Farmwise Limited - Limited company - abbreviated - 11.6
Farmwise Limited - Limited company - abbreviated - 11.6
| REGISTERED NUMBER: |
| ABBREVIATED UNAUDITED ACCOUNTS |
| FOR THE YEAR ENDED 31ST MARCH 2014 |
| FOR |
| FARMWISE LIMITED |
| FARMWISE LIMITED (REGISTERED NUMBER: 01316859) |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31ST MARCH 2014 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 4 |
| FARMWISE LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST MARCH 2014 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Certified Accountants |
| BANKERS: |
| FARMWISE LIMITED (REGISTERED NUMBER: 01316859) |
| ABBREVIATED BALANCE SHEET |
| 31ST MARCH 2014 |
| 2014 | 2013 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 2 |
| CURRENT ASSETS |
| Debtors | 3 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 4 |
| Revaluation reserve |
| Profit and loss account | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| FARMWISE LIMITED (REGISTERED NUMBER: 01316859) |
| ABBREVIATED BALANCE SHEET - continued |
| 31ST MARCH 2014 |
| The financial statements were approved by the Board of Directors on behalf by: |
| FARMWISE LIMITED (REGISTERED NUMBER: 01316859) |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31ST MARCH 2014 |
| 1. | ACCOUNTING POLICIES |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention as modified by the revaluation |
| of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April |
| 2008). |
| Going Concern |
| The directors believe that there are no material uncertainties related to events or conditions that may cast |
| significant doubt on the ability of the company to continue as agoing concern and therefore the going concern |
| basis remains appropriate in the preparation of the financial statements. |
| Exemption from preparing a cash flow statement |
| Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a |
| small company. |
| Turnover |
| Turnover in the period represents net rents receivable, by the company in the normal course of business, |
| excluding value added tax. Turnover is only recognised when the amounts to be recognised are fixed or |
| determinable and collectability is reasonably assured. |
| Rental income from operating leases is recognised on a straight line basis over the term of the lease. |
| Tangible fixed assets |
| Farmhouse and buildings | - |
| Freehold farm land | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Freehold land, farmhouse and buildings |
| The surplus on the revaluation of freehold land, farmhouse and buildings is taken directly to a revaluation |
| reserve. Deficits on revaluation are taken first against any existing surplus on the revaluation reserve. Further |
| deficits on revaluation are charged to profit and loss account in the year in which they arise unless, the fall in |
| value of the properties is of a temporary nature in which case the deficit is taken to the revaluation reserve. |
| Deferred tax |
| The charge for taxation takes into account taxation deferred as a result of timing differences between the |
| treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in |
| respect of all timing differences that have originated but not reversed at the balance sheet date. Deferred |
| taxation is measured on a non discounted basis at the average tax rates that would apply when the timing |
| differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date. |
| Provision is not made for any liability to taxation that may arise on the sale of farm land and buildings at their |
| valuation. |
| Operating leases |
| Assets leased out under operating leases are included in tangible fixed assets. Rental income from the operating |
| leases is included in the profit and loss account on a straight line basis over the period of the lease. |
| Government subsidies |
| Amounts received from Rural Payment Authority under a Single Payment Scheme are recognised in the profit |
| and loss account in the period in which they become receivable. |
| Taxation |
| The companies in the group receive or surrender their losses within the group. Group members do not pay for |
| losses surrendered or received. |
| FARMWISE LIMITED (REGISTERED NUMBER: 01316859) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2014 |
| 1. | ACCOUNTING POLICIES - continued |
| Group borrowings |
| Interest is not payable on borrowings within the group. |
| 2. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST OR VALUATION |
| At 1st April 2013 |
| and 31st March 2014 |
| DEPRECIATION |
| At 1st April 2013 |
| Charge for year |
| At 31st March 2014 |
| NET BOOK VALUE |
| At 31st March 2014 |
| At 31st March 2013 |
| 3. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| The aggregate total of debtors falling due after more than one year is £ |
| 4. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2014 | 2013 |
| value: | £ | £ |
| Ordinary | £1 |
| 5. | ULTIMATE PARENT COMPANY |