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Registered number: SC470819
LOCHGREENS FARM LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
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LOCHGREENS FARM LIMITED
REGISTERED NUMBER: SC470819
ABBREVIATED BALANCE SHEET
AS AT 31 MARCH 2016
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
Page 1
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LOCHGREENS FARM LIMITED
ABBREVIATED BALANCE SHEET (continued)
AS AT 31 MARCH 2016
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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LOCHGREENS FARM LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
At 31 March 2016 the company had net liabilities of £3,273. Included within creditors is £23,078 payable to the directors. The directors have confirmed that they will not seek repayment of these amounts to the detriment of the company's other creditors. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. As a result, the directors have adopted the going concern basis of accounting in preparing the financial statements.
2.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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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).
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Turnover comprises revenue recognised by the company in respect of consultancy services supplied and land rental income during the period, exclusive of Value Added Tax.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Current tax, including UK corporation tax and foreign tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as 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 tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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Page 3
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LOCHGREENS FARM LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
3.INTANGIBLE FIXED ASSETS
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At 1 April 2015 and 31 March 2016
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4.TANGIBLE FIXED ASSETS
5.SHARE CAPITAL
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Allotted, called up and fully paid
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52 Ordinary A shares of £1 each
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48 Ordinary B shares of £1 each
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Page 4
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LOCHGREENS FARM LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
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RELATED PARTY TRANSACTIONS
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Included in Other debtors at 31 March 2016 are amounts due to the company from A R Macfarlane, director of £9,782 and M P Macfarlane, director of £9,011.
Page 5
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