R & P Farming Ltd - Period Ending 2016-08-31

Registration number: 04911933

R & P Farming Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2016
 

R & P Farming Ltd
Contents

Page

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 6

R & P Farming Ltd
(Registration number: 04911933)
Abbreviated Balance Sheet at 31 August 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					7,669			4,336
Tangible fixed assets					788,313			615,600
Investments					-			60
		2			795,982			619,996
Current assets
Stocks					359,117			352,022
Debtors					276,085			562,243
Cash at bank and in hand					22,257			-
					657,459			914,265
Creditors: Amounts falling due within one year		4			(260,161)			(488,877)
Net current assets					397,298			425,388
Total assets less current liabilities					1,193,280			1,045,384
Creditors: Amounts falling due after more than one year					(380,144)			(70,430)
Provisions for liabilities					(70,688)			(94,680)
Net assets					742,448			880,274
Capital and reserves
Called up share capital		5			2,260			2,260
Profit and loss account					740,188			878,014
Shareholders' funds					742,448			880,274

Page 1

R & P Farming Ltd
(Registration number: 04911933)
Abbreviated Balance Sheet at 31 August 2016

For the year ending 31 August 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 3 March 2017 and signed on its behalf by:

Mr R C Cotton Director

Page 2

R & P Farming Ltd
Notes to the Abbreviated Accounts
For the Year Ended 31 August 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).

Turnover

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

Government grants

Income from government grants is recognised within turnover when the conditions for receipt have been complied with and there is reasonable assurance that the grant will be received.

Intangible Fixed Assets and Amortisation

Intangible assets are recognised at cost less accumulated amortisation. Intangibles are amortised over their useful economic life.

Asset class	Amortisation method and rate
Basic payment scheme entitlements	25% straight line

Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less accumulated depreciation. Assets in the course of contruction are not depreciated until they are complete for their intended use.

Asset class	Depreciation method and rate
Long leasehold land and buildings	2% straight line
Plant and machinery	15% reducing balance
Motor vehicles	25% reducing balance
Office equipment	25% reducing balance

Fixed asset investments

Fixed asset investments, which include other investments are stated at historical cost less provision for any diminution in value.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Deemed cost is used as a reasonable approximation of cost and is ascertained by taking market value and deducting a margin of between 25 – 40% depending on the nature of the stock.

Page 3

R & P Farming Ltd
Notes to the Abbreviated Accounts
For the Year Ended 31 August 2016

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 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. Deferred tax liabilities are presented within provisions for liabilities in the balance sheet.

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.

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.

Page 4

R & P Farming Ltd
Notes to the Abbreviated Accounts
For the Year Ended 31 August 2016

2	Fixed assets

		Intangible assets £			Tangible assets £			Investments £			Total £
Cost
At 1 September 2015		4,336			899,187			60			903,583
Additions		5,890			315,496			-			321,386
Disposals		-			(49,840)			(60)			(49,900)
At 31 August 2016		10,226			1,164,843			-			1,175,069
Depreciation
At 1 September 2015		-			283,587			-			283,587
Charge for the year		2,557			122,563			-			125,120
Eliminated on disposals		-			(29,620)			-			(29,620)
At 31 August 2016		2,557			376,530			-			379,087
Net book value
At 31 August 2016		7,669			788,313			-			795,982
At 31 August 2015		4,336			615,600			60			619,996

Included within 'long leasehold land and buildings' is £98,683 relating to an asset under construction.

3

Debtors

Debtors includes £nil (2015 - £160,058) receivable after more than one year.

 

4

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		83,512			380,172
Amounts falling due after more than one year		380,144			70,430
Total secured creditors		463,656			450,602

Page 5

R & P Farming Ltd
Notes to the Abbreviated Accounts
For the Year Ended 31 August 2016

Included in the creditors are the following amounts due after more than five years:

		2016 £			2015 £
After more than five years by instalments		317,708			-

5	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
20,000 Ordinary 'A' Shares of £0.10 each		20,000			2,000			20,000			2,000
25,000 Ordinary 'B' Shares of £0.01 each		25,000			250			25,000			250
1,000 Ordinary 'C' Shares of £0.01 each		1,000			10			1,000			10
		46,000			2,260			46,000			2,260

6	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr R C Cotton
Interest bearing loan account	249,193	231,789	288,250	218,755
Mrs P Cotton
Interest bearing loan account	249,193	231,789	288,250	218,755
Mr M R Cotton
Interest bearing loan account	46,451	40,711	35,183	15,106

Page 6