Friars Hayes Farm Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 00571397

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 29TH SEPTEMBER 2015

FOR

FRIARS HAYES FARM LIMITED

Page

Abbreviated Balance Sheet

1

to

2

Notes to the Abbreviated Accounts

3

to

5

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

204,269

364,907

Herd basis

4

-

50,959

204,269

415,866

CURRENT ASSETS

Stocks

61,596

110,409

Debtors

39,369

60,237

Investments

5,407

Cash at bank

59,119

282

165,491

176,335

CREDITORS

Amounts falling due within one year

5

(185,047

)

(228,344

)

NET CURRENT LIABILITIES

(19,556

)

(52,009

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

184,713

363,857

CREDITORS

Amounts falling due after more than one
year

5

(64,064

)

(260,616

)

PROVISIONS FOR LIABILITIES

(8,221

)

(42,300

)

NET ASSETS

112,428

60,941

CAPITAL AND RESERVES

Called up share capital

6

9,102

Profit and loss account

103,326

51,839

SHAREHOLDERS' FUNDS

112,428

60,941

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th September 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th September 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 21st June 2016 and were signed on its behalf by:

Mrs RM Drake - 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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax.

Tangible fixed assets

Depreciation is provided at the following annual rates to write off each asset over its estimated useful life or, if

held under a financial lease, over the lease term, whichever is the shorter.

Tenants Improvements - 10% on cost

Motor Vehicles - 25% on reducing balance

Plant and Machinery

Tractors - 25% on reducing balance

Diggers - 25% on reducing balance

Others - 12.5% on reducing balance

Land & buildings

Depreciation is charged at 0% on freehold buildings as in the directors' view, due to the high standard of repairs,

the residual value of buildings will be so close to the book cost, that depreciation will be immaterial.

Improvements are amortised at 10% on cost.

Amortisation of intangible fixed assets

The directors have decided that purchased milk quota will now be amortised over one year.

Investments

Investments are valued at the lower of cost and market value.

Stocks

Stock is valued in accordance with H M Revenue and Customs Business Income Manual 55410 Farming Stock

Valuation.

Deferred tax

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

sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

Leased assets

Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful

lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The

interest element of rental obligations is charged to the profit and loss account over the period of the lease at a

constant proportion of the outstanding balance of capital repayments.

Foreign currencies

Monetary 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 profit.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 30th September 2014

and 29th September 2015

2,185

AMORTISATION

At 30th September 2014

and 29th September 2015

2,185

NET BOOK VALUE

At 29th September 2015

-

At 29th September 2014

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 30th September 2014

1,149,084

Additions

7,430

Disposals

(384,422

)

At 29th September 2015

772,092

DEPRECIATION

At 30th September 2014

784,177

Charge for year

28,347

Eliminated on disposal

(244,701

)

At 29th September 2015

567,823

NET BOOK VALUE

At 29th September 2015

204,269

At 29th September 2014

364,907

4.	HERD BASIS

Dairy

herd

basis

£

COST

At 30th September 2014

50,959

Disposals

(58,759

)

Transfer

7,800

At 29th September 2015

-

NET BOOK VALUE

At 29th September 2015

-

At 29th September 2014

50,959

The dairy herd is valued at initial cost under the Herd basis method.

5.

CREDITORS

Creditors include an amount of £ 74,683 (2014 - £ 318,018 ) for which security has been given.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

9,102

Ordinary Shares

£1

9,102