Welshpool Livestock Sales Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 07059465 (England and Wales)

WELSHPOOL LIVESTOCK SALES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R W Hudson

C J Sheppard

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)

ACCOUNTANTS:

Morgans

Clive House

Severn Road

Welshpool

Powys

SY21 7AL

FIXED ASSETS

Intangible assets

4

455,000

490,000

Tangible assets

5

949,794

1,027,740

1,404,794

1,517,740

CURRENT ASSETS

Debtors

6

3,024,254

3,279,196

CREDITORS

Amounts falling due within one year

7

4,297,348

4,674,588

NET CURRENT LIABILITIES

(1,273,094

)

(1,395,392

)

TOTAL ASSETS LESS CURRENT LIABILITIES

131,700

122,348

PROVISIONS FOR LIABILITIES

117,471

119,334

NET ASSETS

14,229

3,014

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

14,228

3,013

SHAREHOLDERS' FUNDS

14,229

3,014

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 14 September 2017 and were signed on its behalf by:

R W Hudson - Director

C J Sheppard - 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 Income Statement, 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

700,000

AMORTISATION

At 1 January 2016

210,000

Amortisation for year

35,000

At 31 December 2016

245,000

NET BOOK VALUE

At 31 December 2016

455,000

At 31 December 2015

490,000

5.	TANGIBLE FIXED ASSETS

Plant and

Market

Computer

machinery

Equipment

equipment

Totals

£

£

£

£

COST

At 1 January 2016

389,942

1,068,282

66,493

1,524,717

Additions

7,730

1,400

3,554

12,684

At 31 December 2016

397,672

1,069,682

70,047

1,537,401

DEPRECIATION

At 1 January 2016

203,881

247,752

45,344

496,977

Charge for year

39,408

42,731

8,491

90,630

At 31 December 2016

243,289

290,483

53,835

587,607

NET BOOK VALUE

At 31 December 2016

154,383

779,199

16,212

949,794

At 31 December 2015

186,061

820,530

21,149

1,027,740

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

2,952,957

3,246,040

Other debtors

71,297

33,156

3,024,254

3,279,196

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

2,393,331

1,773,221

Trade creditors

117,077

527,756

Amounts owed to group undertakings

952,114

1,369,245

Taxation and social security

140,916

194,182

Other creditors

693,910

810,184

4,297,348

4,674,588

8.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank overdrafts

2,393,331

1,773,221

9.	CONTINGENT LIABILITIES

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

10.	RELATED PARTY DISCLOSURES

At 31 December 2016 there was an amount due to the parent company of £952,114 (2015: £1,369,245), and

included in other creditors were amounts due to the ultimate controlling parties of £643,112 (2015: £775,112).

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Welshpool Holdings Limited.

The ultimate controlling party is Messrs Morris Marshall & Poole and Norman Lloyd & Co who each own 50%

of the holding company's share capital.