Registered Number 00658925
CONISHOLME FARMS LIMITED
Abbreviated Accounts
30 April 2015
Notes | 2015 | 2014 | |
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£ | £ | ||
Fixed assets | |||
Intangible assets | 2 |
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Tangible assets | 3 |
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Current assets | |||
Stocks |
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Debtors |
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Creditors: amounts falling due within one year | 4 |
( |
( |
Net current assets (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year | 4 |
( |
( |
Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 5 |
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Revaluation reserve |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Freehold land: No depreciation
Freehold Buildings, Alterations and Fieldworks: 10% and 3.33% on the straight line basis
Farming equipment: 25% or 15% on the reducing balance basis
Intangible assets amortisation policy
Entitlements: 4 years straight line
Valuation information and policy
Consumables are stated at the lower of cost or net realisable value.
Tenantright is calculated by a combination of actual costs incurred and standard costs.
Produce on hand is valued at standard cost.
Standard costings used are based upon calculations prepared by the Central Association of Agricultural Valuers.
Other accounting policies
Investment properties - Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with SSAP 19, as follows:
No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
Deferred tax - Deferred tax is recognised, without discounting, in respect of certain timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE.
Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.
Hire purchase and leasing - Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.
Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.
Revaluation of freehold land and buildings - Freehold land and buildings have been revalued in accordance with FRS 15 with surplus or deficit on book value being transferred to the revaluation reserve, except that a deficit which is in excess of any previously recognised surplus over depreciated cost relating to the same property, or the reversal of such deficit, is charged (or credited) to the profit and loss account. A deficit which represents a clear consumption of economic benefits is charged to the profit and loss accounts regardless of any such previous surplus.
£ | |
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Cost | |
At 1 May 2014 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 30 April 2015 |
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Amortisation | |
At 1 May 2014 |
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Charge for the year |
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On disposals |
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At 30 April 2015 |
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Net book values | |
At 30 April 2015 | 0 |
At 30 April 2014 | 8,476 |
£ | |
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Cost | |
At 1 May 2014 |
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Additions |
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Disposals |
( |
Revaluations |
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Transfers |
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At 30 April 2015 |
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Depreciation | |
At 1 May 2014 |
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Charge for the year |
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On disposals |
( |
At 30 April 2015 |
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Net book values | |
At 30 April 2015 | 7,730,201 |
At 30 April 2014 | 7,609,429 |
2015
£ |
2014
£ |
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Secured Debts |
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Instalment debts due after 5 years |
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