G N R Farms Limited - Limited company - abbreviated

REGISTERED NUMBER: 06261262 (England and Wales)

G N R FARMS LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

7

DIRECTOR:

Mr G A Roper

SECRETARY:

Mr G A Roper

REGISTERED OFFICE:

20 King's Lynn Road

Hunstanton

Norfolk

PE36 5HP

REGISTERED NUMBER:

06261262 (England and Wales)

ACCOUNTANT:

KATHRYN GIGG

Chartered Accountants, Business Advisers

& Tax Consultants

20 Kings Lynn Road

Hunstanton

Norfolk

PE36 5HP

FIXED ASSETS

Tangible assets

2

37,245

55,368

Investment property

3

3,550,000

3,587,245

3,605,368

CURRENT ASSETS

Debtors

4

252,387

325,565

Cash at bank

70,557

38,196

322,944

363,761

CREDITORS

Amounts falling due within one year

5

329,519

277,048

NET CURRENT (LIABILITIES)/ASSETS

(6,575

)

86,713

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,580,670

3,692,081

CREDITORS

Amounts falling due after more than
one year

5

(1,110,528

)

(1,276,431

)

PROVISIONS FOR LIABILITIES

(3,675

)

(6,286

)

NET ASSETS

2,466,467

2,409,364

CAPITAL AND RESERVES

Called up share capital

6

2

Revaluation reserve

1,961,524

Profit and loss account

504,941

447,838

SHAREHOLDERS' FUNDS

2,466,467

2,409,364

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 26 February 2015 and were signed by:

Mr G A Roper - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified

by the revaluation of certain assets and in accordance with the Financial Reporting Standard

for Smaller Entities (effective April 2008).

Turnover

Turnover represents rents receivable, other invoiced and accrued work and sales of goods and

services.

Tangible fixed assets

Depreciation is provided at rates calculated to write off the cost less estimated residual value

of each asset over its expected useful life, as follows

Plant and machinery (shed equipment) - 15% straight line

Plant and machinery (other) - 20% reducing balance

Motor vehicles - 25% reducing balance

Computer equipment - 25% reducing balance

Tangible fixed assets, with the exception of investment properties, are stated at cost less

depreciation.

Investment property

The freehold land and buildings are held as investment properties in accordance with the

Financial Standard for Smaller Entities ( effective April 2008 ). These are included in the

balance sheet at their open market value and no depreciation is charged on these assets in

accordance with the standard.

Revaluation gains and losses are recognised in the statement of total recognised gains and

losses unless losses exceed the previously recognised gains or reflect a clear consumption of

economic benefits, in which case the losses are recognised in the profit and loss account.

Impairment of the investment properties is only reviewed where circumstances indicate that

the carrying value may not be fully recoverable.

Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation

computations in periods different from those in which they are included in the company's

accounts. Deferred tax is provided in full on timing differences which result in an obligation

to pay more (or less) tax at a future date, at the average tax rates that are expected to apply

when the timing differences reverse, based on current tax rates and laws.Deferred tax is

recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risk of

ownership remain with the lessor are charged against profits as incurred.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2013

129,086

Additions

2,798

Disposals

(1,720

)

At 31 August 2014

130,164

DEPRECIATION

At 1 September 2013

73,718

Charge for year

19,820

Eliminated on disposal

(619

)

At 31 August 2014

92,919

NET BOOK VALUE

At 31 August 2014

37,245

At 31 August 2013

55,368

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 September 2013

and 31 August 2014

3,550,000

NET BOOK VALUE

At 31 August 2014

3,550,000

At 31 August 2013

3,550,000

On 4 May 2012 a professional valuation of the company's investment property held on that

date, was undertaken by J Rush MRICS of Brown & Co Property & Business Consultants

LLP. The property was valued at market value of £3,190,000 assuming an unencumbered

freehold title subject to the tenancies existing at the date of valuation. The director considers

that this valuation is still appropriate at 31 August 2014.

Further investment property was acquired during the year ended 31 August 2013 at a cost of

£342,433. On 23 April 2013 a professional valuation of this investment property was

undertaken by S P Willerton FRICS of Brown & Co Property & Business Consultants LLP.

The property was valued at market value of £360,000 assuming an unencumbered freehold

title subject to the tenancies existing at the date of valuation. The director considers that this

valuation is appropriate as 31 August 2014.

In the event of the investment property being sold for the amount of the valuation, a

corporation tax liability would arise in the sum £438,062. (2013 - £467,096).

4.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE
THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 163,598 (2013 - £

227,246 )

5.

CREDITORS

Creditors include an amount of £ 736,912 (2013 - £ 862,161 ) for which security has been

given.

They also include the following debts falling due in more than five years:

2014

2013

£

Repayable by instalments

174,083

203,625

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

2

Ordinary

£1.00

-

200

"A" & "B" Ordinary

£0.01

2

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

As at 1 September 2013, the company owed the director, Mr G A Roper, £239,334 in respect

of his director's loan account. As at 31 August 2014, the balance owing to Mr G A Roper

amounted to £239,793. The loan is unsecured and interest free. The rate of repayment is

reviewed annually in the context of the company's overall financial position and future

funding requirements, and is currently repayable at a rate of £36,000 per annum.

During the year, dividends totalling £34,425 were declared payable to Mr G A Roper, holder

of the "A" ordinary shares.

8.	ULTIMATE CONTROLLING PARTY

The company is controlled by the director, Mr G A Roper, by virtue of him owning 75% of

the issued share capital.

G N R Farms Limited - Limited company - abbreviated - 11.6

G N R Farms Limited - Limited company - abbreviated - 11.6