Edward Clay & Son Limited - Limited company - abbreviated

REGISTERED NUMBER: 00382424 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2014

FOR

EDWARD CLAY & SON LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

E H Clay

J H Clay

Mrs S J Brook

Mrs A R Clay

J W Drumey

SECRETARY:

E H Clay

REGISTERED OFFICE:

Wesley Street

Ossett

West Yorkshire

WF5 8EX

REGISTERED NUMBER:

00382424 (England and Wales)

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

778,313

759,399

Investment property

4

190,000

968,313

949,399

CURRENT ASSETS

Stocks

46,355

39,684

Debtors

976,388

1,219,490

Cash at bank and in hand

5,169

4,998

1,027,912

1,264,172

CREDITORS

Amounts falling due within one year

5

730,399

1,078,569

NET CURRENT ASSETS

297,513

185,603

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,265,826

1,135,002

CREDITORS

Amounts falling due after more than one
year

5

(241,202

)

(33,322

)

PROVISIONS FOR LIABILITIES

(10,618

)

(818

)

NET ASSETS

1,014,006

1,100,862

CAPITAL AND RESERVES

Called up share capital

6

17,000

Revaluation reserve

60,254

Profit and loss account

936,752

1,023,608

SHAREHOLDERS' FUNDS

1,014,006

1,100,862

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2014 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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 21 April 2015 and were signed on its behalf
by:

E H Clay - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the

revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities

(effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of ten 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.

Freehold property

-

2% on cost

Plant and machinery

-

25% on reducing balance and 10% on cost

Fixtures and fittings

-

20% on cost, 10% on cost and 5% on cost

Motor vehicles

-

25% on reducing balance

Investment property

Certain of the company's properties are held for long-term investment. Investment properties are

accounted for in accordance with FRSSE, as follows:

No depreciation is provided in respect of investment properties and they are revalued annually. The

surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost,

or its reversal, on an individual investment property is expected to be permanent, in which case it is

recognised in the profit and loss account for the year.

This treatment as regards the company's investment properties may be a departure from the requirements

of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held

for consumption but for investment and the directors consider that systematic annual depreciation would

be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give

a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual

valuation and the amount which might otherwise have been shown cannot be separately identified or

quantified.

Stocks

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

slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date. Deferred tax assets are recognised only to the extent that there is sufficient evidence to

indicate that it is more likely than not that they will be recovered in the future.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange

ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating

result.

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 the profit and loss account over the relevant period.

The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over

the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to the profit and loss account in the period to which they relate.

Research and development expenditure

Research and development expenditure is written off as incurred, except that development expenditure

incurred on an individual project is carried forward when its future recoverability can reasonably be

regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales

from the related project.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2013

and 31 August 2014

9,000

AMORTISATION

At 1 September 2013

and 31 August 2014

9,000

NET BOOK VALUE

At 31 August 2014

-

At 31 August 2013

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2013

3,492,839

Additions

77,975

At 31 August 2014

3,570,814

DEPRECIATION

At 1 September 2013

2,733,440

Charge for year

59,061

At 31 August 2014

2,792,501

NET BOOK VALUE

At 31 August 2014

778,313

At 31 August 2013

759,399

4.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 September 2013

and 31 August 2014

190,000

NET BOOK VALUE

At 31 August 2014

190,000

At 31 August 2013

190,000

5.

CREDITORS

Creditors include an amount of £ 278,114 (31.8.13 - £ 358,300 ) for which security has been given.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.14

31.8.13

value:

£

7,027

Ordinary

£1

7,027

9,973

Ordinary A

£1

9,973

17,000

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date there was an amount of £62,494 owing to the directors (2013 - £66,975),

included in other creditors.

Edward Clay & Son Limited - Limited company - abbreviated - 11.6

Edward Clay & Son Limited - Limited company - abbreviated - 11.6