|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strategic Report, Report of the Directors and |
|
Financial Statements for the Year Ended 28 February 2017 |
|
for |
|
Corbett Farms Limited |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strategic Report, Report of the Directors and |
|
Financial Statements for the Year Ended 28 February 2017 |
|
for |
|
Corbett Farms Limited |
Corbett Farms Limited (Registered number: 00633546) |
|
Contents of the Financial Statements |
for the year ended 28 February 2017 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Strategic Report | 2 |
|
Report of the Directors | 3 |
|
Report of the Independent Auditors | 5 |
|
Statement of Comprehensive Income | 7 |
|
Balance Sheet | 8 |
|
Statement of Changes in Equity | 9 |
|
Cash Flow Statement | 10 |
|
Notes to the Cash Flow Statement | 11 |
|
Notes to the Financial Statements | 12 |
|
Corbett Farms Limited |
|
Company Information |
for the year ended 28 February 2017 |
|
|
|
|
|
|
|
Directors: |
|
|
|
|
|
|
|
|
|
|
Secretary: |
|
|
|
|
|
|
Registered office: |
|
|
|
|
|
|
|
|
|
|
Registered number: |
|
|
|
|
|
|
Auditors: |
|
Unit 2 Foley Works |
Foley Industrial Estate |
Hereford |
Herefordshire |
HR1 2SF |
Corbett Farms Limited (Registered number: 00633546) |
|
Strategic Report |
for the year ended 28 February 2017 |
|
|
The directors present their strategic report for the year ended 28 February 2017. |
|
Review of business |
We aim to present a balanced and comprehensive review of the development and performance of our business during the |
year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and |
is written in the context of the risks and uncertainties we face. |
|
As a farming business largely based in poultry, the company continues to provide hatching eggs.This along with the |
company's other main activities are organized in the the following three enterprises:- |
|
Poultry |
Cereals and Crops |
Apples and Blackcurrants |
|
We consider that our key financial performance indicators are those that communicate the financial performance and |
strength of the company as a whole, these being turnover, gross margin and return on capital employed. |
|
|
The turnover of the company by departments was as follows: |
|
2017 | 2016 |
£ 's | £ 's |
Poultry | 7,060 | 6,939 |
Cereals and Crops | 258 | 318 |
Apples and Blackcurrants | 318 | 401 |
Miscellaneous sales | 41 | 8 |
7,677 | 7,666 |
|
Overall operating profit has decreased to £941,709 (12.4%) from £1,051,438 (13.7%) and profit before tax to £931,602 |
(£1,069,264 - 2016). Return on capital employed has fallen to 10.7% (17.5% - 2016). |
|
Principal risks and uncertainties |
With the prospect of Brexit together with the current economy uncertainties and risks in mind, we are aware that any |
plans for the future development of the business may be subject to unforeseen future events outside our control. |
|
On behalf of the board: |
|
|
|
|
|
|
|
|
|
Corbett Farms Limited (Registered number: 00633546) |
|
Report of the Directors |
for the year ended 28 February 2017 |
|
|
The directors present their report with the financial statements of the company for the year ended 28 February 2017. |
|
Dividends |
Dividends totalling £300,000 were paid during the year ended 28 February 2017 in relation to the previous financial |
year. |
|
The directors recommended dividends per share as follows to be paid during the year ended 28 February 2018 in |
relation to the year ended 28 February 2017:- |
|
'A' Ordinary £1 shares | NIL |
'B' Ordinary £1 shares | £7.40 |
|
The total dividends for the year ended 28 February 2017 payable in the following financial year, are £300,000. |
|
Directors |
The directors shown below have held office during the whole of the period from 1 March 2016 to the date of this report. |
|
|
|
|
|
|
|
Donations |
During the year ended 28 February 2017 the company made a donation of £10,000 to the Herefordshire Tertiary |
Education Trust. |
|
Statement of directors' responsibilities |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
|
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
|
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
|
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
|
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have |
taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the |
company's auditors are aware of that information. |
Corbett Farms Limited (Registered number: 00633546) |
|
Report of the Directors |
for the year ended 28 February 2017 |
|
|
Auditors |
The auditors, Acre Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General |
Meeting. |
|
On behalf of the board: |
|
|
|
|
|
|
|
|
|
Report of the Independent Auditors to the Members of |
Corbett Farms Limited |
|
|
We have audited the financial statements of Corbett Farms Limited for the year ended 28 February 2017 on pages seven |
