Ponton Farming Company Limited - Accounts to registrar - small 16.3d
Ponton Farming Company Limited - Accounts to registrar - small 16.3d
| REGISTERED NUMBER: |
| PONTON FARMING COMPANY LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| PONTON FARMING COMPANY LIMITED (REGISTERED NUMBER: 00517081) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 | to | 3 |
| Notes to the Financial Statements | 4 | to | 7 |
| PONTON FARMING COMPANY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 3 Castlegate |
| Grantham |
| Lincolnshire |
| NG31 6SF |
| PONTON FARMING COMPANY LIMITED (REGISTERED NUMBER: 00517081) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2016 |
| 2016 | 2015 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Valuation |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| PONTON FARMING COMPANY LIMITED (REGISTERED NUMBER: 00517081) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 DECEMBER 2016 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| PONTON FARMING COMPANY LIMITED (REGISTERED NUMBER: 00517081) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 1. | STATUTORY INFORMATION |
| Ponton Farming Company Limited is a |
| The company's registered number and registered office address can be found on the Company Information |
| page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements for the year ended 31 December 2016 are the first financial statements of the |
| company prepared in accordance with FRS 102 for which no adjustments arise on transition. |
| Turnover |
| Turnover represents net invoiced sales of produce, excluding value added tax. Sales of produce are recognised |
| upon despatch. |
| Tangible fixed assets |
| Land and buildings | - | Land - Nil, Farm buildings - 10% S/Line |
| Plant and machinery etc | - | 10-25% on reducing balance |
| Valuation |
| Stocks have been valued on the basis of lower of cost and fair value less costs to complete and sell. Produce in |
| store has been valued on a deemed cost basis. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been |
| enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
| from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
| laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
| reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that |
| they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| PONTON FARMING COMPANY LIMITED (REGISTERED NUMBER: 00517081) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's |
| pension scheme are charged to profit or loss in the period to which they relate. |
| Basic farm payment |
| The basic farm payment is recognised in the financial statements in accordance with current H. M. Revenue & |
| Customs guidance. |
| Financial instruments |
| The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
| Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at |
| transaction price, unless the arrangement constitutes a financing transaction, where the transaction is |
| measured at the present value of the future receipts discounted at a market rate of interest. |
| At the end of each reporting period financial assets measured at amortised cost are assessed for objective |
| evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying |
| amount and the present value of the estimated cash flows discounted at the asset's original effective interest |
| rate. The impairment loss is recognised in profit or loss. |
| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or |
| joint ventures, are initially measured at fair value, which is normally the transaction price. |
| Such assets are subsequently carried at fair value and the changes in fair value are recognised in the income |
| statement, except that investments in equity instruments that are not publically traded and whose fair values |
| cannot be measured reliably are measured at cost less impairment. |
| Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are |
| settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another |
| party or (c) control of the asset has been transferred to another party who has the practical ability to |
| unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
| Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies |
| and preference shares that are classified as debt, are initially recognised at transaction price, unless the |
| arrangement constitutes a financing transaction, where the debt instrument is measured at the present value |
| of the future receipts discounted at a market rate of interest. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
| business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year |
| or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at |
| transaction price and subsequently measured at amortised cost using the effective interest method. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| PONTON FARMING COMPANY LIMITED (REGISTERED NUMBER: 00517081) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2016 |
| Additions |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Social security and other |
| taxes |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Bank loans |
| PONTON FARMING COMPANY LIMITED (REGISTERED NUMBER: 00517081) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
| 2016 | 2015 |
| £ | £ |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| AMC Mortgage |
| Repayable by instalments |
| Bank loan greater than five |
| years | 54,700 | 57,436 |
| 54,700 | 57,436 |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2016 | 2015 |
| £ | £ |
| Bank loans |
| The bank loans are secured by personal guarantees given by Mr P Newton and Mr R W Newton. |
| 9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 December 2016 and |
| 31 December 2015: |
| 2016 | 2015 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |