Leyfields Limited
Leyfields Limited
Registered number: 5248426
Unaudited Financial Statements
For The Year Ended 30 June 2017
Barker Maule & Co
Chartered Accountants
27 & 33 Castle Gate
Newark
Nottinghamshire
NG24 1BA
Leyfields Limited
Unaudited Financial Statements
For The Year Ended 30 June 2017
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
Leyfields Limited
Balance Sheet
As at
30 June 2017
Balance Sheet
Registered number:
5248426
For the year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2017 | 2016 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Stocks | 5 |
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| Debtors | 6 |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 8 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 10 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 11 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,283,138 | 1,285,715 | |||
Page 1
Leyfields Limited
Balance Sheet (continued)
As at
30 June 2017
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
Leyfields Limited
Notes to the Unaudited Accounts
For The Year Ended 30 June 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Land and Buildings |
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| Implements |
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| Motor Vehicles |
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| Tractors |
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| Entitlements |
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1.4.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
Leyfields Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 June 2017
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
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| Office and administration |
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| Manufacturing |
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Page 4
Leyfields Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 June 2017
4.
Tangible Assets
| Land & Property | ||||
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| Land and Buildings | Implements | Motor Vehicles | Tractors | |
| £ | £ | £ | £ | |
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| Additions |
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| Disposals |
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| Depreciation | ||||
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| Disposals |
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| Net Book Value | ||||
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| Entitlements | Total | |
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| Cost | ||
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| Additions |
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| Disposals |
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| Depreciation | ||
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| Provided during the period |
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| Disposals |
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| Net Book Value | ||
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Page 5
Leyfields Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 June 2017
5.
Stocks
| 2017 | 2016 | ||
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| £ | £ | ||
| Stocks | 529,110 | 542,730 | |
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6.
Debtors
| 2017 | 2016 | ||
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| Due within one year | |||
| Trade debtors |
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| Other debtors |
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| VAT |
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| Directors' loan accounts | 5,865 | - | |
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7.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| Other creditors |
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| Directors' loan accounts |
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8.
Creditors: Amounts Falling Due After More Than One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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Page 6
Leyfields Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 June 2017
9.
Obligations Under Finance Leases and Hire Purchase
| 2017 | 2016 | ||
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| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| Between one and five years |
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10.
Deferred Taxation
| 2017 | 2016 | ||
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| £ | £ | ||
| As at |
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| Deferred taxation |
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| Deferred tax |
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The provision for deferred taxation is made up of accelerated capital allowances
12.
General Information
Leyfields Limited is a private company, limited by shares, incorporated in England & Wales, registered number 5248426 . The registered office is Leyfields Farm, Kneesall, Newark, Notts, NG22 0AR.
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