to twenty. The financial reporting framework that has been applied in their preparation is applicable law and United |
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
|
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
|
Respective responsibilities of directors and auditors |
|
|
Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. |
This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and |
have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by |
the directors; and the overall presentation of the financial statements. In addition, we read all the financial and |
non-financial information in the Strategic Report and the Report of the Directors to identify material inconsistencies with |
the audited financial statements and to identify any information that is apparently materially incorrect based on, or |
materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of |
any apparent material misstatements or inconsistencies we consider the implications for our report. |
|
|
Opinion on financial statements |
In our opinion the financial statements: |
- |
give a true and fair view of the state of the company's affairs as at 28 February 2017 and of its profit for the year then
ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
|
Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit, the information given in the Strategic Report |
and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with |
the financial statements, and has been prepared in accordance with applicable legal requirements. In the light of the |
knowledge and understanding of the company and its environment, we have not identified any material misstatements in |
the Strategic Report or the Report of the Directors. |
Report of the Independent Auditors to the Members of |
Corbett Farms Limited |
|
|
Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
- |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
|
|
|
|
|
for and on behalf of
|
Unit 2 Foley Works |
Foley Industrial Estate |
Hereford |
Herefordshire |
HR1 2SF |
|
|
Corbett Farms Limited (Registered number: 00633546) |
|
Statement of Comprehensive Income |
for the year ended 28 February 2017 |
|
2017 | 2016 |
Notes | £ | £ |
|
TURNOVER | 3 |
|
|
|
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
|
|
|
Administrative expenses | ( |
) | ( |
) |
484,464 | 600,270 |
|
Other operating income |
|
|
OPERATING PROFIT | 5 |
|
|
|
Interest receivable and similar income |
|
|
948,825 | 1,092,412 |
|
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
|
|
|
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
|
|
|
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
|
|
Corbett Farms Limited (Registered number: 00633546) |
|
Balance Sheet |
28 February 2017 |
|
2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
|
|
Investments | 10 |
|
|
|
|
|
CURRENT ASSETS |
Stocks | 11 |
|
|
Debtors | 12 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) |
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
14 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 18 |
|
|
Share premium | 19 |
|
|
Capital redemption reserve | 19 |
|
|
Retained earnings | 19 |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
The financial statements were approved by the Board of Directors on
by: |
|
|
|
|
|
|
|
Corbett Farms Limited (Registered number: 00633546) |
|
Statement of Changes in Equity |
for the year ended 28 February 2017 |
|
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
|
Balance at 1 March 2015 |
|
|
|
|
|
|
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
|
- |
|
|
Balance at 29 February 2016 |
|
|
|
|
|
|
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
|
- |
|
|
Balance at 28 February 2017 |
|
|
|
|
|
Corbett Farms Limited (Registered number: 00633546) |
|
Cash Flow Statement |
for the year ended 28 February 2017 |
|
2017 | 2016 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
|
|
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments
paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
|
|
|
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
|
|
Interest received |
|
|
Net cash from investing activities | ( |
) | ( |
) |
|
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) |
|
Amount introduced by directors | 200,178 | 175,784 |
Amount withdrawn by directors | (408,920 | ) | (253,111 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
|
Increase in cash and cash equivalents |
|
|
Cash and cash equivalents at beginning of
year |
2 |
(32,984 |
) |
(617,577 |
) |
|
Cash and cash equivalents at end of year | 2 | 295,904 | ( |
) |
Corbett Farms Limited (Registered number: 00633546) |
|
Notes to the Cash Flow Statement |
for the year ended 28 February 2017 |
|
|
1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
2017 | 2016 |
£ | £ |
Profit before taxation |
|
|
Depreciation charges |
|
|
(Profit)/loss on disposal of fixed assets | ( |
) |
|
Finance costs | 17,223 | 23,148 |
