NINEWELLS_FARMS_LIMITED - Accounts

NINEWELLS FARMS LIMITED - Company Information

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Company Registration No. SC145405 (Scotland)

NINEWELLS FARMS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2014

NINEWELLS FARMS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

NINEWELLS FARMS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

3,756,078

3,616,849

Current assets

Stocks

200,752

172,696

Debtors

363,371

456,470

Cash at bank and in hand

595

597

564,718

629,763

Creditors: amounts falling due within one year

(602,889)

(660,562)

Net current liabilities

(38,171)

(30,799)

Total assets less current liabilities

3,717,907

3,586,050

Creditors: amounts falling due after more than one year

(1,343,165)

(1,277,373)

Provisions for liabilities

(63,838)

(42,258)

2,310,904

2,266,419

Capital and reserves

Called up share capital

100,000

Share premium account

559,044

Profit and loss account

1,651,860

1,607,375

Shareholders' funds

2,310,904

2,266,419

NINEWELLS FARMS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MARCH 2014

- 2 -

For the financial year ended 31 March 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 23 December 2014

Mr. T.D. Willis

Director

Company Registration No. SC145405

NINEWELLS FARMS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold and improvements

Nil, 5% and 10% straight line

Plant and machinery

15% and 18% reducing balance

Freehold property is not depreciated as it consists largely of land. Some farm buildings are included but it is not possible to quantify the amount that relates to each element accurately. The directors consider that freehold properties are maintained in such a state of repair that their residual value is at least equal to the net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.

1.5

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in 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.

1.6

Stock

Stock is valued at the lower of cost and net realisable value.

Growing crops are valued at cost which represents seeds, fertilisers and all other costs associated with establishing the crops in the ground.

1.7

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

NINEWELLS FARMS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 4 -

Fixed assets

Tangible assets

Cost

At 1 April 2013

3,657,010

Additions

228,479

At 31 March 2014

3,885,489

Depreciation

At 1 April 2013

40,161

Charge for the year

89,250

At 31 March 2014

129,411

Net book value

At 31 March 2014

3,756,078

At 31 March 2013

3,616,849

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £94,259 (2013 - £56,617).

Creditors: amounts falling due after more than one year

2014

2013

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

1,161,415

The aggregate amount of creditors for which security has been given amounted to £1,343,165 (2013 - £1,277,373).

Share capital

2014

2013

Allotted, called up and fully paid

100,000 Ordinary shares of £1 each

100,000