Gonalston Farm Shop Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 05556470 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

FOR

GONALSTON FARM SHOP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs G S E Mason

R Mason

SECRETARY:

Mrs L Lee

REGISTERED OFFICE:

Southwell Road

Gonalston

Nottingham

Nottinghamshire

NG14 7DR

REGISTERED NUMBER:

05556470 (England and Wales)

ACCOUNTANTS:

Lemans

29 Arboretum Street

Nottingham

Nottinghamshire

NG1 4JA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

446,226

468,084

446,226

468,084

CURRENT ASSETS

Stocks

72,101

82,732

Debtors

6

13,218

12,869

Cash at bank and in hand

44,165

28,561

129,484

124,162

CREDITORS

Amounts falling due within one year

7

291,180

293,133

NET CURRENT LIABILITIES

(161,696

)

(168,971

)

TOTAL ASSETS LESS CURRENT LIABILITIES

284,530

299,113

CREDITORS

Amounts falling due after more than one year

8

-

(19,059

)

PROVISIONS FOR LIABILITIES

(23,840

)

(24,710

)

NET ASSETS

260,690

255,344

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

260,590

255,244

SHAREHOLDERS' FUNDS

260,690

255,344

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 26 June 2017 and were signed on its behalf by:

Mrs G S E Mason - Director

1.	STATUTORY INFORMATION

Gonalston Farm Shop Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2016

and 31 January 2017

150,000

AMORTISATION

At 1 February 2016

and 31 January 2017

150,000

NET BOOK VALUE

At 31 January 2017

-

At 31 January 2016

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 February 2016

388,014

372,176

80,992

Additions

-

4,250

4,270

At 31 January 2017

388,014

376,426

85,262

DEPRECIATION

At 1 February 2016

75,305

258,011

48,906

Charge for year

7,761

16,708

5,201

At 31 January 2017

83,066

274,719

54,107

NET BOOK VALUE

At 31 January 2017

304,948

101,707

31,155

At 31 January 2016

312,709

114,165

32,086

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 February 2016

16,050

21,200

878,432

Additions

-

1,770

10,290

At 31 January 2017

16,050

22,970

888,722

DEPRECIATION

At 1 February 2016

12,726

15,400

410,348

Charge for year

779

1,699

32,148

At 31 January 2017

13,505

17,099

442,496

NET BOOK VALUE

At 31 January 2017

2,545

5,871

446,226

At 31 January 2016

3,324

5,800

468,084

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

£

Trade debtors

13,218

12,869

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

£

Bank loans and overdrafts

90,674

109,827

Trade creditors

121,460

124,979

Corporation tax

11,427

14,663

Social security and other taxes

24,203

9,735

Directors' current accounts

12,003

11,892

Accrued expenses

31,413

22,037

291,180

293,133

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.17

31.1.16

£

£

Bank loans

-

19,059

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.17

31.1.16

£

£

Bank loans

16,707

68,273

The company's indebtedness to its bankers is secured by a fixed and floating charge on the assets of the

company, together with a personal guarantee by the Directors.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.17

31.1.16

value:

£

£

100

Ordinary

£1

100

100