Procters Farm Limited - Period Ending 2016-06-30

Company registration number 01193404

Procters Farm Limited

Unaudited Abbreviated Accounts

for the Year Ended

 30 June 2016
 

Scott & Wilkinson LLP
Chartered Accountants
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

Procters Farm Limited

Contents

FOR THE YEAR ENDED 30 June 2016
 

Page(s)

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Procters Farm Limited

Abbreviated Balance Sheet

as at 30 June 2016
 

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					7,287,104			7,207,636
Current assets
Stocks					1,616,839			1,657,178
Debtors					91,141			105,941
Cash at bank and in hand					333,167			291,390
					2,041,147			2,054,509
Creditors: Amounts falling due within one year					(6,709,650)			(123,376)
Net current (liabilities)/assets					(4,668,503)			1,931,133
Total assets less current liabilities					2,618,601			9,138,769
Creditors: Amounts falling due after more than one year					(23,732)			(5,755,945)
Net assets					2,594,869			3,382,824
Capital and reserves
Called up share capital		3			8,850,000			8,850,000
Profit and loss account					(6,255,131)			(5,467,176)
Shareholders' funds					2,594,869			3,382,824

Company registration number: 01193404

For the year ending 30 June 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...... March 2017 and signed on its behalf by:

Mr A Moores
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Procters Farm Limited

Notes to the Abbreviated Accounts

 for the Year Ended 30 June 2016

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, despite there being net liabilities at the balance sheet date, as the director, Mr A Moores has confirmed that he is willing to continue to support the company for the next 12 months.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Long leasehold property	2% Straight line
Short leasehold property	3 Years straight line
Plant and machinery	15% Reducing balance
Motor vehicles	25% Reducing balance
Tractors	15% Reducing balance
Computer equipment	25% Straight Line
Drainage	2% Straight line

Research and development

Research and development expenditure is written off as incurred.

Stock

Stock is valued at the lower of cost and net realisable value. Cost is calculated at either purchase price or 60% of market value for home bred cattle, and 75% of market value for home bred sheep.

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 assets are only recognised to the extent that it is regarded more likely than not that they will be recovered. 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.

Page 2

Procters Farm Limited

Notes to the Abbreviated Accounts

 for the Year Ended 30 June 2016

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.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 July 2015		9,409,501			9,409,501
Additions		394,473			394,473
Disposals		(52,472)			(52,472)
At 30 June 2016		9,751,502			9,751,502
Depreciation
At 1 July 2015		2,201,865			2,201,865
Charge for the year		303,723			303,723
Eliminated on disposals		(41,190)			(41,190)
At 30 June 2016		2,464,398			2,464,398
Net book value
At 30 June 2016		7,287,104			7,287,104
At 30 June 2015		7,207,636			7,207,636

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		8,850,000			8,850,000			8,850,000			8,850,000

4

Control

The company is controlled by Mr A Moores who owns 100% of the called up share capital.

Page 3