E.A.Sheardown & Company Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 00567569 (England and Wales)

E.A.SHEARDOWN & COMPANY LIMITED

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

6

Chartered Accountants' Report

7

DIRECTORS:

Mrs N Beckett

Miss B Beckett

R Beckett

Mrs N A Beckett

SECRETARY:

Mrs C P Heeley

REGISTERED OFFICE:

Westfield Farm

Marston

Grantham

Lincolnshire

NG32 2JH

REGISTERED NUMBER:

00567569 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis

Chartered Accountants

and Business Advisers

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

2,393,164

2,453,912

2,393,164

2,453,912

CURRENT ASSETS

Valuation

271,122

202,962

Debtors

238,915

175,759

Investments

571,904

568,476

Cash at bank and in hand

901,472

611,006

1,983,413

1,558,203

CREDITORS

Amounts falling due within one year

4

575,770

520,172

NET CURRENT ASSETS

1,407,643

1,038,031

TOTAL ASSETS LESS CURRENT LIABILITIES

3,800,807

3,491,943

PROVISIONS FOR LIABILITIES

24,063

-

NET ASSETS

3,776,744

3,491,943

CAPITAL AND RESERVES

Called up share capital

5

114,589

114,589

Share premium

707,069

707,069

Profit and loss account

2,955,086

2,670,285

SHAREHOLDERS' FUNDS

3,776,744

3,491,943

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 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 4 August 2014 and were signed on its behalf by:

R Beckett - Director

1.	ACCOUNTING POLICIES

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 produce and contract work, excluding value added tax, and

subsidies.

Sales of produce are recognised upon despatch and contract work is recognised on the day services are

provided. The single farm payment and environmental subsidies are recognised in the financial statements in

accordance with current H M Revenue and Customs guidance.

Intangible fixed assets

Intangible fixed assets comprise the costs of acquiring entitlement to the single farm payment. These costs

have been written off over the period the company was expected to receive the single farm payment at the

time of acquiring the entitlement.

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.

Land and buildings

-

Land - Nil, Buildings - 4% on cost

Plant and machinery etc

-

10-25% on reducing balance and 25% on reducing balance

Valuation

The valuation has been professionally prepared by Messrs Escritt Barrell Golding, at the lower of cost and net

realisable value.

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.

Rentals paid under operating leases are charged to the profit and loss account as incurred.

Pension costs and other post-retirement benefits

The company operates a self-administered defined contribution pension scheme to provide for retirement

benefits for directors and an external defined contribution scheme for employees. Contributions are charged

to the profit and loss account as incurred.

Current asset investments

Current asset investments are stated at the lower of cost and net realisable value.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

and 31 March 2014

12,089

AMORTISATION

At 1 April 2013

and 31 March 2014

12,089

NET BOOK VALUE

At 31 March 2014

-

At 31 March 2013

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

4,451,639

Additions

28,010

Disposals

(6,500

)

At 31 March 2014

4,473,149

DEPRECIATION

At 1 April 2013

1,997,727

Charge for year

87,601

Eliminated on disposal

(5,343

)

At 31 March 2014

2,079,985

NET BOOK VALUE

At 31 March 2014

2,393,164

At 31 March 2013

2,453,912

4.

CREDITORS

The following secured debts are included within creditors:

2014

2013

£

£

Hire purchase contracts

-

42,999

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

112,589

Ordinary

£1

112,589

112,589

2,000

Preference

£1

2,000

2,000

114,589

114,589

The Preference shares are non redeemable and any dividends payable are at the discretion of the company.

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the following amount was advanced to a director:

2014

2013

£

£

Balance outstanding at the start of the year

893

2,029

Amounts advanced

898

893

Amounts repaid

(893

)

(2,029

)

Balance outstanding at the end of the year

898

893

Maximum balance outstanding during the year

898

2,029

No interest was charged in respect of these advances. The balance outstanding at 31 March 2014 was repaid

to the company subsequent to the balance sheet date.

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 E.A.Sheardown & Company 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 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 E.A.Sheardown & Company 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 E.A.Sheardown & Company Limited and state those matters that we have agreed to state to the Board

of Directors of E.A.Sheardown & Company 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 E.A.Sheardown & Company 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

profit of E.A.Sheardown & Company Limited. You consider that E.A.Sheardown & Company 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 E.A.Sheardown &

Company 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

Chartered Accountants

and Business Advisers

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

6 August 2014