Lydford Farm Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07184707 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

LYDFORD FARM LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D J Garrett

SECRETARY:

Mrs K S Scammell

REGISTERED OFFICE:

32 The Square

Gillingham

Dorset

SP8 4AR

REGISTERED NUMBER:

07184707 (England and Wales)

ACCOUNTANTS:

Andrews and Palmer

32 The Square

Gillingham

Dorset

SP8 4AR

FIXED ASSETS

Investment property

3

689,100

689,100

CURRENT ASSETS

Cash at bank

1,311

548

CREDITORS

Amounts falling due within one year

4

25,564

22,907

NET CURRENT LIABILITIES

(24,253

)

(22,359

)

TOTAL ASSETS LESS CURRENT LIABILITIES

664,847

666,741

CREDITORS

Amounts falling due after more than one year

5

(105,483

)

(111,335

)

PROVISIONS FOR LIABILITIES

(52,568

)

(52,568

)

NET ASSETS

506,796

502,838

CAPITAL AND RESERVES

Called up share capital

2,425

2,425

Share premium

240,293

240,293

Non distributable fair value

reserve

7

256,658

256,658

Retained earnings

7,420

3,462

SHAREHOLDERS' FUNDS

506,796

502,838

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 director acknowledges his 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 director on 17 December 2018 and were signed by:

D J Garrett - Director

1.	STATUTORY INFORMATION

Lydford Farm Ltd 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 Section1A "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 net income from renting agricultural land and buildings, excluding value added tax.

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is

provided on these gains at the rate expected to apply when the property is sold.

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.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2017

and 31 March 2018

689,100

NET BOOK VALUE

At 31 March 2018

689,100

At 31 March 2017

689,100

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

11,798

11,174

Trade creditors

614

1,045

Tax

928

801

Other creditors

930

930

Directors' current accounts

10,214

7,913

Accrued expenses

1,080

1,044

25,564

22,907

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans - 2-5 years

105,483

111,335

6.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.18

31.3.17

£

£

Bank loans

117,281

122,509

National Westminster Bank Plc hold a first charge over the investment land etc.

7.

RESERVES

Non

distributable

fair

value

reserve

£

At 1 April 2017

and 31 March 2018

256,658