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Registration number: 01261641

W. Carter And Son (Farms) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2022

 

W. Carter And Son (Farms) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

W. Carter And Son (Farms) Limited

Company Information

Directors

Mr DW Carter

Mrs T M Carter

Mr AW Carter

Company secretary

Mr DW Carter

Registered office

Lake House
High Street
Fillingham
Gainsborough
Lincolnshire
DN21 5BS

Accountants

Saul Fairholm Limited
12 Tentercroft Street
Lincoln
Lincolnshire
LN5 7DB

 

W. Carter And Son (Farms) Limited

(Registration number: 01261641)
Balance Sheet as at 31 October 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

347,428

362,525

Current assets

 

Stocks

5

370,414

249,543

Debtors

6

177,175

194,793

Investments

7

108

108

Cash at bank and in hand

 

190,031

256,524

 

737,728

700,968

Creditors: Amounts falling due within one year

8

(141,020)

(118,411)

Net current assets

 

596,708

582,557

Total assets less current liabilities

 

944,136

945,082

Provisions for liabilities

(22,089)

(21,160)

Net assets

 

922,047

923,922

Capital and reserves

 

Called up share capital

100

100

Retained earnings

921,947

923,822

Shareholders' funds

 

922,047

923,922

For the financial year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 November 2023 and signed on its behalf by:
 

 

W. Carter And Son (Farms) Limited

(Registration number: 01261641)
Balance Sheet as at 31 October 2022

.........................................
Mr AW Carter
Director

 

W. Carter And Son (Farms) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office and principal place of business is:
Lake House
High Street
Fillingham
Gainsborough
Lincolnshire
DN21 5BS

These financial statements were authorised for issue by the Board on 1 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

W. Carter And Son (Farms) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Farm implements and machinery

20% reducing balance

Office equipment

20% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

W. Carter And Son (Farms) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors with contracts of employment) during the year was 3 (2021 - 3).

 

W. Carter And Son (Farms) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Properties under construction
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 November 2021

251,154

140,587

24,194

231,843

647,778

Additions

-

-

-

1,499

1,499

At 31 October 2022

251,154

140,587

24,194

233,342

649,277

Depreciation

At 1 November 2021

-

49,709

24,194

211,350

285,253

Charge for the year

-

12,371

-

4,225

16,596

At 31 October 2022

-

62,080

24,194

215,575

301,849

Carrying amount

At 31 October 2022

251,154

78,507

-

17,767

347,428

At 31 October 2021

251,154

90,878

-

20,493

362,525

Included within the net book value of land and buildings above is £251,154 (2021 - £251,154) in respect of freehold land and buildings.
 

 

W. Carter And Son (Farms) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

5

Stocks

2022
£

2021
£

Other inventories

370,414

249,543

6

Debtors

2022
£

2021
£

Trade debtors

170,170

175,959

Other debtors

3,030

13,970

Prepayments

3,975

4,864

177,175

194,793

7

Current asset investments

2022
£

2021
£

Other investments

108

108

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Trade creditors

 

18,835

46,251

Taxation and social security

 

15,663

10,465

Other creditors

 

106,522

61,695

 

141,020

118,411