Company Registration No. 00480468 (England and Wales)
GEOFFREY BATES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
GEOFFREY BATES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
GEOFFREY BATES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
445,878
462,000
Current assets
Stocks
54,228
70,902
Debtors
21,580
14,599
75,808
85,501
Creditors: amounts falling due within one year
(305,203)
(242,484)
Net current liabilities
(229,395)
(156,983)
Total assets less current liabilities
216,483
305,017
Creditors: amounts falling due after more than one year
3
(385,965)
(386,156)
(169,482)
(81,139)
Capital and reserves
Called up share capital
4
2,001
2,001
Profit and loss account
(171,483)
(83,140)
Shareholders' funds
(169,482)
(81,139)
For the financial year ended 31 March 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 22 November 2016
J N Bates
Director
Company Registration No. 00480468
GEOFFREY BATES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
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).
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
Tangible fixed assets and depreciation
Tangible fixed assets 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:
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:
Tenant's improvements
Over 20 years
Plant and machinery
20% reducing balance
Sussex herd
Not depreciated
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
Stock
The valuation of crops, livestock, cultivations and stores has been professionally determined by the company's agricultural consultants on a basis consistent with the previous years.
Farm livestock and produce are valued at net realisable value.
All other stock is valued at the lower of cost and net realisable value.
GEOFFREY BATES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015
1,036,541
Additions
127,577
Disposals
(124,769)
At 31 March 2016
1,039,349
Depreciation
At 1 April 2015
574,541
On disposals
(47,850)
Charge for the year
66,780
At 31 March 2016
593,471
Net book value
At 31 March 2016
445,878
At 31 March 2015
462,000
3
Creditors: amounts falling due after more than one year
2016
2015
£
£
Analysis of loans repayable in more than five years
Total amounts repayable by instalments which are due in more than five years
(20,313)
(28,806)
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1,101 A Ordinary shares of £1 each
1,101
1,101
225 B Ordinary shares of £1 each
225
225
225 C Ordinary shares of £1 each
225
225
225 D Ordinary shares of £1 each
225
225
225 E Ordinary shares of £1 each
225
225
2,001
2,001