Company Registration No. 05559089 (England and Wales)
FOXCOMBE FARM (SOMERSET) LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2016
FOXCOMBE FARM (SOMERSET) LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
FOXCOMBE FARM (SOMERSET) LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 NOVEMBER 2016
30 November 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
3,272,593
3,284,349
Current assets
Stocks
291,554
290,262
Debtors
194,183
186,818
Cash at bank and in hand
1,610
25,303
487,347
502,383
Creditors: amounts falling due within one year
(1,128,941)
(938,140)
Net current liabilities
(641,594)
(435,757)
Total assets less current liabilities
2,630,999
2,848,592
Creditors: amounts falling due after more than one year
(2,014,362)
(2,051,119)
Provisions for liabilities
(98,054)
(99,500)
Accruals and deferred income
(97,306)
(188,112)
421,277
509,861
Capital and reserves
Called up share capital
3
100
100
Revaluation reserve
266,250
266,250
Profit and loss account
154,927
243,511
Shareholders' funds
421,277
509,861
FOXCOMBE FARM (SOMERSET) LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2016
30 November 2016
- 2 -
For the financial year ended 30 November 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 14 August 2017
Mr J Angell
Director
Company Registration No. 05559089
FOXCOMBE FARM (SOMERSET) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2016
- 3 -
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 director acknowledges the net current liabilities position at the year end. The company meets its day to day working capital requirements through continuing support from the company's bankers via the bank overdraft. The director is not aware of any reasons why the bank overdraft will not continue to be available to the company on acceptable terms. Accordingly the director considers it appropriate to prepare the financial statements on a going concern basis.
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
BPS entitlements
Amortisation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the useful economic life of that asset as follows:
BPS Entitlements
straight line to 2015
1.5
Milk quota
Amortisation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the useful economic life of that asset as follows:
Milk Quota
straight line to 2015
1.6
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
10% reducing balance 12.5% reducing balance 20% reducing balance
Plant and machinery
12.5% reducing balance
Motor vehicles
20% reducing balance
1.7
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.8
Stock
Stock is valued at the lower of cost and net realisable value.
Home grown produce has been valued in accordance with HM Revenue & Customs guidance HS232.
FOXCOMBE FARM (SOMERSET) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2016
1
Accounting policies
(Continued)
- 4 -
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.
1.10
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets.
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost or valuation
At 1 December 2015
4,926
3,640,469
3,645,395
Additions
-
107,486
107,486
Disposals
-
(37,000)
(37,000)
At 30 November 2016
4,926
3,710,955
3,715,881
Depreciation
At 1 December 2015
4,926
356,120
361,046
On disposals
-
(4,593)
(4,593)
Charge for the year
-
86,835
86,835
At 30 November 2016
4,926
438,362
443,288
Net book value
At 30 November 2016
-
3,272,593
3,272,593
At 30 November 2015
-
3,284,349
3,284,349
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
80 Ordinary A shares of £1 each
80
80
20 Ordinary B shares of £1 each
20
20
100
100