Brian L Burton (Farms) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02087026 (England and Wales)

BRIAN L BURTON (FARMS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTOR:

B L Burton

SECRETARY:

Mrs S L Burton

REGISTERED OFFICE:

26 Park Road

Melton Mowbray

Leicestershire

LE13 1TT

REGISTERED NUMBER:

02087026 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

26 Park Road

Melton Mowbray

Leicestershire

LE13 1TT

FIXED ASSETS

Intangible assets

4

36,338

48,451

Property, plant and equipment

5

3,957,744

3,902,162

Investments

6

12

12

3,994,094

3,950,625

CURRENT ASSETS

Inventories

198,200

208,780

Debtors

7

18,679

142,778

Cash at bank

207,962

274,404

424,841

625,962

CREDITORS

Amounts falling due within one year

8

391,953

452,480

NET CURRENT ASSETS

32,888

173,482

TOTAL ASSETS LESS CURRENT LIABILITIES

4,026,982

4,124,107

CREDITORS

Amounts falling due after more than one year

9

(943,307

)

(1,265,553

)

PROVISIONS FOR LIABILITIES

(72,134

)

(74,234

)

NET ASSETS

3,011,541

2,784,320

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

3,011,441

2,784,220

SHAREHOLDERS' FUNDS

3,011,541

2,784,320

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 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 20 December 2017 and were signed by:

B L Burton - Director

1.	STATUTORY INFORMATION

Brian L Burton (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.

Revenue

Revenue represents net invoiced sales of produce, livestock and contracting services, excluding VAT. Sales of

produce are recognised upon dispatch, sales of livestock are recognised on date of sale at market and

contracting income is recognised on completion of the service.

Intangible assets

Intangible assets consist of entitlements to the basic payment. The entitlements are recognised at fair value

and written off on a straight line basis over the period to 31 December 2019 when the scheme ends.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

Nil

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

No depreciation has been provided for freehold property. It is the Company's policy to maintain such property

in a continued state of sound repair. The director considers that the lives of the Company's freehold property

and their residual values are such that depreciation is not significant.

Inventories

Inventories are stated at the lower of cost and fair value less costs to complete and sell after making due

allowance for slow moving and obsolete stock

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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 (2016 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2016

and 31 March 2017

60,564

AMORTISATION

At 1 April 2016

12,113

Charge for year

12,113

At 31 March 2017

24,226

NET BOOK VALUE

At 31 March 2017

36,338

At 31 March 2016

48,451

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2016

3,564,253

1,035,174

4,599,427

Additions

2,433

178,938

181,371

Disposals

-

(93,250

)

(93,250

)

At 31 March 2017

3,566,686

1,120,862

4,687,548

DEPRECIATION

At 1 April 2016

33,261

664,004

697,265

Charge for year

-

107,963

107,963

Eliminated on disposal

-

(75,424

)

(75,424

)

At 31 March 2017

33,261

696,543

729,804

NET BOOK VALUE

At 31 March 2017

3,533,425

424,319

3,957,744

At 31 March 2016

3,530,992

371,170

3,902,162

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2016

and 31 March 2017

12

NET BOOK VALUE

At 31 March 2017

12

At 31 March 2016

12

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

10,117

126,313

VAT

8,322

16,465

Prepayments

240

-

18,679

142,778

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

96,039

96,286

Trade creditors

10,403

9,322

Tax

43,103

71,953

Social security and other taxes

392

547

Other creditors

770

258

Directors' current accounts

200,587

221,201

Accruals and deferred income

4,320

4,462

Deferred government grants

36,339

48,451

391,953

452,480

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans due in 1 to 2 years

95,997

95,997

Bank loans - 2-5 years

287,991

287,991

Bank loans

559,319

881,565

943,307

1,265,553

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

559,319

881,565

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

1,039,304

1,361,550

The bank loan and overdraft are secured by a fixed charge over the freehold land and buildings, book debts

and other assets of the company.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

12.	RELATED PARTY DISCLOSURES

Remuneration paid to the director during the year was £14,976 (2016: £13,662).

At the year end, £200,587 (2016 - £221,201) was due to the director.

13.	FIRST YEAR ADOPTION

Under previous UK GAAP the company was not required to recognise the basic payment entitlements as an

intangible asset. Under FRS 102, an asset of £60,564 was recognised on transition with a corresponding

balance in deferred income. The amortisation charge in the year to 31.03.16 was £12,113 with the same

amount released from deferred income.