bulb supplier, the company is also exposed to the vagaries of the climate and consequent impacts upon the price and |
availability of product. Consequently the company operates a variety of key mitigating tools to reduce exposure to commodity risk, |
these summarise in contracting supply price and quantity with growers, growing own crops and having a wide customer spectrum |
to ensure optimum crop utilisation. |
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Foreign exchange risk |
The company imports a wide range of products from Europe, and consequently is at risk from unfavourable exchange rate changes. |
The company mitigates this risk by working closely with the company's bankers to forward buy currency at appropriate rates for the |
business. |
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Natural resources |
A further key risk is the environment and the consumption of natural resources. The company respects the environment in which it |
operates and works to conserve natural resources and enhance the natural environment. The company is working on a range of |
initiatives to reduce the carbon footprint associated with its supply chains in active participation with customers and suppliers. |
Various alternative materials that are compostable or recyclable through kerbside recycling are being assessed for use in the |
packing of bulbs. |
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The potential withdrawal of the United Kingdom from the European Union |
There is risk associated with the potential change in regulations and direct or indirect costs associated with the importing and |
exporting of bulbs and flowers to and from the EU in the case of the withdrawal of the UK from the EU. The company has increased |
resource and spent considerable time on plans to adjust to the predicted outcomes. |
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ON BEHALF OF THE BOARD: |
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O.A. TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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The directors present their report with the financial statements of the company for the year ended 30 November 2018. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of bulb wholesalers. |
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The Company also trades as a partner in O A Taylor & Sons, farmers and bulb growers. |
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DIVIDENDS |
An interim dividend was paid during the year in respect of the 30 November 2018 year end, being at £56 per share. |
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The total distribution of dividends for the year ended 30 November 2018 was £559,944. |
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FUTURE DEVELOPMENTS |
The company will continue to invest strongly in new machinery and packing equipment. There is an ongoing programme of |
warehouse renovation using materials with improved insulation to decrease fuel usage. The group is expecting another profitable |
year in 2019. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 December 2017 to the date of this report. |
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FINANCIAL INSTRUMENTS |
The company imports a wide range of products from Europe, and consequently is at risk from unfavourable exchange rate changes. |
The company mitigates this risk by working closely with the company's bankers to forward buy currency at appropriate rates for the |
business. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in |
accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have |
elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United |
Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements |
unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the |
company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue
in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's |
transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure |
that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the |
company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
O.A. TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of |
which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in |
order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that |
information. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
O.A. TAYLOR & SONS BULBS LIMITED |
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Opinion |
We have audited the financial statements of O.A. Taylor & Sons Bulbs Limited (the 'company') for the year ended |
30 November 2018 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in |
Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting |
framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including |
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom |
Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 November 2018 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our |
responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements |
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our |
audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical |
responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and |
appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt
about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report |
and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated |
in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, |
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the |
audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material |
misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material |
misstatement of the other information. If, based on the work we have performed, we conclude that there is a material |
misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial
statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have |
not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our |
opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not
visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
O.A. TAYLOR & SONS BULBS LIMITED |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the |
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as |
the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, |
whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going |
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the |
directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material |
misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable |
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always |
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, |
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis |
of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's |
website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act |
2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to |
state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or |
assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, |
or for the opinions we have formed. |
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for and on behalf of
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Enterprise Way |
Pinchbeck |
