|
|
for the year ended
|
|
|
Financial Statements
|
Contents
|
Pages
|
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
|
1
|
Statement of financial position
|
2 to 3
|
Notes to the financial statements
|
4 to 12
|
Detailed trading and profit and loss account
|
14
|
Home farm - detailed trading and profit and loss account
|
15 to 16
|
Home farm - notes to the detailed profit and loss account
|
17
|
High house - detailed trading and profit and loss account
|
18 to 19
|
|
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
|
|
Statement of Financial Position
|
2017
|
2016
|
|||
Note
|
£
|
£
|
£
|
£
|
Tangible assets
|
7
|
|
|
||
Investments
|
8
|
|
|
||
------------
|
------------
|
||||
|
|
||||
Stocks
|
9
|
|
|
||
Debtors
|
10
|
|
|
||
Cash at bank and in hand
|
|
|
|||
------------
|
------------
|
||||
|
|
||||
Creditors: amounts falling due within one year
|
11
|
|
|
||
------------
|
------------
|
||||
Net current assets
|
|
|
|||
------------
|
------------
|
||||
Total assets less current liabilities
|
|
|
|||
Creditors: amounts falling due after more than one year
|
12
|
|
|
||
Deferred taxation
|
|
|
||
------------
|
------------
|
|||
Net assets
|
|
|
||
------------
|
------------
|
|||
Called up share capital
|
13
|
|
|
||
Share premium account
|
|
|
|||
Profit and loss account
|
|
|
|||
------------
|
------------
|
||||
Shareholders funds
|
|
|
|||
------------
|
------------
|
||||
|
Statement of Financial Position (continued)
|
|
Notes to the Financial Statements
|
2017
|
2016
|
|
£
|
£
|
|
Depreciation of tangible assets
|
|
|
Fair value adjustments to stocks
|
–
|
(132,850)
|
-----------
|
-----------
|
|
2017
|
2016
|
|
£
|
£
|
|
UK current tax expense
|
|
–
|
Origination and reversal of timing differences
|
|
|
-----------
|
-----------
|
|
Tax on profit
|
|
|
-----------
|
-----------
|
|
At 1st June 2016
|
Additions
|
Disposals
|
At 31st May 2017
|
|
£
|
£
|
£
|
£
|
|
Cost
|
||||
Land and buildings
|
|
|
–
|
|
Plant and machinery
|
|
|
–
|
|
Fixtures and fittings
|
|
|
–
|
|
Motor vehicles
|
|
|
(
|
|
Office equipment
|
|
–
|
–
|
|
-------------
|
-----------
|
-----------
|
-------------
|
|
|
|
(
|
|
|
-------------
|
-----------
|
-----------
|
-------------
|
|
At 1st June 2016
|
Charge for the year
|
Disposals
|
At 31st May 2017
|
|
£
|
£
|
£
|
£
|
|
Depreciation
|
||||
Land and buildings
|
|
|
–
|
|
Plant and machinery
|
|
|
–
|
|
Fixtures and fittings
|
|
|
–
|
|
Motor vehicles
|
|
|
(
|
|
Office equipment
|
|
|
–
|
|
-------------
|
-----------
|
-----------
|
------------
|
|
|
|
(
|
|
|
-------------
|
-----------
|
-----------
|
------------
|
|
At 31st May 2017
|
At 31st May 2016
|
|
£
|
£
|
|
Carrying amount
|
||
Land and buildings
|
|
|
Plant and machinery
|
|
|
Fixtures and fittings
|
|
–
|
Motor vehicles
|
|
|
Office equipment
|
|
|
------------
|
------------
|
|
|
|
|
------------
|
------------
|
|
Other investments other than loans
|
|
£
|
|
Cost
|
|
At 1st June 2016
|
|
Additions