Finance income | (7,116 | ) | (40,974 | ) |
1,319,689 | 1,454,006 |
Decrease/(increase) in stocks |
|
( |
) |
Decrease/(increase) in trade and other debtors |
|
( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
|
Cash generated from operations |
|
|
|
2. | CASH AND CASH EQUIVALENTS |
|
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these |
Balance Sheet amounts: |
|
Year ended 28 February 2017 |
28.2.17 | 1.3.16 |
£ | £ |
Cash and cash equivalents | 295,904 | 692 |
Bank overdrafts |
|
( |
) |
295,904 | (32,984 | ) |
Year ended 29 February 2016 |
29.2.16 | 1.3.15 |
£ | £ |
Cash and cash equivalents | 692 | 307 |
Bank overdrafts | ( |
) | ( |
) |
(32,984 | ) | (617,577 | ) |
Corbett Farms Limited (Registered number: 00633546) |
|
Notes to the Financial Statements |
for the year ended 28 February 2017 |
|
|
1. | STATUTORY INFORMATION |
|
Corbett Farms Limited is a
|
registered number and registered office address can be found on the Company Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value |
added taxes. Turnover includes revenue earned from the sale of goods. |
|
Turnover from the sale of eggs and other goods is recognised when the significant risks and rewards of the |
ownership of them has transferred to the buyer. For the sale of eggs, this is usually at the point of hatching. For |
the sale of other goods, this is usually at the point that the customer has signed for the delivery of the goods. |
|
Tangible fixed assets |
|
Freehold property | - |
|
Improvements to property | - |
|
Plant and machinery | - |
|
|
Stocks |
Stock is valued using various methods that are intended to estimate the value at the lower of cost or net realisable |
value, after making due allowances for obsolete and slow moving items. In respect of livestock an estimate of the |
current cost less provision for reduction in market value is used. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive |
Income, 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. |
Corbett Farms Limited (Registered number: 00633546) |
|
Notes to the Financial Statements - continued |
for the year ended 28 February 2017 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
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. |
|
Financial instruments |
Financial instruments are classified and accounted for according to the substance of the contractual arrangement. |
They are classified 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. |
|
3. | TURNOVER |
|
The analysis of turnover by activity is as follows: |
2017 | 2016 |
£ | £ |
Sale of goods | 7,676,857 | 7,666,489 |
|
4. | EMPLOYEES AND DIRECTORS |
2017 | 2016 |
£ | £ |
Wages and salaries |
|
|
Social security costs |
|
|
|
|
The average monthly number of employees during the year was as follows: |
2017 | 2016 |
|
Farming | 47 | 49 |
Office | 2 | 3 |
Management | 4 | 4 |
|
|
|
2017 | 2016 |
£ | £ |
Directors' remuneration |
|
|
|
Information regarding the highest paid director for the year ended 28 February 2017 is as follows: |
2017 |
£ |
Emoluments etc |
|
Corbett Farms Limited (Registered number: 00633546) |
|
Notes to the Financial Statements - continued |
for the year ended 28 February 2017 |
|
|
5. | OPERATING PROFIT |
|
The operating profit is stated after charging/(crediting): |
|
2017 | 2016 |
£ | £ |
Depreciation - owned assets |
|
|
Depreciation - assets on hire purchase contracts |
|
|
(Profit)/loss on disposal of fixed assets | ( |
) |
|
Auditors' remuneration |
|
|
|
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2017 | 2016 |
£ | £ |
Bank interest |
|
|
Bank loan interest |
|
|
Hire purchase charges |
|
|
|
|
|
7. | TAXATION |
|
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2017 | 2016 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
|
Deferred tax |
|
( |
) |
Tax on profit |
|
|
Corbett Farms Limited (Registered number: 00633546) |
|
Notes to the Financial Statements - continued |
for the year ended 28 February 2017 |
|
|
7. | TAXATION - continued |
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
|
2017 | 2016 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
(2016 - |
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Income not taxable for tax purposes | ( |
) |
|
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances |
|
- |
Adjustments to tax charge in respect of previous periods |
|
( |
) |
Deferred tax charge for the year | 50,610 | (58,400 | ) |
Deferred tax relating to prior year | 54,190 | - |
Total tax charge | 333,922 | 141,835 |
|
8. | DIVIDENDS |
|
2017 | 2016 |
£ | £ |
'B' Ordinary £1 shares |
|
Paid in year | 300,000 | 300,000 |
Paid after the year end (not recognised as a liability) | 300,000 | 300,000 |
Paid equity dividends on "B" Ordinary shares | 7.40 | 7.40 |
|
Dividends totalling £126,508 were paid to the directors in the year (2016 £126,508). |
Corbett Farms Limited (Registered number: 00633546) |
|
Notes to the Financial Statements - continued |
