Mertoun Estate Farms Limited - Abbreviated accounts 16.1
Mertoun Estate Farms Limited - Abbreviated accounts 16.1
| REGISTERED NUMBER: |
| Mertoun Estate Farms Limited |
| Abbreviated Accounts |
| for the Year Ended 31st March 2016 |
| Mertoun Estate Farms Limited (Registered number: 04030000) |
| Contents of the Abbreviated Accounts |
| for the year ended 31st March 2016 |
| Page |
| Company information | 1 |
| Abbreviated balance sheet | 2 | to | 3 |
| Notes to the abbreviated accounts | 4 | to | 5 |
| Mertoun Estate Farms Limited |
| Company Information |
| for the year ended 31st March 2016 |
| Directors: |
| Secretary: |
| Registered office: |
| Registered number: |
| Accountants: |
| Mertoun Estate Farms Limited (Registered number: 04030000) |
| Abbreviated Balance Sheet |
| 31st March 2016 |
| 2016 | 2015 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Intangible assets | 2 |
| Tangible assets | 3 |
| Current assets |
| Stocks |
| Debtors |
| Investments |
| Cash at bank and in hand |
| Creditors |
| Amounts falling due within one year |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
| Net liabilities | ( |
) | ( |
) |
| Capital and reserves |
| Called up share capital | 4 |
| Profit and loss account | ( |
) | ( |
) |
| Shareholders' funds | ( |
) | ( |
) |
| Mertoun Estate Farms Limited (Registered number: 04030000) |
| Abbreviated Balance Sheet - continued |
| 31st March 2016 |
| 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 behalf by: |
| Mertoun Estate Farms Limited (Registered number: 04030000) |
| Notes to the Abbreviated Accounts |
| for the year ended 31st March 2016 |
| 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 January 2015). |
| Turnover |
| Turnover represents net invoiced sales of goods, excluding value added tax. |
| Turnover arising from the sale of goods is recognised when the significant risks and rewards of |
| ownership have passed to the buyer. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
| obsolete and slow moving items. |
| Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net |
| realisable value is based on estimated selling prices less further costs expected to be incurred in |
| bringing the stock to completion. |
| Deferred tax |
| 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. |
| Deferred tax assets are recognised only to the extent that the directors consider that it is more likely |
| than not 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. |
| 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. |
| Pension costs and other post-retirement benefits |
| The regular cost of providing retirement pensions and related benefits is charged to the profit and loss |
| account over the employees' service lives on the basis of a constant percentage of earnings. |
| Investments |
| Current asset investments are at the lower of cost and net realisable value. |
| Mertoun Estate Farms Limited (Registered number: 04030000) |
| Notes to the Abbreviated Accounts - continued |
| for the year ended 31st March 2016 |
| 1. | Accounting policies - continued |
| Going concern |
| The company has net liabilities at the year end due to poor farming results in previous years. The |
| company has made a profit in the year and the directors are confident that the company can maintain |
| current trading levels over the next twelve months. The company is therefore considered to continue to |
| be a going concern and the accounts have been prepared on that basis. |
| 2. | Intangible fixed assets |
| Total |
| £ |
| Cost |
| Additions |
| At 31st March 2016 |
| Net book value |
| At 31st March 2016 |
| 3. | Tangible fixed assets |
| Total |
| £ |
| Cost |
| At 1st April 2015 |
| Additions |
| Disposals | ( |
) |
| At 31st March 2016 |
| Depreciation |
| At 1st April 2015 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31st March 2016 |
| Net book value |
| At 31st March 2016 |
| At 31st March 2015 |
| 4. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2016 | 2015 |
| value: | £ | £ |
| Ordinary | £1 |