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Registered number: 02421594
PORTWAY FARMS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2020
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PORTWAY FARMS LIMITED
REGISTERED NUMBER: 02421594
BALANCE SHEET
AS AT 31 MARCH 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Capital redemption reserve
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Investment property reserve
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Page 1
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PORTWAY FARMS LIMITED
REGISTERED NUMBER: 02421594
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2020
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 comprehensive income 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:
The notes on pages 3 to 8 form part of these financial statements.
Page 2
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PORTWAY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Portway Farms Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02421594.
The company's registered office is: The Management Office, Kirtlington Business Centre, Slade Farm, Kirtlington, Oxfordshire, OX5 3JA.
2.Accounting policies
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Basis of preparation of financial statements
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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:
The directors have considered the impact of the global COVID-19 pandemic on the ability of the company to continue trading for the foreseeable future. This review has included considering the impact of the pandemic to the date of signing the financial statements. Based on this review and taken together with existing financing facilities the directors believe that the financial statements have been prepared appropriately on the going concern basis.
Tax is recognised in profit or loss 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 balance sheet date in the countries where the Company operates and generates income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 3
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PORTWAY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Fixed asset investments, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period.
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.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
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The average monthly number of employees, including directors, during the year was 3 (2019 - 3).
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Page 4
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PORTWAY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Charge for the year on owned assets
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Interest in other participating interest
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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.
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Page 5
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PORTWAY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Freehold investment property
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The 2020 valuations were made by the directors, on an open market value for existing use basis.
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Net surplus/(deficit) in movement properties
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Page 6
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PORTWAY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Amounts owed by participating interests
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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The following liabilities were secured:
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Details of security provided:
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The bank 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.
Page 7
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PORTWAY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Creditors: Amounts falling due after more than one year
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The following liabilities were secured:
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Details of security provided:
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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.
Investment property revaluation reserve
Investment property revaluation 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.
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Related party transactions
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At the year end there was a balance due from Mrs H C Tylor (Director) to the Company of £1,000 (2019: £1,000)
During the year the company received a share of the Kirtlington Farms' trading profit of £1,556 (2019:
trading profit £812) and charged rent to Kirtlington Farms of £13,700 (2019: £13,700).
At the balance sheet date the amount owed to the company by Kirtlington Farms was £nil (2019:
£7,850).
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Page 8
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