Company Registration No. SC364214 (Scotland)
ANGUS HORTICULTURE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
PAGES FOR FILING WITH REGISTRAR
ANGUS HORTICULTURE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ANGUS HORTICULTURE LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2017
31 August 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
30,880
29,527
Investments
4
1,250
1,250
32,130
30,777
Current assets
Stocks
323,132
451,122
Debtors
6
416,080
328,528
Cash at bank and in hand
92,690
2,015
831,902
781,665
Creditors: amounts falling due within one year
7
(288,401)
(501,511)
Net current assets
543,501
280,154
Total assets less current liabilities
575,631
310,931
Creditors: amounts falling due after more than one year
8
-
(12,200)
Provisions for liabilities
(3,145)
(1,158)
Net assets
572,486
297,573
Capital and reserves
Called up share capital
9
66,666
66,666
Profit and loss reserves
505,820
230,907
Total equity
572,486
297,573
ANGUS HORTICULTURE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2017
31 August 2017
- 2 -
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 August 2017 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.
The financial statements were approved by the board of directors and authorised for issue on 22 May 2018 and are signed on its behalf by:
R B Cessford
Director
Company Registration No. SC364214
ANGUS HORTICULTURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
- 3 -
1
Accounting policies
Company information
Angus Horticulture Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Whanland Farm, Farnell, Brechin, Angus, DD9 6UF.
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.
These financial statements for the year ended 31 August 2017
are the
first
financial statements of Angus Horticulture Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 September 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
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:
Plant and machinery
over 4 years
Motor vehicles
over 4 years
1.4
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
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.
1.5
Cash and cash equivalents
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.
ANGUS HORTICULTURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 4 -
1.6
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.
Debtors
Debtors with no stated interest rate or receivable within one year are recorded at transaction price and
subsequently measured at amortised cost using the effective interest rate method. Any losses arising from
impairment are recognised in the income statement in other operating expenses.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price and
subsequently measured at amortised cost using the effective interest rate method.
1.7
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.
1.8
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
ANGUS HORTICULTURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 5 -
1.9
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2016 - 7).
ANGUS HORTICULTURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2016
682,731
Additions
15,843
Disposals
(13,000)
At 31 August 2017
685,574
Depreciation and impairment
At 1 September 2016
653,204
Depreciation charged in the year
14,490
Eliminated in respect of disposals
(13,000)
At 31 August 2017
654,694
Carrying amount
At 31 August 2017
30,880
At 31 August 2016
29,527
4
Fixed asset investments
2017
2016
£
£
Investments
1,250
1,250
5
Subsidiaries
Details of the company's subsidiaries at 31 August 2017 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
Indirect
Tough Turf Limited
1
Distribution of horticultural elements
Ordinary shares
100.00
Registered Office addresses:
1
Whanland Farm, Farnell, Brechin, Angus, DD9 6UF
ANGUS HORTICULTURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
5
Subsidiaries
(Continued)
- 7 -
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Tough Turf Limited
(235)
1,399
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
309,757
279,052
Corporation tax recoverable
20,660
-
Other debtors
85,663
49,476
416,080
328,528
7
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
3,723
227,240
Trade creditors
63,304
123,345
Amounts due to group undertakings
-
15,542
Corporation tax
66,956
24,386
Other taxation and social security
26,027
16,589
Other creditors
128,391
94,409
288,401
501,511
The bank
loan
and bank
overdraft
are secured by a bond and floating charge in favour of the Royal Bank of Scotland plc. In addition, R B Cessford and M J Cessford have provided guarantees of £35,000 to RBS Invoice Financing Limited.
The company uses the services of RBS Invoice Financing Limited and invoice financing accounts are secured by a floating charge in their favour.
8
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
-
12,200
ANGUS HORTICULTURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 8 -
9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
66,666 Ordinary of £1 each
66,666
66,666
66,666
66,666
10
Related party transactions
The directors are of the opinion that related party transactions are conducted under normal market
conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section
1A appendix C.