Thorneycroft Farms Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 00378452 (England and Wales)

THORNEYCROFT FARMS LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

Mr G J Thorneycroft

Mrs R J Tustian

Mrs D J Wilkinson

SECRETARY:

Mr G J Thorneycroft

REGISTERED OFFICE:

Chilaway Farm

Epwell

Banbury

Oxfordshire

OX15 6LL

REGISTERED NUMBER:

00378452 (England and Wales)

ACCOUNTANTS:

Blencowes

15 High Street

Brackley

Northamptonshire

NN13 7DH

FIXED ASSETS

Tangible assets

2

1,433,905

1,422,583

CURRENT ASSETS

Stocks

59,112

63,608

Debtors

6,032

4,866

Cash at bank

19,584

35,720

84,728

104,194

CREDITORS

Amounts falling due within one year

30,368

14,580

NET CURRENT ASSETS

54,360

89,614

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,488,265

1,512,197

PROVISIONS FOR LIABILITIES

66,303

NET ASSETS

1,421,962

1,445,894

CAPITAL AND RESERVES

Called up share capital

3

12,500

Revaluation reserve

1,000,628

Profit and loss account

408,834

432,766

SHAREHOLDERS' FUNDS

1,421,962

1,445,894

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 18 July 2016 and were signed on its behalf by:

Mrs R J Tustian - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Plant and machinery

-

10% on cost

Stocks

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

moving items.

Deferred taxation

The charge for taxation takes into account taxation deferred as a result of timing differences between the

treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in

respect of all timing differences that have originated but not reversed at the balance sheet date.

However 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 taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods

in which the timing difference reverse, based on tax rates and the law enacted or substantively enacted at the

balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 April 2015

1,448,691

Additions

15,500

Disposals

(2,000

)

At 31 March 2016

1,462,191

DEPRECIATION

At 1 April 2015

26,108

Charge for year

4,178

Eliminated on disposal

(2,000

)

At 31 March 2016

28,286

NET BOOK VALUE

At 31 March 2016

1,433,905

At 31 March 2015

1,422,583

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

12,500

Ordinary

£1

12,500