REGISTERED NUMBER:
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Boston Crop Sprayers Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 December 2019 |
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REGISTERED NUMBER:
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Boston Crop Sprayers Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 December 2019 |
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Boston Crop Sprayers Limited (Registered number: 03187863) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Company information | 1 |
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Chartered accountants' report | 2 |
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Balance sheet | 3 |
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Notes to the financial statements | 5 |
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Boston Crop Sprayers Limited |
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Company Information |
for the Year Ended 31 December 2019 |
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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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Accountants: |
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Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Boston Crop Sprayers Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's |
annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Balance sheet. Readers are cautioned that the Income statement and certain |
other primary statements and the Report of the directors are not required to be filed with the |
Registrar of Companies. |
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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 Boston Crop Sprayers Limited for the year ended 31 December 2019 which |
comprise the Statement of income and retained earnings, 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 Board of Directors of Boston Crop Sprayers Limited, as a body, in accordance with the terms of our engagement letter dated 16 April 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Boston Crop Sprayers Limited and state those matters that we have agreed to state to the Board of Directors of Boston Crop Sprayers Limited, as a body, 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 Boston Crop Sprayers Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Boston Crop Sprayers 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 profit of Boston Crop Sprayers Limited. You consider that Boston Crop Sprayers 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 Boston Crop Sprayers 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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Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
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Boston Crop Sprayers Limited (Registered number: 03187863) |
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Balance Sheet |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Investments | 5 |
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Current assets |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 7 |
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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 |
8 |
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Provisions for liabilities | ( |
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Net assets |
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Capital and reserves |
Called up share capital | 9 |
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Retained earnings |
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Shareholders' funds |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
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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. |
Boston Crop Sprayers Limited (Registered number: 03187863) |
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Balance Sheet - continued |
31 December 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
and were signed on its behalf by: |
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Boston Crop Sprayers Limited (Registered number: 03187863) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | Statutory information |
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Boston Crop Sprayers Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Boston Crop Sprayers Limited as an individual |
company and do not contain consolidated financial information as the parent of a group. The company |
is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare |
consolidated financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any |
accumulated depreciation and impairment losses. |
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Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, |
over the useful economic life of that asset as follows: |
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Freehold property - 0%, portacabins over 15 years |
Plant and machinery - 20% per annum on cost |
Motor vehicles - 20% per annum on cost |
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Investments in subsidiaries |
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any |
accumulated impairment losses. |
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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. |
Boston Crop Sprayers Limited (Registered number: 03187863) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | Accounting policies - continued |
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Financial instruments |
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 entity after deducting all of it financial liabilities. |
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Where the contractual obligations of financial instruments (including share capital) are equivalent to a |
similar debt instrument, those financial instruments are classed as financial liabilities. Financial |
liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to |
financial liabilities are included in the profit and loss account. Finance costs are calculated so as to |
produce a constant rate of return on the outstanding liability. |
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Where the contractual terms of share capital do not have any terms meeting the definition of a |
financial liability then this is classed as an equity instrument. Dividends and distributions relating to |
equity instruments are debited directly to equity. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
Income and Retained Earnings, 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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Hire purchase and leasing commitments |
Assets held under finance leases and hire purchase contracts are recognised in the statement of |
financial position as assets and liabilities at the lower of the fair value of the assets and the present |
value of the minimum lease payments, which is determined at the inception of the lease term. Any |
initial direct costs of the lease are added to the amount recognised as an asset. |
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Lease payments are apportioned between the finance charges and reduction of the outstanding lease |
liability using the effective interest method. Finance charges are allocated to each period so as to |
produce a constant rate of interest on the remaining balance of the liability. |
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Pension costs and other post-retirement benefits |
Contributions to defined contribution pension schemes are recognised as an expense in the period in |
which the related service is provided. |
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3. | Employees and directors |
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The average number of employees during the year was
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Boston Crop Sprayers Limited (Registered number: 03187863) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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4. | Tangible fixed assets |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
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Cost |
At 1 January 2019 |
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Additions |
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Disposals |
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At 31 December 2019 |
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Depreciation |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2019 |
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Net book value |
At 31 December 2019 |
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At 31 December 2018 |
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Included within freehold property is £302,226 cost in respect of assets which are not depreciated. In |
the opinion of the directors this cost reflects fair value. |
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5. | Fixed asset investments |
Shares in |
group |
undertakings |
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Cost |
At 1 January 2019 |
and 31 December 2019 |
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Net book value |
At 31 December 2019 |
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At 31 December 2018 |
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The cost of investments in Richard Austin Agriculture Limited and Equine Sense Limited, each of |
which is incorporated in England and Wales, represents 100% of the issued share capital of each |
company. |
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6. | Debtors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Prepayments |
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Boston Crop Sprayers Limited (Registered number: 03187863) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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7. | Creditors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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VAT |
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Amounts owed to group |
undertakings |
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Other creditors |
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Obligations under finance |
leases and hire purchase |
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Accruals and deferred income |
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In regards to the company's bank loans and overdrafts, the company's bankers hold a first legal |
charge over the freehold property of the company known as Fen Road, Frampton Fen, Boston, |
Lincolnshire and its associated assets. |
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The company's bank borrowings are also supported by a debenture comprising fixed and floating |
charges over all assets and undertakings of the company including all present and future leasehold |
property, book and other debts, chattels, goodwill and uncalled capital, both present and future. In |
addition, the company's bankers hold an unlimited guarantee supported by a debenture over the |
assets of the company's subsidiary Richard Austin Agriculture Limited. |
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Included within creditors due within one year is £141,329 (2018 - £156,329) owed to H L Hutchinson |
Limited which is secured by a second legal mortgage and a second fixed and floating charge over the |
company's assets. |
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Obligations under finance leases and hire purchase contracts are secured against the relevant asset. |
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8. | Creditors: amounts falling due after more than one year |
2019 | 2018 |
£ | £ |
Obligations under finance |
lease and hire purchase |
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Amounts owed to group |
undertakings |
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Included within creditors due after more than one year is £110,000 (2018 - £125,000) owed to H L |
Hutchinson Limited which is secured by a second legal mortgage and a second fixed and floating |
charge over the company's assets. |
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Obligations under finance leases and hire purchase contracts are secured against the relevant asset. |
Boston Crop Sprayers Limited (Registered number: 03187863) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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9. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 |
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1,200 |