S W G Farms Limited - Period Ending 2015-04-05

Registration number: 01279155

S W G Farms Limited

Abbreviated Accounts

for the Year Ended 5 April 2015
 

787878787
S W G Farms Limited
Registration number: 01279155
Abbreviated Balance Sheet at 5 April 2015

		Note			2015						2014
	£			£			£			£
Fixed assets
Tangible fixed assets		2						303,735						322,458
Investments		2						427,010						427,010
								730,745						749,468
Current assets
Debtors					501						5,526
Cash at bank and in hand					687,895						700,422
					688,396						705,948
Creditors: Amounts falling due within one year					(6,633)						(8,354)
Net current assets								681,763						697,594
Total assets less current liabilities								1,412,508						1,447,062
Creditors: Amounts falling due after more than one year								(426,985)						(426,985)
Net assets								985,523						1,020,077
Capital and reserves
Called up share capital		3			210,002						210,002
Profit and loss account					775,521						810,075
Shareholders' funds								985,523						1,020,077

For the year ending 5 April 2015 the company was entitled to exemption from audit 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the Board on 21 December 2015 and signed on its behalf by:

Mr S W Godfrey
Director

The notes on pages 2 to 3 form an integral part of these financial statements.

787878787
S W G Farms Limited
Notes to the Abbreviated Accounts for the Year Ended 5 April 2015

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).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Departures from Companies Act requirements

No depreciation is provided on freehold buildings; this constitues a departure from statutory rules requiring fixed assets to be depreciated over their useful economic lives and is necessary to enable the accounts to give a true and fair view as residual value is equivalent to cost so any depreciation is immaterial.

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
Tractors and combines	8% on cost
Motor vehicles	25% on cost
Equipment	12.5% on cost

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

The notes on pages 2 to 3 form an integral part of these financial statements.

787878787
S W G Farms Limited
Notes to the Abbreviated Accounts for the Year Ended 5 April 2015

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 6 April 2014		410,157			427,010			837,167
Additions		15,639			-			15,639
Disposals		(74,600)			-			(74,600)
At 5 April 2015		351,196			427,010			778,206
Amortisation
At 6 April 2014		87,699			-			87,699
Charge for the year		3,066			-			3,066
Eliminated on disposals		(43,304)			-			(43,304)
At 5 April 2015		47,461			-			47,461
Net book value
At 5 April 2015		303,735			427,010			730,745
At 5 April 2014		322,458			427,010			749,468

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
RJ & TE Godfrey Enholmes Farms Limited		Ordinary shares	100%	Non trading

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		210,002			210,002			210,002			210,002

The notes on pages 2 to 3 form an integral part of these financial statements.