Grant Farming Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08206833 (England and Wales)

GRANT FARMING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

P J Grant

M R Grant

Mrs N J Grant

REGISTERED OFFICE:

Laburnum House

Main Road

Langrick

Boston

Lincolnshire

PE22 7AN

REGISTERED NUMBER:

08206833 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

5 Resolution Close

Endeavour Park

Boston

Lincolnshire

PE21 7TT

FIXED ASSETS

Intangible assets

4

25,946

43,244

Tangible assets

5

9,223,376

9,130,642

Investments

6

1,156

1,156

9,250,478

9,175,042

CURRENT ASSETS

Valuation

572,996

421,636

Debtors

7

528,299

459,077

Cash at bank

-

162,413

1,101,295

1,043,126

CREDITORS

Amounts falling due within one year

8

1,222,665

824,010

NET CURRENT (LIABILITIES)/ASSETS

(121,370

)

219,116

TOTAL ASSETS LESS CURRENT LIABILITIES

9,129,108

9,394,158

CREDITORS

Amounts falling due after more than one year

9

(3,951,176

)

(4,171,307

)

PROVISIONS FOR LIABILITIES

(59,566

)

(88,907

)

NET ASSETS

5,118,366

5,133,944

CAPITAL AND RESERVES

Called up share capital

12

20

20

Share premium

3,939,141

3,939,141

Retained earnings

1,179,205

1,194,783

SHAREHOLDERS' FUNDS

5,118,366

5,133,944

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 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 26 March 2019 and were signed on its behalf by:

P J Grant - Director

1.	STATUTORY INFORMATION

Grant Farming 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 of farm crops and livestock, diversification income and basic payment

scheme income excluding value added tax.

Sales of crops are recognised on dispatch.

Basic payment scheme entitlements

Intangible assets consist of entitlements to the Basic Payment Scheme. The entitlements are recognised at fair

value and written off on a straight line basis over the period to 31 December 2019.

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.

Land and buildings

-

not provided and Straight line over 14 years

Plant and machinery etc

-

25% on reducing balance, 15% on reducing balance and Straight line over 20 years

Valuation

The valuation has been prepared by independent valuers at the lower of cost and estimated selling price less

costs to sell.

Biological assets, living plants are included at the lower of cost and estimated selling price less costs to sell.

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 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial

position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The

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

Fixed asset investments

Fixed asset investments are stated at cost, unless in the opinion of the directors, there has been an

impairment, in which case an appropriate adjustment has been made.

Basic payment scheme

The basic payment scheme is recognised in the financial statements in accordance with current H M Revenue

& Customs guidance.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2017 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 July 2017

and 30 June 2018

72,074

AMORTISATION

At 1 July 2017

28,830

Charge for year

17,298

At 30 June 2018

46,128

NET BOOK VALUE

At 30 June 2018

25,946

At 30 June 2017

43,244

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 July 2017

8,012,712

1,338,504

9,351,216

Additions

90,204

255,063

345,267

Disposals

-

(49,815

)

(49,815

)

At 30 June 2018

8,102,916

1,543,752

9,646,668

DEPRECIATION

At 1 July 2017

30,908

189,666

220,574

Charge for year

18,575

200,050

218,625

Eliminated on disposal

-

(15,907

)

(15,907

)

At 30 June 2018

49,483

373,809

423,292

NET BOOK VALUE

At 30 June 2018

8,053,433

1,169,943

9,223,376

At 30 June 2017

7,981,804

1,148,838

9,130,642

The net book value of tangible fixed assets includes £ 184,452 (2017 - £ 164,611 ) in respect of assets held

under hire purchase contracts.

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 July 2017

and 30 June 2018

1,156

NET BOOK VALUE

At 30 June 2018

1,156

At 30 June 2017

1,156

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

318,835

265,734

Amounts owed by group undertakings

6,246

-

Other debtors

203,218

193,343

528,299

459,077

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

504,475

156,637

Hire purchase contracts (see note 10)

74,153

46,945

Trade creditors

278,162

176,343

Amounts owed to group undertakings

1,000

121,686

Taxation and social security

3,160

(1,870

)

Other creditors

361,715

324,269

1,222,665

824,010

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

2,454,120

2,610,301

Hire purchase contracts (see note 10)

101,591

123,796

Other creditors

1,395,465

1,437,210

3,951,176

4,171,307

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Preference shares

900,000

900,000

Repayable by instalments

Bank loans

1,853,641

1,970,403

10.	LEASING AGREEMENTS

The company has operating lease commitments that are covered by AHA tenancy agreements. The current

annual commitment in respect of these agreements is £77,410 (2017 - £89,650).

Other financial commitments, guarantees and contingencies that are not included in the statement of financial

position are £55,076.

11.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

2,611,457

2,766,938

Hire purchase contracts

175,744

170,741

2,787,201

2,937,679

Bank loans are secured on land and buildings owned by the company.

Hire purchase contracts are secured on the assets to which they relate.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

625

Ordinary A

£0.01

6

6

1,250

Ordinary B

£0.01

13

13

1

Ordinary C

£1.00

1

1

20

20