Company Registration No. 04968580 (England and Wales)
WHITE POST FARM CENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
WHITE POST FARM CENTRE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
WHITE POST FARM CENTRE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,032,635
1,021,608
Investments
5
20,000
-
1,052,635
1,021,608
Current assets
Stocks
126,074
115,310
Debtors
6
23,186
17,422
Cash at bank and in hand
116,546
204,192
265,806
336,924
Creditors: amounts falling due within one year
7
(186,019)
(205,268)
Net current assets
79,787
131,656
Total assets less current liabilities
1,132,422
1,153,264
Creditors: amounts falling due after more than one year
8
(261,869)
(290,779)
Provisions for liabilities
(42,792)
(42,068)
Net assets
827,761
820,417
Capital and reserves
Called up share capital
9
400
400
Profit and loss reserves
827,361
820,017
Total equity
827,761
820,417
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 December 2018 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WHITE POST FARM CENTRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2018
31 December 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 September 2019 and are signed on its behalf by:
Mr S D Rouse
Director
Company Registration No. 04968580
WHITE POST FARM CENTRE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2017
40,000
690,877
730,877
Year ended 31 December 2017:
Profit and total comprehensive income for the year
-
203,890
203,890
Dividends
-
(74,750)
(74,750)
Redemption of shares
9
(39,600)
-
(39,600)
Balance at 31 December 2017
400
820,017
820,417
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
131,344
131,344
Dividends
-
(124,000)
(124,000)
Balance at 31 December 2018
400
827,361
827,761
WHITE POST FARM CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
1
Accounting policies
Company information
White Post Farm Centre Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
White Post Farm, Mansfield Road, Farnsfield, Newark, Notts, NG22 8HL.
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.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably
,
i
t is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
2%/5%/15% straight line
Plant and machinery
15% straight line
Motor vehicles
25% straight line
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
.
WHITE POST FARM CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
1.7
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
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 in the profit and loss account in other administrative expenses.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
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 is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
WHITE POST FARM CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 63 (2017 - 57).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2018 and 31 December 2018
340,034
Amortisation and impairment
At 1 January 2018 and 31 December 2018
340,034
Carrying amount
At 31 December 2018
-
At 31 December 2017
-
WHITE POST FARM CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2018
1,118,836
610,975
1,729,811
Additions
52,490
49,657
102,147
Disposals
-
(5,995)
(5,995)
At 31 December 2018
1,171,326
654,637
1,825,963
Depreciation and impairment
At 1 January 2018
325,467
382,736
708,203
Depreciation charged in the year
27,983
61,165
89,148
Eliminated in respect of disposals
-
(4,023)
(4,023)
At 31 December 2018
353,450
439,878
793,328
Carrying amount
At 31 December 2018
817,876
214,759
1,032,635
At 31 December 2017
793,369
228,239
1,021,608
5
Fixed asset investments
2018
2017
£
£
Investments
20,000
-
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2018
-
Additions
20,000
At 31 December 2018
20,000
Carrying amount
At 31 December 2018
20,000
At 31 December 2017
-
WHITE POST FARM CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 8 -
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
6,791
-
Other debtors
20
1,311
Prepayments and accrued income
16,375
16,111
23,186
17,422
7
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
24,824
50,109
Obligations under finance leases
4,632
4,683
Trade creditors
54,242
35,196
Corporation tax
35,479
53,715
Other taxation and social security
41,048
43,595
Other creditors
8,888
7,956
Accruals and deferred income
16,906
10,014
186,019
205,268
8
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
261,869
286,195
Obligations under finance leases
-
4,584
261,869
290,779
The bank loans are secured by a fixed charge over the company's property and a debenture over the company's other assets.
The finance lease obligations are secured by fixed charges over the assets concerned.
Amounts included above which fall due after five years are as follows:
Payable by instalments
135,008
179,124
WHITE POST FARM CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 9 -
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
400 Ordinary of £1 each
400
400
2018-12-31
2018-01-01
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CCH Software
CCH Accounts Production 2019.200
No description of principal activity
24 September 2019
Mrs C A Mathoon
Mrs R L Allott
Mr S D Rouse
Mrs C A Mathoon
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