Hinchley Agriculture Limited - Period Ending 2014-12-31

Registration number: 06709276

Hinchley Agriculture Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Atkinson Saul Fairholm Limited
21A Newland
Lincoln
LN1 1XP

Hinchley Agriculture Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Hinchley Agriculture Limited
(Registration number: 06709276)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		2			1,598,271			1,573,206
Current assets
Stocks					198,318			237,332
Debtors					7,003			100,666
					205,321			337,998
Creditors: Amounts falling due within one year					(434,938)			(480,472)
Net current liabilities					(229,617)			(142,474)
Total assets less current liabilities					1,368,654			1,430,732
Creditors: Amounts falling due after more than one year					(686,822)			(692,500)
Provisions for liabilities					(135,449)			(130,436)
Net assets					546,383			607,796
Capital and reserves
Called up share capital		4			300			300
Profit and loss account					546,083			607,496
Shareholders' funds					546,383			607,796

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 29 September 2015 and signed on its behalf by:

.........................................
T J Hinchley
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Hinchley Agriculture Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

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).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold land	No depreciation is charged
Leasehold agricultural buildings	No depreciation is charged
Tractors and machinery	15% reducing balance
Motor vehicles	25% reducing balance
Fixtures, fittings and equipment	20% straight line - computers, 10% straight line - office equipment

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 2

Hinchley Agriculture Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2014		1,814,465			1,814,465
Additions		228,963			228,963
Disposals		(170,936)			(170,936)
At 31 December 2014		1,872,492			1,872,492
Depreciation
At 1 January 2014		241,259			241,259
Charge for the year		97,213			97,213
Eliminated on disposals		(64,251)			(64,251)
At 31 December 2014		274,221			274,221
Net book value
At 31 December 2014		1,598,271			1,598,271
At 31 December 2013		1,573,206			1,573,206

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		408,127			401,118
Amounts falling due after more than one year		686,822			692,500
Total secured creditors		1,094,949			1,093,618

Included in the creditors are the following amounts due after more than five years:

Page 3

Hinchley Agriculture Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

		2014 £			2013 £
After more than five years by instalments		521,812			545,000

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary class A of £1 each		75			75			75			75
Ordinary class B of £1 each		75			75			75			75
Ordinary class C of £1 each		75			75			75			75
Ordinary class D of £1 each		75			75			75			75
		300			300			300			300

Page 4