Registered number: 01283389
S. J. PARR & SONS LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2015
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S. J. PARR & SONS LIMITED
REGISTERED NUMBER:
01283389
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2015
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CREDITORS:
amounts falling due within one year
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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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Page 1
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S. J. PARR & SONS LIMITED
ABBREVIATED BALANCE SHEET
(continued)
AS AT
31 OCTOBER 2015
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act")
and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 October 2015 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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S. J. PARR & SONS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2015
1.
ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008)
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Turnover comprises revenue recognised by the company in respect of crops sold and contract work completed during the year, exclusive of Value Added Tax and trade discounts. Revenue from the sale of crops is recognised when the goods are delivered to the customer. Revenue from contract work is recognised when the contract is completed.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is not charged on freehold land. Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases:
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Motor vehicles and tractors
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Leasing and hire purchase
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. 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.
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Stocks are valued at the lower of cost and net realisable value.
The deemed cost of harvested crops is based on 75% of its expected sales value in accordance with BEN 19.
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Page 3
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S. J. PARR & SONS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2015
1.
ACCOUNTING POLICIES (continued)
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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Costs incurred by the company during its trading year in relation to four contract farming agreements are fully reimbursed. The company's entitlement to a proportion of the net profits of the ventures are received and included in the financial statements in the year following harvest.
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2.
TANGIBLE FIXED ASSETS
Included in land and buildings are buildings at cost of £208,964 (2014
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£208,964) which have not been depreciated.
3.
DEBTORS
Debtors include £2,238,422
(2014 - £
1,898,279
)
falling due after more than one year.
Page 4
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S. J. PARR & SONS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2015
4.
CREDITORS:
Amounts falling due after more than one year
Creditors include amounts not wholly repayable within 5 years as follows:
The aggregate amount of creditors for which security has been given amounted to £1,504,553 (2014 - £1,725,498).
5.
SHARE CAPITAL
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Allotted, called up and fully paid
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9,925
Ordinary
shares of £
1
each
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Page 5
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