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2017.03.01
The Farm Shop Lyne Limited
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The Farm Shop Lyne Limited
|
ABRIDGED FINANCIAL STATEMENTS
|
YEAR ENDED 31 DECEMBER 2016
|
Company Registration Number - 06484813 |
|
|
|
|
|
|
1. |
THE FARM SHOP LYNE LIMITED
|
COMPANY NUMBER - 06484813
|
Balance sheet as at
31 December 2016
|
|
|
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|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
Notes |
£ |
£ |
£ |
£ |
|
FIXED ASSETS
|
Intangible assets |
8 |
|
56,606
|
|
66,052
|
|
Tangible assets |
9 |
|
71,946
|
|
66,408
|
|
|
|
|
|
|
|
|
|
|
128,552
|
|
132,460
|
|
Cash at bank and in hand |
|
44,793
|
|
87,312
|
|
|
|
|
|
|
|
|
286,271
|
|
261,597
|
|
Creditors - Amounts
|
falling due within one year |
11 |
398,052
|
|
329,185
|
|
|
|
|
|
|
NET CURRENT LIABILITIES
|
|
|
(
111,781)
|
|
(
67,588)
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
16,771
|
|
64,872
|
|
Creditors - Amounts falling
|
|
|
due after more than one year |
11 |
-
|
|
27,912
|
|
Provisions for liabilities
|
|
|
Deferred taxation |
12 |
4,617 |
|
2,153 |
|
|
|
|
|
|
|
|
(4,617) |
|
(30,065) |
|
|
|
|
|
|
Net assets
|
|
|
12,154
|
|
34,807
|
|
|
|
|
|
|
|
|
|
|
|
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2. |
THE FARM SHOP LYNE LIMITED
|
COMPANY NUMBER - 06484813
|
Balance sheet as at
31 December 2016
|
|
Called up share capital |
13 |
|
200
|
|
200
|
|
Profit and loss account |
14 |
|
11,954
|
|
34,607
|
|
|
|
|
|
|
Shareholders' funds
|
|
|
12,154
|
|
34,807
|
|
|
|
|
|
|
|
These financial statements have been prepared in accordance with the provisions of FRS102 Section 1A of the Companies Act 2006 relating to small companies.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the financial year ended 31 December 2016, the company was entitled to exemption from audit under section 477 of the Companies Act 2006; and no notice has been deposited under section 476.
The members have not required the company to obtain an audit.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Approved by the board of directors on
15 September 2017
|
|
and signed on their behalf by: |
The notes on pages 3 to 8 form an integral part of these accounts.
|
|
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3. |
THE FARM SHOP LYNE LIMITED
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Notes to the Financial Statements
|
For the year ended 31 December 2016
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|
THE FARM SHOP LYNE LIMITED is a Private Company, limited by shares, domiciled in England and Wales, registration number 06484813.
The company's registered office is 3 Kistmead Lane, Longcross, Chertsey, Surrey KT16 0EF.
The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS102, section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
This is the first year in which the financial statements have been prepared under FRS102. Details of the transition to FRS 102 are disclosed in note 16.
Turnover is measured at the fair value of the consideration received or receivable and represents goods supplied or services rendered, stated net of Value Added Tax. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Turnover from the sale of goods is recognised when goods are delivered and legal title has passed.
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets and depreciation
|
Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life:
Short leashold buildings - 10% straight line
Plant and machinery - 25% reducing balance
Fixtures and fittings - 25% reducing balance
Motor vehicles - 25% reducing balance
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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4. |
THE FARM SHOP LYNE LIMITED
|
Notes to the Financial Statements
|
For the year ended 31 December 2016
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|
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or a right to pay less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
|
2016 |
|
2015 |
|
|
|
|
|
£ |
|
£ |
3.
Other operating income
|
|
Rent received |
4,830 |
|
5,645 |
|
|
|
|
|
|
|
|
|
5. |
THE FARM SHOP LYNE LIMITED
|
Notes to the Financial Statements
|
For the year ended 31 December 2016
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|
The company operates a defined contribution pension scheme on behalf of its directors and certain employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The annual commitment under this scheme is for contributions of £0 (2015 £0). Contributions totalling £0 (2015 £0) were payable to the fund at the year end and are included in creditors.
5.
(Loss)/profit on ordinary activities
|
before taxation
|
The (loss) profit on ordinary activities |
before taxation is after charging: |
|
Depreciation and amortisation of |
|
24,733
|
|
21,149
|
tangible and intangible fixed assets |
Loss on sale of fixed assets |
222
|
|
-
|
Pension costs |
- |
|
- |
Directors' emoluments |
13,125
|
|
13,377
|
|
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
£ |
|
£ |
6.
