Registration number:
Conisholme Farms Limited
for the Year Ended 30 April 2018
Conisholme Farms Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Conisholme Farms Limited
(Registration number: 00658925)
Balance Sheet as at 30 April 2018
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2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Profit and loss account |
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( |
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Total equity |
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For the financial year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 1 |
Conisholme Farms Limited
(Registration number: 00658925)
Balance Sheet as at 30 April 2018
Approved and authorised by the
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Company secretary and director
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Director
Page 2 |
Conisholme Farms Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
General information |
The company is a private company limited by share capital incorporated in United Kingdom and the company registration number is 00658925.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared for the individual entity using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements have been presented in sterling and have been rounded to the nearest pound.
Group accounts not prepared
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Single farm payment payment is received in respect of calender years. Receipt is contingent upon meeting certain eligibility criteria over a ten month period. Once the criteria have been met the income is recognised on a time apportioned basis over the calender year to which it relates.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Page 3 |
Conisholme Farms Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets, except for land and buildings, are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Freehold land and buildings are held at valuation in accordance with FRS102.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold land |
No depreciation |
Freehold Buildings, Alterations and Fieldworks |
2%, 10% and 3.33% on a straight line basis |
Farming equipment |
25% or 15% on a reducing balance basis |
Investment property
This treatment as regards to 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.
Intangible assets
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life. Here, entitlements are amortised over 4 years on a straight line basis.
Stocks
The basis of the farm valuation is as follows:
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
Page 4 |
Conisholme Farms Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Defined contribution pension obligation
The company contributes into NEST on behalf of some of its employees as part of its auto-enrolment obligations.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Conisholme Farms Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Intangible assets |
Agricultural subsidy entitlement |
Total |
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Cost or valuation |
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At 1 May 2017 |
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At 30 April 2018 |
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Amortisation |
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At 1 May 2017 |
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At 30 April 2018 |
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Carrying amount |
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At 30 April 2018 |
- |
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Tangible assets |
Land and buildings |
Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 May 2017 |
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Additions |
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Disposals |
( |
( |
( |
At 30 April 2018 |
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Depreciation |
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At 1 May 2017 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 30 April 2018 |
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Carrying amount |
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At 30 April 2018 |
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At 30 April 2017 |
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Included within the net book value of land and buildings above is £7,065,134 (2017 - £7,084,802) in respect of freehold land and buildings.
Revaluation
The fair value of the company's freehold farmland and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
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Conisholme Farms Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Investment properties |
2018 |
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At 1 May |
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At 30 April |
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The Investment properties class of fixed assets was revalued on 30 April 2018 by the director who is internal to the company. The basis of this valuation was at open market value.
There has been no valuation of investment property by an independent valuer.
Stocks |
2018 |
2017 |
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Farm valuation |
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Debtors |
Note |
2018 |
2017 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Prepayments and accrued income |
34,534 |
32,447 |
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Total current trade and other debtors |
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Creditors |
Creditors
Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
109,759 |
197,117 |
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Due after one year |
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Loans and borrowings |
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Creditors due within one year include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £850,430 (2017 - £667,393).
Creditors due after one year include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £3,670,517 (2017 - £3,723,634).
Page 7 |
Conisholme Farms Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
2018 |
2017 |
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Due after more than five years |
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After more than five years by instalments |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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5,000 |
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5,000 |
Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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2018 |
2017 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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HP and finance leases |
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Page 8 |
Conisholme Farms Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Page 9 |