Company registration number 01978291 (England and Wales)
WILLIAM ALEXANDER (SHOREHAM) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
WILLIAM ALEXANDER (SHOREHAM) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
WILLIAM ALEXANDER (SHOREHAM) LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,457,914
1,524,340
Investments
6
75
75
1,457,989
1,524,415
Current assets
Stocks
912,320
839,280
Debtors
7
113,405
155,975
Cash at bank and in hand
192,362
144,300
1,218,087
1,139,555
Creditors: amounts falling due within one year
8
(211,734)
(260,733)
Net current assets
1,006,353
878,822
Total assets less current liabilities
2,464,342
2,403,237
Creditors: amounts falling due after more than one year
9
(593,501)
(661,870)
Provisions for liabilities
(125,096)
(137,892)
Net assets
1,745,745
1,603,475
Capital and reserves
Called up share capital
10
33,893
33,893
Share premium account
427,983
427,983
Profit and loss reserves
1,283,869
1,141,599
Total equity
1,745,745
1,603,475
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 January 2023 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.
The 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.
WILLIAM ALEXANDER (SHOREHAM) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 September 2023 and are signed on its behalf by:
Mr W Alexander
Director
Company Registration No. 01978291
WILLIAM ALEXANDER (SHOREHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
William Alexander (Shoreham) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Castle Farm, Shoreham, Sevenoaks, Kent, United Kingdom, TN14 7UB.
1.1
Accounting convention
Except as noted in note 3, 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 amounts 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 represents the invoiced amount of goods sold, subsidies receivable and services provided during the year, stated net of value added tax.
Basic Payment Scheme
20% on cost
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:
Buildings
2% straight line
Plant and equipment
10% or 20% on written down value
Fixtures, fittings and office equipment
20% or 10% on written down value or straight line
Motor vehicles and tractors
25% on written down value
No depreciation is provided in respect of freehold property as in the opinion of the directors the residual value thereof will always be at least equal to the book value.
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
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.
WILLIAM ALEXANDER (SHOREHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Stocks
The valuation was carried out by the directors and Michael Bax FRICS, FAAV, Agricultural Valuer, on the basis of the lower of cost and net realisable value.
1.6
Cash and cash equivalents
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.
1.7
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
WILLIAM ALEXANDER (SHOREHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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.
WILLIAM ALEXANDER (SHOREHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 6 -
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.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.
1.11
Government grants
Annual income under the Basic Payment Scheme is credited to the profit and loss account for the calendar year in respect of which they relate, provided the qualifying conditions have been met.
The capital value of the Basic Payment Entitlements is capitalised and written off over 5 years of the scheme. The value of the entitlement is shown as a deferred income and released to the profit and loss account over 5 years to match the amortisation of the intangible asset.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
25
29
25
29
4
Intangible fixed assets
Other
£
Cost
At 1 February 2022 and 31 January 2023
68,949
Amortisation and impairment
At 1 February 2022 and 31 January 2023
68,949
Carrying amount
At 31 January 2023
At 31 January 2022
WILLIAM ALEXANDER (SHOREHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2022
1,233,754
1,462,085
2,695,839
Additions
60,440
60,440
Disposals
(17,434)
(17,434)
At 31 January 2023
1,233,754
1,505,091
2,738,845
Depreciation and impairment
At 1 February 2022
253,887
917,612
1,171,499
Depreciation charged in the year
12,534
107,886
120,420
Eliminated in respect of disposals
(10,988)
(10,988)
At 31 January 2023
266,421
1,014,510
1,280,931
Carrying amount
At 31 January 2023
967,333
490,581
1,457,914
At 31 January 2022
979,867
544,473
1,524,340
The net book value of other tangible fixed assets includes £139,909 (2022: £169,442) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £29,532 (2022: £35,954) for the year.
Land and buildings comprise freehold farm property used by the company and property let to third parties. The directors believe that there is no useful purpose to be served by revaluing to market value, which is a complicated and expensive exercise, particularly the requirement to compute deferred tax on revaluation. In the directors' opinion it is not cost effective nor meaningful to revalue the freehold property which is used in the trade of the company. Accordingly in accordance with FRS 102 Section 16.4 all property has been classified as operational and therefore not subject to the requirements that would normally apply to investment properties.
6
Fixed asset investments
2023
2022
£
£
Other investments other than loans
75
75
WILLIAM ALEXANDER (SHOREHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 8 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
57,228
42,429
Corporation tax recoverable
5,395
Other debtors
50,782
113,546
113,405
155,975
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
33,024
32,525
Obligations under finance leases
35,750
35,750
Trade creditors
52,603
107,991
Corporation tax
41,295
28,737
Other taxation and social security
19,491
28,804
Other creditors
818
344
Accruals and deferred income
28,753
26,582
211,734
260,733
9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
538,326
569,881
Obligations under finance leases
18,625
54,375
Government grants
36,550
37,614
593,501
661,870
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
33,891 Ordinary shares of £1 each
33,891
33,891
1 Class A shares of £1 each
1
1
1 Class B shares of £1 each
1
1
33,893
33,893
WILLIAM ALEXANDER (SHOREHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 9 -
11
Related party transactions
(i) The company was controlled throughout the current period by Mr W Alexander and Mrs C A Alexander by virtue of their holding 100% of the ordinary shares of the company.
(ii) An amount of £28,039 (2022: £45,174) was due to the company from L A L Partners, a business carried on by three of the directors, and is included in other debtors, note 7.
(iii) An amount of £4,065 (2022: £51,473) was due to the company from Ridge Farm Partners, a business carried on by three of the directors, and is included in other debtors, note 7.
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