Registration number:
East Yorkshire Farms Limited
for the Year Ended 31 August 2017
East Yorkshire Farms Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
East Yorkshire Farms Limited
Company Information
Directors |
M Artley Mrs L Artley |
Registered office |
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Bankers |
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Page 1 |
East Yorkshire Farms Limited
(Registration number: 07728989)
Balance Sheet as at 31 August 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
East Yorkshire Farms Limited
(Registration number: 07728989)
Balance Sheet as at 31 August 2017
Approved and authorised by the
.........................................
M Artley
Director
.........................................
Mrs L Artley
Director
Page 3 |
East Yorkshire Farms Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 07728989.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling and are rounded to the nearest pound.
This is the first year the company has adopted FRS102 Section 1A.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
15% reducing balance |
Plant and machinery |
15% reducing balance |
Property |
2% on cost |
Page 4 |
East Yorkshire Farms Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Page 5 |
East Yorkshire Farms Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 September 2016 |
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Additions |
- |
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Disposals |
- |
- |
( |
( |
At 31 August 2017 |
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Depreciation |
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At 1 September 2016 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 31 August 2017 |
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Carrying amount |
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At 31 August 2017 |
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At 31 August 2016 |
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Included within the net book value of land and buildings above is £175,072 (2016 - £185,768) in respect of freehold land and buildings.
Stocks |
2017 |
2016 |
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Other inventories |
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Debtors |
2017 |
2016 |
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Trade debtors |
- |
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Other debtors |
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Prepayments and accrued income |
5,488 |
6,369 |
Total current trade and other debtors |
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Page 6 |
East Yorkshire Farms Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
2,499 |
2,500 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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Ordinary of £1 each |
2 |
2 |
2 |
2 |
Loans and borrowings |
2017 |
2016 |
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Secured Non-current loans and borrowings |
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Finance lease liabilities |
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Other borrowings |
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Page 7 |
East Yorkshire Farms Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
2017 |
2016 |
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Secured Current loans and borrowings |
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Finance lease liabilities |
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Other borrowings |
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Dividends |
2017 |
2016 |
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£ |
£ |
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Interim dividend of £Nil (2016 - £
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- |
21,600 |
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Related party transactions |
Other transactions with directors |
M A & Mrs L Artley
(Directors)
At the balance sheet date the amount due to M A and Mrs L Artley was £25,451 (2016 - £48,893).
MD & L Artley Subcontracting
(This is a business in which the shareholders are in partnership)
During the year the company incurred net purchases of £23,100. At the balance sheet date the amount due to MD & L Artley Subcontracting was £Nil (2016 - £12,319).
HH Artley
(Mr HH Artley is the father of M Artley)
The company has loaned HH Artley money and at the balance sheet date the amount due from HH Artley was £73,240 (2016 - £74,804).
Transition to FRS 102 |
The company has adopted FRS102 Section 1A in the year ended 31st August 2017.
There have been no changes to the figures reported in the accounts as a result of the adoption of FRS102 Section 1A in this year or the preceding year.
Page 8 |