Grange Farm Limited Filleted accounts for Companies House (small and micro)

GRANGE FARM LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02295699

Grange Farm Limited

Filleted Financial Statements

31 March 2019

Grange Farm Limited

Financial Statements

Year ended 31 March 2019

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Grange Farm Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Tangible assets	6	2,910,015	2,881,787
Investments	7	239,346	239,346
		------------	------------
		3,149,361	3,121,133

Current assets

Stocks		21,555	16,755
Debtors	8	83,617	65,045
Cash at bank and in hand		171,503	147,323
		---------	---------
		276,675	229,123

Creditors: amounts falling due within one year	9	124,535		120,920
		---------		---------
Net current assets			152,140		108,203
			------------		------------
Total assets less current liabilities			3,301,501		3,229,336

Creditors: amounts falling due after more than one year	10		88,822		125,453

Provisions

Taxation including deferred tax	441,313	441,313
	------------	------------
Net assets	2,771,366	2,662,570
	------------	------------

Capital and reserves

Called up share capital	11	26,504	26,504
Profit and loss account	12	2,744,862	2,636,066
		------------	------------
Shareholders funds		2,771,366	2,662,570
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Grange Farm Limited

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 11 December 2019 , and are signed on behalf of the board by:

M J Whelton
Director

Company registration number: 02295699

Grange Farm Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	20% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Average number of employees

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

5. Tax on profit

Major components of tax expense

	2019	2018
	£	£

Current tax:

UK current tax expense	19,780	24,075

Deferred tax:

Origination and reversal of timing differences	–	( 3,325)
	--------	--------
Tax on profit	19,780	20,750
	--------	--------

At the year end there was an unprovided deferred tax provision of approximately £7,225 (2018 - £1,816) which consists of the tax effect of timing differences in respect of excess taxation allowances over depreciation on fixed assets.

6. Tangible assets

	Freehold property	Plant and machinery	Total
	£	£	£
Cost
At 1 April 2018	2,870,901	69,865	2,940,766
Additions	–	32,308	32,308
	------------	---------	------------
At 31 March 2019	2,870,901	102,173	2,973,074
	------------	---------	------------
Depreciation
At 1 April 2018	–	58,979	58,979
Charge for the year	–	4,080	4,080
	------------	---------	------------
At 31 March 2019	–	63,059	63,059
	------------	---------	------------
Carrying amount
At 31 March 2019	2,870,901	39,114	2,910,015
	------------	---------	------------
At 31 March 2018	2,870,901	10,886	2,881,787
	------------	---------	------------

Tangible assets held at valuation

The freehold properties were valued on an open market basis by Chartered Surveyors in November 2016.

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property
	£
At 31 March 2019
Aggregate cost	1,965,572
Aggregate depreciation	–
	------------
Carrying value	1,965,572
	------------

At 31 March 2018
Aggregate cost	1,965,572
Aggregate depreciation	–
	------------
Carrying value	1,965,572
	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery
	£
At 31 March 2019	4,219
	-------
At 31 March 2018	5,625
	-------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2018 and 31 March 2019	239,346
	---------
Impairment
At 1 April 2018 and 31 March 2019	–
	---------

Carrying amount
At 31 March 2019	239,346
	---------
At 31 March 2018	239,346
	---------

The company owns 100% of the issued share capital of Miken Limited and Universal Stone Limited, registered office 146 New London Road, Chelmsford, Essex, CM2 0AW.

8. Debtors

	2019	2018
	£	£
Trade debtors	8,271	6,267
Amounts owed by group undertakings	70,857	55,773
Prepayments and accrued income	1,168	2,156
Other debtors	3,321	849
	--------	--------
	83,617	65,045
	--------	--------

9. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	22,531	22,443
Trade creditors	29,790	19,792
Accruals and deferred income	12,004	20,581
Corporation tax	19,780	24,075
Obligations under finance leases and hire purchase contracts	1,905	2,526
Director loan accounts	38,525	31,503
	---------	---------
	124,535	120,920
	---------	---------

The bank loan is secured on all buildings.

10. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	63,727	84,778
Obligations under finance leases and hire purchase contracts	–	1,905
Director loan accounts	14,500	28,175
Other creditors	10,595	10,595
	--------	---------
	88,822	125,453
	--------	---------

The bank loan is secured on all buildings.

11. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	26,504	26,504	26,504	26,504
	--------	--------	--------	--------

12. Reserves

Profit and loss account - This reserve includes both distributable and non-distributable reserves as follows:

	2019	2018
	£	£
Distributable reserves	2,280,846	2,172,050
Non-distributable reserves	464,016	464,016
	------------	------------
Total	2,744,862	2,636,066
	------------	------------

13. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	6,360	6,360
Later than 1 year and not later than 5 years	1,590	7,950
	-------	--------
	7,950	14,310
	-------	--------

14. Summary audit opinion

The auditor's report for the year dated 18 December 2019 was unqualified.

The senior statutory auditor was R Crace , for and on behalf of Edmund Carr LLP .

15. Related party transactions

The company is controlled by the directors, M J Whelton and G K Donaldson. The company has taken advantage of the exemption granted under FRS 102 section 33.1A not to disclose transactions with group companies that are wholly owned. At the year end the company owed the directors £53,025 (2018 - £59,678) which is shown amongst creditors.