Lydford Farm Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: 07184707 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2016

FOR

LYDFORD FARM LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

D J Garrett

SECRETARY:

Mrs K S Scammell

REGISTERED OFFICE:

32 The Square

Gillingham

Dorset

SP8 4AR

REGISTERED NUMBER:

07184707 (England and Wales)

ACCOUNTANTS:

Andrews and Palmer

32 The Square

Gillingham

Dorset

SP8 4AR

FIXED ASSETS

Investment property

2

689,100

CURRENT ASSETS

Cash at bank

250

156

CREDITORS

Amounts falling due within one year

3

20,857

19,178

NET CURRENT LIABILITIES

(20,607

)

(19,022

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

668,493

670,078

CREDITORS

Amounts falling due after more than one
year

3

116,293

121,724

NET ASSETS

552,200

548,354

CAPITAL AND RESERVES

Called up share capital

4

2,425

Share premium

240,293

Revaluation reserve

309,226

Profit and loss account

256

(3,590

)

SHAREHOLDERS' FUNDS

552,200

548,354

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 director acknowledges his 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 director on 22 December 2016 and were signed by:

D J Garrett - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Turnover

Turnover represents net rental income, excluding value added tax. Turnover is recognised in the period in which

the rent is due.

Investment property

In accordance with the Financial Reporting Standard for Small Entities (effective April 2008) no depreciation is

provided in respect of freehold properties held as investments. This is a departure from the requirements of the

Companies Act 2006 which requires all properties to be depreciated. Such properties are held for investment and

not for consumption and the Director considers that to depreciate them would not give a true and fair view.

Depreciation is only one of many elements reflected in the annual valuation of properties and accordingly the

amount of depreciation which might otherwise have been charged cannot be separately identified or quantified.

The Director considers that this policy results in the accounts giving a true and fair view.

Deferred tax

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

sheet date.

2.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 April 2015

and 31 March 2016

689,100

NET BOOK VALUE

At 31 March 2016

689,100

At 31 March 2015

689,100

3.

CREDITORS

Creditors include an amount of £ 127,467 (31.3.15 - £ 133,076 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

2,425

Ordinary

£1

2,425

5.	RELATED PARTY DISCLOSURES

D J Garrett

The land is let to DG Garrett & partners, a farming partnership of which DJ Garrett is a partner at an annual rent

of £11,472 (2015 £11,472.)

31.3.16

31.3.15

£

Amount due to related party at the balance sheet date

7,849

4,422