Company registration number 00595599 (England and Wales)
WILLIAM ANDERSON FARMERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
WILLIAM ANDERSON FARMERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
WILLIAM ANDERSON FARMERS LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,398,889
1,336,142
Current assets
Stocks
465,460
331,019
Debtors
4
1,822,819
1,696,979
2,288,279
2,027,998
Creditors: amounts falling due within one year
5
(1,166,715)
(888,335)
Net current assets
1,121,564
1,139,663
Total assets less current liabilities
2,520,453
2,475,805
Creditors: amounts falling due after more than one year
6
(1,785,797)
(1,932,497)
Provisions for liabilities
(89,237)
(74,144)
Net assets
645,419
469,164
Capital and reserves
Called up share capital
15,000
15,000
Profit and loss reserves
630,419
454,164
Total equity
645,419
469,164
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 May 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.
The financial statements were approved by the board of directors and authorised for issue on 31 January 2024 and are signed on its behalf by:
D I Anderson
Director
Company Registration No. 00595599
WILLIAM ANDERSON FARMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
William Anderson Farmers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ainderby Myers, Hackforth, Bedale, North Yorkshire, DL8 1PF.
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 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 comprises the invoice value of goods supplied made by the company net of Value added tax.
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
Nil
Land and buildings Leasehold
Nil /10 % on cost
Plant and machinery
Nil / 20% and10% on cost
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 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).
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
WILLIAM ANDERSON FARMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.7
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.
1.8
Employee benefits
The costs of employee benefits are recognised as a liability and an expense.
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 ANDERSON FARMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
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
Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2022
1,625,612
1,844,305
3,469,917
Additions
227,338
227,338
Disposals
(85,870)
(85,870)
At 31 May 2023
1,625,612
1,985,773
3,611,385
Depreciation and impairment
At 1 June 2022
705,803
1,427,972
2,133,775
Depreciation charged in the year
22,283
108,908
131,191
Eliminated in respect of disposals
(52,470)
(52,470)
At 31 May 2023
728,086
1,484,410
2,212,496
Carrying amount
At 31 May 2023
897,526
501,363
1,398,889
At 31 May 2022
919,809
416,333
1,336,142
WILLIAM ANDERSON FARMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
224,102
136,440
Other debtors
1,598,717
1,560,539
1,822,819
1,696,979
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
393,515
377,426
Trade creditors
414,490
225,805
Taxation and social security
57,744
35,206
Other creditors
300,966
249,898
1,166,715
888,335
The bank loans and overdraft are secured by a charge over the company assets and directors personal guarantees.
Included in other creditors are net obligations under finance lease and hire purchase contracts of £42,014 (2022 - £30,850) which are secured by fixed charges on the assets concerned.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,700,362
1,864,321
Other creditors
85,435
68,176
1,785,797
1,932,497
The bank loans are is secured by a charge over the company assets and directors personal guarantees.
Included in other creditors are net obligations under finance lease and hire purchase contracts of £76,836 (2022 - £85,435).
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
168,594
211,560
WILLIAM ANDERSON FARMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
7
Related party transactions
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Other related parties
1,514,958
1,504,891
8
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan to director
-
901
5,448
(3,121)
3,228
Loan to director
-
901
5,448
(3,121)
3,228
1,802
10,896
(6,242)
6,456