|
(
|
-----------
|
|
At 31st May 2017
|
|
-----------
|
|
Impairment
|
|
At 1st June 2016 and 31st May 2017
|
–
|
-----------
|
|
Carrying amount
|
|
At 31st May 2017
|
|
-----------
|
|
At 31st May 2016
|
|
-----------
|
|
2017
|
2016
|
||
£
|
£
|
||
Central Wool Growers Limited
|
7
|
7
|
|
Centaur Grain Limited
|
1
|
1
|
|
Centuar Producers Limited
|
1
|
1
|
|
Lingrain Storage Limited
|
1
|
1
|
|
United Oilseeds Marketing Limited
|
15
|
15
|
|
Holbeach Marsh Co-operative Limited
|
600
|
600
|
|
Anglia Farmers Limited
|
50
|
50
|
|
National Milk Records plc
|
32
|
32
|
|
Lincolnshire Machinery Ring Ltd
|
40
|
40
|
|
-----------
|
-----------
|
||
747
|
747
|
||
Arla Foods UK Farmers Co-op Ltd
|
46,116
|
50,447
|
|
Lingrain Services Limited
|
5,000
|
5,000
|
|
-----------
|
-----------
|
||
51,863
|
56,194
|
||
-----------
|
-----------
|
||
2017
|
2016
|
|
£
|
£
|
|
Tenantright and consumables
|
|
|
Produce on hand
|
|
|
Livestock
|
|
|
Herd values
|
|
|
------------
|
------------
|
|
|
|
|
------------
|
------------
|
|
2017
|
2016
|
|
£
|
£
|
|
Trade debtors
|
|
|
Other debtors
|
|
|
-----------
|
-----------
|
|
|
|
|
-----------
|
-----------
|
|
2017
|
2016
|
|
£
|
£
|
|
Bank loans and overdrafts
|
|
|
Trade creditors
|
|
|
Accruals and deferred income
|
|
|
Corporation tax
|
|
–
|
Social security and other taxes
|
|
|
Obligations under finance leases and hire purchase contracts
|
|
|
Pension scheme loan
|
|
|
-----------
|
-----------
|
|
|
|
|
-----------
|
-----------
|
|
2017
|
2016
|
|
£
|
£
|
|
Bank loans and overdrafts
|
|
|
Obligations under finance leases and hire purchase contracts
|
|
|
Pension scheme loan
|
|
|
-----------
|
-----------
|
|
|
|
|
-----------
|
-----------
|
|
2017
|
2016
|
|||
No.
|
£
|
No.
|
£
|
|
|
|
10,000
|
|
10,000
|
|
|
31,000
|
|
31,000
|
-----------
|
-----------
|
-----------
|
-----------
|
|
|
|
|
|
|
-----------
|
-----------
|
-----------
|
-----------
|
|
2017
|
2016
|
|
£
|
£
|
|
Not later than 1 year
|
|
|
-----------
|
-----------
|
|
1st June 2015
|
31st May 2016
|
|||||
As previously stated
|
Effect of transition
|
FRS 102 (as restated)
|
As previously stated
|
Effect of transition
|
FRS 102 (as restated)
|
|
£
|
£
|
£
|
£
|
£
|
£
|
|
Fixed assets
|
|
–
|
|
|
(
|
|
Current assets
|
|
–
|
|
|
|
|
Creditors: amounts falling due within one year
|
(
|
–
|
(
|
(
|
–
|
(
|
------------
|
-----------
|
------------
|
------------
|
-----------
|
------------
|
|
Net current assets
|
|
–
|
|
|
|
|
------------
|
-----------
|
------------
|
------------
|
-----------
|
------------
|
|
Total assets less current liabilities
|
|
–
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
(
|
–
|
(
|
(
|
–
|
(
|
Provisions
|
(
|
–
|
(
|
(
|
–
|
(
|
------------
|
-----------
|
------------
|
------------
|
-----------
|
------------
|
|
Net assets
|
|
–
|
|
|
|
|
------------
|
-----------
|
------------
|
------------
|
-----------
|
------------
|
|
------------
|
-----------
|
