E. Hobbs (Farms) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 00600419 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2017

for

E. Hobbs (Farms) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs S A Blackwell

Mrs M G Hobbs

E Hobbs

M E Hobbs

SECRETARY:

Mrs S A Blackwell

REGISTERED OFFICE:

Warden House

37 Manor Road

Colchester

Essex

CO3 3LX

REGISTERED NUMBER:

00600419 (England and Wales)

ACCOUNTANTS:

Tile & Co

Warden House

37 Manor Road

Colchester

Essex

CO3 3LX

SOLICITORS:

Ellisons

Headgate Court

Head Street

Colchester

Essex

CO1 1NP

FIXED ASSETS

Tangible assets

4

30,173,541

30,219,059

Investment property

5

5,000,000

2,500,000

35,173,541

32,719,059

CURRENT ASSETS

Stocks

15,647

-

Debtors

6

284,199

330,428

Investments

7

50

50

Cash at bank and in hand

143,679

859,751

443,575

1,190,229

CREDITORS

Amounts falling due within one year

8

1,339,575

1,336,255

NET CURRENT LIABILITIES

(896,000

)

(146,026

)

TOTAL ASSETS LESS CURRENT LIABILITIES

34,277,541

32,573,033

CREDITORS

Amounts falling due after more than one year

9

(3,825,000

)

(4,180,001

)

PROVISIONS FOR LIABILITIES

(3,019,720

)

(3,096,164

)

NET ASSETS

27,432,821

25,296,868

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

11

13,239,388

13,163,381

Fair value reserve

11

1,004,408

(260,351

)

Retained earnings

13,188,925

12,393,738

SHAREHOLDERS' FUNDS

27,432,821

25,296,868

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors on 22 November 2017 and were signed on its behalf by:

M E Hobbs - Director

1.	STATUTORY INFORMATION

E. Hobbs (Farms) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

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.

Plant and machinery etc

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible

preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit

or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes

recognised in profit or loss.

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 13 (2016 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 May 2016

30,082,929

964,488

31,047,417

Additions

93,870

30,972

124,842

Disposals

-

(44,337

)

(44,337

)

Revaluations

(109,405

)

-

(109,405

)

At 30 April 2017

30,067,394

951,123

31,018,517

DEPRECIATION

At 1 May 2016

67,394

760,964

828,358

Charge for year

-

58,145

58,145

Eliminated on disposal

-

(41,527

)

(41,527

)

At 30 April 2017

67,394

777,582

844,976

NET BOOK VALUE

At 30 April 2017

30,000,000

173,541

30,173,541

At 30 April 2016

30,015,535

203,524

30,219,059

Cost or valuation at 30 April 2017 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2007

10,383,709

-

10,383,709

Valuation in 2009

11,434,794

-

11,434,794

Valuation in 2012

(8,428,669

)

-

(8,428,669

)

Valuation in 2013

1,151,726

-

1,151,726

Valuation in 2014

396,879

-

396,879

Valuation in 2015

1,515,787

-

1,515,787

Valuation in 2017

(109,405

)

-

(109,405

)

Cost

13,722,573

951,123

14,673,696

30,067,394

951,123

31,018,517

If freehold land and buildings had not been revalued they would have been included at the following historical

cost:

2017

2016

£

£

Cost

13,722,573

13,591,309

Value of land in freehold land and buildings

212,111

212,111

Freehold land and buildings were valued on an open market basis on 30 April 2017 by the Directors .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2016

2,500,000

Additions

934,552

Revaluations

1,565,448

At 30 April 2017

5,000,000

NET BOOK VALUE

At 30 April 2017

5,000,000

At 30 April 2016

2,500,000

Fair value at 30 April 2017 is represented by:

£

Valuation in 2015

52,496

Valuation in 2016

(377,935

)

Valuation in 2017

1,565,448

Cost

3,759,991

5,000,000

If freehold investment property had not been revalued it would have been included at the following historical

cost:

2017

2016

£

£

Cost

3,759,991

947,504

Freehold investment property was valued on an open market basis on 30 April 2017 by the Directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

222,040

149,374

Other debtors

62,159

181,054

284,199

330,428

7.	CURRENT ASSET INVESTMENTS

2017

2016

£

£

Shares in group undertakings

50

50

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

355,000

405,000

Trade creditors

440,394

428,036

Taxation and social security

394,380

121,134

Other creditors

149,801

382,085

1,339,575

1,336,255

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

3,825,000

4,180,001

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,605,000

2,910,001

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

4,180,000

4,585,001

Pension scheme loan

-

185,426

4,180,000

4,770,427

The bank loans are secured by a fixed charge over the freehold land known as Honeywood Farm, Earls Colne.

The pension scheme loan is secured by a legal charge over the property of the company.

11.

RESERVES

Fair

Revaluation

value

reserve

reserve

Totals

£

£

£

At 1 May 2016

13,163,381

(260,351

)

12,903,030

Property revaluation

76,007

1,264,759

1,340,766

At 30 April 2017

13,239,388

1,004,408

14,243,796

12.	CAPITAL COMMITMENTS

2017

2016

£

£

Contracted but not provided for in the

financial statements

-

88,500

13.	GUARANTEES AND FINANCIAL COMMITMENTS

The company has an unlimited guarantee on the borrowings of Honeywood Enterprises Limited, a company with

common directors. No provision has been made for this as the liability is unlikely to arise.

At the balance sheet date the total commitment to receive income from non-cancellable operating leases was

£23,522,532 (2016 - £26,101,481)

14.	RELATED PARTY DISCLOSURES

At the balance sheet date loans of £68,456 (2016 £52,903) were owed to the Directors. These loans are

unsecured, interest free and repayable on demand.

During the year a Director occupied a property owned by the Company for rent of £nil.

15.	FIRST YEAR ADOPTION

This is the first year that the company has presented its financial statements under Financial Reporting Standard

102 Section 1A (FRS 102 1A) issued by the Financial Reporting Council. The last financial statements prepared

under previous UK GAAP were for the year end 30 April 2016 and the date of the transition to FRS 102 1A was

therefore 1 May 2015. As a consequence of adopting FRS 102 1A a number of accounting policies have changed

to comply with the standard.

FRS 102 requires investment properties to be revalued at each reporting date, being measured at fair value. Any

change in fair value is required to be recognised in the profit and loss account. FRS 102 states that deferred tax

must be recognised on any fair value adjustments at the applicable rate of tax. The impact of these adjustments at

the date of transition can be seen in the Reconciliation of Equity 1 May 2015 note. The impact of the adjustments

on the previous year's figures can be seen in the Reconciliation of Equity and Reconciliation of Profit 30 April

2016 note.