Procters Farm Limited - Period Ending 2017-06-30
Procters Farm Limited - Period Ending 2017-06-30
Company registration number:
Procters Farm Limited
for the Year Ended
30 June 2017
Procters Farm Limited
Contents
Page(s)
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Procters Farm Limited
Company Information
Directors |
Mr A Moores Mr P C Kurthausen |
Company secretary |
Mr G Swindlehurst |
Registered office |
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Bankers |
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Accountants |
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Procters Farm Limited
Balance Sheet
as at 30 June 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Company registration number: 01193404
For the financial 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.
Directors' responsibilities:
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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 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
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The notes on pages 3 to 8 form an integral part of these financial statements.
Page 2
Procters Farm Limited
Notes to the Financial Statements
for the Year Ended 30 June 2017
General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its registered office is:
The principal place of business is:
Procters Farm
Woodhouse Lane
Slaidburn
CLITHEROE
BB7 3AH
These financial statements were authorised for issue by the
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.
Going concern
The financial statements have been prepared on a going concern basis, despite there being net current liabilities at the balance sheet date, as the director, Mr A Moores has confirmed that he is willing to continue to support the company for the next 12 months.
Research and development
Research and development expenditure is written off as incurred.
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 |
Land and buildings |
2% Straight line and 3 Years straight line |
Furniture, fittings and equipment |
25% Straight line |
Motor vehicles |
15% - 25% Reducing balance |
Procters Farm Limited
Notes to the Financial Statements
for the Year Ended 30 June 2017
Other property, plant and equipment |
15% Reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stock is valued at the lower of cost and net realisable value.
Cost is calculated at either purchase price or 90% of market value for home bred cattle, and 75% of market value for home bred sheep.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Procters Farm Limited
Notes to the Financial Statements
for the Year Ended 30 June 2017
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Procters Farm Limited
Notes to the Financial Statements
for the Year Ended 30 June 2017
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 July 2016 |
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Additions |
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Disposals |
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At 30 June 2017 |
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Depreciation |
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At 1 July 2016 |
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Charge for the year |
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Eliminated on disposal |
- |
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At 30 June 2017 |
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Carrying amount |
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At 30 June 2017 |
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At 30 June 2016 |
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Included in net book value of land and buildings is £138,234 (2016 - £138,234) in respect of freehold land, land is not depreciated. The balance of land and buildings is leasehold improvements.
Procters Farm Limited
Notes to the Financial Statements
for the Year Ended 30 June 2017
Stocks |
2017 |
2016 |
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Livestock |
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Other stock |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Directors loan account |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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8,850,000 |
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8,850,000 |
Procters Farm Limited
Notes to the Financial Statements
for the Year Ended 30 June 2017
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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2017 |
2016 |
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Current loans and borrowings |
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Finance lease liabilities |
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Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Other transactions with directors |
The company continues to lease two farms from one of the directors at a favourable rate. The rent paid under the Farm Business Tenancy to the director was £1 (2016 - £1).
Transition to FRS 102 |
There were no adjustments on transition to FRS 102.