------------
|
------------
|
-----------
|
------------
|
|
Capital and reserves
|
|
–
|
|
|
|
|
------------
|
-----------
|
------------
|
------------
|
-----------
|
------------
|
|
Year ended 31st May 2016
|
|||
As previously stated
|
Effect of transition
|
FRS 102 (as restated)
|
|
£
|
£
|
£
|
|
Turnover
|
|
–
|
|
Cost of sales
|
(
|
–
|
(
|
------------
|
-----------
|
------------
|
|
Gross profit
|
|
–
|
|
Administrative expenses
|
(
|
|
(
|
Other operating income
|
|
–
|
|
------------
|
-----------
|
------------
|
|
Operating profit
|
(
|
|
|
Other interest receivable and similar income
|
|
–
|
|
Interest payable and similar expenses
|
(
|
–
|
(
|
Tax on profit
|
(
|
–
|
(
|
-----------
|
-----------
|
-----------
|
|
Profit for the financial year
|
(
|
|
|
-----------
|
-----------
|
-----------
|
|
|
Management Information
|
|
Detailed Trading and Profit and Loss Account
|
2017
|
2016
|
|||
£
|
£
|
£
|
£
|
|
Home Farm
|
498,160
|
(70,481)
|
||
High House
|
471
|
54,656
|
||
-----------
|
-----------
|
|||
498,631
|
(15,825)
|
|||
Salaries
|
20,000
|
20,000
|
||
Social security costs
|
8,715
|
8,534
|
||
-----------
|
-----------
|
|||
28,715
|
28,534
|
|||
-----------
|
-----------
|
|||
Profit/(Loss) for the financial year
|
469,916
|
(44,359)
|
||
-----------
|
-----------
|
|||
|
Home Farm - Detailed Trading and Profit and Loss Account
|
2017
|
2016
|
|||
£
|
£
|
£
|
£
|
|
Potatoes
|
1,652,057
|
969,697
|
||
Sugar beet
|
164,414
|
243,532
|
||
Wheat
|
386,024
|
345,617
|
||
Peas
|
137,605
|
132,034
|
||
Brassicas
|
96,796
|
97,433
|
||
Onions
|
223,033
|
243,191
|
||
Oil seed rape
|
–
|
143
|
||
Lambs, sheep and wool
|
73,468
|
63,933
|
||
Cattle
|
428,906
|
332,070
|
||
Sheep keep
|
16,019
|
19,151
|
||
------------
|
-----------
|
|||
3,178,322
|
2,446,801
|
|||
Opening valuation
|
380,136
|
307,467
|
||
Closing valuation
|
366,297
|
380,136
|
||
------------
|
-----------
|
|||
13,839
|
72,669
|
|||
Movement in herd valuation
|
28,600
|
22,715
|
||
------------
|
-----------
|
|||
14,761
|
95,384
|
|||
------------
|
------------
|
|||
3,193,083
|
2,542,185
|
|||
Opening valuation of tenantright and consumables
|
800,645
|
751,630
|
||
Seeds and plants
|
175,157
|
185,530
|
||
Fertiliser
|
91,363
|
132,866
|
||
Sprays
|
204,692
|
190,810
|
||
Contracting
|
45,689
|
76,103
|
||
Crops sundries
|
3,759
|
1,879
|
||
Packaging
|
55,502
|
53,635
|
||
Storage and co-operative charges
|
5,643
|
5,965
|
||
Haulage
|
49,828
|
48,456
|
||
Weighbridge charges and levies
|
15,428
|
13,981
|
||
Crop consultancy fees
|
12,660
|
14,073
|
||
Livestock purchases
|
308,670
|
297,259
|
||
Livestock expenses
|
151,603
|
140,446
|
||
Direct wages
|
434,016
|
449,584
|
||
Social security costs
|
39,279
|
38,067
|
||
------------
|
-----------
|
|||
2,393,934
|
2,400,284
|
|||
Closing valuation of tenantright and consumables
|
790,485
|
800,645
|
||
------------
|
------------
|
|||
1,603,449
|
1,599,639
|
|||
------------
|
