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Registered number: 00530871
J C RAINS LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
Whiting & Partners
Chartered Accountants & Business Advisers
Norfolk House
Hamlin Way
Kings Lynn
Norfolk
PE30 4NG
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J C RAINS LIMITED
REGISTERED NUMBER: 00530871
ABBREVIATED BALANCE SHEET
AS AT 30 APRIL 2016
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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PROVISIONS FOR LIABILITIES
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 April 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
Page 1
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J C RAINS LIMITED
ABBREVIATED BALANCE SHEET (continued)
AS AT 30 APRIL 2016
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 6 form part of these financial statements.
Page 2
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J C RAINS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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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).
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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25 and 50 years straight line
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L/Term Leasehold Property
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5 to 10 years straight line
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10% to 50% reducing balance
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Investments are stated at cost, less any provision for permanent diminution in value which may be necessary. The directors consider that this is the most prudent accounting treatment available.
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Leasing and hire purchase
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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Stocks and work in progress
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Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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Page 3
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J C RAINS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
1.ACCOUNTING POLICIES (continued)
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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2.TANGIBLE FIXED ASSETS
Within Freehold Land and Buildings is land costing £41,694 which has not been depreciated.
Page 4
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J C RAINS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
3.FIXED ASSET INVESTMENTS
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At 1 May 2015 and 30 April 2016
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The Fixed Asset Investments were as follows:-
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Ely Agronomy Services Ltd
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4.DEBTORS
Included within Trade Debtors above is £28,000 (2015 - £28,000) in respect of loans to customers. This amount is not scheduled for repayment within one year of the Balance Sheet date.
5.SHARE CAPITAL
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Allotted, called up and fully paid
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117 Ordinary class - PA shares of £1 each
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116 Ordinary class - MA shares of £1 each
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117 Ordinary class - DA shares of £1 each
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117 Ordinary class - PB shares of £1 each
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116 Ordinary class - MB shares of £1 each
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117 Ordinary class - DB shares of £1 each
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Page 5
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J C RAINS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
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Amounts presented in equity:
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117 Ordinary Class - PA shares of £1 each
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116 Ordinary Class - MA shares of £1 each
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117 Ordinary Class - DA shares of £1 each
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Amounts presented in liabilities
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117 Ordinary Class - PB shares of £1 each
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116 Ordinary Class - MB shares of £1 each
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117 Ordinary Class - DB shares of £1 each
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All rights are restricted in scope under the revised Articles of Association adopted on 9th March 1999.
The rights of the shares are as follows:
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Votes per share in General Meeting
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Votes per share in General Meeting on altering class rights, increasing share capital or putting company into liquidation
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Rights to distributions (dividends and winding-up)
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PA, PB, MA and MA Shares confer no further right to receive dividends or other right to participate in the assets of the company.
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Page 6
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