Registration number:
Year Ended
Gascoyne Cecil Farms Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Gascoyne Cecil Farms Limited
Company Information
Directors |
The Most Hon The Marquess of Salisbury Viscount Cranborne G C W Fauvel D H Horton-Fawkes |
Company secretary |
S J Rutt |
Registered office |
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Page 1 |
Gascoyne Cecil Farms Limited
(Registration number: 01226897)
Balance Sheet as at 5 April 2018
Note |
2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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Other financial assets |
253,962 |
3,961 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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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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Revaluation reserve |
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Capital contribution |
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Profit and loss account |
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Total equity |
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For the financial year ending 5 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. |
Page 2 |
Gascoyne Cecil Farms Limited
(Registration number: 01226897)
Balance Sheet as at 5 April 2018
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 and Directors' Report has been taken.
Approved and authorised by the
.........................................
D H Horton-Fawkes
Director
Page 3 |
Gascoyne Cecil Farms Limited
Statement of Changes in Equity
Year Ended 5 April 2018
Share capital |
Revaluation reserve |
Capital contribution |
Profit and loss account |
Total |
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At 6 April 2017 |
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Loss for the year |
- |
- |
- |
( |
( |
Other comprehensive income |
- |
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- |
- |
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Total comprehensive income |
- |
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- |
( |
( |
At 5 April 2018 |
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Share capital |
Revaluation reserve |
Capital contribution |
Profit and loss account |
Total |
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At 6 April 2016 |
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Profit for the year |
- |
- |
- |
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Other comprehensive income |
- |
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- |
- |
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Total comprehensive income |
- |
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- |
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At 5 April 2017 |
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Page 4 |
Gascoyne Cecil Farms Limited
Notes to the Financial Statements
Year Ended 5 April 2018
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 using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.
Revenue recognition
Turnover represents invoiced goods and services arising from the farming trade relating to crops sold during the period, the Basic Payment Scheme, other grants and rent receivable, excluding VAT. Income arising from the farming trade is recognised when crops are sold and rent receivable is recognised on an accruals basis. Income from subsidies and grants are recognised in the period to which they relate. Income from the Basic Payment Scheme is only recognised once all eligibility criteria are met.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred 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 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.
Page 5 |
Gascoyne Cecil Farms Limited
Notes to the Financial Statements
Year Ended 5 April 2018
Tangible assets
Land and buildings are stated at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset.
Plant and machinery are stated at either cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses or fair value, derived from the current market prices for comparable tangible assets determined annually by external valuers or the directors.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets as follows:
Asset class |
Depreciation method and rate |
Freehold and leasehold land |
not depreciated |
Freehold and long leasehold building (including tenants' improvements) |
10% per annum on a straight line basis, except where maintained to such a standard that their estimated residual value is not less than their cost or valuation |
Motor vehicles (within plant and machinery) |
10% per annum on a straight line basis |
Plant and machinery |
between 10 and 20% per annum on a straight line basis |
Investment property
Intangible assets
Farming grant rights have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Farming grant rights |
10% per annum on a straight line basis |
Page 6 |
Gascoyne Cecil Farms Limited
Notes to the Financial Statements
Year Ended 5 April 2018
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Where necessary, market values of livestock and produce have been used to reflect the estimated cost of production.
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 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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Page 7 |
Gascoyne Cecil Farms Limited
Notes to the Financial Statements
Year Ended 5 April 2018
Staff numbers |
The average number of persons employed by the company during the year was
Intangible assets |
Farming grant rights |
Total |
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Cost or valuation |
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At 6 April 2017 |
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At 5 April 2018 |
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Amortisation |
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At 6 April 2017 |
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Amortisation charge |
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At 5 April 2018 |
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Carrying amount |
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At 5 April 2018 |
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At 5 April 2017 |
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Page 8 |
Gascoyne Cecil Farms Limited
Notes to the Financial Statements
Year Ended 5 April 2018
Tangible assets |
Land and buildings |
Plant and machinery |
Total |
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Cost or valuation |
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At 6 April 2017 |
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Additions |
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Disposals |
- |
( |
( |
At 5 April 2018 |
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Depreciation |
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At 6 April 2017 |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
( |
At 5 April 2018 |
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Carrying amount |
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At 5 April 2018 |
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At 5 April 2017 |
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Included within the net book value of land and buildings above is £4,900,000 (2017 - £4,900,000
) in respect of freehold land and buildings and £6,550,271 (2017 - £6,549,631) in respect of long leasehold land and buildings.
Revaluation
The fair value of the company's freehold and leasehold land and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Page 9 |
Gascoyne Cecil Farms Limited
Notes to the Financial Statements
Year Ended 5 April 2018
Investment properties |
2018 |
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Fair value |
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At 6 April 2017 |
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At 5 April 2018 |
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Investment property was revalued on 5 April 2018 by G C W Fauvel MRICS. The basis of this valuation was open market value based on professional advice received. The property has a current value of £519,850 (2017 - £519,850) and a historic cost of £nil (2017 - £nil).
There has been no valuation of investment property by an independent valuer.
Page 10 |
Gascoyne Cecil Farms Limited
Notes to the Financial Statements
Year Ended 5 April 2018
Investments |
Unlisted investments |
Total |
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Cost or valuation |
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At 6 April 2017 |
3,961 |
3,961 |
Additions |
250,001 |
250,001 |
At 5 April 2018 |
253,962 |
253,962 |
Carrying amount |
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At 5 April 2018 |
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253,962 |
At 5 April 2017 |
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3,961 |
Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors |
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Creditors |
Note |
2018 |
2017 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Other creditors |
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Due after one year |
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Loans and borrowings |
- |
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Page 11 |
Gascoyne Cecil Farms Limited
Notes to the Financial Statements
Year Ended 5 April 2018
Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Other borrowings |
- |
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2018 |
2017 |
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Current loans and borrowings |
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Finance lease liabilities |
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- |
Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Deferred tax and other provisions |
Deferred tax |
Total |
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At 6 April 2017 |
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Increase in existing provisions |
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At 5 April 2018 |
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Page 12 |
Gascoyne Cecil Farms Limited
Notes to the Financial Statements
Year Ended 5 April 2018
Related party transactions |
Summary of transactions with other related parties
A loan facility of up to £1,000,000 was made available to the company. The loan was interest free and was repaid in the year.
Loans from related parties
2018 |
Other related parties |
At start of period |
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Repaid |
( |
At end of period |
- |
2017 |
Other related parties |
At start and end of period |
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Page 13 |