Eversfield Organic Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 04954144 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 March 2016

for

Eversfield Organic Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr MPH Bury

Miss A E Bury

Mrs S E Kevern

Mr H M Bury

Mr D K Swift

Mrs V K Townsend

SECRETARY:

Mr H M Bury

REGISTERED OFFICE:

Ellacott Barton

Bratton Clovelly

Okehampton

Devon

EX20 4LB

REGISTERED NUMBER:

04954144 (England and Wales)

ACCOUNTANTS:

EllamWalker Ltd

Sydeham Farm

Rackenford

Tiverton

Devon

EX16 8ER

FIXED ASSETS

Intangible assets

2

20,905

6,412

Tangible assets

3

306,364

174,202

327,269

180,614

CURRENT ASSETS

Stocks

108,236

47,234

Debtors

358,184

103,830

Cash at bank

669

-

467,089

151,064

CREDITORS

Amounts falling due within one year

4

(1,092,266

)

(307,445

)

NET CURRENT LIABILITIES

(625,177

)

(156,381

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(297,908

)

24,233

CREDITORS

Amounts falling due after more than one
year

4

(910,978

)

(1,050,734

)

NET LIABILITIES

(1,208,886

)

(1,026,501

)

CAPITAL AND RESERVES

Called up share capital

5

1,000

Profit and loss account

(1,209,886

)

(1,027,501

)

SHAREHOLDERS' FUNDS

(1,208,886

)

(1,026,501

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 23 December 2016 and were signed on
its behalf by:

Mr MPH Bury - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts have been prepared on a going concern basis due to the fact that the two year business

forecast shows the business generating a profit by the end of this period and is currently on target to

achieve this. The managing director has no intention of withdrawing his financial support.

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 net invoiced sales of organic produce, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being

amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for

impairment. Depreciation is provided on all tangible fixed assets, other than investment properties and

freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of

each asset over its expected useful life as follows:

Improvements to property

10% Straight Line

Plant & machinery

20% Reducing balance

Fixtures & fittings

20% Reducing balance

Computer equipment

25% Reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

29,991

Additions

18,069

At 31 March 2016

48,060

AMORTISATION

At 1 April 2015

23,579

Amortisation for year

3,576

At 31 March 2016

27,155

NET BOOK VALUE

At 31 March 2016

20,905

At 31 March 2015

6,412

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

353,054

Additions

191,030

Disposals

(14,534

)

At 31 March 2016

529,550

DEPRECIATION

At 1 April 2015

178,852

Charge for year

51,217

Eliminated on disposal

(6,883

)

At 31 March 2016

223,186

NET BOOK VALUE

At 31 March 2016

306,364

At 31 March 2015

174,202

4.

CREDITORS

Creditors include an amount of £ 585,207 (2015 - £ 105,285 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1,000

Ordinary

Ordin

ary

1,000

6.	GOING CONCERN

The accounts have been prepared on a going concern basis due to the fact that the two year business

forecast shows the business generating a profit by the end of this period and is currently on target to

achieve this. The managing director has no intention of withdrawing his financial support.