ACCOUNTS - Final Accounts

TAMAR VALLEY PRESERVES LIMITED - Company Information

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Registered number: 08299711

TAMAR VALLEY PRESERVES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2019

TAMAR VALLEY PRESERVES LIMITED

REGISTERED NUMBER:08299711

STATEMENT OF FINANCIAL POSITION

AS AT 31 MAY 2019

		2019		2018
Note		£		£


CURRENT ASSETS
Fixed assets held for sale		2,004		2,004
Debtors: amounts falling due within one year	4	65,757		114,756
Cash at bank and in hand		887		2,812
		68,648		119,572
Creditors: amounts falling due within one year	5	(5,610)		(48,918)
NET CURRENT ASSETS			63,038		70,654
TOTAL ASSETS LESS CURRENT LIABILITIES			63,038		70,654

NET ASSETS			63,038		70,654

CAPITAL AND RESERVES
Called up share capital	6	100	100
Profit and loss account		62,938	70,554
		63,038	70,654

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr R Mollard

Director

Date: 27 February 2020

The notes on pages 2 to 5 form part of these financial statements.

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TAMAR VALLEY PRESERVES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

1.	GENERAL INFORMATION

The company is a private limited company, limited by shares and registered in England and Wales. The registered number of the company is 08299711. The registered office of the company is The Leys, Milton Combe, Yelverton, Devon, PL20 6HW.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

BASIS OTHER THAN THAT OF A GOING CONCERN

The company ceased trading at the balance sheet date of teh prior year. The financial statements have been prepared on a basis other than that of a going concern which includes, where appropriate, writing down the company’s assets to net realisable value. Provision has also been made for any contractual commitments that have become onerous at the balance sheet date. The financial statements do not include any provision for the future costs of terminating the business of the company except to the extent that such costs were committed at the balance sheet date.

2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

FINANCE COSTS

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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TAMAR VALLEY PRESERVES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

2.ACCOUNTING POLICIES (continued)

2.5

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

2.6

TAXATION

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

2.7

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 2 (2018: 2).

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TAMAR VALLEY PRESERVES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

DEBTORS

					2019	2018
					£	£


Other debtors	64,727	114,756
Tax recoverable	1,030	-
	65,757	114,756

5.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2019	2018
		£	£

Trade creditors	4,260	-
Corporation tax	-	44,733
Other taxation and social security	-	1,967
Other creditors	-	218
Accruals and deferred income	1,350	2,000
	5,610	48,918

6.	SHARE CAPITAL
		2019	2018
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

100 (2018: 100) Ordinary shares of £1 each	100	100

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TAMAR VALLEY PRESERVES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

7.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £Nil (2018: £25,000). Contributions totalling £Nil (2018: £Nil) were payable to the fund.

8.	TRANSACTIONS WITH DIRECTORS
	At the year end, the directors owed the company £35,078 (2018: £86,578), which is included in other debtors. During the year, dividends were paid to the directors totaling £Nil (2018: £25,000)

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