Hearthstone Farm Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 02011176 (England and Wales)

HEARTHSTONE FARM LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2015

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

6

DIRECTORS:

Mrs J Gilman

Mr. I V Gilman

Mrs A J Challis

SECRETARY:

Mrs A J Challis

REGISTERED OFFICE:

Hearthstone Farm

Riber

Matlock

Derbyshire

DE4 5JW

REGISTERED NUMBER:

02011176 (England and Wales)

ACCOUNTANTS:

The Rees Partnership

Bentley Bridge House

Chesterfield Road

Matlock

Derbyshire

DE4 5LE

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

58,130

67,928

Investments

4

5

5

58,135

67,933

CURRENT ASSETS

Stocks

77,138

65,201

Debtors

2,289

2,203

Cash at bank

11,245

13,378

90,672

80,782

CREDITORS

Amounts falling due within one year

(79,554

)

(77,745

)

NET CURRENT ASSETS

11,118

3,037

TOTAL ASSETS LESS CURRENT LIABILITIES

69,253

70,970

CREDITORS

Amounts falling due after more than one year

-

(4,336

)

PROVISIONS FOR LIABILITIES

(10,150

)

(5,586

)

NET ASSETS

59,103

61,048

CAPITAL AND RESERVES

Called up share capital

5

40,000

40,000

Profit and loss account

19,103

21,048

SHAREHOLDERS' FUNDS

59,103

61,048

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 28 August 2015 and were signed on its behalf by:

Mrs J Gilman - Director

Mr. I V Gilman - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the going concern basis. No material uncertainties

that may cast significant doubt about the ability of the company to continue as a going concern have

been identified by the directors.

Accounting convention

The financial statements 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 net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1986, is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Full provision is made for deferred taxation resulting from timing differences between the recognition of

gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is

calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when

the timing differences will reverse.

Deferred tax is not recognised when assets are revalued unless, by the balance sheet date, the

company has entered into a binding agreement to sell the assets and recognised the gains and losses

expected to arise on sale. Deferred tax is also not recognised where assets have been sold and it is

expected that the taxable gain will be rolled over into a replacement asset.

Hire purchase and leasing commitments

Assets held under finance leases and hire purchase contracts, which are those where substantially all

the risks and rewards of ownership of the asset have passed to the company, are capitalised in the

balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase

obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations 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.

Rentals paid under operating leases are charged to income on as incurred over the lease term.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2014

and 31 March 2015

4,471

AMORTISATION

At 1 April 2014

and 31 March 2015

4,471

NET BOOK VALUE

At 31 March 2015

-

At 31 March 2014

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2014

136,463

Additions

1,500

Disposals

(3,150

)

At 31 March 2015

134,813

DEPRECIATION

At 1 April 2014

68,535

Charge for year

10,404

Eliminated on disposal

(2,256

)

At 31 March 2015

76,683

NET BOOK VALUE

At 31 March 2015

58,130

At 31 March 2014

67,928

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 April 2014

and 31 March 2015

5

NET BOOK VALUE

At 31 March 2015

5

At 31 March 2014

5

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

40,000

Ordinary

£1

40,000

40,000