Registered Number NI602522
CHESTNUTT ANIMAL FEEDS LIMITED
Abbreviated Accounts
31 August 2015
Notes | 2015 | 2014 | |
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£ | £ | ||
Fixed assets | |||
Intangible assets | 2 |
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Tangible assets | 3 |
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Current assets | |||
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 assets (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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Provisions for liabilities |
( |
( |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied
consistently (except as otherwise stated).
Turnover policy
Turnover comprises revenue due in respect of the sale of food for farm animals and is recognised when the right to consideration is obtained from the performance of contractual obligations.
Tangible assets depreciation policy
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 building improvements 10% Straight Line
Plant and machinery 20% Reducing Balance
Office equipment 20% Reducing Balance
Motor vehicles 25% Reducing Balance
Intangible assets amortisation policy
Other accounting policies
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.
Stock
Stock is valued at the lower of cost and net realisable value.
Pensions
The pension costs charged in the financial statements represent the contributions payable by the
company during the year in accordance with FRS 17.
Deferred taxation
Full provision for deferred tax assets and liabilities is provided at current tax rates on differences that arise between the recognition of gains and losses in the financial statements and their recognition in the tax computation, except for differences arising on the revaluation of fixed assets (if no commitment to sell), or gains on any asset sold that will benefit from rollover relief.
£ | |
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Cost | |
At 1 September 2014 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 August 2015 |
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Amortisation | |
At 1 September 2014 |
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Charge for the year |
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On disposals |
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At 31 August 2015 |
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Net book values | |
At 31 August 2015 | 203,333 |
At 31 August 2014 | 453,333 |
£ | |
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Cost | |
At 1 September 2014 |
|
Additions |
|
Disposals |
( |
Revaluations |
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Transfers |
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At 31 August 2015 |
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Depreciation | |
At 1 September 2014 |
|
Charge for the year |
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On disposals |
( |
At 31 August 2015 |
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Net book values | |
At 31 August 2015 | 690,832 |
At 31 August 2014 | 616,053 |