Greys Milking Sheep Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 01783898 (England and Wales)

GREYS MILKING SHEEP LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2016

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

C. Carnevale

SECRETARY:

A. Maroso

REGISTERED OFFICE:

Carnevale House,

107, Blundell Street,

London,

N7 9BN

REGISTERED NUMBER:

01783898 (England and Wales)

ACCOUNTANTS:

Findlay, Wetherfield, Scott & Co.

135/137, Station Road,

Chingford,

London

E4 6AG

BANKERS:

Barclays Bank plc.,

368, Caledonian Road,

London

N1 1DX

FIXED ASSETS

Tangible assets

4

35,928

38,588

CURRENT ASSETS

Stocks

48,275

40,065

Debtors

5

15,641

453

Cash at bank

-

12,406

63,916

52,924

CREDITORS

Amounts falling due within one year

6

138,242

133,885

NET CURRENT LIABILITIES

(74,326

)

(80,961

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(38,398

)

(42,373

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(38,498

)

(42,473

)

SHAREHOLDERS' FUNDS

(38,398

)

(42,373

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director on 28th September 2017 and were signed by:

C. Carnevale - Director

1.	STATUTORY INFORMATION

Greys Milking Sheep 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.

Tangible fixed assets

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

Buildings

-

10% on cost

Plant and fixtures

-

20% on cost

Motor vehicles

-

20% on cost

Stocks

Feedstuffs etc are valued at the lower cost or net realisable value. Livestock are valued at the lower of cost or net

realisable value, if purchased, or the estimated cost of rearing.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws 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.

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 1 .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Herd

Buildings

fixtures

vehicles

Totals

£

£

£

£

£

COST

At 1st January 2016

38,575

86,261

25,648

9,488

159,972

Additions

(5,370

)

-

3,387

-

(1,983

)

At 31st December 2016

33,205

86,261

29,035

9,488

157,989

DEPRECIATION

At 1st January 2016

-

86,255

25,647

9,482

121,384

Charge for year

-

-

677

-

677

At 31st December 2016

-

86,255

26,324

9,482

122,061

NET BOOK VALUE

At 31st December 2016

33,205

6

2,711

6

35,928

At 31st December 2015

38,575

6

1

6

38,588

The company's buildings are built on freehold land owned by a director. The herd additions represents an increase

or decrease in the productive herd from that which existed at the previous balance sheet date.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

12,300

-

Other debtors

270

-

Taxes

626

453

Prepayments

2,445

-

15,641

453

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

1,155

-

Trade creditors

11,500

11,188

Social security and other taxes

4,173

2,321

Other creditors

1,503

-

Directors' current accounts

117,156

117,156

Accrued expenses

2,755

3,220

138,242

133,885

The director's account is interest free and repayable on demand, although it is not his intention to withdraw sums

that would leave the balance less than the company's deficiency at any time.

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

C.Carnevale is the controlling party of other businesses to whom the company made sales amounting to £178,345

on normal commercial terms (previous year - £176,039).

The balance owed to C.Carnevale at the balance sheet date was £117,156 (previous year £117,156). At that date,

there was also an amount of £12,300 owed by an associated business.

8.	ULTIMATE CONTROLLING PARTY

The controlling party is C.Carnevale, a director, by virtue of his ownership of the whole of the company's issued

ordinary share capital.