Company Registration No. 01075877 (England and Wales)
CULLENCROFT LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
CULLENCROFT LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
CULLENCROFT LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
318,156
328,531
Current assets
Stocks
85,228
66,139
Debtors
21,430
5,122
Cash at bank and in hand
201
106,859
71,261
Creditors: amounts falling due within one year
3
(24,102)
(17,458)
Net current assets
82,757
53,803
Total assets less current liabilities
400,913
382,334
Creditors: amounts falling due after more than one year
(185,655)
(186,760)
215,258
195,574
Capital and reserves
Called up share capital
4
40,100
40,100
Share premium account
1,273
1,273
Revaluation reserve
156,652
156,652
Profit and loss account
17,233
(2,451)
Shareholders' funds
215,258
195,574
CULLENCROFT LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
31 March 2016
- 2 -
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 22 June 2016
I Long
S Hanna
Director
Director
Company Registration No. 01075877
CULLENCROFT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Land at Union Farm
Nil
Tenants Improvements - Buildings & Fencing
4% reducing balance
Tenants Improvements - Fish Lake & Trees
Nil
Tenants Improvements - Roads & Bridges
2.5% reducing balance
Farm Machinery & Motor Vehicles
25% reducing balance
Tenants Fixtures & Fittings
10% reducing balance
Tractor
25% reducing balance
Computer equipment
20% reducing balance
1.4
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Rents receivable are recognised in the profit and loss account on a straight line basis.
CULLENCROFT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 April 2015 & at 31 March 2016
370,196
Depreciation
At 1 April 2015
41,665
Charge for the year
10,375
At 31 March 2016
52,040
Net book value
At 31 March 2016
318,156
At 31 March 2015
328,531
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £13,725).
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
40,000 'B' Ordinary shares of £1 each
40,000
40,000
40,100
40,100
5
Related party relationships and transactions
Loans to directors
Included within other debtors is £ 4,449 (2015: £572 creditor) owed from Mr I Long, director.
debtors
is £
4,449 (2015: £572 creditor)
owed
from
Mr I Long, director.
Other transactions
Included in other creditors due after more than one year is a balance of £ 185,655 (201 5 : £ 186,760 ) due to Ashbourne Trust Limited, the ultimate parent company. The loan is interest free and repayable on demand. The company has been granted a licence to occupy land and buildings on a farm owned by the parent company Ashbourne Trust Limited, no rent has been charged during the year.
185,655
(201
5
: £
186,760
) due to Ashbourne Trust Limited, the ultimate parent company. The loan is interest free and repayable on demand.
The company has been granted a licence to occupy land and buildings on a farm owned by the parent company Ashbourne Trust Limited, no rent has been charged during the year.