S.J.Farrant & Son Limited - Period Ending 2013-09-30

Registration number: 00507887

S.J.Farrant & Son Limited
 
  Unaudited Abbreviated Accounts
 
  for the year ended 30 September 2013
 

S.J.Farrant & Son Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

S.J.Farrant & Son Limited
(Registration number: 00507887)
Abbreviated Balance Sheet at 30 September 2013

		Note			2013						(As restated) 2012
	£			£			£			£
Fixed assets
Tangible fixed assets								5,005,293						5,093,760
Current assets
Stocks					451,957						505,084
Debtors					129,332						53,528
Cash at bank and in hand					595,572						509,624
					1,176,861						1,068,236
Creditors: Amounts falling due within one year					(264,073)						(345,444)
Net current assets								912,788						722,792
Total assets less current liabilities								5,918,081						5,816,552
Provisions for liabilities								(33,035)						(44,000)
Net assets								5,885,046						5,772,552
Capital and reserves
Called up share capital		3			20,000						20,000
Revaluation reserve					3,257,468						3,257,468
Profit and loss account					2,607,578						2,495,084
Shareholders' funds								5,885,046						5,772,552

Page 1

S.J.Farrant & Son Limited
(Registration number: 00507887)
Abbreviated Balance Sheet at 30 September 2013

For the year ended 30 September 2013 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 27 June 2014 and signed on its behalf by:

.........................................
Mr H A Farrant
Director

.........................................
Mr M J Farrant
Director

Page 2

S.J.Farrant & Son Limited
Notes to the Abbreviated Accounts for the year Ended 30 September 2013

1	Accounting policies

Basis of preparation

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).

Single payment entitlements and government grants

Government grants are recognised in the period to which they relate once all conditions for their receipt have been met. The single payment entitlement is recognised in the financial statements in accordance with current HM Revenue and Customs guidance.

Turnover

Turnover represents amounts chargeable 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	Nil
Freehold buildings	2% straight line
Other tangible assets	25% reducing balance

Investment properties

Investment properties are revalued annually at their open market value in accordance with FRSSE (effective April 2008). The surplus or deficit is transferred to a revaluation reserve except where the deficit is deemed to be permanent and reduces the property below it's historical cost, in which case it is taken to the profit and loss account.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete, damaged stock and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost is based on using the anticipated convention set out in HS232 to arrive at deemed costs where actual costs are not ascertainable.

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.

Page 3

S.J.Farrant & Son Limited
Notes to the Abbreviated Accounts for the year Ended 30 September 2013

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 October 2012		6,114,493			6,114,493
Additions		14,844			14,844
Disposals		(2,732)			(2,732)
At 30 September 2013		6,126,605			6,126,605
Depreciation
At 1 October 2012		1,020,733			1,020,733
Charge for the year		103,311			103,311
Eliminated on disposals		(2,732)			(2,732)
At 30 September 2013		1,121,312			1,121,312
Net book value
At 30 September 2013		5,005,293			5,005,293
At 30 September 2012		5,093,760			5,093,760

3	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary shares of £1 each		20,000			20,000			20,000			20,000

Page 4

S.J.Farrant & Son Limited
Notes to the Abbreviated Accounts for the year Ended 30 September 2013

4	Prior period adjustments

Investment properties have been restated to show the assets at open market value in accordance with FRSSE (effective April 2008) rather than at historic cost. Investment properties were undervalued by £3,257,468 in the 2012 financial statements. The effect of this adjustment has been to increase fixed assets by £3,257,468 and increase the revaluation reserve by the same amount. Other adjustments include reallocation of the expenses to show comparable information.

Page 5