MANN_FARMS_LIMITED - Accounts

MANN FARMS LIMITED - Company Information

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Company Registration No. 00639106 (England and Wales)

MANN FARMS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2015

MANN FARMS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

MANN FARMS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

1,284,320

1,375,513

Investments

1,284,350

1,375,543

Current assets

Stocks

134,187

153,841

Debtors

157,453

68,148

291,640

221,989

Creditors: amounts falling due within one year

(292,050)

(225,017)

Net current liabilities

(410)

(3,028)

Total assets less current liabilities

1,283,940

1,372,515

Creditors: amounts falling due after more than one year

(631,617)

(701,328)

Provisions for liabilities

(8)

(5,295)

652,315

665,892

Capital and reserves

Called up share capital

37,150

Other reserves

47,850

Profit and loss account

567,315

580,892

Shareholders' funds

652,315

665,892

MANN FARMS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2015

- 2 -

For the financial 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.

Director's responsibilities:

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

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 30 June 2016

Mr C J Mann

Director

Company Registration No. 00639106

MANN FARMS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold

Nil

Property improvements

4% of cost

Plant and machinery

25% of written down value

Fixtures, fittings & equipment

25% of written down value

1.5

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. 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 in each period.

1.6

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.7

Stock

Stock is valued at the lower of cost and net realisable value.

1.8

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.9

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

MANN FARMS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 4 -

Fixed assets

Tangible assets

Investments

Total

Cost

At 1 January 2015

2,023,490

2,023,520

Additions

2,725

At 31 December 2015

2,026,215

2,026,245

Depreciation

At 1 January 2015

647,977

Charge for the year

93,918

At 31 December 2015

741,895

Net book value

At 31 December 2015

1,284,320

1,284,350

At 31 December 2014

1,375,513

1,375,543

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £124,085 (2014 - £92,836).

Creditors: amounts falling due after more than one year

2015

2014

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

402,050

425,217

The aggregate amount of creditors for which security has been given amounted to £631,617 (2014 - £701,328).

Bank loans and overdraft are secured against the assets of the business.

Share capital

2015

2014

Allotted, called up and fully paid

30,550 Ordinary shares "A" of £1 each

30,550

6,600 Ordinary shares "B" of £1 each

6,600

37,150

MANN FARMS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 5 -

Related party relationships and transactions

Transactions in relation to loans with directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Directors loan account

(3,678)

4,900

1,222

(3,678)

4,900

1,222