Fairholme Farming Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 07982920 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

FAIRHOLME FARMING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

B P Tweddle

Mrs M Tweddle

S B Tweddle

REGISTERED OFFICE:

12 Alma Square

Scarborough

North Yorkshire

YO11 1JU

REGISTERED NUMBER:

07982920 (England and Wales)

FIXED ASSETS

Property, plant and equipment

4

2,499,575

1,699,468

CURRENT ASSETS

Inventories

9,354

369,620

Debtors

5

129,529

103,783

Cash at bank and in hand

143,385

13,690

282,268

487,093

CREDITORS

Amounts falling due within one year

6

1,018,661

654,698

NET CURRENT LIABILITIES

(736,393

)

(167,605

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,763,182

1,531,863

CREDITORS

Amounts falling due after more than one year

7

(375,531

)

(539,505

)

PROVISIONS FOR LIABILITIES

(187,593

)

(154,852

)

NET ASSETS

1,200,058

837,506

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

1,200,055

837,503

SHAREHOLDERS' FUNDS

1,200,058

837,506

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.

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 20 December 2017 and were signed on its behalf by:

B P Tweddle - Director

1.	STATUTORY INFORMATION

Fairholme Farming 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.

Turnover

Turnover represents goods and services supplied, excluding value added tax. Revenue is recognised to the extent that the

company has obtained the right to consideration through its performance and is measured at the fair value of the right to

consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset less its residual value over its estimated

useful life:

Land and buildings

-

Land - 0%, Buildings - 5% straight line

Plant and machinery

-

20% reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value.

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.

Hire purchase and leasing commitments

Assets acquired under finance lease agreements, including hire purchase agreements, are capitalised and the corresponding

liability is included in creditors. Finance lease interest is charged to the profit and loss account on an effective rate basis over

the period of the agreement. Operating lease rentals are charged against profits of the period to which they relate.

Going concern

The accounts have been prepared on a going concern basis on the strength of confirmation from the directors that they will

continue to provide financial support by not seeking repayment of loan accounts due until other creditors have been paid in

full.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2016 - 4 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Land and

Plant and

Motor

buildings

machinery

vehicles

Totals

£

£

£

£

COST

At 1 April 2016

1,585,117

279,150

-

1,864,267

Additions

837,126

57,200

22,708

917,034

Disposals

-

(10,000

)

-

(10,000

)

At 31 March 2017

2,422,243

326,350

22,708

2,771,301

DEPRECIATION

At 1 April 2016

69,795

95,004

-

164,799

Charge for year

64,330

40,320

2,277

106,927

At 31 March 2017

134,125

135,324

2,277

271,726

NET BOOK VALUE

At 31 March 2017

2,288,118

191,026

20,431

2,499,575

At 31 March 2016

1,515,322

184,146

-

1,699,468

Included in cost of land and buildings is freehold land of £ 298,501 (2016 - £ 298,501 ) which is not depreciated.

The net book value of property, plant and equipment includes £NIL (2016 - £ 21,636 ) in respect of assets held under hire

purchase contracts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

105,231

100,568

Other debtors

24,298

3,215

129,529

103,783

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

381,974

186,892

Hire purchase contracts

-

8,700

Trade creditors

131,096

26,222

Taxation and social security

65,490

61,563

Other creditors

440,101

371,321

1,018,661

654,698

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

375,531

539,505

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

757,505

726,397

Hire purchase contracts

-

8,700

757,505

735,097

Bank borrowings are secured by a debenture incorporating a fixed and floating charge over all current and future assets of

the company. In addition there are legal charges over certain property owned by the directors. Hire purchase agreements are

secured on the assets to which they relate.

9.	FIRST YEAR ADOPTION

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not

impacted on equity or profit and loss.