Callendar Farm Limited - Period Ending 2017-11-30

Registration number: 07080289

Prepared for the registrar

Callendar Farm Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2017

Callendar Farm Limited

(Registration number: 07080289)
Balance Sheet as at 30 November 2017

	Note	2017  £	2016  £
Fixed assets
Investment property	3	230,737	230,737
Current assets
Stocks		990,222	645,460
Debtors	4	24,315	17,335
Cash at bank and in hand		16,340	-
		1,030,877	662,795
Creditors: Amounts falling due within one year	5	(340,927)	(889,907)
Net current assets/(liabilities)		689,950	(227,112)
Net assets		920,687	3,625
Capital and reserves
Called up share capital		10,100	10,100
Profit and loss account		910,587	(6,475)
Total equity		920,687	3,625

For the financial year ending 30 November 2017 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 accounts for the year in question in accordance with section 476; and
•	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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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.

Approved and authorised by the Board on 31 August 2018 and signed on its behalf by:
 

A C Bateman

Director

The notes on pages 2 to 5 form an integral part of these financial statements.
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Callendar Farm Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5 The Priory
Old London Road
Canwell
Sutton Coldfield
B75 5SH

2

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods, rents received and the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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Callendar Farm Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
 

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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Callendar Farm Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

3

Investment properties

	£
At 1 December 2016 and at 30 November 2017	230,737

There has been no valuation of investment property by an independent valuer.

4

Debtors

	Note	2017  £	2016  £
Amounts owed by related parties	7	10,100	-
Other debtors		14,215	17,335
		24,315	17,335

5

Creditors

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	6	-	2,518
Trade creditors		112,143	352,832
Amounts due to related parties	7	-	468,800
Other creditors		694	694
Accrued expenses		9,900	64,466
Corporation tax liability		218,190	-
Deferred income		-	597
		340,927	889,907

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Callendar Farm Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

6

Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Bank overdrafts	-	2,518

7

Related party transactions

Summary of transactions with other related parties

At 30 November 2017, the company was owed £1,000 by (2016: owed £46,880 to) M Dobson in the form of a director's loan account.

At 30 November 2017, the company was owed £1,000 by (2016: owed £46,880 to) A Bateman in the form of a director's loan account.

At 30 November 2017, the company was owed £8,100 by (2016: owed £375,040 to) its shareholders.

No interest was charged on these balances and there are no fixed repayment terms.
 

8

Transition to FRS 102

This is the first period that the company has presented its financial statements under Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The last financial statements under previous UK GAAP were for the period from 1 December 2015 to 30 November 2016 and the date of transition to FRS 102 was therefore 1 December 2015. There are no transitional adjustments as a result of adopting FRS 102 for the first time.

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