Billockby Farms Limited - Abbreviated accounts 16.1
Billockby Farms Limited - Abbreviated accounts 16.1
REGISTERED NUMBER: |
Abbreviated Unaudited Accounts for the Year Ended 30 September 2015 |
for |
Billockby Farms Limited |
Billockby Farms Limited (Registered number: 00687676) |
Contents of the Abbreviated Accounts |
for the year ended 30 September 2015 |
Page |
Company Information | 1 |
Abbreviated Balance Sheet | 2 |
Notes to the Abbreviated Accounts | 3 |
Billockby Farms Limited |
Company Information |
for the year ended 30 September 2015 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Billockby Farms Limited (Registered number: 00687676) |
Abbreviated Balance Sheet |
30 September 2015 |
2015 | 2014 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
Tangible assets | 3 |
Investments | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 6 |
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 |
Billockby Farms Limited (Registered number: 00687676) |
Notes to the Abbreviated Accounts |
for the year ended 30 September 2015 |
1. | ACCOUNTING POLICIES |
Going concern |
These accounts have been prepared on a going concern basis despite showing net liabilities because the group |
company has agreed for a period of at least 12 months from the date of signing these accounts not to withdraw |
the loan to the company in such circumstances as would prevent it meeting its liabilities as they fall due. |
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 January 2015). |
Preparation of consolidated financial statements |
The financial statements contain information about Billockby 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 livestock, livestock produce and arable produce, excluding value |
added tax. |
Intangible fixed assets and amortisation |
These are in respect of purchased milk quota and are included in the balance sheet at cost, less amortisation to |
write off this by 2014/15 when the current milk quota regime is schedules to cease. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
Valuation |
Consumable stocks and growing crops are valued at the lower of cost and net realisable value. |
The livestock, excluding the dairy herd, has been valued at the lower of the estimated cost of production and net |
realisable value. The dairy herd has been valued at the estimated cost of production less amortisation to date to |
reduce this to nil over the expected useful lifetime. |
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. |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. |
Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. |
Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where |
substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such |
agreements are included in creditors net of the finance charge allocated to future periods. The finance element |
of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of |
charge on the net obligation outstanding each period. |
Eu agricultural support scheme |
Payments received under the EU crop support schemes are recognised as income when the business has met |
all criteria which entitle it to the payment. |
Billockby Farms Limited (Registered number: 00687676) |
Notes to the Abbreviated Accounts - continued |
for the year ended 30 September 2015 |
1. | ACCOUNTING POLICIES - continued |
Contract income |
The company provides contracting services to a number of farm businesses for which it receives a basic fee plus |
a profit related bonus. |
The bonus is recognised as income in the accounting period ending within the calendar year in which the |
underlying crop is harvested. |
Investments |
Investments held as fixed assets are stated at cost less provision for any impairment in value. |
Grant income |
The company has obtained a grant under the regional development programme. The company assists with the |
purchase of plant and equipment costs for the new dairy parlour. In accordance with SSAP4, Accounting for |
Government Grants, the proportion of the grant income receivable relating to capital expenditure has been |
treated as deferred income in the balance sheet and is being released to the profit and loss account over the |
estimated useful life of the assets, matching the company's depreciation policy. |
2. | INTANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 October 2014 |
and 30 September 2015 |
AMORTISATION |
At 1 October 2014 |
and 30 September 2015 |
NET BOOK VALUE |
At 30 September 2015 |
At 30 September 2014 |
3. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 October 2014 |
Additions |
Disposals | ( |
) |
At 30 September 2015 |
DEPRECIATION |
At 1 October 2014 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 September 2015 |
NET BOOK VALUE |
At 30 September 2015 |
At 30 September 2014 |
Billockby Farms Limited (Registered number: 00687676) |
Notes to the Abbreviated Accounts - continued |
for the year ended 30 September 2015 |
4. | FIXED ASSET INVESTMENTS |
Shares in group under- takings |
Total |
£ | £ |
COST: |
Wm Bracey Limited | 148,636 | 148,636 |
H J Alston & Sons Limited | 406,023 | 406,023 |
554,659 | 554,659 |
Subsidiary undertakings |
The aggregate of the share capital and reserves as at 30 September 2015 and of the profit or loss for the year |
ended on that date for the subsidiary undertaking was as follows: |
Aggregate of share capital and reserves |
Profit/(loss |
) |
£ | £ |
H J Alston & Sons Limited | 936,975 | 53,616 |
The company owns 100% of the H J Alston & Sons Limited's share capital. The only activity of the subsidiary is |
that of farming, and will continue to be for the foreseeable future. |
The aggregate of the share capital and reserves as at 30 September 2015 and of the profit or loss for the year |
ended on that date for the subsidiary undertaking was as follows: |
Aggregate of share capital and reserves |
Profit/(loss |
) |
£ | £ |
Wm Bracey Limited | 284,589 | 12,016 |
The company owns 100% of the Wm Bracey Limited's share capital. The only activity of the subsidiary is that of |
farming, and will continue to be for the foreseeable future. |
5. | CREDITORS |
Creditors include an amount of £ |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2015 | 2014 |
value: | £ | £ |
A Ordinary | 50p |
B Ordinary | 50p |
100 | 100 |
The B shares are fully entitled to both dividends and capital, A shares have no such rights. |
Billockby Farms Limited (Registered number: 00687676) |
Notes to the Abbreviated Accounts - continued |
for the year ended 30 September 2015 |
7. | DIRECTORS LOANS, ADVANCES AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 September 2015 and |
30 September 2014: |
2015 | 2014 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Balance outstanding at end of year |
8. | ULTIMATE CONTROLLING PARTY |
The company is ultimately controlled by Mr H J Alston, director, by virtue of his shareholdings. |