Dineley Farming Company Limited - Period Ending 2016-03-31

 
 
 
 
 
 
 
  Dineley Farming Company Limited
 
  Unaudited Abbreviated Accounts
  Year Ended 31 March 2016
 
  Company Registration Number: 02342788

Dineley Farming Company Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Dineley Farming Company Limited
Abbreviated Balance Sheet
31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			2,416,081			2,405,469
Investments		2			454			454
					2,416,535			2,405,923
Current assets
Stocks					372,992			353,145
Debtors					68,457			37,154
Cash at bank and in hand					75,469			34,575
					516,918			424,874
Creditors: Amounts falling due within one year					(337,606)			(210,477)
Net current assets					179,312			214,397
Total assets less current liabilities					2,595,847			2,620,320
Provisions for liabilities					(26,785)			(24,089)
Net assets					2,569,062			2,596,231
Capital and reserves
Called up share capital		3			51,000			51,000
Share premium account					31,607			31,607
Profit and loss account					2,486,455			2,513,624
Shareholders' funds					2,569,062			2,596,231

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

Dineley Farming Company Limited
Abbreviated Balance Sheet
31 March 2016 ......... continued

For the year ending 31 March 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 .

Approved by the Board on 20 December 2016 and signed on its behalf by:

Mrs S K Dineley
Company secretary and director

Company Registration Number: 02342788

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

Dineley Farming Company Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 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).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Turnover is accounted for at the time goods leave the company's premises or the service is performed. The Single Farm Payment Scheme agricultural subsidy is accounted for at the earlier of the date of receipt or end of scheme year. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

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
Freehold Property	at varying rates on cost
Property improvements	4% per annum straight line
Plant & Machinery	10% per annum reducing balance
Fixtures & Fittings	10% per annum straight line
Motor Vehicles	25% per annum reducing balance
Office equipment	25% per annum reducing balance

Fixed asset investments

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

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

Page 3

Dineley Farming Company Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 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

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in 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 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 the profit and loss account on a straight line basis.

Page 4

Dineley Farming Company Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2016 ......... continued

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 April 2015		2,736,875			454			2,737,329
Additions		62,544			-			62,544
Disposals		(25,895)			-			(25,895)
At 31 March 2016		2,773,524			454			2,773,978
Depreciation
At 1 April 2015		331,406			-			331,406
Charge for the year		35,565			-			35,565
Eliminated on disposals		(9,528)			-			(9,528)
At 31 March 2016		357,443			-			357,443
Net book value
At 31 March 2016		2,416,081			454			2,416,535
At 31 March 2015		2,405,469			454			2,405,923

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each of £1 each		1,000			1,000			1,000			1,000
Ordinary "A" shares of £1 each of £1 each		50,000			50,000			50,000			50,000
		51,000			51,000			51,000			51,000

Page 5