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

REGISTERED NUMBER: 03574891 (England and Wales)

GOLDTHORPE FARMING LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C G Goldthorpe

C A Goldthorpe

H Mc Goldthorpe

Mrs F M Goldthorpe

SECRETARY:

Mrs. C J Parkinson

REGISTERED OFFICE:

Fosterhouse Farm,

Fosterhouses,

Doncaster.

DN7 5LF

REGISTERED NUMBER:

03574891 (England and Wales)

ACCOUNTANTS:

W H Prior

Chartered Certified Accountants

Railway Court

Off Ten Pound Walk

Doncaster

South Yorkshire

DN4 5FB

BANKERS:

Yorkshire Bank

8 Guildhall Street

Lincoln

LN1 1TT

SOLICITORS:

hlw Keeble Hawson LLP

14 Prince's Street

Doncaster

DN1 3NJ

FIXED ASSETS

Tangible assets

4

3,925,145

3,798,840

CURRENT ASSETS

Stocks

58,400

47,012

Debtors

5

205,389

176,853

Investments

6

104,513

114,324

Cash at bank and in hand

275,724

355,795

644,026

693,984

CREDITORS

Amounts falling due within one year

7

90,021

201,118

NET CURRENT ASSETS

554,005

492,866

TOTAL ASSETS LESS CURRENT LIABILITIES

4,479,150

4,291,706

PROVISIONS FOR LIABILITIES

59,689

46,163

NET ASSETS

4,419,461

4,245,543

CAPITAL AND RESERVES

Called up share capital

7,500

7,500

Retained earnings

4,411,961

4,238,043

SHAREHOLDERS' FUNDS

4,419,461

4,245,543

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 28th March 2018 and were signed on its behalf by:

H Mc Goldthorpe - Director

1.	STATUTORY INFORMATION

Goldthorpe 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.

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.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 30th June 2017 are the first that are prepared in accordance with

FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of

transition to FRS 102 Section 1A is 1st July 2015.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation of fixed assets is calculated to write off their cost or valuation less any residual value over their

estimated useful lives as follows :

Plant & machinery

20% Reducing balance

Motor lorries

25% Straight line

Fixtures & fittings 20% Straight line

Computer equipment 33% Straight line

No depreciation is charged in respect of freehold farm land and property, the directors considering that no

depreciation arises on these assets.

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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the average rate of

exchange for the trading period.. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st July 2016

3,527,291

1,024,957

4,552,248

Additions

-

257,000

257,000

Disposals

-

(25,000

)

(25,000

)

At 30th June 2017

3,527,291

1,256,957

4,784,248

DEPRECIATION

At 1st July 2016

-

753,408

753,408

Charge for year

-

105,695

105,695

At 30th June 2017

-

859,103

859,103

NET BOOK VALUE

At 30th June 2017

3,527,291

397,854

3,925,145

At 30th June 2016

3,527,291

271,549

3,798,840

Included in cost of land and buildings is freehold land of £ 3,527,291 (2016 - £ 3,527,291 ) which is not

depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1st July 2016

110,000

Transfer to ownership

(110,000

)

At 30th June 2017

-

DEPRECIATION

At 1st July 2016

64,167

Transfer to ownership

(64,167

)

At 30th June 2017

-

NET BOOK VALUE

At 30th June 2017

-

At 30th June 2016

45,833

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

110,117

134,166

Other debtors

95,272

42,687

205,389

176,853

6.	CURRENT ASSET INVESTMENTS

2017

2016

£

£

French farming enterprise

104,513

114,324

The company owns and occupies farming property in France . Financial statements for the farming enterprise are

prepared by qualified accountants in France for accounting periods ending 31st December. The accounts for the

year ended 31st December 2016 indicate a loss of £22,477 (period ended 31st December 2015 loss £1,460).

The farming interests are assessed to taxation in France upon the director Mr. H. Mc. Goldthorpe farming as

trustee for the company. The company investment in the farming interests at the 30th June 2017 was £104,513

(2016: £114,324) together with the investment in the freehold farming property of £325,722.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

-

27,500

Trade creditors

53,797

119,170

Taxation and social security

30,996

48,094

Other creditors

5,228

6,354

90,021

201,118

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

-

27,500

The bank overdraft and loans are secured by charges on the freehold properties of the company and fixed and

floating charges on the company assets. Hire purchase advances are secured by the asset subject to the hire

purchase contract.

9.	RELATED PARTY DISCLOSURES

The directors Messrs. C.A. and H.M. Goldthorpe each hold 50% of the issued share capital of the company and

are the ultimate controlling parties.