Hurman Enterprises Limited Company Accounts

HURMAN ENTERPRISES LTD. - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-06-01 Sage Accounts Production Advanced 2017 Update 1 - FRS 150 150 xbrli:pure xbrli:shares iso4217:GBP 03349721 2016-06-01 2017-05-31 03349721 2017-05-31 03349721 2016-05-31 03349721 2016-05-31 03349721 core:LandBuildings core:OwnedOrFreeholdAssets 2016-06-01 2017-05-31 03349721 core:PlantMachinery 2016-06-01 2017-05-31 03349721 core:FurnitureFittings 2016-06-01 2017-05-31 03349721 bus:Director1 2016-06-01 2017-05-31 03349721 core:LandBuildings 2016-05-31 03349721 core:PlantMachinery 2016-05-31 03349721 core:FurnitureFittings 2016-05-31 03349721 core:LandBuildings 2017-05-31 03349721 core:PlantMachinery 2017-05-31 03349721 core:FurnitureFittings 2017-05-31 03349721 core:LandBuildings 2016-06-01 2017-05-31 03349721 core:WithinOneYear 2017-05-31 03349721 core:WithinOneYear 2016-05-31 03349721 core:AfterOneYear 2017-05-31 03349721 core:AfterOneYear 2016-05-31 03349721 core:ShareCapital 2017-05-31 03349721 core:ShareCapital 2016-05-31 03349721 core:RevaluationReserve 2017-05-31 03349721 core:RevaluationReserve 2016-05-31 03349721 core:RetainedEarningsAccumulatedLosses 2017-05-31 03349721 core:RetainedEarningsAccumulatedLosses 2016-05-31 03349721 core:CostValuation core:Non-currentFinancialInstruments 2017-05-31 03349721 core:Non-currentFinancialInstruments 2017-05-31 03349721 core:LandBuildings 2016-05-31 03349721 core:PlantMachinery 2016-05-31 03349721 core:FurnitureFittings 2016-05-31 03349721 bus:FRS102 2016-06-01 2017-05-31 03349721 bus:AuditExemptWithAccountantsReport 2016-06-01 2017-05-31 03349721 bus:FullAccounts 2016-06-01 2017-05-31 03349721 bus:SmallCompaniesRegimeForAccounts 2016-06-01 2017-05-31 03349721 bus:PrivateLimitedCompanyLtd 2016-06-01 2017-05-31 03349721 core:OtherPropertyPlantEquipment 2016-05-31 03349721 core:OtherPropertyPlantEquipment 2016-06-01 2017-05-31 03349721 core:OtherPropertyPlantEquipment 2017-05-31

COMPANY REGISTRATION NUMBER: 03349721

Hurman Enterprises Limited

Filleted Unaudited Financial Statements

31 May 2017

Hurman Enterprises Limited

Financial Statements

Year ended 31 May 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Hurman Enterprises Limited

Statement of Financial Position

31 May 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4	414,922	409,917
Investments	5	150	150
		---------	---------
		415,072	410,067

Current assets

Stocks		21,653	25,567
Debtors	6	595	1,391
Cash at bank and in hand		632	–
		--------	--------
		22,880	26,958

Creditors: amounts falling due within one year	7	87,835		85,827
		--------		--------
Net current liabilities			64,955	58,869
			---------	---------
Total assets less current liabilities			350,117	351,198

Creditors: amounts falling due after more than one year	8	70,300	70,300
		---------	---------
Net assets		279,817	280,898
		---------	---------

Hurman Enterprises Limited

Statement of Financial Position (continued)

31 May 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	634,275	634,275
Revaluation reserve	7,000	7,000
Profit and loss account	( 361,458)	( 360,377)
	---------	---------
Members funds	279,817	280,898
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

These financial statements were approved by the board of directors and authorised for issue on 3 September 2017 , and are signed on behalf of the board by:

Mr P N Hurman
Director

Company registration number: 03349721

Hurman Enterprises Limited

Notes to the Financial Statements

Year ended 31 May 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Chartfield House, Castle Street, Taunton, Somersest, TA1 4AS.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The deer, suckler cow and beef suckler herds are accounted for under the herd basis for tax purposes. A similar policy is adopted for accounts purposes whereby only the cost of increases in the herd is included subject to a deduction for the cost of animals not replaced. Increases in the herd are dealt with as other livestock sales in the profit and loss account. Sale proceeds of animals and cost of purchases are included in turnover and cost of sales respectively.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Landlord fixtures	-	5% reducing balance
Plant & machinery	-	25% reducing balance
Tenant fixtures	-	15% reducing balance

Deer, suckler cow and beef suckler herds are not depreciated, as they are permanently maintained and are not regarded as having finite life.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stock is valued at the lower of cost or net realisable value. In the case of livestock this comprises of market value less a deduction to reduce to estimated initial cost plus cost of rearing at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Herds	Total
	£	£	£	£	£
Cost
At 1 June 2016	410,251	62,944	18,544	31,194	522,933
Additions	–	–	–	7,275	7,275
	---------	--------	--------	--------	---------
At 31 May 2017	410,251	62,944	18,544	38,469	530,208
	---------	--------	--------	--------	---------
Depreciation
At 1 June 2016	38,052	59,266	15,698	–	113,016
Charge for the year	923	920	427	–	2,270
	---------	--------	--------	--------	---------
At 31 May 2017	38,975	60,186	16,125	–	115,286
	---------	--------	--------	--------	---------
Carrying amount
At 31 May 2017	371,276	2,758	2,419	38,469	414,922
	---------	--------	--------	--------	---------
At 31 May 2016	372,199	3,678	2,846	31,194	409,917
	---------	--------	--------	--------	---------

5. Investments

	Shares in group undertakings
	£
Cost
At 1 Jun 2016 and 31 May 2017	150
	----
Impairment
At 1 Jun 2016 and 31 May 2017	–
	----

Carrying amount
At 31 May 2017	150
	----

6. Debtors

	2017	2016
	£	£
Trade debtors	183	–
Other debtors	412	1,391
	----	-------
	595	1,391
	----	-------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	–	991
Trade creditors	1,668	1,478
Other creditors	86,167	83,358
	--------	--------
	87,835	85,827
	--------	--------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	70,300	70,300
	--------	--------

The bank loan balance includes a mortgage, which is secured on the farm for £200,000.

9. Director's advances, credits and guarantees

The company was under the control of the director throughout the current and previous year. During the year there have been transactions in the director's loan account. At the period end, the balance included in creditors was £84,767 (£81,958 2016). At no time did this become overdrawn.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 June 2015.

No transitional adjustments were required in equity or profit or loss for the year.