Croghan Peat Industries Limited - Abbreviated accounts 16.3

CROGHAN PEAT INDUSTRIES LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

R L Bond

A P Rowland

SECRETARY:

R L Bond

REGISTERED OFFICE:

3/5 College Street

Burnham on Sea

Somerset

TA8 1AR

REGISTERED NUMBER:

03566113 (England and Wales)

ACCOUNTANTS:

Albert Goodman Lewis Limited

Chartered Accountants

3/5 College Street

Burnham on Sea

Somerset

TA8 1AR

BANKERS:

HSBC Bank plc

1 Market Place

Wells

Somerset

BA5 2RN

FIXED ASSETS

Tangible assets

2

448,819

449,440

CURRENT ASSETS

Stocks

5,200

5,200

Debtors

3

174,607

180,130

Cash at bank

1

-

179,808

185,330

CREDITORS

Amounts falling due within one year

4

3,762

4,149

NET CURRENT ASSETS

176,046

181,181

TOTAL ASSETS LESS CURRENT LIABILITIES

624,865

630,621

CREDITORS

Amounts falling due after more than one year

4

(787,071

)

(787,065

)

PROVISIONS FOR LIABILITIES

(1,041

)

(1,149

)

NET LIABILITIES

(163,247

)

(157,593

)

CAPITAL AND RESERVES

Called up share capital

5

2

2

Profit and loss account

(163,249

)

(157,595

)

SHAREHOLDERS' FUNDS

(163,247

)

(157,593

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 28 February 2017 and were signed on its behalf by:

A P Rowland - Director

R L Bond - Director

1.	ACCOUNTING POLICIES

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 peat products, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

not provided

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

20% on 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.

Cost is calculated on a first in, first out basis.

Deferred tax

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

sheet date.

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will

continue to trade. The directors have indicated that they are prepared to financially support the company and will

have the ability to reduce expenses sufficiently, should the need arise.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2015

and 31 May 2016

476,202

DEPRECIATION

At 1 June 2015

26,762

Charge for year

621

At 31 May 2016

27,383

NET BOOK VALUE

At 31 May 2016

448,819

At 31 May 2015

449,440

3.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

4.

CREDITORS

Creditors include an amount of £ 325,000 (2015 - £ 325,157 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

2

Ordinary

£1

2

2

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2016 and

31 May 2015:

2016

2015

£

£

R L Bond and A P Rowland

Balance outstanding at start of year

4,999

(1

)

Amounts advanced

-

5,000

Amounts repaid

(5,000

)

-

Balance outstanding at end of year

(1

)

4,999