Portway Farms Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02421594 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Portway Farms Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

Mrs S H Nicholson

Mrs H C Tylor

REGISTERED OFFICE:

The Management Office

Kirtlington Business Centre

Slade Farm

Kirtlington

Oxfordshire

OX5 3JA

REGISTERED NUMBER:

02421594 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

4 Claridge Court

Lower Kings Road

Berkhamsted

Hertfordshire

HP4 2AF

FIXED ASSETS

Tangible assets

4

277

346

Investments

5

33,694

32,882

Investment property

6

2,210,000

2,150,000

2,243,971

2,183,228

CURRENT ASSETS

Debtors

7

12,853

14,555

Cash at bank and in hand

38,131

43,307

50,984

57,862

CREDITORS

Amounts falling due within one year

8

28,098

36,343

NET CURRENT ASSETS

22,886

21,519

TOTAL ASSETS LESS CURRENT LIABILITIES

2,266,857

2,204,747

CREDITORS

Amounts falling due after more than one year

9

133,730

144,083

NET ASSETS

2,133,127

2,060,664

CAPITAL AND RESERVES

Called up share capital

82,001

82,001

Capital redemption reserve

14,000

14,000

Fair value reserve

11

1,866,468

1,806,468

Retained earnings

170,658

158,195

SHAREHOLDERS' FUNDS

2,133,127

2,060,664

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement for the year ended 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 13 December 2019 and were signed on its behalf by:

Mrs S H Nicholson - Director

Mrs H C Tylor - Director

1.	STATUTORY INFORMATION

Portway Farms Ltd 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 as modified by the revaluation of certain assets.

Significant judgements and estimates

The presentation of the financial statements requires management to make judgements, estimates

and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet

date and the amounts reported for income and expense during the year. However, the nature of

estimations means that actual outcome could differ from those estimates.

Tangible fixed assets

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

Plant and machinery etc

-

20% on reducing balance

Investment property

Investment property is shown at most recent valuation.on an open market basis as valued by the

Directors. Any aggregate surplus or deficit arising from changes in fair value is recognised in Fair

Value Reserve.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

and 31 March 2019

700

DEPRECIATION

At 1 April 2018

354

Charge for year

69

At 31 March 2019

423

NET BOOK VALUE

At 31 March 2019

277

At 31 March 2018

346

5.	FIXED ASSET INVESTMENTS

Interest

in other

participating

interests

£

COST

At 1 April 2018

32,882

Share of profit/(loss)

812

At 31 March 2019

33,694

NET BOOK VALUE

At 31 March 2019

33,694

At 31 March 2018

32,882

The participating interest is in Kirtlington Farms, a farming partnership situated in England. The

Company has a 7.5% right to the profits and losses and fixed capital of the partnership.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

2,150,000

Revaluations

60,000

At 31 March 2019

2,210,000

NET BOOK VALUE

At 31 March 2019

2,210,000

At 31 March 2018

2,150,000

Fair value at 31 March 2019 is represented by:

£

Valuation in 2017

1,656,468

Valuation in 2018

150,000

Valuation in 2019

60,000

Cost

343,532

2,210,000

The investment properties were valued on an open market basis on 31 March 2019 by the Directors.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

10,581

10,232

Amounts owed by participating interests

1,000

1,000

Other debtors

1,272

3,323

12,853

14,555

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

10,353

10,353

Trade creditors

1,282

12,655

Taxation and social security

2,040

643

Other creditors

14,423

12,692

28,098

36,343

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans

133,730

144,083

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

92,317

102,670

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Bank loans

144,083

154,436

The loan is secured on the freehold land known as:

i) land on the north side of Akeman Street and

ii) Home Farm, Kirtlington Park, Kirtlington OX5 3JL.

11.

RESERVES

Fair

value

reserve

£

At 1 April 2018

1,806,468

Revaluation

60,000

At 31 March 2019

1,866,468

Fair Value Reserve: where financial instruments and investment properties are measured at fair

value a transfer is made to the fair value reserve, instead of a transfer to retained earnings, to assist

with the identification of profits available for distribution.

12.	RELATED PARTY DISCLOSURES

Mrs H C Tylor

At the year end there was a balance due from Mrs H C Tylor to the Company of £1,000 (2018: £1,000)

Kirtlington Farms

The directors are both 46.25% partners in Kirtlington Farms.

During the year the company received a share of the Kirtlington Farms' trading profit of £812 (2018:

trading profit £1,453) and charged rent to Kirtlington Farms of £13,700 (2018: £13,700).

At the balance sheet date the amount owed to the company by Kirtlington Farms was £7,850 (2018:

£Nil).

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 Abridged Income Statement and certain

other primary statements and the Report of the Directors 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 financial statements of Portway Farms Ltd for the year ended 31 March 2019 which comprise

the Abridged Income Statement, Balance Sheet and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Portway Farms Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Portway Farms Ltd and state those matters that we have agreed to state to the Board of Directors of Portway Farms Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Portway Farms Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Portway Farms Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Portway Farms Ltd. You consider that Portway Farms Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Portway Farms Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haines Watts

Chartered Accountants

4 Claridge Court

Lower Kings Road

Berkhamsted

Hertfordshire

HP4 2AF

13 December 2019