Pridgeon Farms Limited - Limited company - abbreviated - 11.9
Pridgeon Farms Limited - Limited company - abbreviated - 11.9
| REGISTERED NUMBER: |
| Abbreviated Unaudited Accounts |
| for the Year Ended 31 October 2015 |
| for |
| Pridgeon Farms Limited |
| Pridgeon Farms Limited (Registered number: 03075689) |
| Contents of the Abbreviated Accounts |
| for the Year Ended 31 October 2015 |
| Page |
| Company Information | 1 |
| Chartered Accountants' Report | 2 |
| Abbreviated Balance Sheet | 3 |
| Notes to the Abbreviated Accounts | 4 |
| Pridgeon Farms Limited |
| Company Information |
| for the Year Ended 31 October 2015 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants & Business Advisers |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Pridgeon Farms Limited |
| 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 Pridgeon Farms Limited for the year ended 31 October 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 Pridgeon Farms 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 Pridgeon Farms Limited and state those matters that we have agreed to state to the Board of Directors of Pridgeon Farms 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 Pridgeon Farms 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 Pridgeon Farms Limited. You consider that Pridgeon Farms 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 Pridgeon Farms 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. |
| Chartered Accountants & Business Advisers |
| 8 March 2016 |
| Pridgeon Farms Limited (Registered number: 03075689) |
| Abbreviated Balance Sheet |
| 31 October 2015 |
| 2015 | 2014 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 2 |
| Tangible assets | 3 |
| Investments | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
6 |
( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Profit and loss account |
| SHAREHOLDERS' FUNDS |
| 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 financial statements were approved by the Board of Directors on |
| Pridgeon Farms Limited (Registered number: 03075689) |
| Notes to the Abbreviated Accounts |
| for the Year Ended 31 October 2015 |
| 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). |
| Preparation of consolidated financial statements |
| The financial statements contain information about Pridgeon Farms Limited as an individual company and do |
| not contain consolidated financial information as the parent of a group. The company has taken the option under |
| Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
| Turnover |
| Turnover represents net invoiced sales of goods, excluding value added tax. |
| Tangible fixed assets |
| Freehold property | - |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Investment property |
| In accordance with the FRSSE, the Investment property is stated at market value. The value of the property is |
| considered annually by the Directors. Any revaluation surplus or deficit is transferred to the revaluation |
| reserve.No depreciation is provided in respect of the Investment property. |
| The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the |
| generally accepted accounting principle set out in the FRSSE. The directors consider that, because these |
| properties are not held for consumption, but for their investment potential, to depreciate them would not give a |
| true and fair view and that it is necessary to adopt FRSSE in order to give a true and fair view. |
| If this departure from the Act had not been made, the profit for the financial year would have been reduced by |
| depreciation. However, the amount of depreciation cannot reasonably be quantified, because depreciation is |
| only one of many factors reflected in the annual valuation and the amount which might otherwise have been |
| shown cannot be separately identified or quantified. |
| 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 |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| balance sheet date where transactions or events that result in an obligation to pay more or less tax in the future |
| have occurred at the balance sheet date. Timing differences are differences between the company's taxable |
| profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax |
| assessments in periods different from those in which they are recognised in the financial statements. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
| at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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 on a straight line basis over the |
| period of the lease. |
| Pridgeon Farms Limited (Registered number: 03075689) |
| Notes to the Abbreviated Accounts - continued |
| for the Year Ended 31 October 2015 |
| 2. | INTANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 November 2014 |
| and 31 October 2015 |
| NET BOOK VALUE |
| At 31 October 2015 |
| At 31 October 2014 |
| 3. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 November 2014 |
| Additions |
| Disposals | ( |
) |
| At 31 October 2015 |
| DEPRECIATION |
| At 1 November 2014 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 October 2015 |
| NET BOOK VALUE |
| At 31 October 2015 |
| At 31 October 2014 | 2,036,968 |
| 4. | FIXED ASSET INVESTMENTS |
| Investments |
| other |
| than |
| loans |
| £ |
| COST |
| At 1 November 2014 |
| and 31 October 2015 | 75 |
| NET BOOK VALUE |
| At 31 October 2015 |
| At 31 October 2014 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Nature of business: |
| % |
| Class of shares: | holding |
| Ordinary | 75.00 |
| Pridgeon Farms Limited (Registered number: 03075689) |
| Notes to the Abbreviated Accounts - continued |
| for the Year Ended 31 October 2015 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| COST |
| At 1 November 2014 |
| and 31 October 2015 |
| NET BOOK VALUE |
| At 31 October 2015 |
| At 31 October 2014 |
| 6. | CREDITORS |
| Creditors include an amount of £ |
| They also include the following debts falling due in more than five years: |
| 2015 | 2014 |
| £ | £ |
| Repayable by instalments | 593,818 | 707,695 |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2015 | 2014 |
| value: | £ | £ |
| Ordinary | £1 |
| 8. | CONTROLLING PARTY |
| Mr P W Pridgeon, a director, and members of his close family control the company. This is as a result of |
| controlling directly or indirectly 100% of the issued Ordinary share capital. |