Abbreviated Company Accounts - DOLPHIN FARMS LIMITED

DOLPHIN FARMS LIMITED - Company Information

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Registered Number 01058727

DOLPHIN FARMS LIMITED

Abbreviated Accounts

31 December 2013

DOLPHIN FARMS LIMITED Registered Number 01058727

Abbreviated Balance Sheet as at 31 December 2013

	Notes	2013	2012
		£	£
Fixed assets
Tangible assets	2	156,931	156,931
Investments	3	50	-
		156,981	156,931
Current assets
Stocks		34,660	35,144
Debtors		76,512	17,600
Cash at bank and in hand		121,542	178,388
		232,714	231,132
Creditors: amounts falling due within one year		(52,944)	(46,334)
Net current assets (liabilities)		179,770	184,798
Total assets less current liabilities		336,751	341,729
Total net assets (liabilities)		336,751	341,729
Capital and reserves
Called up share capital	4	100	100
Revaluation reserve		104,614	104,614
Other reserves		76,817	76,817
Profit and loss account		155,220	160,198
Shareholders' funds		336,751	341,729

For the year ending 31 December 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 4 August 2014

And signed on their behalf by:
Sir Christopher John Benson, Director

DOLPHIN FARMS LIMITED Registered Number 01058727

Notes to the Abbreviated Accounts for the period ended 31 December 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The full financial statement, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover policy
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Revenue from the sale of crops and derivatives is recognised in the period to which the sales relate. The Single Farm Payment is recognised on the 31 December. Subsidies are recognised on the basis of the period to which they relate.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is not charged on freehold land. Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost or valuation of those assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Property - 0% - 20% Straight line

Other accounting policies
Revalution of tangible fixed assets

As permitted by the transitional provisions of the Financial Reporting Standard for Smaller Entities (effective April 2008) the company has elected not to adopt a policy of revaluation of tangible fixed assets. The company will retain the book value of land and buildings, previously revalued at 1 January 1999 and will not update the valuation.

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs.

2Tangible fixed assets

	£
Cost
At 1 January 2013	186,848
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 31 December 2013	186,848
Depreciation
At 1 January 2013	29,917
Charge for the year	-
On disposals	-
At 31 December 2013	29,917
Net book values
At 31 December 2013	156,931
At 31 December 2012	156,931

Included in land and buildings is freehold land at valuation of £150,227 (2012 - £150,227), (cost £45,613 - 2012 - £45,613)) which is not depreciated.

3Fixed assets Investments
The cost of the fixed asset investment at 31 December 2013 was £50 (2012 - £NIL).

4Called Up Share Capital
Allotted, called up and fully paid:

	2013 £	2012 £
100 Ordinary shares of £1 each	100	100

5Transactions with directors

Name of director receiving advance or credit:	Sir Christopher Benson
Description of the transaction:	Repay directors loan
Balance at 1 January 2013:	£ 210
Advances or credits made:	-
Advances or credits repaid:	£ 210
Balance at 31 December 2013:	£ 0

During the year the director repaid £210 in respect of private expenses which the company paid on his behalf last year. The balance on the directors' current account at the end of the year was £nil (2012 - £210).