GRIFFIN_&_SPEED_FARMS_LTD - Accounts

GRIFFIN AND SPEED FARMS LIMITED - Company Information

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Company Registration No. 03458120 (England and Wales)

GRIFFIN & SPEED FARMS LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2016

GRIFFIN & SPEED FARMS LTD

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

GRIFFIN & SPEED FARMS LTD

ABBREVIATED BALANCE SHEET

AS AT

31 OCTOBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

4,456,331

3,747,029

Current assets

Stocks

313,687

292,079

Debtors

26,390

84,886

Cash at bank and in hand

117,201

26,859

457,278

403,824

Creditors: amounts falling due within one year

(415,103)

(279,547)

Net current assets

42,175

124,277

Total assets less current liabilities

4,498,506

3,871,306

Creditors: amounts falling due after more than one year

(2,155,000)

(1,565,000)

Provisions for liabilities

(1,750)

(4,155)

2,341,756

2,302,151

Capital and reserves

Called up share capital

2,255,002

Profit and loss account

86,754

47,149

Shareholders' funds

2,341,756

2,302,151

GRIFFIN & SPEED FARMS LTD

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 OCTOBER 2016

- 2 -

For the financial year ended 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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 28 June 2017

M H S Sly

Director

Company Registration No. 03458120

GRIFFIN & SPEED FARMS LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 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

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and grants and subsidies receivable.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets include investment properties valued on an existing use open market value basis. Other 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:

Farm land and buildings

nil/over 15 years/10% per annum of cost

Plant and machinery

15% per annum of cost

1.5

Stock

Stocks and cultivations have been valued in accordance with BEN19 and valued by a professional valuer at the lower of cost and net realisable value.

1.6

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.7

Deferred taxation

Deferred taxation 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

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

GRIFFIN & SPEED FARMS LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2016

- 4 -

Fixed assets

Tangible assets

Cost

At 1 November 2015

4,298,677

Additions

738,909

Disposals

(3,606)

At 31 October 2016

5,033,980

Depreciation

At 1 November 2015

551,648

On disposals

(3,606)

Charge for the year

29,607

At 31 October 2016

577,649

Net book value

At 31 October 2016

4,456,331

At 31 October 2015

3,747,029

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £700,000 (2015 - £0).

Share capital

2016

2015

Allotted, called up and fully paid

2,255,002 Ordinary of £1 each

2,255,002

875,000 preference shares of £1 each are allotted and fully paid at par. These shares are redeemable at par, at the option of the holder on giving 6 months notice to the company. These preference shares are classified as financial liabilities and included within creditors falling due after more than one year.