Rays Farm Business Units Limited Company Accounts

RAYS FARM BUSINESS UNITS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06373783

Rays Farm Business Units Limited

Filleted Unaudited Financial Statements

31 March 2017

Rays Farm Business Units Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Rays Farm Business Units Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		500,000	500,000

Current assets

Cash at bank and in hand	7,157		142

Creditors: amounts falling due within one year	5	117,376		110,530
		---------		---------
Net current liabilities			110,219	110,388
			---------	---------
Total assets less current liabilities			389,781	389,612

Creditors: amounts falling due after more than one year	6	141,935	161,170
		---------	---------
Net assets		247,846	228,442
		---------	---------

Capital and reserves

Called up share capital	7	100	100
Profit and loss account		247,746	228,342
		---------	---------
Shareholders funds		247,846	228,442
		---------	---------

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 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Rays Farm Business Units Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 5 November 2017 , and are signed on behalf of the board by:

N D Seager
Director

Company registration number: 06373783

Rays Farm Business Units Limited

Notes to the Financial Statements

Year ended 31 March 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 Phillows Farm, Hammonds Road, Little Baddow, Chelmsford, Essex, CM3 4BG.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

The turnover represents the value of rents receivable during the year.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

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.

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
	£
Cost
At 1 April 2016 and 31 March 2017	500,000
	---------
Depreciation
At 1 April 2016 and 31 March 2017	–
	---------
Carrying amount
At 31 March 2017	500,000
	---------
At 31 March 2016	500,000
	---------

Included within the above is investment property as follows:

	£
	---------
At 1 April 2016 and 31 March 2017	500,000
	---------

The directors have revalued the freehold property on an open market basis and in their opinion the freehold investment property is as stated in the financial statements. The historical cost of the Investment Property is £402,265.

5. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	18,377	17,497
Accruals and deferred income	1,500	1,380
Corporation tax	4,851	6,014
Director loan accounts	70,268	63,259
Other creditors	22,380	22,380
	---------	---------
	117,376	110,530
	---------	---------

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

	2017	2016
	£	£
Bank loans and overdrafts	141,935	161,170
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £66,826 (2016: £87,061) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

7. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

8. Related party transactions

	Loans repaid/ (Additional loans)	Balance at 31 March Dr/(Cr)
	£	£
Entities with control, joint control or significant influence over the company
31 March 2017	(7,009)	(70,268)
31 March 2016	27,410	(63,259)
Other related parties
31 March 2017		(22,380)
31 March 2016	(22,380)	(22,380)

9. Transition to FRS 102

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

Reconciliation of equity

	1 April 2015			31 March 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	399,765	–	399,765	500,000	–	500,000
Current assets	716	–	716	142	–	142
Creditors: amounts falling due within one year	( 115,017)	–	( 115,017)	( 110,530)	–	( 110,530)
	---------	----	---------	---------	----	---------
Net current liabilities	( 114,301)	–	( 114,301)	( 110,388)	–	( 110,388)
	---------	----	---------	---------	----	---------
Total assets less current liabilities	285,464	–	285,464	389,612	–	389,612

Creditors: amounts falling due after more than one year	( 178,814)	–	( 178,814)	( 161,170)	–	( 161,170)
	---------	----	---------	---------	----	---------
Net assets	106,650	–	106,650	228,442	–	228,442
	---------	----	---------	---------	----	---------

	---------	----	---------	---------	----	---------
Capital and reserves	106,650	–	106,650	228,442	–	228,442
	---------	----	---------	---------	----	---------

Consequential changes in accounting policies resulting in the transition from FRSSE 2015 to FRS 102 were as follows: The fair value gains on the investment property are recognised in the profit and loss account. Under the previous financial reporting framework the revaluation of the investment property was recognised in the Statement of Total Recognised Gains and Losses and the revaluation reserve. On transition £97,735 was transferred from the revaluation reserve to the profit or loss account.