N J R Farming Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03331831 (England and Wales)

N J R Farming Limited

Unaudited Financial Statements

for the Year Ended 31 March 2018

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

EMA Arlington

I Potter

NJ Robertson

SECRETARY:

EMA Arlington

REGISTERED OFFICE:

Middlethorpe Grange

Caunton

Newark

Nottinghamshire

NG23 6BB

REGISTERED NUMBER:

03331831 (England and Wales)

ACCOUNTANTS:

The Hutchinson Partnership Limited

trading as The Hutchinson Partnership

Chartered Accountants

The Bull Pen

Amberley Court

Sutton St Nicholas

Hereford

Herefordshire

HR1 3BX

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Statement of Income and Retained Earnings and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of N J R Farming Limited for the year ended 31 March 2018 which comprise the Statement of

Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of N J R Farming Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of N J R Farming Limited and state those matters that we have agreed to state to the Board of Directors of N J R Farming Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than N J R Farming Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that N J R Farming Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of N J R Farming Limited. You consider that N J R Farming Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of N J R Farming Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Hutchinson Partnership Limited

trading as The Hutchinson Partnership

Chartered Accountants

The Bull Pen

Amberley Court

Sutton St Nicholas

Hereford

Herefordshire

HR1 3BX

10 October 2018

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

463,921

432,964

463,921

432,964

CURRENT ASSETS

Stocks

92,470

65,270

Debtors

7

261,986

279,026

Cash at bank

971,830

793,406

1,326,286

1,137,702

CREDITORS

Amounts falling due within one year

8

239,528

232,669

NET CURRENT ASSETS

1,086,758

905,033

TOTAL ASSETS LESS CURRENT LIABILITIES

1,550,679

1,337,997

PROVISIONS FOR LIABILITIES

9

24,393

18,900

NET ASSETS

1,526,286

1,319,097

CAPITAL AND RESERVES

Allotted, issued and fully

paid share capital

420,000

420,000

Capital redemption reserve

50,645

50,645

Retained earnings

1,055,641

848,452

SHAREHOLDERS' FUNDS

1,526,286

1,319,097

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved for issue by the Board of Directors on 5 October 2018 and were signed on its behalf by:

EMA Arlington - Director

1.	STATUTORY INFORMATION

N J R Farming 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.

The principal place of business is Home Farm, Acton Reynald, Shrewsbury, Shropshire, SY4 4DS.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The directors have considered the financial requirements of the company and consider that it will be able to

operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate

to prepare the accounts on the going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible fixed assets

Entitlements - the value of purchased entitlements was written off over the life of the scheme which concluded in

2012 and have therefore been fully amortised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Improvements to leasehold property

-

10% on cost

Plant and machinery

-

15% on reducing balance and 10% on cost

Herd

-

25% on cost less residual value, 20% on cost less residual value and 16.67% on cost less residual value

The herd is a biological asset.

Stocks

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

obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and

variable overheads.

Included in stocks are livestock which are a biological asset. These are valued at their estimated cost with

reference to market value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of income and

retained earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

4.

EMPLOYEES

The average number of employees during the year was NIL (2017 - NIL).

5.	INTANGIBLE FIXED ASSETS

Entitlements

£

COST

At 1 April 2017

and 31 March 2018

98,968

AMORTISATION

At 1 April 2017

and 31 March 2018

98,968

NET BOOK VALUE

At 31 March 2018

-

At 31 March 2017

-

6.	TANGIBLE FIXED ASSETS

Improvements

to

leasehold

Plant and

property

machinery

Herd

Totals

£

£

£

£

COST

At 1 April 2017

44,664

171,601

478,015

694,280

Additions

-

54,829

142,750

197,579

Disposals

-

-

(136,100

)

(136,100

)

At 31 March 2018

44,664

226,430

484,665

755,759

DEPRECIATION

At 1 April 2017

21,392

72,132

167,792

261,316

Charge for year

4,466

25,916

64,784

95,166

Eliminated on disposal

-

-

(64,644

)

(64,644

)

At 31 March 2018

25,858

98,048

167,932

291,838

NET BOOK VALUE

At 31 March 2018

18,806

128,382

316,733

463,921

At 31 March 2017

23,272

99,469

310,223

432,964

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

98,163

83,596

Other debtors

163,823

195,430

261,986

279,026

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

-

14,765

Trade creditors

75,538

82,057

Taxation and social security

44,560

31,372

Other creditors

119,430

104,475

239,528

232,669

9.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax - accelerated

capital allowances

24,393

18,900

24,393

18,900

Deferred

tax

£

Balance at 1 April 2017

18,900

Provided during year

5,493

Balance at 31 March 2018

24,393

10.	FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £155,243 (2017 - £145,898).

The financial commitments are all due within a year and are for land and property rent.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2018 and

31 March 2017:

2018

2017

£

£

NJ Robertson

Balance outstanding at start of year

30,380

29,130

Amounts advanced

1,250

1,250

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

31,630

30,380

Interest was charged on the overdrawn amounts at 5% (2017: 5%) and is represented by the amounts advanced to

directors in the year.

During the prior year £70,000 was advanced to and repaid from a trust connected to one of the directors.