Registration number:
for the Year Ended
John Liddiard Farms Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
John Liddiard Farms Limited
(Registration number: 01385090)
Balance Sheet as at 30 September 2018
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2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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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 |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 1 |
John Liddiard Farms Limited
(Registration number: 01385090)
Balance Sheet as at 30 September 2018
Approved and authorised by the
.........................................
Director
Page 2 |
John Liddiard Farms Limited
Notes to the Financial Statements for the Year Ended 30 September 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current tax payable.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 3 |
John Liddiard Farms Limited
Notes to the Financial Statements for the Year Ended 30 September 2018
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles, tractors and combines |
25% on reducing balance |
Plant and machinery |
20% on reducing balance |
Computer equipment |
20% on reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 4 |
John Liddiard Farms Limited
Notes to the Financial Statements for the Year Ended 30 September 2018
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Land and buildings |
Implements |
Tractors and Combines |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 October 2017 |
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Disposals |
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( |
- |
( |
At 30 September 2018 |
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Depreciation |
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At 1 October 2017 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
- |
( |
- |
( |
At 30 September 2018 |
- |
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Carrying amount |
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At 30 September 2018 |
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At 30 September 2017 |
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Included within the net book value of land and buildings above is £1,964,322 (2017 - £1,964,322) in respect of freehold land and buildings.
Stocks |
2018 |
2017 |
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Other inventories |
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Page 5 |
John Liddiard Farms Limited
Notes to the Financial Statements for the Year Ended 30 September 2018
Debtors |
2018 |
2017 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Page 6 |
John Liddiard Farms Limited
Notes to the Financial Statements for the Year Ended 30 September 2018
Creditors |
Creditors: amounts falling due within one year
2018 |
2017 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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2018 |
2017 |
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Current loans and borrowings |
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Finance lease liabilities |
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Related party transactions |
Other transactions with directors |
The director had a loan with the company. At the balance sheet date the amount due to the director was £34,235 (2017: £31)
Page 7 |
John Liddiard Farms Limited
Detailed Profit and Loss Account for the Year Ended 30 September 2018
2018 |
2017 |
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Turnover (analysed below) |
434,619 |
348,893 |
Cost of sales (analysed below) |
(126,742) |
(151,189) |
Gross profit |
307,877 |
197,704 |
Gross profit (%) |
70.84% |
56.67% |
Administrative expenses |
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Employment costs (analysed below) |
(14,338) |
(14,337) |
Establishment costs (analysed below) |
(72,436) |
(62,483) |
General administrative expenses (analysed below) |
(56,449) |
(42,082) |
Finance charges (analysed below) |
(343) |
(362) |
Depreciation costs (analysed below) |
(93,049) |
(104,689) |
Other expenses (analysed below) |
3,233 |
12,232 |
(233,382) |
(211,721) |
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Other operating income (analysed below) |
927 |
- |
Operating profit/(loss) |
75,422 |
(14,017) |
Interest payable and similar charges (analysed below) |
(555) |
(725) |
Profit/(loss) before tax |
74,867 |
(14,742) |
Page 8 |
John Liddiard Farms Limited
Detailed Profit and Loss Account for the Year Ended 30 September 2018
2018 |
2017 |
Turnover |
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Wheat |
228,783 |
141,533 |
Hay and straw |
29,648 |
17,789 |
Cereal and oilseed rape |
59,646 |
56,168 |
Contract work |
15,221 |
14,936 |
Beans |
15,723 |
36,653 |
Sheep and wool |
- |
62 |
Grants and subsidies |
76,493 |
66,483 |
Rent receivable |
9,105 |
15,269 |
434,619 |
348,893 |
Cost of sales |
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Opening Valuation |
266,822 |
202,248 |
Seed |
13,203 |
29,373 |
Sprays |
60,286 |
58,121 |
Fertiliser |
41,675 |
40,801 |
Closing valuation |
(344,454) |
(266,822) |
Wages and salaries |
80,926 |
76,077 |
Staff pensions |
1,320 |
449 |
Vet and medical supplies |
806 |
668 |
Crop marketing charges |
2,843 |
2,326 |
Contract work |
3,315 |
7,948 |
126,742 |
151,189 |
Employment costs |
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Directors remuneration |
14,338 |
14,337 |
Establishment costs |
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Rates |
4,614 |
4,760 |
Light, heat and power |
3,675 |
2,447 |
Insurance |
31,808 |
33,216 |
Implement repairs |
30,373 |
17,070 |
Repairs to property |
1,966 |
4,990 |
72,436 |
62,483 |
Page 9 |
John Liddiard Farms Limited
Detailed Profit and Loss Account for the Year Ended 30 September 2018
2018 |
2017 |
General administrative expenses |
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Telephone and fax |
2,108 |
1,695 |
Printing, postage and stationery |
456 |
530 |
Sundry expenses |
9,905 |
3,844 |
Car and tractor expenses |
36,711 |
30,045 |
Accountancy and bookkeeping |
7,269 |
5,968 |
56,449 |
42,082 |
Finance charges |
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Bank charges |
343 |
362 |
Depreciation costs |
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Depreciation of tractors and combines |
88,396 |
12,624 |
Depreciation of motor vehicles (owned) |
4,547 |
92,065 |
Depreciation of office equipment (owned) |
106 |
- |
93,049 |
104,689 |
Other expenses |
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(Profit)/loss on disposal of tangible fixed assets |
(3,233) |
(12,232) |
Other operating income |
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Other income |
927 |
- |
Interest payable and similar expenses |
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Hire purchase interest |
555 |
725 |
Page 10 |