Spalding |
Lincolnshire |
PE11 3YR |
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O.A. TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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1,770,815 | 1,551,743 |
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Other operating income |
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OPERATING PROFIT | 6 |
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Income from fixed asset investments |
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Interest receivable and similar income | 7 |
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23,504 | 109,327 |
1,858,831 | 1,745,019 |
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Interest payable and similar expenses | 8 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 9 |
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PROFIT FOR THE FINANCIAL YEAR |
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O.A. TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
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O.A. TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446) |
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BALANCE SHEET |
30 NOVEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
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Tangible assets | 12 |
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Investments | 13 |
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CURRENT ASSETS |
Stocks | 14 |
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Debtors | 15 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 16 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | 18 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 19 |
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Retained earnings | 20 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
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O.A. TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 December 2016 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 30 November 2017 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 30 November 2018 |
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O.A. TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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1. | STATUTORY INFORMATION |
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O.A. Taylor & Sons Bulbs Limited is a
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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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The financial statements are presented in sterling which is the functional currency of the company and rounded to the |
nearest £. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. These policies |
have been consistently applied to all years presented unless otherwise stated. |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as |
permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of Section 33 Related Party Disclosures paragraph 33.7. |
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Turnover |
Turnover represents the total value, excluding value added tax, of sales made during the year. Revenue from the sale of |
goods and services is recognised when significant risks and benefits of ownership of the product have transferred to the |
buyer at either despatch or acceptance by the customer of the delivery. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any |
accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell, after |
making due allowance for obsolete and slowing moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing |
stocks to their present location and condition. |
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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction |
price. Any losses arising from impairment are recognised within the profit and loss account in other administrative |
expenses. |
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O.A. TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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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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. |
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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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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme in respect of the directors. The scheme and its assets are |
held by independent managers. The company also makes a contribution towards selected employee's personal pension |
policies. |
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The pension costs charged in the financial statements represent the contributions payable by the company during the year. |
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Investments |
The company trades as a partner in O A Taylor & Sons. This investment is stated at the balance on the partner's capital |
account in the partnership accounts. None of the assets or liabilities, except for taxation liabilities, of the partnership are |
included in these financial statements. |
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Other fixed asset investments are stated at cost less provision for permanent diminution in value. |
O.A. TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has adopted Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction |
price, 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. |
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At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of |
impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present |
value of the estimated cashflows discounted at the asset's original effective interest rate. The impairment loss is |
recognised in profit or loss. |
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Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference |
shares that are classified as debt, 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 receipts discounted at a market rate |
of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from |
suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are |
measured at amortised cost using the effective interest method. |
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3. | TURNOVER |
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The turnover and profit before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by geographical market is given below: |
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2018 | 2017 |
£ | £ |
United Kingdom |
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Europe |
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4. | EMPLOYEES AND DIRECTORS |
2018 | 2017 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2018 | 2017 |
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Management | 3 | 3 |
Administration | 37 | 36 |
Warehouse & Drivers | 64 | 66 |
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O.A. TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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5. | DIRECTORS' EMOLUMENTS |
2018 | 2017 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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Information regarding the highest paid director is as follows: |
