Billockby Farms Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 00687676 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 30 September 2016

for

Billockby Farms Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

Mrs M M Alston

A L Alston

H J Alston

SECRETARY:

Mrs M M Alston

REGISTERED OFFICE:

Billockby Hall

Billockby

GREAT YARMOUTH

Norfolk

NR29 3BE

REGISTERED NUMBER:

00687676 (England and Wales)

ACCOUNTANTS:

Argents Chartered Accountants

15 Palace Street

NORWICH

Norfolk

NR3 1RT

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

5,259,804

5,237,398

Investments

4

554,659

5,814,463

5,792,057

CURRENT ASSETS

Stocks

1,341,048

1,607,351

Debtors

1,120,960

1,229,620

Cash at bank

18

2,462,026

2,836,989

CREDITORS

Amounts falling due within one year

5

4,012,496

3,800,266

NET CURRENT LIABILITIES

(1,550,470

)

(963,277

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

4,263,993

4,828,780

CREDITORS

Amounts falling due after more than one
year

5

4,792,652

4,935,294

NET LIABILITIES

(528,659

)

(106,514

)

CAPITAL AND RESERVES

Called up share capital

6

100

Profit and loss account

(528,759

)

(106,614

)

SHAREHOLDERS' FUNDS

(528,659

)

(106,514

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2016 in accordance with Section 476 of the Companies Act 2006.

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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 16 June 2017 and were signed on its behalf by:

H J Alston - Director

1.	ACCOUNTING POLICIES

Going concern

These accounts have been prepared on a going concern basis despite showing net liabilities. The subsidiaries

od this company have agreed for a period of at least 12 months from the date of signing these accounts not to

withdraw the loan to this company in such circumstances as would prevent this company meeting its liabilities as

they fall due.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Preparation of consolidated financial statements

The financial statements contain information about Billockby Farms Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company has taken the option under

Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover represents sales of livestock, livestock produce and arable produce, excluding value added tax.

Intangible fixed assets and amortisation

These are in respect of purchased milk quota and are included in the balance sheet at cost, less amortisation.

As the milk quota scheme finished in 2014/15 it is felt the quota no longer has an value.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

not provided

Plant and machinery

-

10% on cost and 6.67% on cost

Motor vehicles

-

15% on cost

Valuation

Consumable stocks and growing crops are valued at the lower of cost and net realisable value.

The livestock, excluding the dairy herd, has been valued at the lower of the estimated cost of production and net

realisable value. The dairy herd has been valued at the estimated cost of production less amortisation to date to

reduce this to nil over the expected useful lifetime.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet 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.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets.

Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives.

Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where

substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such

agreements are included in creditors net of the finance charge allocated to future periods. The finance element

of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of

charge on the net obligation outstanding each period.

Eu agricultural support scheme

Payments received under the EU crop support schemes are recognised as income when the business has met

all criteria which entitle it to the payment.

Contract income

The company provides contracting services to a number of farm businesses for which it receives a basic fee plus

a profit related bonus.

The bonus is recognised as income in the accounting period ending within the calendar year in which the

underlying crop is harvested.

Investments

Investments held as fixed assets are stated at cost less provision for any impairment in value.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2015

and 30 September 2016

316,776

AMORTISATION

At 1 October 2015

and 30 September 2016

316,776

NET BOOK VALUE

At 30 September 2016

-

At 30 September 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2015

7,295,762

Additions

397,157

Disposals

(211,315

)

At 30 September 2016

7,481,604

DEPRECIATION

At 1 October 2015

2,058,364

Charge for year

234,591

Eliminated on disposal

(71,155

)

At 30 September 2016

2,221,800

NET BOOK VALUE

At 30 September 2016

5,259,804

At 30 September 2015

5,237,398

4.	FIXED ASSET INVESTMENTS

Shares in
group
under-
takings

Total

£

COST:

Wm Bracey Limited

148,636

H J Alston & Sons Limited

406,023

554,659

Subsidiary undertakings

The aggregate of the share capital and reserves as at 30 September 2016 and of the profit or loss for the year

ended on that date for the subsidiary undertaking was as follows:

Aggregate of
share capital
and reserves

Profit/(loss

)

£

H J Alston & Sons Limited

875,048

(61,927

)

The company owns 100% of the H J Alston & Sons Limited's share capital. The only activity of the subsidiary is

that of farming, and will continue to be for the foreseeable future.

The aggregate of the share capital and reserves as at 30 September 2016 and of the profit or loss for the year

ended on that date for the subsidiary undertaking was as follows:

Aggregate of
share capital
and reserves

Profit/(loss

)

£

Wm Bracey Limited

231,326

(53,263

)

The company owns 100% of the Wm Bracey Limited's share capital. The only activity of the subsidiary is that of

farming, and will continue to be for the foreseeable future.

5.

CREDITORS

Creditors include an amount of £ 6,291,062 (2015 - £ 6,350,006 ) for which security has been given.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

A Ordinary

50p

50

100

B Ordinary

50p

50

100

The B shares are fully entitled to both dividends and capital, A shares have no such rights.

7.	DIRECTORS LOANS, ADVANCES AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2016 and

30 September 2015:

2016

2015

£

H J Alston

Balance outstanding at start of year

337,380

757,738

Amounts advanced

141,571

129,642

Amounts repaid

(157,751

)

(550,000

)

Balance outstanding at end of year

321,200

337,380

The loan to directors is repayable on demand and interest free.

8.	ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by Mr H J Alston, director, by virtue of his shareholdings.