TOMKINSON FARMS LIMITED
Company Registration No. 05737815 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
TOMKINSON FARMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
TOMKINSON FARMS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,883,249
2,931,127
Biological assets
4
764,501
703,168
3,647,750
3,634,295
Current assets
Stocks
124,379
138,073
Debtors
5
189,920
193,366
Cash at bank and in hand
10,743
-
325,042
331,439
Creditors: amounts falling due within one year
6
(1,106,097)
(1,165,761)
Net current liabilities
(781,055)
(834,322)
Total assets less current liabilities
2,866,695
2,799,973
Creditors: amounts falling due after more than one year
7
(1,057,867)
(1,287,956)
Provisions for liabilities
(109,335)
(103,060)
Net assets
1,699,493
1,408,957
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
1,698,493
1,407,957
Total equity
1,699,493
1,408,957
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 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.
TOMKINSON FARMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 December 2018 and are signed on its behalf by:
Mr F Tomkinson
Director
Company Registration No. 05737815
TOMKINSON FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
Tomkinson Farms Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Coton End Farm, Gnosall, Stafford, Staffordshire, ST20 0EA.
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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
10% straight line basis on improvements
Plant and machinery
15 - 25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Biological assets
Biological
assets
are recognised
only when three recognition criteria have been fulfilled:
-
the entity has control over the asset as a result of past events;
-
it is probable that future economic benefits associated with the asset will flow to the entity; and
-
the fair value or cost of the asset can be measured reliably.
The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses.
In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at either;
-
lower of cost and estimated selling price less costs to complete and sell; or
-
fair value less costs to sell with any gain or loss arising on initial recognition of agricultural produce at fair value less costs to sell being included in profit or loss.
TOMKINSON FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Dairy herd
Not depreciated
Cattle
Not depreciated
Poultry
Not depreciated
Crops
Not depreciated
The directors consider that the cost value of livestock and growing crops are not materially different to its residual value and therefore is not depreciated.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 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 comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
TOMKINSON FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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 the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 15 (2017 - 20).
TOMKINSON FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2017
1,928,201
2,673,730
4,601,931
Additions
1,683
216,138
217,821
Disposals
-
(48,255)
(48,255)
At 31 March 2018
1,929,884
2,841,613
4,771,497
Depreciation and impairment
At 1 April 2017
24,492
1,646,312
1,670,804
Depreciation charged in the year
4,081
266,261
270,342
Eliminated in respect of disposals
-
(33,142)
(33,142)
At 31 March 2018
28,573
1,879,431
1,908,004
Carrying amount
At 31 March 2018
1,901,311
962,182
2,883,249
At 31 March 2017
1,903,709
1,027,418
3,634,295
4
Biological assets
Dairy herd
Cattle
Poultry
Crops
Total
£
£
£
£
£
Cost
At 1 April 2017
325,318
295,690
9,920
72,240
703,168
Additions - procreation or planting
128,040
45,300
64,960
67,790
306,090
Additions - purchases
3,445
-
-
-
3,445
Disposals
(98,136)
(67,906)
(9,920)
-
(175,962)
Revaluation
-
48,716
(28,960)
-
19,756
Harvest
-
-
-
(72,240)
(72,240)
At 31 March 2018
358,667
321,800
36,000
67,790
784,257
Depreciation and impairment
At 1 April 2017 and 31 March 2018
-
-
-
-
-
Carrying amount
At 31 March 2018
358,667
321,800
36,000
67,790
784,257
At 31 March 2017
325,318
295,690
9,920
72,240
703,168
TOMKINSON FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
149,341
171,810
Other debtors
40,579
21,556
189,920
193,366
6
Creditors: amounts falling due within one year
2018
2017
Notes
£
£
Bank loans and overdrafts
286,364
466,657
Obligations under finance leases
74,179
47,541
Trade creditors
156,224
84,873
Corporation tax
83,886
38,103
Other creditors
501,349
497,780
Accruals and deferred income
4,095
30,807
1,106,097
1,165,761
Bank borrowings are secured by a charge over the land at Cash Lane.
Finance lease contracts are secured on the assets concerned.
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
942,352
1,226,336
Other creditors
115,515
61,620
1,057,867
1,287,956
Creditors which fall due after five years are as follows:
2018
2017
£
£
Payable by instalments
(260,886)
(291,398)
TOMKINSON FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 8 -
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
250 A ordinary shares of £1 each
250
250
250 B ordinary shares of £1 each
250
250
250 C ordinary shares of £1 each
250
250
250 D ordinary share of £1 each
250
250
1,000
1,000