AW Frampton & Son Limited - Accounts to registrar (filleted) - small 18.2

AW Frampton & Son Limited - Accounts to registrar (filleted) - small 18.2


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REGISTERED NUMBER: 06472341(England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2019

FOR

AW FRAMPTON & SON LIMITED

AW FRAMPTON & SON LIMITED (REGISTERED NUMBER: 06472341)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


AW FRAMPTON & SON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2019







DIRECTORS: A W Frampton
Mrs F M M Frampton
M O Frampton
Mrs A J Frampton





SECRETARY: Mrs F M M Frampton





REGISTERED OFFICE: 18 High West Street
Dorchester
Dorset
DT1 1UW





REGISTERED NUMBER: 06472341(England and Wales)





ACCOUNTANTS: Pugsley Revill
18 High West Street
Dorchester
Dorset
DT1 1UW

AW FRAMPTON & SON LIMITED (REGISTERED NUMBER: 06472341)

BALANCE SHEET
30 APRIL 2019

2019 2018
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 428,788 448,589
Tangible assets 5 4,241,196 4,228,862
4,669,984 4,677,451

CURRENT ASSETS
Stocks 389,140 323,676
Debtors 6 210,591 189,487
599,731 513,163
CREDITORS
Amounts falling due within one year 7 572,282 438,414
NET CURRENT ASSETS 27,449 74,749
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,697,433

4,752,200

CREDITORS
Amounts falling due after more than one
year

8

(3,748,769

)

(3,914,585

)

PROVISIONS FOR LIABILITIES 10 (182,782 ) (159,333 )
NET ASSETS 765,882 678,282

CAPITAL AND RESERVES
Called up share capital 11 330 330
Retained earnings 765,552 677,952
SHAREHOLDERS' FUNDS 765,882 678,282

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2019 in accordance with Section 476 of the Companies Act 2006.

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.

AW FRAMPTON & SON LIMITED (REGISTERED NUMBER: 06472341)

BALANCE SHEET - continued
30 APRIL 2019


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 30 October 2019and were signed on its
behalf by:




A W Frampton - Director Mrs F M M Frampton - Director




M O Frampton - Director Mrs A J Frampton - Director


AW FRAMPTON & SON LIMITED (REGISTERED NUMBER: 06472341)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019

1. STATUTORY INFORMATION

AW Frampton & Son Limited is a private company, limited by shares, registered in England and Wales.
The company's registered number and registered office address can be found on the Company Information
page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,
rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at
cost less any accumulated amortisation and any accumulated impairment losses.

Leasehold property are being amortised evenly over their estimated useful life of twenty seven years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Bulk milk tank - 15% on reducing balance
Drainage,fencing & barn - 15% on reducing balance
New dairy & freehold property - not provided
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Tractors - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete
and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income
and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive
income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.


AW FRAMPTON & SON LIMITED (REGISTERED NUMBER: 06472341)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2019

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
balance sheet date.

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.

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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11(2018 - 16) .

4. INTANGIBLE FIXED ASSETS
Leasehold
Goodwill property Totals
£    £    £   
COST
At 1 May 2018
and 30 April 2019 22,500 504,262 526,762
AMORTISATION
At 1 May 2018 11,250 66,923 78,173
Amortisation for year 1,125 18,676 19,801
At 30 April 2019 12,375 85,599 97,974
NET BOOK VALUE
At 30 April 2019 10,125 418,663 428,788
At 30 April 2018 11,250 437,339 448,589

AW FRAMPTON & SON LIMITED (REGISTERED NUMBER: 06472341)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2019

5. TANGIBLE FIXED ASSETS
New dairy
Dairy Bulk milk Drainage,fencing & freehold
herd tank & barn property
£    £    £    £   
COST
At 1 May 2018 426,140 48,522 58,213 3,298,146
Additions 15,540 - - 41,621
At 30 April 2019 441,680 48,522 58,213 3,339,767
DEPRECIATION
At 1 May 2018 - 24,500 32,353 -
Charge for year - 3,603 3,879 -
Eliminated on disposal - - - -
At 30 April 2019 - 28,103 36,232 -
NET BOOK VALUE
At 30 April 2019 441,680 20,419 21,981 3,339,767
At 30 April 2018 426,140 24,022 25,860 3,298,146

Fixtures
Plant and and Computer
machinery fittings Tractors equipment Totals
£    £    £    £    £   
COST
At 1 May 2018 688,736 2,156 278,212 1,815 4,801,940
Additions 62,434 - - 192 119,787
Disposals (47,259 ) - - - (47,259 )
At 30 April 2019 703,911 2,156 278,212 2,007 4,874,468
DEPRECIATION
At 1 May 2018 331,487 1,959 181,516 1,263 573,078
Charge for year 52,271 30 24,174 186 84,143
Eliminated on disposal (23,949 ) - - - (23,949 )
At 30 April 2019 359,809 1,989 205,690 1,449 633,272
NET BOOK VALUE
At 30 April 2019 344,102 167 72,522 558 4,241,196
At 30 April 2018 357,249 197 96,696 552 4,228,862

AW FRAMPTON & SON LIMITED (REGISTERED NUMBER: 06472341)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2019

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Bulk milk Plant and
tank machinery Tractors Totals
£    £    £    £   
COST
At 1 May 2018 41,873 373,095 142,172 557,140
Additions - 42,528 - 42,528
At 30 April 2019 41,873 415,623 142,172 599,668
DEPRECIATION
At 1 May 2018 19,372 122,129 74,602 216,103
Charge for year 3,375 39,770 21,863 65,008
At 30 April 2019 22,747 161,899 96,465 281,111
NET BOOK VALUE
At 30 April 2019 19,126 253,724 45,707 318,557
At 30 April 2018 22,501 250,966 67,570 341,037

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade debtors 187,770 168,698
Other debtors - 576
VAT 9,335 7,014
Prepayments and accrued income 13,486 13,199
210,591 189,487

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Bank loans and overdrafts 281,161 158,133
Hire purchase contracts 75,909 98,365
Trade creditors 180,188 91,004
Taxation and social security 5,234 5,035
Other creditors 29,790 85,877
572,282 438,414

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2019 2018
£    £   
Bank loans 3,653,137 3,772,465
Hire purchase contracts 95,632 142,120
3,748,769 3,914,585

AW FRAMPTON & SON LIMITED (REGISTERED NUMBER: 06472341)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2019

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2019 2018
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 3,653,137 3,772,465

9. SECURED DEBTS

The following secured debts are included within creditors:

2019 2018
£    £   
Bank overdrafts 281,161 158,133
Bank loans 3,653,137 3,772,465
Hire purchase contracts 171,541 240,485
4,105,839 4,171,083

10. PROVISIONS FOR LIABILITIES
2019 2018
£    £   
Deferred tax 182,782 159,333

Deferred
tax
£   
Balance at 1 May 2018 159,333
Charge for the year 23,449
Balance at 30 April 2019 182,782

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2019 2018
value: £    £   
300 Ordinary £1 300 300
10 'A' Ordinary £1 10 10
20 'B' Ordinary £1 20 20
330 330

12. TRANSACTIONS WITH DIRECTORS

The company occupies land owned by Mr AW and Mrs FMM Frampton for which rent of £25000
(2018-£25000) was paid to them in the year. No sum was outstanding at 30th April 2019 (2018-£Nil).