------------
|
|||
Gross profit carried forward
|
1,589,634
|
942,546
|
||
Brought forward
|
1,589,634
|
942,546
|
||
Rent receivable
|
29,377
|
29,149
|
||
Work done and storage
|
28,364
|
24,381
|
||
Wayleave
|
1,390
|
1,347
|
||
Farm support income
|
212,892
|
200,233
|
||
Other income
|
9,114
|
21,927
|
||
Bank loan interest receivable
|
468
|
569
|
||
Interest on tax payments
|
–
|
371
|
||
------------
|
-----------
|
|||
1,871,239
|
1,220,523
|
|||
Labour
|
40,780
|
35,998
|
||
Power and machinery
|
899,158
|
859,593
|
||
Property charges
|
161,324
|
117,857
|
||
Administration expenses
|
82,819
|
83,680
|
||
------------
|
------------
|
|||
1,184,081
|
1,097,128
|
|||
------------
|
------------
|
|||
Net farm income before rent and finance charges
|
687,158
|
123,395
|
||
Rent and finance
|
188,998
|
193,876
|
||
-----------
|
-----------
|
|||
Profit/(Loss) on ordinary activities
|
498,160
|
(70,481)
|
||
-----------
|
-----------
|
|||
|
Home Farm - Notes to the Detailed Profit and Loss Account
|
2017
|
2016
|
|||
£
|
£
|
£
|
£
|
|
Staff pension contributions
|
29,451
|
25,373
|
||
Training expenses
|
2,251
|
3,258
|
||
Private medical scheme
|
9,078
|
7,367
|
||
-----------
|
-----------
|
|||
40,780
|
35,998
|
|||
-----------
|
-----------
|
|||
Light and Heat
|
70,881
|
89,319
|
||
Motor and tractor expenses, petrol and oil
|
186,900
|
179,622
|
||
Implement and machinery repairs
|
80,780
|
70,582
|
||
Depreciation
|
618,016
|
601,885
|
||
Profit on disposal of fixed assets
|
(66,013)
|
(88,009)
|
||
-----------
|
-----------
|
|||
890,564
|
853,399
|
|||
-----------
|
-----------
|
|||
Rates and drainage
|
39,187
|
36,288
|
||
Repairs and renewals
|
122,137
|
81,569
|
||
Pest destruction
|
8,594
|
6,194
|
||
-----------
|
-----------
|
|||
169,918
|
124,051
|
|||
-----------
|
-----------
|
|||
Insurance
|
30,699
|
35,968
|
||
Telephone
|
5,049
|
5,490
|
||
Miscellaneous expenses
|
6,886
|
7,132
|
||
Subscriptions and donations
|
10,555
|
10,280
|
||
Postage and stationery
|
6,967
|
6,550
|
||
Exchange rate differences
|
(644)
|
(10,381)
|
||
Legal and professional fees
|
1,974
|
10,128
|
||
Accountancy fees
|
21,333
|
18,513
|
||
-----------
|
-----------
|
|||
82,819
|
83,680
|
|||
-----------
|
-----------
|
|||
Rent
|
167,163
|
168,040
|
||
Bank charges
|
3,415
|
3,775
|
||
Bank interest payable
|
9,420
|
13,061
|
||
Pension scheme loan interest
|
9,000
|
9,000
|
||
-----------
|
-----------
|
|||
188,998
|
193,876
|
|||
-----------
|
-----------
|
|||
|
High House - Detailed Trading and Profit and Loss Account
|
2017
|
2016
|
|||
£
|
£
|
£
|
£
|
|
Potatoes
|
22,500
|
43,290
|
||
Sugar beet
|
132,481
|
151,826
|
||
Wheat
|
44,372
|
74,797
|
||
Barley
|
24,499
|
10,427
|
||
Beans
|
10,777
|
30,326
|
||
Milk
|
526,308
|
433,353
|
||
Cattle
|
171,794
|
149,544
|
||
Sheep keep
|
860
|
1,292
|
||
-----------
|
-----------
|
|||
933,591
|
894,855
|
|||
Opening valuation
|
–
|
10,788
|
||
Closing valuation
|
–
|
–
|
||
