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Unaudited Financial Statements for the Year Ended 31 December 2018 |
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Farnham Farms Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2018 |
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for |
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Farnham Farms Limited |
Farnham Farms Limited (Registered number: 02360248) |
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Contents of the Financial Statements |
for the year ended 31 December 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Farnham Farms Limited |
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Company Information |
for the year ended 31 December 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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15 Palace Street |
NORWICH |
Norfolk |
NR3 1RT |
Farnham Farms Limited (Registered number: 02360248) |
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Balance Sheet |
31 December 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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CREDITORS |
Amounts falling due within one year | 8 |
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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 |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Farnham Farms Limited (Registered number: 02360248) |
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Balance Sheet - continued |
31 December 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Farnham Farms Limited (Registered number: 02360248) |
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Notes to the Financial Statements |
for the year ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Farnham Farms Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Farnham Farms Limited as an individual company and do not |
contain consolidated financial information as the parent of a group. The company is exempt under Section |
399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Investment property |
Investment property is carried at fair value, determined periodically by the directors and derived from considering |
current market conditions and investment property yields for comparable real estate, adjusted if necessary for |
any difference in the nature, location or condition of the specific asset and referring to outside experts where |
necessary. No depreciation is provided on investment properties and changes in fair value are recognised in the |
Statement of Comprehensive Income. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Farnham Farms Limited (Registered number: 02360248) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets held under finance leases and HP agreements, which are those where substantially all the risks and |
rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and are |
depreciated over their useful economic lives. The capital element of future obligations under the lease is |
included as a liability in the balance sheet. The interest element of the payment obligations is charged to the |
profit and loss account over the period of the agreement and represents a constant proportion of the balance of |
capital repayments outstanding. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2018 |
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Additions |
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Disposals | ( |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 January 2018 |
and 31 December 2018 |
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367,126 |
NET BOOK VALUE |
At 31 December 2018 |
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367,126 |
At 31 December 2017 |
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367,126 |
Farnham Farms Limited (Registered number: 02360248) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2018 |
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6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2018 |
and 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Hire purchase contracts | 204,955 | 38,896 |
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The bank loan and overdraft are secured by a fixed and floating charge over the company's assets and a |
mortgage on some of the land owned. |
The HPs are secured on the assets being financed. |
Farnham Farms Limited (Registered number: 02360248) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2018 |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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Advances were made to a director totalling £1,060 during the period, with £1,000 being repaid. The loan is |
interest free and repayable on demand. |
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12. | RELATED PARTY DISCLOSURES |
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Cometacre Ltd |
Subsiduary |
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At the end of the year a loan was owing to the subsiduary of £647,841. This loan is interest free and it is |
repayable on demand. |