CHERRY_ORCHARD_FARM_LIMIT - Accounts

CHERRY ORCHARD FARM LIMITED - Company Information

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Company Registration No. 03446782 (England and Wales)

CHERRY ORCHARD FARM LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

CHERRY ORCHARD FARM LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 4

CHERRY ORCHARD FARM LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

385,544

365,462

Current assets

Stocks

56,474

89,316

Debtors

160,414

56,083

Cash at bank and in hand

77,751

43,923

294,639

189,322

Creditors: amounts falling due within one year

(955,142)

(909,207)

Net current liabilities

(660,503)

(719,885)

Total assets less current liabilities

(274,959)

(354,423)

Creditors: amounts falling due after more than one year

(176,953)

(127,579)

(451,912)

(482,002)

Capital and reserves

Called up share capital

333,637

Profit and loss account

(785,549)

(815,639)

Shareholders' funds

(451,912)

(482,002)

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 17 March 2017

Mr C A Gladstone

Director

Company Registration No. 03446782

CHERRY ORCHARD FARM LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Going concern

At the year end the company had total net liabilities of £451,912 (2015 - £482,002), and made a profit for the year of £39,538. The directors consider that the actions taken during the current year to increase the company's trading activities will bring the company into profitability and will in the foreseeable future rectify the balance sheet position. In addition the directors continue to provide financial support to the company, and on this basis consider it appropriate to prepare the financial statements on a going concern basis.

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue is recognised as services are provided.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold property

2% reducing balance

Plant and machinery

20% reducing balance

Fixtures, fittings & equipment

20% reducing balance & 33% reducing balance

Motor vehicles

25% reducing balance

1.4

Stock

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.5

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

CHERRY ORCHARD FARM LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 April 2015

760,770

Additions

74,836

Disposals

(2,890)

At 31 March 2016

832,716

Depreciation

At 1 April 2015

395,308

Charge for the year

51,864

At 31 March 2016

447,172

Net book value

At 31 March 2016

385,544

At 31 March 2015

365,462

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £38,364 (2015 - £18,000).

Creditors: amounts falling due after more than one year

2016

2015

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

30,510

55,579

The aggregate amount of creditors for which security has been given amounted to £176,953 (2015 - £145,579).

Share capital

2016

2015

Allotted, called up and fully paid

333,637 Ordinary shares of £1 each

333,637

CHERRY ORCHARD FARM LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 4 -

Related party relationships and transactions

Advances and credits granted to the directors during the year are outlined in the table below:

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Mr C A & Mrs C Gladstone

11,639

10,759

4,228

18,170

11,639

10,759

4,228

18,170

At the year end Sir E W Gladstone, director during the year, owed the company £484 (2015 - £336).