-----------
|
-----------
|
|||
–
|
10,788
|
|||
Movement in herd valuation
|
–
|
1,775
|
||
-----------
|
-----------
|
|||
–
|
12,563
|
|||
-----------
|
-----------
|
|||
933,591
|
882,292
|
|||
Opening valuation of tenantright and consumables
|
286,879
|
262,195
|
||
Seeds and plants
|
42,228
|
30,848
|
||
Fertiliser
|
64,608
|
65,537
|
||
Sprays
|
61,093
|
33,608
|
||
Contracting
|
51,348
|
19,199
|
||
Crops sundries
|
430
|
715
|
||
Haulage
|
20,642
|
30,648
|
||
Weighbridge charges and levies
|
1,692
|
1,311
|
||
Crop consultancy fees
|
3,668
|
3,852
|
||
Livestock purchases
|
42,500
|
41,850
|
||
Livestock expenses
|
321,697
|
311,748
|
||
Direct wages
|
82,353
|
105,521
|
||
Social security costs
|
8,535
|
11,029
|
||
-----------
|
-----------
|
|||
987,673
|
918,061
|
|||
Closing valuation of tenantright and consumables
|
288,389
|
286,879
|
||
-----------
|
-----------
|
|||
699,284
|
631,182
|
|||
-----------
|
-----------
|
|||
Gross profit carried forward
|
234,307
|
251,110
|
||
Brought forward
|
234,307
|
251,110
|
||
Rent receivable
|
9,640
|
9,640
|
||
Work done and storage
|
4,632
|
12,101
|
||
Wayleave
|
813
|
794
|
||
Farm support income
|
74,421
|
75,669
|
||
Other income
|
208
|
89
|
||
-----------
|
-----------
|
|||
324,021
|
349,403
|
|||
Labour
|
12,858
|
10,514
|
||
Power and machinery
|
204,743
|
183,554
|
||
Property charges
|
79,781
|
79,078
|
||
Administration expenses
|
25,898
|
21,331
|
||
-----------
|
-----------
|
|||
323,280
|
294,477
|
|||
-----------
|
-----------
|
|||
Net farm income before rent and finance charges
|
741
|
54,926
|
||
Rent and finance
|
270
|
270
|
||
-----------
|
-----------
|
|||
Profit on ordinary activities
|
471
|
54,656
|
||
-----------
|
-----------
|
|||
|
High House - Notes to the Detailed Trading and Profit and Loss Account
|
2017
|
2016
|
|||
£
|
£
|
£
|
£
|
|
Staff pension contributions
|
10,028
|
8,733
|
||
Training expenses
|
40
|
230
|
||
Private medical scheme
|
2,790
|
1,551
|
||
-----------
|
-----------
|
|||
12,858
|
10,514
|
|||
-----------
|
-----------
|
|||
Light and Heat
|
20,896
|
20,127
|
||
Motor and tractor expenses, petrol and oil
|
48,661
|
42,920
|
||
Implement and machinery repairs
|
60,952
|
22,479
|
||
Depreciation
|
72,833
|
105,906
|
||
Profit on disposal of fixed assets
|
–
|
(8,538)
|
||
-----------
|
-----------
|
|||
203,342
|
182,894
|
|||
-----------
|
-----------
|
|||
Rates and drainage
|
15,316
|
18,495
|
||
Repairs and renewals
|
64,465
|
60,583
|
||
Pest destruction
|
1,401
|
660
|
||
-----------
|
-----------
|
|||
81,182
|
79,738
|
|||
-----------
|
-----------
|
|||
Insurance
|
9,738
|
8,407
|
||
Telephone
|
1,299
|
966
|
||
Miscellaneous expenses
|
493
|
338
|
||
Subscriptions and donations
|
3,256
|
2,115
|
||
Postage and stationery
|
178
|
53
|
||
Legal and professional fees
|
267
|
195
|
||
Accountancy fees
|
10,667
|
9,257
|
||
-----------
|
-----------
|
|||
25,898
|
21,331
|
|||
-----------
|
-----------
|
|||