Tax on ordinary activities
|
Corporation tax on the profit for the year at 20% |
(4,512) |
|
14,274 |
Deferred taxation |
2,464 |
|
(916) |
|
|
|
|
|
2,048 |
|
13,358 |
|
|
|
|
|
|
Dividend on ordinary shares paid |
|
- |
|
10,000 |
per share |
|
|
|
|
Total dividend payment |
-
|
|
10,000
|
|
|
|
|
|
|
|
|
|
6. |
THE FARM SHOP LYNE LIMITED
|
Notes to the Financial Statements
|
For the year ended 31 December 2016
|
|
8.
Fixed assets - intangible
|
|
Goodwill |
|
|
Cost or valuation
|
£
|
At 01 January 2016 |
141,621
|
and 31 December 2016 |
Amortisation
|
At 01 January 2016 |
75,569
|
Charge for year |
9,446
|
|
|
At 31 December 2016 |
85,015
|
|
|
Net book values
|
At 31 December 2016 |
56,606
|
|
|
At 01 January 2016 |
66,052
|
|
|
|
9.
Fixed assets - tangible
|
|
|
Plant and |
|
Land and |
Machinery |
|
Buildings |
etc. |
Total |
|
|
|
|
Cost or valuation
|
£
|
£
|
£
|
At 01 January 2016 |
52,165 |
103,051 |
155,216 |
Additions |
- |
21,247 |
21,247 |
Disposals |
- |
(1,000) |
(1,000) |
|
|
|
|
At 31 December 2016 |
52,165 |
123,298 |
175,463 |
|
|
|
|
|
Depreciation
|
At 01 January 2016 |
5,216 |
83,592 |
88,808 |
Charge for year |
5,216 |
10,071 |
15,287 |
On disposals |
- |
(578) |
(578) |
|
|
|
|
At 31 December 2016 |
10,432 |
93,085 |
103,517 |
|
|
|
|
|
Net book values
|
At 31 December 2016 |
41,733 |
30,213 |
71,946
|
|
|
|
|
At 01 January 2016 |
46,949 |
19,459 |
66,408 |
|
|
|
|
|
|
|
|
|
|
|
7. |
THE FARM SHOP LYNE LIMITED
|
Notes to the Financial Statements
|
For the year ended 31 December 2016
|
|
|
2016 |
|
2015 |
|
|
|
|
|
£ |
|
£ |
10.
Debtors
|
Due within one year: |
Trade debtors |
45,072
|
|
21,955
|
Other debtors |
39,198 |
|
27,810 |
|
|
|
|
|
84,270
|
|
49,765
|
|
|
|
|
|
Amounts falling due within one year: |
Bank overdraft |
15,500
|
|
14,960
|
Trade creditors |
334,255
|
|
246,848
|
Taxation and social security |
12,705
|
|
31,416
|
Other creditors |
35,592
|
|
35,961
|
|
|
|
|
|
398,052 |
|
329,185 |
|
|
|
|
Other creditors include the following |
secured amounts |
26,478 |
|
29,000 |
|
Amounts falling due after more than one year: |
Other creditors: |
Bank loan |
-
|
|
27,912
|
|
At 01 January 2016 |
2,153 |
|
3,069 |
Charged (credited) to profit and loss account |
2,464 |
|
(916) |
|
|
|
|
At 31 December 2016 |
4,617 |
|
2,153 |
|
|
|
|
|
Deferred taxation has been fully provided in respect of: |
Accelerated capital allowances |
4,617 |
|
2,153 |
|
|
|
|
13.
Called up share capital
|
There was no change in share capital during the year.
Allotted, called up and fully paid |
shares of £1 each
Ordinary
|
200 |
|
200 |
|
|
|
|
|
|
|
|
|
8. |
THE FARM SHOP LYNE LIMITED
|
Notes to the Financial Statements
|
For the year ended 31 December 2016
|
|
|
|
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Profit and |
|
|
|
|
loss account |
|
|
|
|
|
|
|
|
|
£ |
At 01 January 2016 |
|
|
|
34,607
|
Loss for the year |
|
|
|
(
22,653)
|
|
|
|
|
|
|
|
|
|
11,954 |
|
|
|
|
|
|
15.
Related party transactions
|
The company rents premises from the directors at a rate of £63,400 per annum. This is considered at fair market value. The company also purchased goods from the sole trader business of the director R Ashford amounting to £56,835 (2015 = £57,653). Transactions were done at fair market value and the amount outstanding at year end was £16,162 (2015 = £3,793)
16.
Impact of first year adoption of FRS102
|
The accounting policies applied under the company's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or the profit or loss.