J J Furness Limited - Limited company - abbreviated

REGISTERED NUMBER: 00475411 (England and Wales)

J J FURNESS LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2015

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

6

Chartered Accountants' Report

7

DIRECTORS:

J J Furness

J E Furness

SECRETARY:

J E Furness

REGISTERED OFFICE:

Oddo House Farm

Elton

Matlock

Derbyshire

DE4 2BZ

REGISTERED NUMBER:

00475411 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

14 London Road

Newark

Nottinghamshire

NG24 1TW

FIXED ASSETS

Intangible assets

2

11,787

23,575

Tangible assets

3

1,576,726

1,557,698

1,588,513

1,581,273

CURRENT ASSETS

Valuation

412,574

422,864

Debtors

34,955

47,853

Cash in hand

-

70

447,529

470,787

CREDITORS

Amounts falling due within one year

4

383,635

312,890

NET CURRENT ASSETS

63,894

157,897

TOTAL ASSETS LESS CURRENT LIABILITIES

1,652,407

1,739,170

CREDITORS

Amounts falling due after more than one
year

4

650,000

684,948

NET ASSETS

1,002,407

1,054,222

CAPITAL AND RESERVES

Called up share capital

5

3,500

Revaluation reserve

1,304,543

Profit and loss account

(305,636

)

(253,821

)

SHAREHOLDERS' FUNDS

1,002,407

1,054,222

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 18 August 2015 and were signed on its behalf
by:

J E Furness - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the

revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities

(effective April 2008).

Turnover

Turnover represents net invoiced sales of produce and livestock, excluding value added tax.

Sales of produce are recognised upon despatch. Revenue from livestock is recognised on the day of sale.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold land and buildings

-

2% on cost and not provided

Plant, machinery and equipment

-

15% on reducing balance

Tractors and motor vehicles

-

25% on reducing balance

Stocks

Stocks have been professionally valued by Bagshaws Agricultural.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period.

The capital element of the future payments is treated as a liability.

Single farm payment

The Single farm payment is recognised in the financial statements in accordance with current H. M. Revenue &

Customs guidance.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2014

and 30 April 2015

336,901

AMORTISATION

At 1 May 2014

313,326

Amortisation for year

11,788

At 30 April 2015

325,114

NET BOOK VALUE

At 30 April 2015

11,787

At 30 April 2014

23,575

3.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 May 2014

1,850,996

Additions

41,907

Disposals

(15,250

)

At 30 April 2015

1,877,653

DEPRECIATION

At 1 May 2014

293,298

Charge for year

19,782

Eliminated on disposal

(12,153

)

At 30 April 2015

300,927

NET BOOK VALUE

At 30 April 2015

1,576,726

At 30 April 2014

1,557,698

4.

CREDITORS

Creditors include an amount of £ 419,491 (30.4.14 - £ 399,753 ) for which security has been given.

They also include the following debts falling due in more than five years:

30.4.15

30.4.14

£

Repayable by instalments

48,278

58,993

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.15

30.4.14

value:

£

3,500

Ordinary

£1

3,500

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to six) have

been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of J J Furness Limited for the year ended 30 April 2015 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 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 at icaew.com/membershandbook.

This report is made solely to the Board of Directors of J J Furness Limited, 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 J J Furness Limited and state those matters that we have agreed to state to the Board of Directors of J J Furness 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 the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that J J Furness Limited 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 loss of J J Furness Limited. You consider that J J Furness Limited 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 J J Furness 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.

Duncan & Toplis Limited

14 London Road

Newark

Nottinghamshire

NG24 1TW

18 August 2015

J J Furness Limited - Limited company - abbreviated - 11.6

J J Furness Limited - Limited company - abbreviated - 11.6