Fairholme Farming Limited - Abbreviated accounts 16.3
Fairholme Farming Limited - Abbreviated accounts 16.3
| REGISTERED NUMBER: |
| ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2016 |
| FOR |
| FAIRHOLME FARMING LIMITED |
| FAIRHOLME FARMING LIMITED (REGISTERED NUMBER: 07982920) |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| for the year ended 31 March 2016 |
| Page |
| Abbreviated Balance Sheet | 1 |
| Notes to the Abbreviated Accounts | 2 |
| FAIRHOLME FARMING LIMITED (REGISTERED NUMBER: 07982920) |
| ABBREVIATED BALANCE SHEET |
| 31 March 2016 |
| 2016 | 2015 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 2 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 3 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 3 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 4 |
| Profit and loss account |
| SHAREHOLDERS' FUNDS |
| 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 |
| FAIRHOLME FARMING LIMITED (REGISTERED NUMBER: 07982920) |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| for the year ended 31 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 goods and services supplied, excluding value added tax. Revenue is recognised to the extent that the |
| company has obtained the right to consideration through its performance and is measured at the fair value of the right to |
| consideration. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset less its residual value over its estimated |
| useful life: |
| Land and buildings | - | Land - 0%, Buildings - 5% straight line |
| Plant and machinery | - | 20% reducing balance |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value. |
| Deferred tax |
| The general principle is that deferred tax is recognised as a liability or asset if the transactions or events that give an |
| obligation to pay more tax in future or a right to pay less tax in future have occurred by the balance sheet date. |
| Hire purchase and leasing commitments |
| Assets acquired under finance lease agreements, including hire purchase agreements, are capitalised and the corresponding |
| liability is included in creditors. Finance lease interest is charged to the profit and loss account on a sum of digits basis over |
| the period of the agreement. Operating lease rentals are charged against profits of the period to which they relate. |
| Going concern |
| The accounts have been prepared on a going concern basis on the strength of confirmation from the directors that they will |
| continue to provide financial support by not seeking repayment of loan accounts due until other creditors have been paid in |
| full. |
| 2. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 April 2015 |
| Additions |
| At 31 March 2016 |
| DEPRECIATION |
| At 1 April 2015 |
| Charge for year |
| At 31 March 2016 |
| NET BOOK VALUE |
| At 31 March 2016 |
| At 31 March 2015 |
| 3. | CREDITORS |
| Creditors include an amount of £ |
| FAIRHOLME FARMING LIMITED (REGISTERED NUMBER: 07982920) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| for the year ended 31 March 2016 |
| 4. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2016 | 2015 |
| value: | £ | £ |
| Ordinary A | £1 |
| Ordinary B | £1 |
| 3 | 3 |