Company Registration No. 05586295 (England and Wales)
NORTHFIELD WOLD FARM LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
NORTHFIELD WOLD FARM LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
NORTHFIELD WOLD FARM LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,864,981
1,874,280
Current assets
Debtors
71,630
220,139
Cash at bank and in hand
172,904
520,532
244,534
740,671
Creditors: amounts falling due within one year
(1,362,451)
(1,746,232)
Net current liabilities
(1,117,917)
(1,005,561)
Total assets less current liabilities
747,064
868,719
Creditors: amounts falling due after more than one year
3
(275,000)
(404,166)
Provisions for liabilities
(14,452)
(17,682)
457,612
446,871
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
457,512
446,771
Shareholders' funds
457,612
446,871
NORTHFIELD WOLD FARM LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2015
31 March 2015
- 2 -
For the financial year ended 31 March 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 and authorised for issue on 18 December 2015
Mr E H Fisher
Director
Company Registration No. 05586295
NORTHFIELD WOLD FARM LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 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 April 2008).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Entitlements
Acquired entitlements are written off in equal annual instalments over their estimated useful economic life.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land 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:
Land and buildings Freehold
10% Reducing balance
Plant and machinery
25% Reducing balance
Computer equipment
33.33% Reducing balance
Fixtures, fittings & equipment
10% Reducing balance
Motor vehicles
25% Reducing balance
1.5
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.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
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.
1.7
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.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
NORTHFIELD WOLD FARM LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2014
63,771
1,956,447
2,020,218
Additions
-
17,508
17,508
Disposals
-
(8,850)
(8,850)
At 31 March 2015
63,771
1,965,105
2,028,876
Depreciation
At 1 April 2014
63,771
82,167
145,938
On disposals
-
(6,626)
(6,626)
Charge for the year
-
24,583
24,583
At 31 March 2015
63,771
100,124
163,895
Net book value
At 31 March 2015
-
1,864,981
1,864,981
At 31 March 2014
-
1,874,280
1,874,280
3
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £0 (2014 - £104,166).
The bank loan is secured by personal guarantees from E H Fisher and A D Morris and an agreement regarding specific credit balances given by E H, P & W Fisher T/A L H Fisher Farms
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
5
Ultimate parent company
The ultimate parent company is Edward Fisher & Co, a company registered in England and Wales.
Edward Fisher & Co Limited has taken advantage of the exemptions provided by section 399 of Companies Act 2006 not to prepare group accounts.