Pryor Dairying Limited - Period Ending 2015-12-31

 
 
 
 
 
 
 
  Pryor Dairying Limited
 
  Unaudited Abbreviated Accounts
  Year Ended 31 December 2015
 
  Company Registration Number: 08503487

Pryor Dairying Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Pryor Dairying Limited
Abbreviated Balance Sheet
31 December 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets		2			13,678			18,652
Tangible fixed assets		2			765,625			591,938
Investments		2			54,661			54,661
					833,964			665,251
Current assets
Stocks					96,450			91,200
Debtors					10,174			26,347
					106,624			117,547
Creditors: Amounts falling due within one year					(164,774)			(203,527)
Net current liabilities					(58,150)			(85,980)
Total assets less current liabilities					775,814			579,271
Creditors: Amounts falling due after more than one year					(686,871)			(467,366)
Provisions for liabilities					(23,092)			(19,028)
Net assets					65,851			92,877
Capital and reserves
Called up share capital		4			200			200
Profit and loss account					65,651			92,677
Shareholders' funds					65,851			92,877

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Pryor Dairying Limited
Abbreviated Balance Sheet
31 December 2015 ......... continued

For the year ending 31 December 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 24 September 2016 and signed on its behalf by:

Mr Nathan Pryor
Director

Company Registration Number: 08503487

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Pryor Dairying Limited
Notes to the Abbreviated Accounts
Year Ended 31 December 2015 ......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Entitlements	Straight line over 5 years.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Leasehold improvements	10% straight line basis
Plant and machinery	10% straight line basis
Tractors	10% straight line basis
Motor vehicles	20% straight line basis
Land and buildings	No depreciation
Herd	Herd Accounting Basis

Fixed asset investments

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

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 3

Pryor Dairying Limited
Notes to the Abbreviated Accounts
Year Ended 31 December 2015 ......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

2	Fixed assets

		Intangible assets £			Tangible assets £			Investments £			Total £
Cost
At 1 January 2015		24,870			621,001			54,661			700,532
Additions		-			205,241			-			205,241
Disposals		-			(1,200)			-			(1,200)
At 31 December 2015		24,870			825,042			54,661			904,573
Depreciation
At 1 January 2015		6,218			29,063			-			35,281
Charge for the year		4,974			30,354			-			35,328
At 31 December 2015		11,192			59,417			-			70,609
Net book value
At 31 December 2015		13,678			765,625			54,661			833,964
At 31 December 2014		18,652			591,938			54,661			665,251

Page 4

Pryor Dairying Limited
Notes to the Abbreviated Accounts
Year Ended 31 December 2015 ......... continued

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		75,848			149,061
Amounts falling due after more than one year		686,871			467,366
Total secured creditors		762,719			616,427

Included in the creditors are the following amounts due after more than five years:

		2015 £			2014 £
After more than five years by instalments		547,522			374,305

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary A of £1 each		100			100			100			100
Ordinary B of £1 each		100			100			100			100
		200			200			200			200

Page 5