Swanston Farm Limited Small abbreviated accounts

SWANSTON FARM LIMITED - Company Information

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COMPANY REGISTRATION NUMBER SC192334

SWANSTON FARM LIMITED

UNAUDITED ABBREVIATED ACCOUNTS

31 December 2015

ATKINSON & CO LIMITED

Chartered Accountants

Victoria House

87 High Street

Tillicoultry

Clackmannanshire

FK13 6AA

SWANSTON FARM LIMITED

ACCOUNTANTS' REPORT TO THE DIRECTORS OF SWANSTON FARM

LIMITED

YEAR ENDED 31 DECEMBER 2015

In accordance with our terms of engagement, and in order to assist you to fulfil your duties under the Companies Act 2006, we have prepared the financial statements of the company on pages 2 to 7 from the accounting records and information and explanations supplied to us.

This report is made to the Company's Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken to enable us to prepare the financial statements on behalf of the Company's Directors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with best practice guidance issued by the Institute of Chartered Accountants of Scotland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the preparation of financial statements.

You have acknowledged on the balance sheet as at 31 December 2015 your duty to ensure that the company has kept adequate accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. 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 financial statements.

ATKINSON & CO LIMITED Chartered Accountants

Victoria House 87 High Street Tillicoultry Clackmannanshire FK13 6AA

27 April 2016

SWANSTON FARM LIMITED

ABBREVIATED BALANCE SHEET

31 December 2015

	2015	2014
Note	£	£
FIXED ASSETS	2
Tangible assets	8,079,598	8,006,696
	-------------	-------------

CURRENT ASSETS

Stocks	23,959	25,771
Debtors	111,877	196,737
Cash at bank and in hand	90,099	61,935
	----------	----------
	225,935	284,443
CREDITORS: Amounts falling due within one year	1,563,225	1,553,004
	-------------	-------------
NET CURRENT LIABILITIES	( 1,337,290)	( 1,268,561)
	-------------	-------------
TOTAL ASSETS LESS CURRENT LIABILITIES	6,742,308	6,738,135

CREDITORS: Amounts falling due after more than one year	1,618,511	1,691,228
	-------------	-------------
	5,123,797	5,046,907
	-------------	-------------

CAPITAL AND RESERVES

Called up equity share capital	3	985	985
Share premium account	2,161,488	2,161,488
Revaluation reserve	2,609,051	2,609,051
Profit and loss account	352,273	275,383
	-------------	-------------
SHAREHOLDERS' FUNDS	5,123,797	5,046,907
	-------------	-------------

For the year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved by the directors and authorised for issue on 27 April 2016 , and are signed on their behalf by:

Mr A McClung Director

SWANSTON FARM LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 31 DECEMBER 2015

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost or revaluation of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant and Machinery -25% reducing balance basis

Fixtures, fittings and office equipment -25% reducing balance basis

Freehold and Temporary Property -Nil and 10% straight line basis

Where depreciation has been calculated an amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Pension costs

The company operates a defined contribution pension scheme, the pension charge represents amounts payable by the company to the fund in respect of the year.

Deferred taxation

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 have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

2. FIXED ASSETS

	Tangible Assets
	£

COST OR VALUATION

At 1 January 2015	8,223,587
Additions	123,091
Disposals	( 28,000)
	-------------
At 31 December 2015	8,318,678
	-------------

DEPRECIATION

At 1 January 2015	216,891
Charge for year	43,544
On disposals	( 21,355)
	----------
At 31 December 2015	239,080
	----------

NET BOOK VALUE

At 31 December 2015	8,079,598
	-------------

At 31 December 2014	8,006,696
	-------------

Land and buildings are held in the accounts at open market value as at the revaluation date, plus cost of the additions thereafter. The property was revalued by Graham & Sibbald and DM Hall Surveyors during 2014 and these revaluations have been reflected in the accounts.

3. SHARE CAPITAL

Allotted, called up and fully paid:

2015	2014
No	£	No	£
Ordinary shares of £ 1 each	985	985	985	985
Preference shares of £ 1 each	1,125,737	1,125,737	1,125,737	1,125,737
	-------------	-------------	-------------	-------------
	1,126,722	1,126,722	1,126,722	1,126,722
	-------------	-------------	-------------	-------------

	2015	2014
Amounts presented in equity:	£	£
985 Ordinary shares of £ 1 each	985	985
	----	----

Amounts presented in liabilities:

1,125,737 Preference shares of £ 1 each	1,125,737	1,125,737

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