for the year ended 28 February 2017 |
|
|
9. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery | Totals |
£ | £ | £ | £ |
Cost |
At 1 March 2016 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
|
|
( |
) | ( |
) |
At 28 February 2017 |
|
|
|
|
Depreciation |
At 1 March 2016 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal |
|
|
( |
) | ( |
) |
At 28 February 2017 |
|
|
|
|
Net book value |
At 28 February 2017 |
|
|
|
|
At 29 February 2016 |
|
|
|
|
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
Cost |
At 1 March 2016 |
|
Transfer to ownership | (53,500 | ) |
At 28 February 2017 |
|
Depreciation |
At 1 March 2016 |
|
Charge for year |
|
Transfer to ownership | (12,037 | ) |
At 28 February 2017 |
|
Net book value |
At 28 February 2017 |
|
At 29 February 2016 |
|
Corbett Farms Limited (Registered number: 00633546) |
|
Notes to the Financial Statements - continued |
for the year ended 28 February 2017 |
|
|
10. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
Cost |
At 1 March 2016 |
and 28 February 2017 |
|
Net book value |
At 28 February 2017 |
|
At 29 February 2016 |
|
|
11. | STOCKS |
2017 | 2016 |
£ | £ |
Stocks |
|
|
|
12. | DEBTORS |
2017 | 2016 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
|
|
Other debtors |
|
|
Directors' current accounts | 252,641 | 43,899 |
VAT |
|
|
Prepayments and accrued income |
|
|
|
|
|
Amounts falling due after more than one year: |
Other debtors |
|
|
|
Aggregate amounts |
|
|
|
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts (see note 15) |
|
|
Hire purchase contracts (see note 16) |
|
|
Trade creditors |
|
|
Corporation tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Directors' current accounts | 7,397 | 7,397 |
|
|
Corbett Farms Limited (Registered number: 00633546) |
|
Notes to the Financial Statements - continued |
for the year ended 28 February 2017 |
|
|
14. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans (see note 15) |
|
|
Hire purchase contracts (see note 16) |
|
|
|
|
|
15. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2017 | 2016 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
Barn loan | - | 102 |
Bearwood loan | 66,728 | 64,674 |
|
|
|
Amounts falling due between one and two years: |
Bearwood loan | 68,341 | 66,728 |
|
Amounts falling due between two and five years: |
Bearwood loan | 214,385 | 209,455 |
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bearwood loan | 188,797 | 263,402 |
|
HSBC plc holds a floating charge over the company's assets together with legal charges over various elements of |
the company's freehold land and buildings, in order to secure its borrowings. |
|
16. | LEASING AGREEMENTS |
|
Minimum lease payments under hire purchase fall due as follows: |
|
2017 | 2016 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
Corbett Farms Limited (Registered number: 00633546) |
|
Notes to the Financial Statements - continued |
for the year ended 28 February 2017 |
|
|
17. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 166,400 | 61,600 |
|
Deferred |
tax |
£ |
Balance at 1 March 2016 |
|
Accelerated capital allowances | 50,610 |
Accounting policy amendment | 54,190 |
Balance at 28 February 2017 |
|
|
18. | CALLED UP SHARE CAPITAL |
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
|
'A' Ordinary | £1 | 17,500 | 17,500 |
|
'B' Ordinary | £1 | 40,539 | 40,539 |
58,039 | 58,039 |
|
19. | RESERVES |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
|
At 1 March 2016 |
|
|
|
5,238,343 |
Profit for the year |
|
|
Dividends | ( |
) | ( |
) |
At 28 February 2017 |
|
|
|
5,536,023 |
|
20. | PENSION COMMITMENTS |
|
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from |
those of the company in independently administered funds. The pension cost charge represents contribution |
payable by the company to these funds and amounted to £43,832 (2016 - £41,084). Contributions totalling |
£4,616 (2016 Nil) were payable to the funds as at 28 February 2017. |
Corbett Farms Limited (Registered number: 00633546) |
|
Notes to the Financial Statements - continued |
for the year ended 28 February 2017 |
|
|
21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to directors subsisted during the years ended 28 February 2017 and |
29 February 2016: |
|
2017 | 2016 |
£ | £ |
|
Balance outstanding at start of year |
|
( |
) |
Amounts advanced |
|
|
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
|
|
Balance outstanding at start of year |
|
( |
) |
Amounts advanced |
|
|
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
|
|
Balance outstanding at start of year |
|
( |
) |
Amounts advanced |
|
|
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
|
22. | ULTIMATE CONTROLLING PARTY |
|
There is no ultimate controlling party. |
|
23. | KEY MANAGEMENT PERSONNEL |
|
The key management personnel are the directors of the company. The total remuneration received by them is |
shown in note 4. |