Croghan Peat Industries Limited - Limited company - abbreviated - 11.9

CROGHAN PEAT INDUSTRIES LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2015

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTORS:

R L Bond

A P Rowland

SECRETARY:

R L Bond

REGISTERED OFFICE:

3/5 College Street

Burnham on Sea

Somerset

TA8 1AR

REGISTERED NUMBER:

03566113 (England and Wales)

ACCOUNTANTS:

T P Lewis & Partners

3/5 College Street

Burnham on Sea

Somerset

TA8 1AR

BANKERS:

HSBC Bank plc

1 Market Place

Wells

Somerset

BA5 2RN

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 three 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 Croghan Peat Industries Limited for the year ended 31 May 2015 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 Croghan Peat Industries 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 Croghan Peat Industries Limited and state those matters that we have agreed to state to the Board of Directors of Croghan Peat Industries 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 Croghan Peat Industries 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 loss of Croghan Peat Industries Limited. You consider that Croghan Peat Industries 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 Croghan Peat Industries

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.

T P Lewis & Partners

3/5 College Street

Burnham on Sea

Somerset

TA8 1AR

29 January 2016

FIXED ASSETS

Tangible assets

2

449,440

450,133

CURRENT ASSETS

Stocks

5,200

5,200

Debtors

3

180,130

201,585

Cash at bank

-

1,400

185,330

208,185

CREDITORS

Amounts falling due within one year

4

4,149

13,816

NET CURRENT ASSETS

181,181

194,369

TOTAL ASSETS LESS CURRENT LIABILITIES

630,621

644,502

CREDITORS

Amounts falling due after more than one year

4

(787,065

)

(790,239

)

PROVISIONS FOR LIABILITIES

(1,149

)

(1,266

)

NET LIABILITIES

(157,593

)

(147,003

)

CAPITAL AND RESERVES

Called up share capital

5

2

2

Profit and loss account

(157,595

)

(147,005

)

SHAREHOLDERS' FUNDS

(157,593

)

(147,003

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 29 January 2016 and were signed on its behalf by:

A P Rowland - Director

R L Bond - 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 peat products, excluding value added tax.

Tangible fixed assets

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

Improvements to property

-

not provided

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

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.

Cost is calculated on a first in, first out basis.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will

continue to trade. The directors have indicated that they are prepared to financially support the company and will

have the ability to reduce expenses sufficiently, should the need arise.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2014

and 31 May 2015

476,202

DEPRECIATION

At 1 June 2014

26,069

Charge for year

693

At 31 May 2015

26,762

NET BOOK VALUE

At 31 May 2015

449,440

At 31 May 2014

450,133

3.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

4.

CREDITORS

Creditors include an amount of £ 325,157 (2014 - £ 325,000 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

2

Ordinary

£1

2

2

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2015 and

31 May 2014:

2015

2014

£

£

R L Bond and A P Rowland

Balance outstanding at start of year

(1

)

(1

)

Amounts advanced

5,000

-

Amounts repaid

-

-

Balance outstanding at end of year

4,999

(1

)

The overdrawn directors loans were repaid within nine months of the year end.