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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 AUGUST 2017 |
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ASHFARM LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 AUGUST 2017 |
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FOR |
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ASHFARM LIMITED |
ASHFARM LIMITED (REGISTERED NUMBER: 04890886) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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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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ASHFARM LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
10 Jesus Lane |
Cambridge |
Cambridgeshire |
CB5 8BA |
ASHFARM LIMITED (REGISTERED NUMBER: 04890886) |
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BALANCE SHEET |
31 AUGUST 2017 |
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2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Cash in hand |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Fair value reserve | 8 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
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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. |
ASHFARM LIMITED (REGISTERED NUMBER: 04890886) |
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BALANCE SHEET - continued |
31 AUGUST 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
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The financial statements were approved by the director on
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ASHFARM LIMITED (REGISTERED NUMBER: 04890886) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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1. | STATUTORY INFORMATION |
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Ashfarm Limited is a
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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. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared using the going concern basis of accounting. At the balance sheet |
date current liabilities exceeded current assets by £172,904 (2016:£193,078).The director having considered a |
period of 12 months from the date of these financial statements believes the going concern basis to be |
appropriate given the continued support of the director to ensure the company continues to meet its liabilities. |
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First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 31 August 2017 are the first that are prepared in accordance with |
FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of |
transition to FRS 102 Section 1A is 1 September 2015. |
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Turnover |
Turnover represents short term accommodation sales, revenue is recognised on an accruals basis once the right to |
consideration has been earnt. The company is not registered for value added tax. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
fair value is recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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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ASHFARM LIMITED (REGISTERED NUMBER: 04890886) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all material 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. |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 September 2016 |
and 31 August 2017 |
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DEPRECIATION |
At 1 September 2016 |
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Charge for year |
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At 31 August 2017 |
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NET BOOK VALUE |
At 31 August 2017 |
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At 31 August 2016 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 September 2016 |
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Revaluations | 2,650 |
At 31 August 2017 |
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NET BOOK VALUE |
At 31 August 2017 |
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At 31 August 2016 |
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ASHFARM LIMITED (REGISTERED NUMBER: 04890886) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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5. | INVESTMENT PROPERTY - continued |
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Fair value at 31 August 2017 is represented by: |
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Valuation in 2015 | 120,350 |
Valuation in 2016 | 29,150 |
Valuation in 2017 | 2,650 |
Cost | 235,000 |
387,150 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Taxation and social security |
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Other creditors |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |
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8. | RESERVES |
Fair |
value |
reserve |
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At 1 September 2016 |
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Net transfer to fair value |
reserve. | 2,146 |
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At 31 August 2017 |
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9. | RELATED PARTY DISCLOSURES |
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During the year under review a property management fee of £19,984 (2016:£9,100) was charged |
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Shown within Other creditors is an amount of £131,720 (2016:£156,962) shown as due the director. This balance |
has no fixed date of repayment and incudes interest of £4,520 (2016:£3,828). |
ASHFARM LIMITED (REGISTERED NUMBER: 04890886) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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10. | FIRST YEAR ADOPTION |
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On transition to FRS 102 the following changes to accounting policies have taken place: |
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Investment Property: |
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Under former UK GAAP there was no formal requirement to classify land and buildings held for investment |
purposes as investment property. FRS 102 provides a clear differentiation of items held for investment purpose. |
As such freehold land and buildings with a cost of £235,000 has been reclassified on the balance sheet to |
investment property in line with Section 16 of FRS 102. |
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Previously under UK GAAP revaluation movements were recognised in a revaluation reserve as part of equity. |
FRS 102 requires assets held for investment purposes to be measured at fair value with revaluation gains and |
losses being recognised through profit and loss. |
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On transition to FRS 102 a fair value gain of £120,350 was recognised. A further fair value gain of £29,150 was |
recognised in profit and loss as at 31st August 2016. Profit before tax therefore increased by £29,150. |
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Deferred Tax: |
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FRS 102 also requires that deferred tax be recognised on fair value gains. Previously under UK GAAP deferred |
tax was only recognised when a binding commitment to sell assets held under the revaluation model existed at |
the balance sheet date. |
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At the date of transition to FRS 102 a deferred tax liability of £24,070 was recognised in other creditors. As at |
31st August 2016 a further liability of £5,539 was recognised in profit and loss in respect of the fair value |
movement at the balance sheet date. |