Croftmarsh Limited - Accounts to registrar - small 16.3d
Croftmarsh Limited - Accounts to registrar - small 16.3d
| REGISTERED NUMBER: |
| CROFTMARSH LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| CROFTMARSH LIMITED (REGISTERED NUMBER: 01374509) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 | to | 9 |
| Chartered Accountants' Report | 10 |
| CROFTMARSH LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 27 - 29 Lumley Avenue |
| Skegness |
| Lincolnshire |
| PE25 2AT |
| CROFTMARSH LIMITED (REGISTERED NUMBER: 01374509) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2016 |
| 2016 | 2015 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Valuation | 7 |
| Debtors | 8 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 10 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 15 |
| Retained earnings | 16 |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| CROFTMARSH LIMITED (REGISTERED NUMBER: 01374509) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 1. | STATUTORY INFORMATION |
| Croftmarsh Limited is a |
| 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 Croftmarsh Limited prepared in |
| accordance with FRS102.There are no transition adjustments in relation to the First Year adoption of FRS102. |
| Turnover |
| Turnover represents net invoiced sales of produce, excluding value added tax, recognised upon the dispatch of the produce. |
| Intangible fixed assets |
| Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Basic payment - 20% on cost (nil during year one) |
| Tangible fixed assets |
| Freehold property | - |
| Long leasehold | - |
| Improvements to property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| Valuation |
| Tenantright, produce and growing crops have been valued by an independent qualified valuer on a cost of production basis in accordance |
| with Business Economic Notes (BEN 19) and are stated at the lower of cost and net realisable value. |
| CROFTMARSH LIMITED (REGISTERED NUMBER: 01374509) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 measure 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 part 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. |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position |
| date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange |
| differences are taken into account in arriving at the operating result. |
| CROFTMARSH LIMITED (REGISTERED NUMBER: 01374509) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase |
| contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful |
| lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments |
| is treated as a liability. |
| The basic farm payment |
| The Basic Farm Payment is recognised in the financial statements in accordance with current H. M. Revenue & Customs guidance. |
| 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 |
| the income statement in the period to which they relate. |
| Government grants |
| Capital grants - the income received is deferred and released over the life of the asset. |
| Revenue grants - the income received is recognised on receipt. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 January 2016 |
| and 31 December 2016 |
| AMORTISATION |
| At 1 January 2016 |
| Charge for year |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| CROFTMARSH LIMITED (REGISTERED NUMBER: 01374509) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements |
| Freehold | Long | to |
| property | leasehold | property |
| £ | £ | £ |
| COST |
| At 1 January 2016 |
| Additions |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| Eliminated on disposal |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| Plant and | Motor | Computer |
| machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2016 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| Included in cost of land and buildings is freehold land of £ 3,652,874 (2015 - £ 3,652,874 ) which is not depreciated. |
| The net book value of tangible fixed assets includes £NIL (2015 - £ 121,899 ) in respect of assets held under hire purchase contracts. |
| CROFTMARSH LIMITED (REGISTERED NUMBER: 01374509) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 6. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 January 2016 |
| Additions |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| 7. | VALUATION |
| 2016 | 2015 |
| £ | £ |
| Produce and stores |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Trade debtors |
| Other debtors |
| VAT |
| Deferred tax asset |
| Prepayments and accrued income |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Bank loans and overdrafts (see note 11) |
| Hire purchase contracts (see note 12) |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Other loans (see note 11) |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Mortgage more than 5 years | 1,484,454 | 2,484,454 |
| CROFTMARSH LIMITED (REGISTERED NUMBER: 01374509) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 11. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2016 | 2015 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| Amounts falling due between one and two years: |
| Mortgage 1-2 years | - |
| Preference shares | 370,000 | 370,000 |
| Amounts falling due between two and five years: |
| Mortgage 2-5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Mortgage more than 5 years | 1,484,454 | 2,484,454 |
| Preference Shares |
| The company has Redeemable Preference shares. Subject to the provisions of the Companies Act 2006, the company may at the time |
| redeem the whole or any part of the preference shares upon giving to the shareholders whose shares are to be redeemed not less than |
| three months notice in writing expiring at any time. The company shall not be entitled to redeem any preference share unless it is fully |
| paid. The redeemable preference shares are currently considered to be core funding and there are no plans to redeem the shares within |
| one year of the statement of financial position date. Consequently, they are shown as a long term financial liability. |
| 12. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2016 | 2015 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Non-cancellable operating leases |
| 2016 | 2015 |
| £ | £ |
| Within one year | 172,400 | 175,100 |
| CROFTMARSH LIMITED (REGISTERED NUMBER: 01374509) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 13. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2016 | 2015 |
| £ | £ |
| Bank overdrafts |
| Mortgage |
| Hire purchase contracts | - | 32,000 |
| The mortgage and overdraft are secured against the property of Croft Marsh Farm, Croft, Skegness. |
| The hire purchase loans are secured against the assets to which they relate. |
| 14. | FINANCIAL INSTRUMENTS |
| The company has the following financial instruments which are measured at fair value through profit or loss: |
| 2016 | 2015 |
| Financial assets |
| Other debtor | 15,000 | - |
| Trade debtor | 20,745 | 1,541 |
| Financial liabilities |
| Other taxes and social security | 3,596 | 2,801 |
| Trade creditor | 80,158 | 125,050 |
| Other creditor | 46,712 | 85,776 |
| 15. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2016 | 2015 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| 16. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2016 |
| Deficit for the year | ( |
) |
| Dividends | ( |
) |
| At 31 December 2016 |
| 17. | RELATED PARTY DISCLOSURES |
Sales |
Purchases |
Expenses |
Outstanding balances |
| £ | £ | £ | £ |
| Entities with control, joint control or significant influence over the company |
| At 31 December 2016 | 19,966 | 34,441 | 126,200 | 38,590 |
| At 31 December 2015 | 968 | 444 | 99,850 | 1,541 |
| CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| CROFTMARSH LIMITED |
| The following reproduces the text of the report prepared for the director and members in respect of the company's annual unaudited financial |
| statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are |
| cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the |
| Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of |
| Croftmarsh Limited for the year ended 31 December 2016 which comprise the Income Statement, Statement of Financial Position, and the related |
| notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the director of Croftmarsh Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Croftmarsh Limited and state those matters that we have agreed to state to the director of Croftmarsh Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Croftmarsh Limited director for our work or for this report. |
| It is your duty to ensure that Croftmarsh Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Croftmarsh Limited. You consider that Croftmarsh Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Croftmarsh Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| 27 - 29 Lumley Avenue |
| Skegness |
| Lincolnshire |
| PE25 2AT |