Plas Farm Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03003697 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

PLAS FARM LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Chartered certified accountants' report

8

DIRECTORS:

H D Williams

R A Williams

G H Williams

P D Lomax

C T Le

SECRETARY:

G H Williams

REGISTERED OFFICE:

Celtic House

Gaerwen Industrial Estate

Gaerwen

Anglesey

LL60 6HR

REGISTERED NUMBER:

03003697 (England and Wales)

ACCOUNTANTS:

Fraser Wood Limited

Chartered Certified Accountants

Victoria House

Plas Llwyd Terrace

Bangor

Gwynedd

LL57 1UB

FIXED ASSETS

Tangible assets

4

751,970

755,597

CURRENT ASSETS

Stocks

268,249

308,284

Debtors

5

354,400

535,059

Cash at bank and in hand

21,584

90,403

644,233

933,746

CREDITORS

Amounts falling due within one year

6

(262,715

)

(258,654

)

NET CURRENT ASSETS

381,518

675,092

TOTAL ASSETS LESS CURRENT LIABILITIES

1,133,488

1,430,689

CREDITORS

Amounts falling due after more than one year

7

(851,467

)

(1,085,916

)

ACCRUALS AND DEFERRED INCOME

(83,012

)

(88,517

)

NET ASSETS

199,009

256,256

CAPITAL AND RESERVES

Called up share capital

225,000

225,000

Retained earnings

(25,991

)

31,256

SHAREHOLDERS' FUNDS

199,009

256,256

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 14 August 2019 and were signed on its behalf by:

H D Williams - Director

1.	STATUTORY INFORMATION

Plas Farm 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 amounts receivable for food products, net of VAT and trade discounts.

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

-

2% on cost

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

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

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

the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

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

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit

and loss account over the expected useful life of the assets. Grants towards revenue expenditure are

released to the profit and loss account as the related expenditure is incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2017 - 29 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2018

125,314

1,704,466

1,829,780

Additions

-

74,578

74,578

At 31 December 2018

125,314

1,779,044

1,904,358

DEPRECIATION

At 1 January 2018

8,714

1,065,469

1,074,183

Charge for year

2,506

75,699

78,205

At 31 December 2018

11,220

1,141,168

1,152,388

NET BOOK VALUE

At 31 December 2018

114,094

637,876

751,970

At 31 December 2017

116,600

638,997

755,597

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2018

212,268

Additions

28,000

At 31 December 2018

240,268

DEPRECIATION

At 1 January 2018

27,999

Charge for year

22,970

At 31 December 2018

50,969

NET BOOK VALUE

At 31 December 2018

189,299

At 31 December 2017

184,269

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

103,827

297,133

Other debtors

250,573

237,926

354,400

535,059

Other debtors includes £200,000 ( 2017 - £200,000 ) owing by NFF Limited, a company in which the

controlling shareholder H D Williams has an interest.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans and overdrafts

104,397

109,185

Hire purchase contracts

40,666

36,933

Trade creditors

107,362

84,399

Taxation and social security

6,305

8,785

Other creditors

3,985

19,352

262,715

258,654

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans

369,878

456,436

Hire purchase contracts

69,290

106,224

Other creditors

412,299

523,256

851,467

1,085,916

Amounts falling due in more than five years:

Repayable by instalments

Bank loan

157,523

416,436

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.18

31.12.17

£

£

Bank loans

424,878

466,436

Hire purchase contracts

109,956

143,157

534,834

609,593

9.	TRANSACTIONS WITH DIRECTORS

The director's loan £412,299 ( 2017 - £523,256 ) is included in creditors falling due after more than one

year.

10.	ULTIMATE CONTROLLING PARTY

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance sheet. Readers are cautioned that the Income statement and certain

other primary statements and the Directors' report are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 we have prepared for your approval

the accounts of Plas Farm Limited for the year ended 31 December 2018 from the Company's accounting

records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical

and other professional requirements which are detailed at http://rulebook.accaglobal.com.

Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified

Accountants as detailed at http://www.accaglobal.com/factsheet163.

Fraser Wood Limited

Chartered Certified Accountants

Victoria House

Plas Llwyd Terrace

Bangor

Gwynedd

LL57 1UB

14 August 2019