M & L Farming Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 08017325 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 30 September 2016

for

M & L Farming Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

6

DIRECTORS:

M J R Joule

Mrs L Joule

REGISTERED OFFICE:

The Lion Buildings

8 Market Place

Uttoxeter

Staffordshire

ST14 8HP

REGISTERED NUMBER:

08017325 (England and Wales)

ACCOUNTANTS:

HSKS Greenhalgh

Chartered Accountants

The Lion Buildings

8 Market Place

Uttoxeter

Staffordshire

ST14 8HP

FIXED ASSETS

Tangible assets

2

49,603

57,792

CURRENT ASSETS

Stocks

5,209

32,415

Debtors

165

3,807

5,374

36,222

CREDITORS

Amounts falling due within one year

106,572

108,289

NET CURRENT LIABILITIES

(101,198

)

(72,067

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(51,595

)

(14,275

)

PROVISIONS FOR LIABILITIES

7,143

3,236

NET LIABILITIES

(58,738

)

(17,511

)

CAPITAL AND RESERVES

Called up share capital

3

2

Profit and loss account

(58,740

)

(17,513

)

SHAREHOLDERS' FUNDS

(58,738

)

(17,511

)

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 17 July 2017 and were signed on its
behalf by:

M J R Joule - Director

Mrs L Joule - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

For the period ended 30 September 2016, the company made a loss after tax of £37,180 and had net

liabilities of £54,691. The company is therefore dependant upon the continued support of its bankers

and creditors in order to meet its obligations.

In the opinion of the directors, the company will have adequate cash resources available to finance its

activities and other obligations during the course of the twelve months from the date of approval of

these financial statements. It is on this basis that the directors considers it appropriate to prepare these

financial statements on a going concern basis.

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).

Turnover

Turnover represents net invoiced sales of produce and subsidies, excluding value added tax.

Tangible fixed assets

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

Farm machinery

-

10% on reducing balance

Tractor and trailers

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

33% on cost

Stocks

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

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not

reversed at the balance sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2015

and 30 September 2016

92,590

DEPRECIATION

At 1 October 2015

34,798

Charge for year

8,189

At 30 September 2016

42,987

NET BOOK VALUE

At 30 September 2016

49,603

At 30 September 2015

57,792

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

2

Ordinary

£1

2

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

and 30 September 2015:

2016

2015

£

M J R Joule and Mrs L Joule

Balance outstanding at start of year

70,045

74,761

Amounts advanced

15,365

(20,427

)

Amounts repaid

(13,674

)

15,711

Balance outstanding at end of year

71,736

70,045

The amount owed to M J R Joule and Mrs L Joule at the year end is shown within creditors (note 7).

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on

pages two to five) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of M & L Farming Limited for the year ended 30 September 2016 which comprise the

Profit and Loss Account, the Balance Sheet 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 Board of Directors of M & L Farming Limited, as a body, in accordance with the terms of our engagement letter dated 30 September 2015. Our work has been undertaken solely to prepare for your approval the financial statements of M & L Farming Limited and state those matters that we have agreed to state to the Board of Directors of M & L Farming Limited, as a body, 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 M & L Farming Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that M & L Farming 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 M & L Farming Limited. You consider that M & L Farming 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 M & L Farming 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.

HSKS Greenhalgh

Chartered Accountants

The Lion Buildings

8 Market Place

Uttoxeter

Staffordshire

ST14 8HP

17 July 2017