Hope Valley Farm Produce Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 06190848 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

FOR

HOPE VALLEY FARM PRODUCE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs J A Marsden

J D Marsden

R F Marsden

Miss S J Marsden

J N Marsden

SECRETARY:

Mrs H J Marsden

REGISTERED OFFICE:

Thorpe Farm

Hathersage

Hope Valley

Derbyshire

S32 1BQ

REGISTERED NUMBER:

06190848 (England and Wales)

FIXED ASSETS

Tangible assets

4

3,338

7,290

CURRENT ASSETS

Stocks

15,500

10,900

Debtors

5

6,805

7,404

22,305

18,304

CREDITORS

Amounts falling due within one year

6

58,407

65,272

NET CURRENT LIABILITIES

(36,102

)

(46,968

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(32,764

)

(39,678

)

PROVISIONS FOR LIABILITIES

42

698

NET LIABILITIES

(32,806

)

(40,376

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(32,906

)

(40,476

)

SHAREHOLDERS' FUNDS

(32,806

)

(40,376

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 24 July 2018 and were signed on its behalf by:

Mrs J A Marsden - Director

1.	STATUTORY INFORMATION

Hope Valley Farm Produce 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.

These are the first financial statements the Company has prepared in accordance with Financial

Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of

Ireland'' (FRS 102) as applied to smaller entities by the adoption of Section 1A of FRS 102. The

financial statements for the year ended 31 October 2016 were prepared in accordance with Financial

Reporting Standard for Smaller Entities (effective January 2015) (FRSSE).

Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and

accounting policy choices differ from the FRSSE. Consequently the directors have amended certain

accounting policies to comply with FRS 102. The directors have also taken advantage of certain

exemptions from the requirements of FRS 102 permitted by FRS 102 Chapter 35 ''Transition to FRS''.

There are no changes in the prior period on transition to FRS 102 as the directors consider them to be

immaterial to financial statements

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 is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

20% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Financial instruments

FINANCIAL ASSETS

Trade, group and other debtors

Trade, group and other debtors (including accrued income) which are receivable within one year and

which do not constitute a financing transaction are initially measured at the transaction price and

subsequently measured at amortised cost, being the transaction price less any amounts settled and

any impairment losses.

A provision for impairment of trade debtors is established where there is objective evidence that the

amounts due will not be collected according to the original terms of the contract. Impairment losses

are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present

value of the future cash flows discounted using the original effective interest rate. Subsequent

reversals of an impairment loss that objectively relate to an event occurring after the impairment loss

was recognised, are recognised immediately in profit or loss.

FINANCIAL LIABILITIES

Trade, group and other creditors

Trade, group and other creditors (including accruals) payable within one year that do not constitute a

financing transaction are initially measured at the transaction price and subsequently measured at

amortised cost, being transaction price less any amounts settled.

Derecognition of financial assets and liabilities

A financial asset is only derecognised when the contractual rights to cash flows expire or are settled, or

substantially all the risks and rewards of ownership are transferred to another party, or if some

significant risks and rewards of ownership are retained but control of the asset has transferred to

another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability

(or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled

or expires.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 November 2016

6,432

89,698

3,609

99,739

Additions

-

544

-

544

At 31 October 2017

6,432

90,242

3,609

100,283

DEPRECIATION

At 1 November 2016

5,812

84,744

1,893

92,449

Charge for year

225

3,530

741

4,496

At 31 October 2017

6,037

88,274

2,634

96,945

NET BOOK VALUE

At 31 October 2017

395

1,968

975

3,338

At 31 October 2016

620

4,954

1,716

7,290

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/10/17

31/10/16

£

£

Trade debtors

6,805

7,404

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/10/17

31/10/16

£

£

Bank loans and overdrafts

4,260

3,567

Trade creditors

7,184

10,865

Social security and other taxes

198

267

VAT

4,280

3,749

Directors' loan accounts

42,485

46,824

58,407

65,272

7.	ULTIMATE CONTROLLING PARTY

The company is under the ultimate control of the directors by virtue of their ability to act in concert in

the respect of operating and financial policies of the company.