Portway Farms Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 02421594 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Portway Farms Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs S H Nicholson

Mrs H C Tylor

REGISTERED OFFICE:

The Management Office

Kirtlington Business Centre

Slade Farm

Kirtlington

Oxfordshire

OX5 3JA

REGISTERED NUMBER:

02421594 (England and Wales)

FIXED ASSETS

Tangible assets

4

433

541

Investments

5

31,541

Investment property

6

2,000,000

2,031,974

2,032,082

CURRENT ASSETS

Debtors

10,525

13,223

Cash at bank and in hand

36,721

51,587

47,246

64,810

CREDITORS

Amounts falling due within one year

20,584

28,795

NET CURRENT ASSETS

26,662

36,015

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,058,636

2,068,097

CREDITORS

Amounts falling due after more than one
year

7

154,436

162,517

NET ASSETS

1,904,200

1,905,580

CAPITAL AND RESERVES

Called up share capital

82,001

Capital redemption reserve

14,000

Fair value reserve

9

1,656,468

Retained earnings

151,731

153,111

SHAREHOLDERS' FUNDS

1,904,200

1,905,580

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 4 December 2017 and were signed on
its behalf by:

Mrs S H Nicholson - Director

Mrs H C Tylor - Director

1.	STATUTORY INFORMATION

Portway Farms Ltd 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 as modified by the revaluation of certain assets.

Significant judgements and estimates

The presentation of the financial statements requires management to make judgements, estimates

and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet

date and the amounts reported for income and expense during the year. However, the nature of

estimations means that actual outcome could differ from those estimates.

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

-

20% 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

and 31 March 2017

700

DEPRECIATION

At 1 April 2016

159

Charge for year

108

At 31 March 2017

267

NET BOOK VALUE

At 31 March 2017

433

At 31 March 2016

541

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 April 2016

and 31 March 2017

31,541

NET BOOK VALUE

At 31 March 2017

31,541

At 31 March 2016

31,541

The participating interest is in Kirtlington Farms, a farming partnership situated in England. The

Company has a 7.5% right to the profits and losses and fixed capital of the partnership.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

and 31 March 2017

2,000,000

NET BOOK VALUE

At 31 March 2017

2,000,000

At 31 March 2016

2,000,000

Fair value at 31 March 2017 is represented by:

£

Valuation in 2017

1,656,468

Cost

343,532

2,000,000

The investment properties were valued on an open market basis on 31 March 2017 by the Directors.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS

31.3.17

31.3.16

£

Repayable by instalments

Bank loans more 5 yr by instal

113,023

107,468

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

Bank loans

164,789

176,279

The loan is secured on the freehold land known as:

i) land on the north side of Akeman Street and

ii) Home Farm, Kirtlington Park, Kirtlington OX5 3JL.

9.

RESERVES

Fair

value

reserve

£

At 1 April 2016

and 31 March 2017

1,656,468

Fair Value Reserve: where financial instruments and investment properties are measured at fair

value a transfer is made to the fair value reserve, instead of a transfer to retained earnings, to assist

with the identification of profits available for distribution.

10.	RELATED PARTY DISCLOSURES

Mrs H C Tylor

At the year end there was a balance due from Mrs H C Tylor to the Company of £1,596 (2016:

£1,206) which was repaid on 11 April 2017.

Mrs S H Nicholson

At the year end there was a balance due from Mrs S H Nicholson to the Company of £nil (2016:

£1,165).

Kirtlington Farms

The directors are both 46.25% partners in Kirtlington Farms.

During the year the company received a share of the Kirtlington Farms' trading loss of £112 (2016:

£501) and charged rent to Kirtlington Farms of £13,700 (2016: £13,700).

At the balance sheet date the amount owed to the company by Kirtlington Farms was £6,738 (2016:

£6,349).

Portway Farms Ltd - Accounts to registrar (filleted) - small 17.3

Portway Farms Ltd - Accounts to registrar (filleted) - small 17.3