Company Registration No. 04642986 (England and Wales)
HASWELL MOOR FARMS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
HASWELL MOOR FARMS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
HASWELL MOOR FARMS LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
123,198
54,465
Current assets
Stocks
1,109,350
610,570
Debtors
2,026,199
2,670,954
3,135,549
3,281,524
Creditors: amounts falling due within one year
3
(1,182,164)
(1,318,905)
Net current assets
1,953,385
1,962,619
Total assets less current liabilities
2,076,583
2,017,084
Creditors: amounts falling due after more than one year
4
(550,340)
(557,060)
Provisions for liabilities
(24,639)
(10,893)
1,501,604
1,449,131
Capital and reserves
Called up share capital
5
999
999
Profit and loss account
1,500,605
1,448,132
Shareholders' funds
1,501,604
1,449,131
For the financial year ended 31 May 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 8 December 2016
C B Oliver
Director
Company Registration No. 04642986
HASWELL MOOR FARMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
- 2 -
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).
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:
Tractors
25% reducing balance
Plant and machinery
25% reducing balance
Motor vehicles
25% reducing balance
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
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.
HASWELL MOOR FARMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 June 2015
135,364
Additions
109,800
At 31 May 2016
245,164
Depreciation
At 1 June 2015
80,899
Charge for the year
41,067
At 31 May 2016
121,966
Net book value
At 31 May 2016
123,198
At 31 May 2015
54,465
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £506,150 (2015 - £606,503).
The bank overdraft is secured against personal assets of the company's directors. Amounts due on hire purchase and finance lease are secured on the assets concerned.
4
Creditors: amounts falling due after more than one year
2016
2015
£
£
Analysis of loans repayable in more than five years
Total amounts repayable by instalments which are due in more than five years
(435,960)
(460,180)
The aggregate amount of creditors for which security has been given amounted to £560,340 (2015 - £557,060).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
999 Ordinary shares of £1 each
999
999