R.h.j. Croxton and Son (Farms) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01243269 (England and Wales)

R.H.J. CROXTON AND SON (FARMS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J H Croxton

Mrs H V Croxton

T H J Croxton

SECRETARY:

Mrs H V Croxton

REGISTERED OFFICE:

West Lodge

Rainbow Street

Leominster

Herefordshire

HR6 8DQ

REGISTERED NUMBER:

01243269 (England and Wales)

ACCOUNTANTS:

Davies Edwards & Co

Chartered Certified Accountants

West Lodge

Rainbow Street

Leominster

Herefordshire

HR6 8DQ

FIXED ASSETS

Tangible assets

4

131,225

132,224

CURRENT ASSETS

Stocks

299,361

303,311

Debtors

5

19,747

5,982

Cash at bank

3

3

319,111

309,296

CREDITORS

Amounts falling due within one year

6

278,816

280,042

NET CURRENT ASSETS

40,295

29,254

TOTAL ASSETS LESS CURRENT LIABILITIES

171,520

161,478

CREDITORS

Amounts falling due after more than one year

7

(59,580

)

(59,580

)

PROVISIONS FOR LIABILITIES

(21,927

)

(21,930

)

NET ASSETS

90,013

79,968

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

89,913

79,868

SHAREHOLDERS' FUNDS

90,013

79,968

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 19 December 2017 and were signed on its behalf by:

J H Croxton - Director

1.	STATUTORY INFORMATION

R.h.j. Croxton and Son (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.

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.

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.

Improvements, fixtures and fittings

-

10% on reducing balance

Plant and Machinery

-

10% on reducing balance

Tractors

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 3 .

4.	TANGIBLE FIXED ASSETS

Improvements,

fixtures

and

Plant and

fittings

Machinery

Tractors

£

£

£

COST

At 6 April 2016

97,805

194,588

107,043

Additions

20,434

4,880

-

Disposals

(10,000

)

-

-

At 5 April 2017

108,239

199,468

107,043

DEPRECIATION

At 6 April 2016

58,029

129,877

81,090

Charge for year

5,022

6,960

3,892

At 5 April 2017

63,051

136,837

84,982

NET BOOK VALUE

At 5 April 2017

45,188

62,631

22,061

At 5 April 2016

39,776

64,711

25,953

Motor

Office

vehicles

equipment

Totals

£

£

£

COST

At 6 April 2016

12,069

2,281

413,786

Additions

-

-

25,314

Disposals

-

-

(10,000

)

At 5 April 2017

12,069

2,281

429,100

DEPRECIATION

At 6 April 2016

10,435

2,131

281,562

Charge for year

409

30

16,313

At 5 April 2017

10,844

2,161

297,875

NET BOOK VALUE

At 5 April 2017

1,225

120

131,225

At 5 April 2016

1,634

150

132,224

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

13,290

4,247

Prepayments and accrued income

6,457

1,735

19,747

5,982

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

145,791

116,805

Trade creditors

49,331

90,551

Tax

1,866

-

Social security and other taxes

-

42

VAT

7,627

4,309

Directors' current accounts

69,923

64,708

Accruals and deferred income

4,278

3,627

278,816

280,042

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Directors loan account

59,580

59,580

Under a formal agreement dated 6 April 2015, the directors of the company agreed that £59,580 of the balance

owed to J H and Mrs H V Croxton would not be withdrawn within the next 12 months.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Retained

earnings

£

At 6 April 2016

79,868

Profit for the year

10,045

At 5 April 2017

89,913

10.	RELATED PARTY DISCLOSURES

J H Croxton received £3,000 from the company for rent of farm (2016 - £3,000).

T H Croxton received £175 from the company for rent of a field (2016 - £175).