Company Registration No. 02884221 (England and Wales)
BRENNAN FARMS LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
BRENNAN FARMS LTD
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 6
BRENNAN FARMS LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BRENNAN FARMS LTD FOR THE YEAR ENDED 31 DECEMBER 2015
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 6 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Brennan Farms Ltd for the year ended 31 December 2015 set out on pages
3
to
12
from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Brennan Farms Ltd, as a body, in accordance with the terms of our engagement letter dated 28 November 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Brennan Farms Ltd and state those matters that we have agreed to state to the Board of Directors of Brennan Farms Ltd, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Brennan Farms Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Brennan Farms Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Brennan Farms Ltd. You consider that Brennan Farms Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Brennan Farms Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Pearson May
6 June 2016
Chartered Accountants
5 Wicker Hill
Trowbridge
Wiltshire
BA14 8JS
BRENNAN FARMS LTD
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 2 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
78,775
92,645
Investments
2
25
25
78,800
92,670
Current assets
Stocks
305,728
424,210
Debtors
3
122,559
34,815
Cash at bank and in hand
198,895
252,008
627,182
711,033
Creditors: amounts falling due within one year
(21,924)
(41,948)
Net current assets
605,258
669,085
Total assets less current liabilities
684,058
761,755
Provisions for liabilities
(9,452)
(11,086)
674,606
750,669
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
674,506
750,569
Shareholders' funds
674,606
750,669
BRENNAN FARMS LTD
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2015
31 December 2015
- 3 -
For the financial year ended 31 December 2015 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 25 May 2016
S N Brennan
Mrs E J Brennan
Director
Director
Company Registration No. 02884221
BRENNAN FARMS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Leasehold improvements
10 year straight line 25% reducing balance 10 year straight line 25% reducing balance
Machinery and equipment
25% reducing balance
Grain storage
10 year straight line
Tractors, combines and motor
25% reducing balance
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.7
Stock
Stock is valued at the lower of cost and net realisable value.
1.8
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.9
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
BRENNAN FARMS LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 5 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 January 2015
582,434
25
582,459
Additions
11,587
-
11,587
Disposals
(90)
-
(90)
At 31 December 2015
593,931
25
593,956
Depreciation
At 1 January 2015
489,789
-
489,789
On disposals
(90)
-
(90)
Charge for the year
25,457
-
25,457
At 31 December 2015
515,156
-
515,156
Net book value
At 31 December 2015
78,775
25
78,800
At 31 December 2014
92,645
25
92,670
Unlisted Investment
This represents the company's interest in Wiltshire Grain Limited. The company is incorporated in England and Wales.
3
Debtors
Debtors include an amount of £0 (2014 - £3,000) which is due after more than one year.
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 ordinary shares of £1 each
100
100
BRENNAN FARMS LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 6 -
5
Related party relationships and transactions
Loans to directors
Advances and credits granted to the directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
S N Brennan
-
1,170
7,019
-
1,924
6,265
1,170
7,019
-
1,924
6,265
The maximum overdrawn balance during the year was £
6
,
761
(201
4
- £
12,237
)
.
This loan is unsecured, interest free and repayable on demand.