Billockby Farms Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00687676 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2018

for

Billockby Farms Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs M M Alston

A L Alston

H J Alston

SECRETARY:

Mrs M M Alston

REGISTERED OFFICE:

Billockby Hall

Billockby

GREAT YARMOUTH

Norfolk

NR29 3BE

REGISTERED NUMBER:

00687676 (England and Wales)

ACCOUNTANTS:

Argents Chartered Accountants

15 Palace Street

NORWICH

Norfolk

NR3 1RT

FIXED ASSETS

Intangible assets

3

-

-

Tangible assets

4

4,707,732

4,857,040

Investments

5

554,659

554,659

Investment property

6

250,000

250,000

5,512,391

5,661,699

CURRENT ASSETS

Stocks

954,848

1,401,926

Debtors

7

799,333

888,430

Cash at bank

-

18

1,754,181

2,290,374

CREDITORS

Amounts falling due within one year

8

4,010,443

4,110,811

NET CURRENT LIABILITIES

(2,256,262

)

(1,820,437

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,256,129

3,841,262

CREDITORS

Amounts falling due after more than one year

9

4,364,349

4,560,769

NET LIABILITIES

(1,108,220

)

(719,507

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(1,108,320

)

(719,607

)

(1,108,220

)

(719,507

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 30 May 2019 and were signed on its behalf by:

H J Alston - Director

1.	STATUTORY INFORMATION

Billockby Farms 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 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.

These accounts are the first set to be prepared by the company under FRS 102. On transition a review has

been carried out of the previously recognised amounts to identify any that would need to be restated under the

new standards, but no adjustments were required.

The financial statements include information solely relating to the individual company.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Milk quota are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

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

Freehold property

-

not provided

Plant and machinery

-

10% on cost and 6.67% on cost

Motor vehicles

-

15% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Stocks

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

slow moving items.

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.

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.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 October 2017

and 30 September 2018

316,776

AMORTISATION

At 1 October 2017

and 30 September 2018

316,776

NET BOOK VALUE

At 30 September 2018

-

At 30 September 2017

-

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

Motor

property

property

machinery

vehicles

Totals

£

£

£

£

£

COST

At 1 October 2017

2,233,711

1,441,094

2,185,680

1,315,297

7,175,782

Additions

-

-

38,687

96,165

134,852

Disposals

-

-

(2,194

)

(59,500

)

(61,694

)

At 30 September 2018

2,233,711

1,441,094

2,222,173

1,351,962

7,248,940

DEPRECIATION

At 1 October 2017

-

333,416

1,452,286

533,040

2,318,742

Charge for year

-

-

118,013

139,684

257,697

Eliminated on disposal

-

-

(731

)

(34,500

)

(35,231

)

At 30 September 2018

-

333,416

1,569,568

638,224

2,541,208

NET BOOK VALUE

At 30 September 2018

2,233,711

1,107,678

652,605

713,738

4,707,732

At 30 September 2017

2,233,711

1,107,678

733,394

782,257

4,857,040

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 October 2017

and 30 September 2018

554,659

NET BOOK VALUE

At 30 September 2018

554,659

At 30 September 2017

554,659

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2017

and 30 September 2018

250,000

NET BOOK VALUE

At 30 September 2018

250,000

At 30 September 2017

250,000

The Properties value has been agreed by Directors 30/09/2017. The valuation used for the accounts is that of

the current market value. The value has not changed since the purchase date due to its agricultural ties.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

635,927

463,586

Directors' current accounts

126,984

256,565

VAT repayable

36,422

72,114

Prepayments

-

96,165

799,333

888,430

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts (see note 10)

1,376,302

1,261,022

Hire purchase contracts

167,449

233,980

Trade creditors

1,441,147

1,547,170

Amounts owed to group undertakings

1,014,220

1,037,782

Other Creditors

8,075

30,857

Directors' current accounts

3,250

-

4,010,443

4,110,811

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans (see note 10)

4,211,476

4,296,218

Hire purchase contracts

152,873

264,551

4,364,349

4,560,769

2018

2017

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

3,190,000

3,190,000

Repayable by instalments

Bank loans more 5 yr by instal

681,476

766,218

10.

LOANS

An analysis of the maturity of loans is given below:

2018

2017

£

£

Amounts falling due within one year or on demand:

Bank loans and overdrafts

1,376,302

1,261,022

Amounts falling due between two and five years:

Bank loans - 2-5 years

340,000

340,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

3,190,000

3,190,000

Repayable by instalments

Bank loans more 5 yr by instal

681,476

766,218

11.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

5,587,778

5,557,240

Hire purchase contracts

320,322

498,531

5,908,100

6,055,771

The bank loan and overdraft are secured by a fixed and floating charge over the company's assets.

The hire purchase agreements are secured on the assets being financed.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

These loans to the directors are on an interest free basis and repayable on demand.

The loan provided to H J Alston is included on his P11D and a Benefit In Kind is paid at HMRC rates.