Kirmington Potato Services Limited - Period Ending 2016-06-30

Registration number: 02173152

Kirmington Potato Services Limited

Unaudited Abbreviated Accounts

FOR THE Year Ended 30 June 2016
 

Kirmington Potato Services Limited
Contents

			Page

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 5

Kirmington Potato Services Limited
(Registration number: 02173152)
Abbreviated Balance Sheet at 30 June 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					3,034,738			3,136,659
Current assets
Stocks					931			491
Debtors					303,782			316,319
Cash at bank and in hand					1,010			1,041
					305,723			317,851
Creditors: Amounts falling due within one year					(808,497)			(736,710)
Net current liabilities					(502,774)			(418,859)
Total assets less current liabilities					2,531,964			2,717,800
Creditors: Amounts falling due after more than one year					(262,283)			(336,609)
Provisions for liabilities					(92,574)			(79,773)
Net assets					2,177,107			2,301,418
Capital and reserves
Called up share capital		4			332,218			332,218
Revaluation reserve					1,308,938			1,324,131
Profit and loss account					535,951			645,069
Shareholders' funds					2,177,107			2,301,418

For the year ending 30 June 2016 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

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

.........................................
R D Arundel
Director

The notes on pages 2 to 5 form an integral part of these financial statements.
Page 1

Kirmington Potato Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... 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).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

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 detailed below. Freehold buildings are depreciated to write down the cost less estimated residual value over their remaining useful life by equal annual instalments. Where buildings are maintained to such a standard that their residual value is not less than their cost, no depreciation is charged as it is not material.

Asset class	Depreciation method and rate
Freehold land	No depreciation is charged
Freehold buildings	25% reducing balance, 2% - 10% straight line and 0%
Plant and machinery	10% and 25% reducing balance and 4%-20% straight line
Fixtures and fittings	10%, 15% and 25% reducing balance and 25% straight line
Motor vehicles	25% straight line
Investment properties	No depreciation is charged

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore 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 which might otherwise have been shown cannot be separately identified or quantified.

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 2

Kirmington Potato Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... 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.

Foreign currency

Monetry 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 the profit and loss account.

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.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 3

Kirmington Potato Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 July 2015		4,753,507			4,753,507
Additions		149,215			149,215
Disposals		(132,393)			(132,393)
At 30 June 2016		4,770,329			4,770,329
Depreciation
At 1 July 2015		1,616,848			1,616,848
Charge for the year		161,858			161,858
Eliminated on disposals		(43,115)			(43,115)
At 30 June 2016		1,735,591			1,735,591
Net book value
At 30 June 2016		3,034,738			3,034,738
At 30 June 2015		3,136,659			3,136,659

3

Creditors

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

		2016 £			2015 £
Amounts falling due within one year		441,669			402,929
Amounts falling due after more than one year		262,283			336,609
Total secured creditors		703,952			739,538

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

		2016 £			2015 £
After more than five years by instalments		102,275			129,736

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		332,218			332,218			332,218			332,218

Page 4

Kirmington Potato Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

5	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
E S Arundel
Directors interest free loan account (no formal repayment terms)	11,347	21,088	13,172	8,056

6

Control

The company is controlled by Kirmington Farms Limited, which is wholly owned by E S Arundel who is a director of Kirmington Potato Services Limited. Kirmington Farms Limited is a dormant company.

Page 5