CROP_SERVICES_(SCOTLAND)_ - Accounts
CROP_SERVICES_(SCOTLAND)_ - Accounts
Company Registration No. SC106517 (Scotland)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2016
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
ABBREVIATED BALANCE SHEET
AS AT
31 JANUARY 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Investments
2
Current assets
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
3
(1,189,058 )
(1,353,967 )
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
4
(241,818 )
(170,607 )
Provisions for liabilities
(73,135 )
(87,006 )
1,503,362
1,421,838
Capital and reserves
Called up share capital
5
Share premium account
Other reserves
Profit and loss account
Shareholders' funds
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2016
- 2 -
Directors' responsibilities:
-
-
Approved by the Board for issue on 31 October 2016
Director
Director
Company Registration No. SC106517
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
1.2
Turnover
1.3
Tangible fixed assets and depreciation
Heritable property
Land and buildings Leasehold
Plant tractors and sprayers
Office equipment
Fixtures, fittings & equipment
Motor vehicles
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.4
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.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.5
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
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.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2016
1
Accounting policies
(Continued)
- 4 -
1.8
Deferred taxation
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.
1.9
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 February 2015
2,400
2,681,349
Additions
-
205,020
Disposals
(88,475 )
-
(88,475)
At 31 January 2016
2,400
2,797,894
Depreciation
At 1 February 2015
1,100
1,683,932
On disposals
(86,027 )
-
(86,027)
Charge for the year
50
281,276
At 31 January 2016
1,150
1,879,181
Net book value
At 31 January 2016
918,713
At 31 January 2015
997,417
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £691,066 (2015 - £807,147).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £241,818 (2015 - £170,607).
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2016
- 5 -
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
6
Related party relationships and transactions
Loans to directors
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
£
£
£
£
£
C S Stephen - Loan
-
-
3,150
-
2,510
640
D N G Stephen - Loan
-
50,000
-
-
9,800
40,200
50,000
3,150
-
12,310
40,840
These loans are interest free, unsecured and have no fixed repayment terms.
Other transactions
During the year the company paid rent to Crop Services (Scotland) Limited Pension Fund. This amounted to £22,400 (2015 - £23,900) and was based on an open market value rent.