Perry's Bridge Farm Limited Filleted accounts for Companies House (small and micro)

PERRY'S BRIDGE FARM LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05817551

Perry's Bridge Farm Limited

Filleted Unaudited Financial Statements

31 May 2018

Perry's Bridge Farm Limited

Statement of Financial Position

31 May 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		167,900	182,330

Current assets

Stocks		23,077	4,336
Debtors	6	25,768	29,608
Cash at bank and in hand		85,427	180,430
		--------	--------
		134,272	214,374

Creditors: amounts falling due within one year	7	29,445		59,024
		--------		--------
Net current assets			104,827	155,350
			--------	--------
Total assets less current liabilities			272,727	337,680

Creditors: amounts falling due after more than one year	8		124,465	151,595

Provisions

Taxation including deferred tax	6,191	6,790
	--------	--------
Net assets	142,071	179,295
	--------	--------

Capital and reserves

Called up share capital	2	2
Profit and loss account	142,069	179,293
	--------	--------
Shareholders funds	142,071	179,295
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Perry's Bridge Farm Limited

Statement of Financial Position (continued)

31 May 2018

These financial statements were approved by the board of directors and authorised for issue on 12 December 2018 , and are signed on behalf of the board by:

Mrs R M Sharp
Director

Company registration number: 05817551

Perry's Bridge Farm Limited

Notes to the Financial Statements

Year ended 31 May 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 The Linen Yard, South Street, Crewkerne, Somerset, TA18 8AB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences to the extent that it is foreseen that a net liability will arise or a net asset will be recovered.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Equipment	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Poultry House	-	5% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2017: 4 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 June 2017	143,347	47,417	256,044	446,808
Additions	2,828	–	–	2,828
	--------	-------	--------	--------
At 31 May 2018	146,175	47,417	256,044	449,636
	--------	-------	--------	--------
Depreciation
At 1 June 2017	113,633	37,439	113,406	264,478
Charge for the year	2,735	2,495	12,028	17,258
	--------	-------	--------	--------
At 31 May 2018	116,368	39,934	125,434	281,736
	--------	-------	--------	--------
Carrying amount
At 31 May 2018	29,807	7,483	130,610	167,900
	--------	-------	--------	--------
At 31 May 2017	29,714	9,978	142,638	182,330
	--------	-------	--------	--------

6. Debtors

	2018	2017
	£	£
Trade debtors	19,586	25,877
Other debtors	6,182	3,731
	-------	-------
	25,768	29,608
	-------	-------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	11,400	10,670
Trade creditors	12,626	13,710
Corporation tax	–	29,488
Other creditors	5,419	5,156
	-------	-------
	29,445	59,024
	-------	-------

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	124,465	151,595
	--------	--------

Included within creditors: amounts falling due after more than one year is an amount of £78,865 (2017: £108,915) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Bank borrowing is secured on freehold land owned by the directors.