THOS_G_FAIRHEAD_FARMS_LIM - Accounts

THOS. G. FAIRHEAD FARMS LIMITED - Company Information

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Company Registration No. 00523671 (England and Wales)

THOS G FAIRHEAD FARMS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2016

THOS G FAIRHEAD FARMS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

THOS G FAIRHEAD FARMS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 SEPTEMBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

74,216

6,738

Investments

37,625

111,841

44,363

Current assets

Stocks

218,904

306,541

Debtors

600,496

439,913

Cash at bank and in hand

297,596

590,814

1,116,996

1,337,268

Creditors: amounts falling due within one year

(275,280)

(233,618)

Net current assets

841,716

1,103,650

Total assets less current liabilities

953,557

1,148,013

Provisions for liabilities

(2,900)

950,657

1,145,113

Capital and reserves

Called up share capital

8,400

Profit and loss account

942,257

1,136,713

Shareholder's funds

950,657

1,145,113

THOS G FAIRHEAD FARMS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 SEPTEMBER 2016

- 2 -

For the financial year ended 30 September 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 26 June 2017

RWT Fairhead

Director

Company Registration No. 00523671

THOS G FAIRHEAD FARMS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Leasehold property

10% on cost

Plant and equipment

15% on net book value

Motor vehicles

25% on net book value

1.4

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.5

Investments

Fixed asset investments are stated at cost.

1.6

Stock

Stock is valued at the lower of cost and net realisable value.

1.7

Deferred taxation

Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.8

Arable crops sold by farm co-operatives

Where arable crops are sold through a long pool of a members' farm co-operative, and that pool has not closed at the year end, the proportion of the member's crop deemed to be in that pool is calculated by reference to the total pool sold at the balance sheet date, and the proportion not sold.

1.9

Basic Payment Scheme

The Basic Payment Scheme money is included in the accounts when:

1. The conditions for its receipt have been met and
2. There is reasonable assurance that the grant will be received.

THOS G FAIRHEAD FARMS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 4 -

Fixed assets

Tangible assets

Investments

Total

Cost

At 1 October 2015

253,770

37,625

291,395

Additions

76,421

At 30 September 2016

330,191

37,625

367,816

Depreciation

At 1 October 2015

247,032

Charge for the year

8,943

At 30 September 2016

255,975

Net book value

At 30 September 2016

74,216

37,625

111,841

At 30 September 2015

6,738

37,625

44,363

Share capital

2016

2015

Allotted, called up and fully paid

8,400 Ordinary of £1 each

8,400