Company Registration No. 04642986 (England and Wales)
HASWELL MOOR FARMS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
PAGES FOR FILING WITH REGISTRAR
HASWELL MOOR FARMS LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
HASWELL MOOR FARMS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2017
- 1 -
The directors present their annual report and financial statements for the year ended 31 May 2017.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
L G Oliver
C B Oliver
J A Oliver
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
L G Oliver
Director
20 October 2017
HASWELL MOOR FARMS LIMITED
BALANCE SHEET
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
92,398
123,198
Current assets
Stocks
611,230
1,109,350
Debtors
4
2,777,448
2,026,199
3,388,678
3,135,549
Creditors: amounts falling due within one year
5
(1,241,009)
(1,182,164)
Net current assets
2,147,669
1,953,385
Total assets less current liabilities
2,240,067
2,076,583
Creditors: amounts falling due after more than one year
6
(709,072)
(550,340)
Provisions for liabilities
(17,556)
(24,639)
Net assets
1,513,439
1,501,604
Capital and reserves
Called up share capital
7
999
999
Profit and loss reserves
1,512,440
1,500,605
Total equity
1,513,439
1,501,604
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
HASWELL MOOR FARMS LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 20 October 2017 and are signed on its behalf by:
C B Oliver
Director
Company Registration No. 04642986
HASWELL MOOR FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
- 4 -
1
Accounting policies
Company information
Haswell Moor Farms Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Haswell Moor Farm, Haswell, Co Durham, DH6 2BD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 May 2017
are the
first
financial statements of Haswell Moor Farms Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 June 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Motor vehicles
25% reducing balance
Tractors
25% reducing balance
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Stocks
Stock is valued at the lower of cost and net realisable value.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
HASWELL MOOR FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
HASWELL MOOR FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 6 -
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 1).
3
Tangible fixed assets
Plant and machinery
Motor vehicles
Tractors
Total
£
£
£
£
Cost
At 1 June 2016 and 31 May 2017
66,852
37,312
141,000
245,164
Depreciation and impairment
At 1 June 2016
29,149
28,282
64,535
121,966
Depreciation charged in the year
9,426
2,258
19,116
30,800
At 31 May 2017
38,575
30,540
83,651
152,766
Carrying amount
At 31 May 2017
28,277
6,772
57,349
92,398
At 31 May 2016
37,703
9,030
76,465
123,198
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
35,746
56,420
Corporation tax recoverable
-
1,128
Other debtors
2,741,702
1,968,651
2,777,448
2,026,199
HASWELL MOOR FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 7 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
530,377
488,650
Trade creditors
82,047
75,130
Corporation tax
8,858
-
Other creditors
619,727
618,384
1,241,009
1,182,164
The bank loan and overdraft are secured against the personal assets of the company's directors. Amounts due on hire purchase and finance lease are secured on the assets concerned.
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
709,072
532,840
Other creditors
-
17,500
709,072
550,340
Amounts included above which fall due after five years are as follows:
Payable by instalments
(411,740)
(435,960)
The long-term loans are secured by fixed and floating charges over the assets of the company. Amounts due on hire purchase and finance lease are secured on the assets concerned.
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
999 Ordinary shares of £1 each
999
999
8
Related party transactions
Transactions with related parties
HASWELL MOOR FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
8
Related party transactions
(Continued)
- 8 -
At the year end Haswell Moor Development Limited owed the company £2,147,070 (2016: £1,082,850). Haswell Moor Developments Limited is related due to common control.
As they year end LG Oliver & Partners owed the company £587,422 (2016: £874,276. The directors of Haswell Moor Farms Limited have a majority interest in the unincorporated business.