ACCOUNTS - Final Accounts preparation

MARRISON AGRICULTURE LIMITED - Company Information

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Registered number: 05608571

MARRISON AGRICULTURE LIMITED

UNAUDITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

MARRISON AGRICULTURE LIMITED

The following reproduces the text of the Chartered accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MARRISON AGRICULTURE LIMITED
FOR THE YEAR ENDED 31 MARCH 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Marrison Agriculture Limited for the year ended 31 March 2014 which comprise the Profit and loss account, the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given to us.

As a 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 at icaew.com/regulations.

This report is made solely to the Board of directors of Marrison Agriculture Limited, as a body, in accordance with the terms of our engagement letter dated 15 November 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Marrison Agriculture Limited and state those matters that we have agreed to state to the Board of directors of Marrison Agriculture Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Marrison Agriculture Limited and its Board of directors, as a body, for our work or for this report.

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

We have not been instructed to carry out an audit or review of the financial statements of Marrison Agriculture Limited. 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.

MA Partners LLP

Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ

24 July 2014

Page 1

MARRISON AGRICULTURE LIMITED

REGISTERED NUMBER: 05608571

ABBREVIATED BALANCE SHEET

AS AT 31 MARCH 2014

2014

2013

	Note	£	£	£	£
FIXED ASSETS
Tangible assets	2		58,308		75,330

CURRENT ASSETS
Stocks	5,250		3,900
Debtors	60,457		79,153
Cash at bank and in hand	319,701		238,992

	385,408		322,045
CREDITORS: amounts falling due within one year	(393,150)		(359,126)
NET CURRENT LIABILITIES		(7,742)		(37,081)

TOTAL ASSETS LESS CURRENT LIABILITIES

50,566

38,249

PROVISIONS FOR LIABILITIES
Deferred tax	-	(1,565)
NET ASSETS	£50,566	£36,684

CAPITAL AND RESERVES
Called up share capital	3	3,000	3,000
Profit and loss account		47,566	33,684

SHAREHOLDERS' FUNDS

£50,566

£36,684

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2014 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act 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, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 23 July 2014.

D J Feakes

Director

The notes on pages 3 to 5 form part of these financial statements.

Page 2

MARRISON AGRICULTURE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

1.ACCOUNTING POLICIES

	1.1	Basis of preparation of financial statements
		The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

	1.2	Cash flow
		The financial statements do not include a Cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective April 2008).

	1.3	Turnover
		Turnover comprises revenue recognised by the company in respect of services supplied in line with the company's principal activities during the year, exclusive of Value Added Tax, and is recognised in accordance with the stage of completion of the project.

	1.4	Tangible fixed assets and depreciation
		Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, over their expected useful lives, on the following bases:

Property improvements	-	15% reducing balance
Plant and machinery	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	15% reducing balance
Computer equipment	-	25% reducing balance

	1.5	Leasing and hire purchase
		Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

	1.6	Stocks
		Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Page 3

MARRISON AGRICULTURE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

1.ACCOUNTING POLICIES (continued)

	1.7	Deferred taxation
		Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
		A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted.

	1.8	Pensions
		The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

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MARRISON AGRICULTURE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

2.TANGIBLE FIXED ASSETS

		£
	Cost
	At 1 April 2013	110,810
	Additions	4,188
	Disposals	(8,519)
	At 31 March 2014	106,479

	Depreciation
	At 1 April 2013	35,480
	Charge for the year	17,639
	On disposals	(4,948)
	At 31 March 2014	48,171

	Net book value
	At 31 March 2014	£58,308
	At 31 March 2013	£75,330

3.SHARE CAPITAL

	2014	2013
	£	£
Allotted, called up and fully paid

750 'A' Ordinary shares shares of £1 each	750	750
675 'B' Ordinary shares shares of £1 each	675	675
675 'C' Ordinary shares shares of £1 each	675	675
750 'D' Ordinary shares shares of £1 each	750	750
150 'E' Ordinary shares shares of £1 each	150	150

	£3,000	£3,000

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