Findon Park Farm Limited - Period Ending 2017-03-31

Findon Park Farm Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2017

Registration number: 00549173

Findon Park Farm Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 10

Findon Park Farm Limited

Company Information

Directors

Mr R H Goring

Company secretary

Mrs P A Goring

Registered office

Wiston Estate Office Wiston Park Wiston Steyning West Sussex BN44 3DD

Solicitors

Boodle Hatfield LLP 89 New Bond Street London W1S 1DA

Bankers

C Hoare & Co 37 Fleet Street London EC4P 4DQ

Accountants

Francis Clark LLP Hitchcock House Hilltop Park Devizes Road Salisbury Wiltshire SP3 4UF

Page 1

Findon Park Farm Limited

Balance Sheet

31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	5	779,105	288,583
Current assets
Stocks	6	639,399	564,057
Debtors	7	201,902	684,746
Cash at bank and in hand		296,153	527,280
		1,137,454	1,776,083
Creditors: Amounts falling due within one year	8	(330,222)	(366,090)
Net current assets		807,232	1,409,993
Total assets less current liabilities		1,586,337	1,698,576
Creditors: Amounts falling due after more than one year	8	(1,000,000)	(1,000,000)
Provisions for liabilities		6,347	-
Net assets		592,684	698,576
Capital and reserves
Called up share capital		1,000	1,000
Profit and loss account		591,684	697,576
Total equity		592,684	698,576

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 2

Findon Park Farm Limited

Balance Sheet

31 March 2017

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 19 December 2017 and signed on its behalf by:
 

.........................................

Mr R H Goring

Director

Company Registration Number: 00549173

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 3

Findon Park Farm Limited

Notes to the Financial Statements

Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Wiston Estate Office
Wiston Park
Wiston
Steyning
West Sussex
BN44 3DD

These financial statements were authorised for issue by the Board on 19 December 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 April 2015. There is no material impact on the reported financial position and financial performance.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Page 4

Findon Park Farm Limited

Notes to the Financial Statements

Year Ended 31 March 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold land	nil
Agricultural buildings and improvements	4% to 25% straight line
Fixtures, fittings and equipment	25% straight line
Motor vehicles	25% straight line
Other property, plant and equipment	25% straight line when brought into use

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Subsidy payment entitlements	100% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Page 5

Findon Park Farm Limited

Notes to the Financial Statements

Year Ended 31 March 2017

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2016 - 6).

Page 6

Findon Park Farm Limited

Notes to the Financial Statements

Year Ended 31 March 2017

4	Intangible assets

	Trademarks, patents and licenses  £	Total £
Cost or valuation
At 1 April 2016	(2,702)	(2,702)
Additions acquired separately	2,702	2,702
At 31 March 2017	-	-
Amortisation
Carrying amount
At 31 March 2017	-	-

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

Page 7

Findon Park Farm Limited

Notes to the Financial Statements

Year Ended 31 March 2017

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2016	183,968	712,042	40,633	244,193	1,180,836
Additions	512,183	85,851	-	44,850	642,884
At 31 March 2017	696,151	797,893	40,633	289,043	1,823,720
Depreciation
At 1 April 2016	136,634	557,027	40,633	157,960	892,254
Charge for the year	71,943	75,724	-	4,694	152,361
At 31 March 2017	208,577	632,751	40,633	162,654	1,044,615
Carrying amount
At 31 March 2017	487,574	165,142	-	126,389	779,105
At 31 March 2016	47,334	155,016	-	86,233	288,583

Included within the net book value of land and buildings above is £487,574 (2016 - £47,334) in respect of freehold land and buildings and £Nil (2016 - £Nil) in respect of long leasehold land and buildings.
 

Page 8

Findon Park Farm Limited

Notes to the Financial Statements

Year Ended 31 March 2017

6

Stocks

	2017 £	2016 £
Work in progress	41,782	41,319
Other inventories	597,617	522,738
	639,399	564,057

7

Debtors

	2017  £	2016  £
Trade debtors	129,969	364,744
Other debtors	34,170	92,972
Prepayments	37,763	227,030
	201,902	684,746

8

Creditors

	Note	2017  £	2016  £
Due within one year
Trade creditors		144,117	143,986
Social security and other taxes		12,266	2,288
Outstanding defined contribution pension costs		1,292	-
Other creditors		119,117	140,220
Accrued expenses		53,430	77,180
Corporation tax		-	2,416
		330,222	366,090
Due after one year
Loans and borrowings	9	1,000,000	1,000,000

	2017 £	2016 £
After more than five years by instalments	491,384	632,863

Page 9

Findon Park Farm Limited

Notes to the Financial Statements

Year Ended 31 March 2017

9	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Bank borrowings	1,000,000	1,000,000

Bank borrowings

AMC loan is denominated in £ sterling with a nominal interest rate of 3.12%, and the final instalment is due on 28 May 2025. The carrying amount at year end is £1,000,000 (2016 - £1,000,000). The AMC loan is secured over freehold property owned by the company's sole director.

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

The AMC loan is repayable by quarterly instalments commencing in August 2018 at an interest rate of 3.12%.

10	Transition to FRS 102

The company transitioned to FRS 102 from previously extant UK GAAP as at 1 April 2015.
There were no changes to the previously stated equity as at 1 April 2015 and 31 March 2016 or in the profit for the year ended 31 March 2016 as a result of the transition to FRS 102.

Page 10