2018 | 2017 |
£ | £ |
Emoluments etc |
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Pension contributions to money purchase schemes |
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6. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2018 | 2017 |
£ | £ |
Hire of plant and machinery |
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Depreciation - owned assets |
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Loss on disposal of fixed assets |
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Auditors' remuneration |
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Auditors' remuneration for non audit work |
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Foreign exchange differences |
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7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2018 | 2017 |
£ | £ |
Deposit account interest |
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Other interest |
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8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2018 | 2017 |
£ | £ |
Bank interest |
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Bank loan interest |
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O.A. TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
|
9. | TAXATION |
|
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2018 | 2017 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
Prior year tax adjustment | - | (14,847 | ) |
Total current tax |
|
|
|
Deferred tax | ( |
) | ( |
) |
Tax on profit |
|
|
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained |
below: |
|
2018 | 2017 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
|
|
|
|
Effects of: |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances |
|
- |
Adjustments to tax charge in respect of previous periods |
|
( |
) |
Change in tax rate | - | (6,785 | ) |
Partnership taxable profits in excess of accounting profits | 7,065 | 30,360 |
this year |
Total tax charge | 367,527 | 292,337 |
|
10. | DIVIDENDS |
2018 | 2017 |
£ | £ |
Ordinary Shares shares of 1 each |
Final |
|
|
|
11. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 December 2017 |
and 30 November 2018 |
|
AMORTISATION |
At 1 December 2017 |
and 30 November 2018 |
|
NET BOOK VALUE |
At 30 November 2018 |
|
At 30 November 2017 |
|
O.A. TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
|
12. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 December 2017 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) | ( |
) |
|
At 30 November 2018 |
|
|
|
DEPRECIATION |
At 1 December 2017 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) |
|
At 30 November 2018 |
|
|
|
NET BOOK VALUE |
At 30 November 2018 |
|
|
|
At 30 November 2017 |
|
|
|
|
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 December 2017 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) |
|
( |
) |
At 30 November 2018 |
|
|
|
DEPRECIATION |
At 1 December 2017 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) |
|
( |
) |
At 30 November 2018 |
|
|
|
NET BOOK VALUE |
At 30 November 2018 |
|
|
|
At 30 November 2017 |
|
|
|
|
Included in cost of land and buildings is freehold land of £ 5,858,058 (2017 - £ 5,858,058 ) which is not depreciated. |
O.A. TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
|
13. | FIXED ASSET INVESTMENTS |
O A |
Taylor & | Unlisted |
Sons | investments | Totals |
£ | £ | £ |
COST |
At 1 December 2017 |
|
|
5,670,492 |
Share of profits |
|
|
21,193 |
Withdrawals |
|
|
237,399 |
At 30 November 2018 |
|
|
5,929,084 |
NET BOOK VALUE |
At 30 November 2018 |
|
|
5,929,084 |
At 30 November 2017 |
|
|
5,670,492 |
|
O A Taylor & Sons is a partnership in which the company has a 75% interest. The investment is equal to its capital invested |
in the partnership. |
|
14. | STOCKS |
2018 | 2017 |
£ | £ |
Raw materials |
|
|
Work-in-progress |
|
|
Finished goods |
|
|
|
|
|
There is no material difference between the carrying cost of stocks and its replacement value. |
|
Impairments totalling £81,059 (2017 £76,534) were made against stock in the period. |
|
Stocks recognised as an expense in the period were £6,268,866 (2017 £6,209,144). |
|
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
|
|
Corporation Tax |
|
|
Social security and other taxes |
|
|
VAT | 582,519 | 589,875 |
Accruals and deferred income |
|
|
|
|
O.A. TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
|
17. | FINANCIAL INSTRUMENTS |
|
The company has the following financial instruments: |
2018 | 2017 |
£ | £ |
Financial assets that are debt instruments measured at amortised cost |
Trade debtors | 3,075,380 | 2,934,927 |
Amounts owed by group undertakings | 6,089,482 | 5,968,662 |
Other debtors | 93,000 | 93,000 |
Financial liabilities measured at amortised cost |
Trade creditors | 1,345,145 | 1,522,916 |
|
There is no interest income or expense for financial assets and liabilities that are not measured at fair value through profit |
and loss. |
|
18. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax | 165,264 | 169,572 |
|
Deferred |
tax |
£ |
Balance at 1 December 2017 |
|
Credit to Income Statement during year | ( |
) |
Balance at 30 November 2018 |
|
|
The amount provided includes £68,578 in relation to the assets of O A Taylor & Sons. |
|
19. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
|
Ordinary Shares | 1 | 9,999 | 9,999 |
|
Shareholders' Rights |
|
The ordinary shares confer the right to receive notice of and attend general meetings as well as the right to vote. The |
shares have full rights, with respect to dividends and capital, to participate in a distribution. The shares are not to be |
redeemed. |
|
20. | RESERVES |
Retained |
earnings |
£ |
|
At 1 December 2017 |
|
Profit for the year |
|
Dividends | ( |
) |
At 30 November 2018 |
|
O.A. TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
|
21. | PENSION COMMITMENTS |
|
The company operates a defined contribution pension scheme in respect of the directors. The scheme and its assets are |
held by independent managers. During the year the company made contributions on behalf of 2 directors totalling £20,000 |
(2017 £20,000). The company also makes contributions towards selected employees' personal pension policies. The |
pension charge represents contributions due from the company and amounted to £73,168 (2017 £71,815). |
|
22. | ULTIMATE PARENT COMPANY |
|
OAT 2012 Limited is regarded by the directors as being the company's ultimate parent company. |
|
23. | OTHER FINANCIAL COMMITMENTS |
|
At the balance sheet date, the company had outstanding currency forward contract deals of a sterling equivalent of |
£1,038,119. This is in respect of forward contracts in Euros purchased as a hedge against fluctuations in the currency. |
|
24. | RELATED PARTY DISCLOSURES |
|
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial |
Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly |
owned subsidiaries within the group. |
|
|
2018 | 2017 |
£ | £ |
Sales |
|
|
Purchases |
|
|
Amount due from related party |
|
|
|
|
2018 | 2017 |
£ | £ |
Purchases |
|
|
Amount due from related party |
|
|
|
25. | ULTIMATE CONTROLLING PARTY |
|
There is no ultimate controlling party. |