Honingham Farms Limited - Accounts to registrar (filleted) - small 17.3

Honingham Farms Limited - Accounts to registrar (filleted) - small 17.3

HONINGHAM FARMS LIMITED - Company Information

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REGISTERED NUMBER: 02627934 (England and Wales)













Honingham Farms Limited

Financial Statements

for the Year Ended 31 March 2017






Honingham Farms Limited (Registered number: 02627934)

Contents of the Financial Statements
for the year ended 31 March 2017










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Honingham Farms Limited

Company Information
for the year ended 31 March 2017







DIRECTOR: I J Alston



SECRETARY: I J Alston



REGISTERED OFFICE: Honingham Thorpe Farm
Honingham
Norwich
Norfolk
NR9 5BZ



REGISTERED NUMBER: 02627934 (England and Wales)



ACCOUNTANTS: David Turner & Co Limited
Regents Court
Princess Street
Hull
East Yorkshire
HU2 8BA



SOLICITORS: Birketts LLP
Kingfisher House
1 Gilders Way
Norwich
Norfolk
NR3 1UB
1
Honingham Farms Limited (Registered number: 02627934)

Balance Sheet
31 March 2017

2017 2016
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,488,031 7,524,034
Investments 5 157,948 157,948
7,645,979 7,681,982

CURRENT ASSETS
Stocks 66,528 57,391
Debtors 6 137,151 125,335
203,679 182,726
CREDITORS
Amounts falling due within one year 7 1,882,970 1,860,817
NET CURRENT LIABILITIES (1,679,291 ) (1,678,091 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
5,966,688
6,003,891

PROVISIONS FOR LIABILITIES 956,499 970,801
NET ASSETS 5,010,189 5,033,090

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 5,007,661 4,993,359
Retained earnings 2,428 39,631
SHAREHOLDERS' FUNDS 5,010,189 5,033,090

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 director acknowledges his 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 notes form part of these financial statements

2
Honingham Farms Limited (Registered number: 02627934)

Balance Sheet - continued
31 March 2017


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 director on 27 December 2017 and were signed by:





I J Alston - Director


The notes form part of these financial statements

3
Honingham Farms Limited (Registered number: 02627934)

Notes to the Financial Statements
for the year ended 31 March 2017


1. STATUTORY INFORMATION

Honingham 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 as modified by the revaluation of certain assets.

The significant accounting policies applied in the preparation of these financial statements are set out
below. These policies have been consistently applied to all years presented unless otherwise stated.
These financial statements for the year to 31 March 2017 are the first financial statements that
comply with FRS 102 Section 1A. The date of transition is 1 April 2015. An explanation of how
transition to FRS 102 Section 1A has affected the reported financial position and performance is
given in note 10.

Turnover
Turnover is recognised when the economic risks and rewards pass to a third party. Turnover is stated
net of value added tax. This includes any profit accruing to the company as a member of Honingham
Thorpe Farms LLP.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on reducing balance and Land - Nil

Fixed assets are stated at cost, less amounts written off over their expected useful lives with the
exception of freehold land which is stated at fair value as estimated by the director.
Any movements in fair value are recognised in arriving at the profit before tax. Deferred tax is
provided against these movements.

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.


4
Honingham Farms Limited (Registered number: 02627934)

Notes to the Financial Statements - continued
for the year ended 31 March 2017


2. ACCOUNTING POLICIES - continued
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.

Debtors
Trade debtors and other receivables are recognised at fair value on inception and are subsequently
carried at amortised cost. They are subject to impairment tests whenever events or changes in
circumstances indicate that their carrying value may not be recoverable. Impairment losses are taken
to the profit and loss account as incurred.

Creditors
Trade creditors and other payables are recognised at fair value on inception and are subsequently
carried at amortised cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST OR VALUATION
At 1 April 2016
and 31 March 2017 7,524,034
DEPRECIATION
Charge for year 36,003
At 31 March 2017 36,003
NET BOOK VALUE
At 31 March 2017 7,488,031
At 31 March 2016 7,524,034

Included in cost or valuation of land and buildings is freehold land of £ 5,964,160 (2016 - £ 5,964,160
) which is not depreciated.

5
Honingham Farms Limited (Registered number: 02627934)

Notes to the Financial Statements - continued
for the year ended 31 March 2017


4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 March 2017 is represented by:

Land and
buildings
£   
Valuation in 2015 5,964,160
Cost 1,559,874
7,524,034

5. FIXED ASSET INVESTMENTS

The company is a member of Honingham Thorpe Farms LLP. The LLP's registered office is
Honingham Thorpe Farm, Honingham, Norwich, Norfolk, NR9 5BZ. The LLP ceased to trade during
the year to 31 March 2016.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Amounts owed by related parties 68,157 58,477
Other debtors 68,994 66,858
137,151 125,335

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Bank loans and overdrafts 1,000,000 815,502
Amounts owed to related parties 881,970 1,044,315
Other creditors 1,000 1,000
1,882,970 1,860,817

8. SECURED DEBTS

The following secured debts are included within creditors:

2017 2016
£    £   
Bank loans 1,000,000 815,502

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is I.J. Alston.

6
Honingham Farms Limited (Registered number: 02627934)

Notes to the Financial Statements - continued
for the year ended 31 March 2017


10. FIRST YEAR ADOPTION

The company has adopted FRS 102 for the first time in the year ended 31 March 2017.

The effect of transition from previous financial reporting framework to FRS 102 is outlined below.

a) Changes in accounting policies

Consequential changes in accounting policies resulting from adoption of FRS 102 were as follows:

Freehold land has been revalued to fair value. The increase in fair value amounted to £5,964,160.

Deferred tax has been provided for at 20% on the difference between the cost and the fair value of
the freehold land adjusted for indexation allowance. This amounted to £977,778 at 1 April 2015.


b) Reconciliation of equity shareholders' funds

Adjustments to previously reported equity shareholders' funds at the date of transition to FRS 102
were as follows:

1/4/2015 31/3/16
£ £
Shareholders' funds under previous financial reporting
framework
47,472
39,731
Increase in tangible assets to reflect fair value 5,964,160 5,964,160
Deferred tax on revalued tangible assets (977,778 ) (970,801 )
Shareholders' funds under FRS 102 5,033,854 5,033,090

c) Reconciliation of comparative period profit or loss

Adjustments to previously reported profit or loss in the comparative period were as follows:

£
Loss for the year ended 31 March 2016 under previous financial
reporting framework

(7,741
)
Deferred tax movement on revalued tangible assets 6,977
Loss for the year ended 31 March 2016 under FRS 102 (764 )


7