Legmore Farms Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI071479 (Northern Ireland)

Financial Statements

for the Year Ended 31 March 2018

for

Legmore Farms Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr Ronald Henry Wells

Mrs Helen Wells

SECRETARY:

Mrs Helen Wells

REGISTERED OFFICE:

Quaker Buildings

High Street

Lurgan

Craigavon

Co. Armagh

BT66 8BB

REGISTERED NUMBER:

NI071479 (Northern Ireland)

ACCOUNTANTS:

McCleary & Company Ltd

Chartered Accountants

Quaker Buildings

High Street

Lurgan

Craigavon

Co. Armagh

BT66 8BB

BANKERS:

Ulster Bank Limited

49 Main Street

Moira

Co. Armagh

BT67 0LQ

FIXED ASSETS

Tangible assets

4

272,140

309,280

CURRENT ASSETS

Stocks

8,367

-

Debtors

5

202,023

253,487

Cash at bank and in hand

60,837

112,099

271,227

365,586

CREDITORS

Amounts falling due within one year

6

(161,015

)

(192,575

)

NET CURRENT ASSETS

110,212

173,011

TOTAL ASSETS LESS CURRENT LIABILITIES

382,352

482,291

CREDITORS

Amounts falling due after more than one year

7

(147,053

)

(188,938

)

PROVISIONS FOR LIABILITIES

(46,010

)

(55,860

)

NET ASSETS

189,289

237,493

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

189,089

237,293

SHAREHOLDERS' FUNDS

189,289

237,493

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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors on 25 September 2018 and were signed on its behalf by:

Mr Ronald Henry Wells - Director

1.	STATUTORY INFORMATION

Legmore Farms Ltd is a private company, limited by shares , registered in Northern Ireland. 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.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year

and derives from the provision of goods and services falling within the company's ordinary activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

20% on reducing balance

Stocks

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

obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is

the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2017

29,979

558,339

588,318

Additions

-

23,400

23,400

At 31 March 2018

29,979

581,739

611,718

DEPRECIATION

At 1 April 2017

-

279,038

279,038

Charge for year

-

60,540

60,540

At 31 March 2018

-

339,578

339,578

NET BOOK VALUE

At 31 March 2018

29,979

242,161

272,140

At 31 March 2017

29,979

279,301

309,280

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2017

and 31 March 2018

149,950

DEPRECIATION

At 1 April 2017

54,224

Charge for year

22,073

At 31 March 2018

76,297

NET BOOK VALUE

At 31 March 2018

73,653

At 31 March 2017

95,726

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

133,186

185,836

Other debtors

68,837

67,651

202,023

253,487

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

27,933

26,933

Hire purchase contracts

16,064

27,767

Trade creditors

87,039

98,135

Taxation and social security

18,709

33,710

Other creditors

11,270

6,030

161,015

192,575

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans

132,053

160,374

Hire purchase contracts

15,000

28,564

147,053

188,938

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

20,321

52,642

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31 March 2017:

31.3.18

31.3.17

£

£

Mr Ronald Henry Wells and Mrs Helen Wells

Balance outstanding at start of year

55,270

98,461

Amounts advanced

99,352

62,999

Amounts repaid

(91,720

)

(106,190

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

62,902

55,270

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £85,000 (2017 - £85,000) were paid to the directors .

10.	ULTIMATE CONTROLLING PARTY