Welshpool Livestock Sales Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07059465 (England and Wales)

WELSHPOOL LIVESTOCK SALES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

R W Hudson

J O Evans

L K Davies

T E Evans

A H Turner

R N Lunt

R D Evans

J G Lewis

N P Evans

M J Williams

D T L Jones

REGISTERED OFFICE:

The New Smithfield

Buttington Cross

Welshpool

Powys

SY21 8SR

REGISTERED NUMBER:

07059465 (England and Wales)

FIXED ASSETS

Intangible assets

4

350,000

385,000

Tangible assets

5

803,334

844,903

1,153,334

1,229,903

CURRENT ASSETS

Debtors

6

3,963,680

2,900,677

Cash at bank

19,247

-

3,982,927

2,900,677

CREDITORS

Amounts falling due within one year

7

4,633,493

3,720,836

NET CURRENT LIABILITIES

(650,566

)

(820,159

)

TOTAL ASSETS LESS CURRENT LIABILITIES

502,768

409,744

PROVISIONS FOR LIABILITIES

116,309

117,022

NET ASSETS

386,459

292,722

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

386,458

292,721

SHAREHOLDERS' FUNDS

386,459

292,722

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

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

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 and authorised for issue on 17 September 2020 and were signed on its behalf by:

R W Hudson - Director

J O Evans - Director

1.	STATUTORY INFORMATION

Welshpool Livestock Sales 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 represents net invoiced sales, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% Straight Line

Market Equipment

-

4% Straight Line

Computer equipment

-

25% Straight Line

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 statement of financial position date.

Deferred tax

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

statement of financial position 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2018 - 48 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2019

and 31 December 2019

700,000

AMORTISATION

At 1 January 2019

315,000

Amortisation for year

35,000

At 31 December 2019

350,000

NET BOOK VALUE

At 31 December 2019

350,000

At 31 December 2018

385,000

5.	TANGIBLE FIXED ASSETS

Plant and

Market

Computer

machinery

Equipment

equipment

Totals

£

£

£

£

COST

At 1 January 2019

446,172

1,079,532

89,204

1,614,908

Additions

19,186

33,061

2,969

55,216

At 31 December 2019

465,358

1,112,593

92,173

1,670,124

DEPRECIATION

At 1 January 2019

322,559

376,087

71,359

770,005

Charge for year

45,585

43,588

7,612

96,785

At 31 December 2019

368,144

419,675

78,971

866,790

NET BOOK VALUE

At 31 December 2019

97,214

692,918

13,202

803,334

At 31 December 2018

123,613

703,445

17,845

844,903

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

3,924,532

2,753,655

Other debtors

39,148

147,022

3,963,680

2,900,677

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

2,389,064

1,692,504

Hire purchase contracts

25,500

30,000

Trade creditors

908,308

623,016

Amounts owed to group undertakings

917,404

865,878

Taxation and social security

166,261

134,949

Other creditors

226,956

374,489

4,633,493

3,720,836

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdrafts

2,389,064

1,692,504

9.	CONTINGENT LIABILITIES

The company has guaranteed the bank borrowings of Welshpool Holdings Limited, the parent company.

10.	RELATED PARTY DISCLOSURES

At 31 December 2019 there was an amount due to the parent company of £917,403 (2018: £865,878), and

included in other creditors were amounts due to the ultimate controlling party of £199,112 (2018: £343,112).

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Welshpool Holdings Limited.

The ultimate controlling party is Messrs Morris Marshall & Poole with Norman Lloyd & Co who own 100% of

the holding company's share capital.