The Burton Agnes Stud Company Limited - Period Ending 2017-04-05

Registration number: 00714379

The Burton Agnes Stud Company Limited

Unaudited Abbreviated Accounts

for the Year Ended 5 April 2016
 

The Burton Agnes Stud Company Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 6

The Burton Agnes Stud Company Limited
(Registration number: 00714379)
Abbreviated Balance Sheet at 5 April 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					1,934,297			1,817,676
Investments					126,745			125,329
					2,061,042			1,943,005
Current assets
Stocks					640,704			675,630
Debtors					1,755,090			243,668
Cash at bank and in hand					313,672			677,944
					2,709,466			1,597,242
Creditors: Amounts falling due within one year					(1,337,633)			(149,551)
Net current assets					1,371,833			1,447,691
Total assets less current liabilities					3,432,875			3,390,696
Provisions for liabilities					(103,444)			(106,895)
Net assets					3,329,431			3,283,801
Capital and reserves
Called up share capital		4			77,001			77,001
Share premium account					68,000			68,000
Profit and loss account					3,184,430			3,138,800
Shareholders' funds					3,329,431			3,283,801

For the year ending 5 April 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 11 October 2016 and signed on its behalf by:

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 1

The Burton Agnes Stud Company Limited
(Registration number: 00714379)
Abbreviated Balance Sheet at 5 April 2016
......... continued

.........................................
The Hon Mrs E S Cunliffe-Lister
Director

.........................................
S C Cunliffe-Lister
Director

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 2

The Burton Agnes Stud Company Limited
Notes to the Abbreviated Accounts for the Year Ended 5 April 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).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

The turnover shown in the profit and loss account represents the value of all goods and services supplied during the year, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.

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 calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the useful economic life of that asset as follows:

Asset class	Depreciation method and rate
Freehold Property	Nil
Leasehold Improvements	10% straight line basis
Plant & Machinery	5% to 16.67% straight line basis
Motor Vehicles	25% straight line basis

Investment properties

Freehold buildings are not depreciated. It is the company's policy to maintain the properties in a continual state of sound repair. Accordingly the directors consider that the lives of these properties are so long and the residual values so high that any depreciation would be insignificant. Any permenant diminution in the value of such properties is charged to the profit and loss account.

Fixed asset investments

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

Stock

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated using the first-in first-out method and includes the normal cost of transporting stock to its present location and condition. Net realisable value is the anticipated sales proceeds less anticipated costs to completion and any costs of disposal.

Page 3

The Burton Agnes Stud Company Limited
Notes to the Abbreviated Accounts for the Year Ended 5 April 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 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

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

Page 4

The Burton Agnes Stud Company Limited
Notes to the Abbreviated Accounts for the Year Ended 5 April 2016
......... continued

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 6 April 2015		3,243,216			425,329			3,668,545
Additions		399,229			18,516			417,745
Disposals		(244,615)			(17,100)			(261,715)
At 5 April 2016		3,397,830			426,745			3,824,575
Depreciation
At 6 April 2015		1,425,540			300,000			1,725,540
Charge for the year		224,858			-			224,858
Eliminated on disposals		(186,865)			-			(186,865)
At 5 April 2016		1,463,533			300,000			1,763,533
Net book value
At 5 April 2016		1,934,297			126,745			2,061,042
At 5 April 2015		1,817,676			125,329			1,943,005

3

Creditors

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

		2016 £			2015 £
Amounts falling due within one year		1,000,000			-

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary 'A' shares of £1 each		22,251			22,251			22,251			22,251
Ordinary 'B' shares of £1 each		50,000			50,000			50,000			50,000
Ordinary 'C' shares of £1 each		4,750			4,750			4,750			4,750
		77,001			77,001			77,001			77,001

Page 5

The Burton Agnes Stud Company Limited
Notes to the Abbreviated Accounts for the Year Ended 5 April 2016
......... continued

5

Control

The company is controlled by the Trustees of the M W Wickham-Boynton Settlement, by virtue of their ownership of the majority of the voting share capital.

Page 6