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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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N AND N MATTHEWS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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N AND N MATTHEWS LIMITED |
N AND N MATTHEWS LIMITED (REGISTERED NUMBER: 06433859) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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N AND N MATTHEWS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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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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N AND N MATTHEWS LIMITED (REGISTERED NUMBER: 06433859) |
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BALANCE SHEET |
31 DECEMBER 2017 |
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31/12/17 | 31/12/16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 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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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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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 |
(b) |
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. |
N AND N MATTHEWS LIMITED (REGISTERED NUMBER: 06433859) |
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BALANCE SHEET - continued |
31 DECEMBER 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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N AND N MATTHEWS LIMITED (REGISTERED NUMBER: 06433859) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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N and N Matthews Limited is a
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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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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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Milk quota |
Milk quota purchased has been fully amortised. |
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Tangible fixed assets |
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Plant and machinery | - |
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Farm improvements | - |
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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. |
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The class of biological assets within these financial statements are that of a herd of cattle and are |
valued using the cost model in accordance with FRS 102. |
N AND N MATTHEWS LIMITED (REGISTERED NUMBER: 06433859) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
FINANCIAL ASSETS |
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Trade, group and other debtors |
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Trade, group and other debtors (including accrued income) which are receivable within one year and |
which do not constitute a financing transaction are initially measured at the transaction price and |
subsequently measured at amortised cost, being the transaction price less any amounts settled and |
any impairment losses. |
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A provision for impairment of trade debtors is established where there is objective evidence that the |
amounts due will not be collected according to the original terms of the contract. Impairment losses |
are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present |
value of the future cash flows discounted using the original effective interest rate. Subsequent |
reversals of an impairment loss that objectively relate to an event occurring after the impairment loss |
was recognised, are recognised immediately in profit or loss. |
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FINANCIAL LIABILITIES |
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Trade, group and other creditors |
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Trade, group and other creditors (including accruals) payable within one year that do not constitute a |
financing transaction are initially measured at the transaction price and subsequently measured at |
amortised cost, being transaction price less any amounts settled. |
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Derecognition of financial assets and liabilities |
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A financial asset is only derecognised when the contractual rights to cash flows expire or are settled, or |
substantially all the risks and rewards of ownership are transferred to another party, or if some |
significant risks and rewards of ownership are retained but control of the asset has transferred to |
another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability |
(or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled |
or expires. |
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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. |
N AND N MATTHEWS LIMITED (REGISTERED NUMBER: 06433859) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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 profit or loss 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 profit or loss on a straight line basis over the |
period of the lease. |
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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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4. | INTANGIBLE FIXED ASSETS |
Milk |
quota |
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COST |
At 1 January 2017 |
and 31 December 2017 |
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AMORTISATION |
At 1 January 2017 |
and 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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N AND N MATTHEWS LIMITED (REGISTERED NUMBER: 06433859) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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5. | TANGIBLE FIXED ASSETS |
Plant and | Farm |
machinery | improvements | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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Disposals | ( |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
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COST |
At 1 January 2017 |
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Additions |
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Transfer to ownership | (47,800 | ) |
At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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Transfer to ownership | (13,265 | ) |
At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/17 | 31/12/16 |
£ | £ |
Trade debtors |
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VAT |
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N AND N MATTHEWS LIMITED (REGISTERED NUMBER: 06433859) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/17 | 31/12/16 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation |
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Social security and other taxes |
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Directors' current accounts | 32,044 | 36,455 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/12/17 | 31/12/16 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | - | 43,582 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/12/17 | 31/12/16 |
£ | £ |
Bank overdraft |
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Bank loans |
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Hire purchase contracts | 13,349 | 13,038 |
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The bank debts are secured against the livestock and property at Poplar Hall Farm. The hire purchase |
liability is secured on the assets held on hire purchase. |
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10. | ULTIMATE CONTROLLING PARTY |
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The company is under the ultimate control of the directors by virtue of their ability to act in concert in |
the respect of operating and financial policies of the company. |