Ingleborough Farms Limited - Accounts to registrar - small 17.2
Ingleborough Farms Limited - Accounts to registrar - small 17.2
REGISTERED NUMBER: |
| INGLEBOROUGH FARMS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2017 |
INGLEBOROUGH FARMS LIMITED (REGISTERED NUMBER: 09027248) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2017 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 7 |
INGLEBOROUGH FARMS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2017 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Enterprise Way |
Pinchbeck |
Spalding |
Lincolnshire |
PE11 3YR |
INGLEBOROUGH FARMS LIMITED (REGISTERED NUMBER: 09027248) |
STATEMENT OF FINANCIAL POSITION |
31 JANUARY 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Valuation |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS/(LIABILITIES) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( | ) | ( | ) |
PROVISIONS FOR LIABILITIES | ( | ) |
ACCRUALS AND DEFERRED INCOME | ( | ) | ( | ) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
| 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. |
INGLEBOROUGH FARMS LIMITED (REGISTERED NUMBER: 09027248) |
STATEMENT OF FINANCIAL POSITION - continued |
31 JANUARY 2017 |
The company and its associated businesses Grange Farms (Friskney) Limited, Roughton Estates Limited and Roughton Farms Limited entered into a reconstruction in June 2014 which has still not been fully resolved and completed. Dependent upon the resolution of the matters outstanding there may or may not be adjustments necessary to the amounts disclosed in the Statement of Financial Position and associated notes the amounts of which are unquantifiable at this date. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on |
INGLEBOROUGH FARMS LIMITED (REGISTERED NUMBER: 09027248) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2017 |
1. | STATUTORY INFORMATION |
Ingleborough Farms Limited is a |
registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of produce, excluding valued added tax, and includes the Single Farm Payment and |
environmental subsidies. |
Sales of produce are recognised upon despatch. |
The Basic Farm Payment is recognised in the financial statements in accordance with current H.M.Revenue & Customs |
guidance. |
Tenancies |
| Tenancies are recorded at the directors valuation on the group reconstruction and not amortised. |
Basic payment scheme entitlements |
| Intangible assets consist of entitlements to the basic payment. The entitlements are recognised at fair value and written off |
| on a straight line basis over the period to 31 December 2019 when the scheme ends. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value. |
INGLEBOROUGH FARMS LIMITED (REGISTERED NUMBER: 09027248) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
| The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
| Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction |
| price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value |
| of the future receipts discounted at a market rate of interest. |
| At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of |
| impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present |
| value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is |
| recognised in profit or loss. |
| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, |
| are initially measured at fair value, which is normally the transaction price. |
| Such assets are subsequently carried at fair value and the changes in fair value are recognised in the income statement, |
| except that investments in equity instruments that are not publically traded and whose fair values cannot be measured |
| reliably are measured at cost less impairment. |
| Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or |
| (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the |
| asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third |
| party without imposing additional restrictions. |
| Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference |
| shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a |
| financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a |
| market rate of interest. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from |
| suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are |
| presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured |
| at amortised cost using the effective interest method. |
Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire |
| purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over |
| their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the |
| future payments is treated as a liability. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
INGLEBOROUGH FARMS LIMITED (REGISTERED NUMBER: 09027248) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
4. | INTANGIBLE FIXED ASSETS |
Basic |
Farm |
Payment |
Tenancies | Entitlement | Totals |
£ | £ | £ |
COST |
At 1 February 2016 |
and 31 January 2017 |
AMORTISATION |
At 1 February 2016 |
Amortisation for year |
At 31 January 2017 |
NET BOOK VALUE |
At 31 January 2017 |
At 31 January 2016 |
5. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and | Motor |
property | property | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2016 |
Additions |
Disposals | ( | ) | ( | ) |
At 31 January 2017 |
DEPRECIATION |
At 1 February 2016 |
Charge for year |
Eliminated on disposal | ( | ) | ( | ) |
At 31 January 2017 |
NET BOOK VALUE |
At 31 January 2017 |
At 31 January 2016 |
The net book value of tangible fixed assets includes £ 11,438 (2016 - £ 15,251 ) in respect of assets held under hire |
purchase contracts. |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 February 2016 |
and 31 January 2017 |
NET BOOK VALUE |
At 31 January 2017 |
At 31 January 2016 |
INGLEBOROUGH FARMS LIMITED (REGISTERED NUMBER: 09027248) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans due in more than 5 years by instalments | 1,293,611 | - |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
Ordinary | £1 | 48,582 | 48,582 |
11. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 February 2016 | 2,738,133 |
Profit for the year |
At 31 January 2017 | 2,748,166 |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |