Pallinsburn Estate Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09398712 (England and Wales)

Unaudited Financial Statements for the Year Ended 1 March 2019

for

Pallinsburn Estate Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs J F Farr

G N Farr

REGISTERED OFFICE:

Pallinsburn

Cornhill-on-Tweed

Northumberland

TD12 4SG

REGISTERED NUMBER:

09398712 (England and Wales)

ACCOUNTANTS:

Douglas Home & Co Ltd

Chartered Accountants

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

FIXED ASSETS

Property, plant and equipment

4

1,193,820

1,299,443

CURRENT ASSETS

Inventories

337,581

400,412

Debtors

5

188,412

112,585

Cash at bank and in hand

1,708

689

527,701

513,686

CREDITORS

Amounts falling due within one year

6

1,541,787

1,165,560

NET CURRENT LIABILITIES

(1,014,086

)

(651,874

)

TOTAL ASSETS LESS CURRENT LIABILITIES

179,734

647,569

CREDITORS

Amounts falling due after more than one year

7

(335,867

)

(553,221

)

PROVISIONS FOR LIABILITIES

(14,000

)

(33,500

)

NET (LIABILITIES)/ASSETS

(170,133

)

60,848

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(171,133

)

59,848

SHAREHOLDERS' FUNDS

(170,133

)

60,848

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 1 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 1 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 29 November 2019 and were signed on its behalf by:

G N Farr - Director

1.	STATUTORY INFORMATION

Pallinsburn Estate Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Renewables

-

25% on cost

Improvements to property

-

10% on cost

Plant and machinery

-

15% on reducing balance

Combine

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Tractors & Forklifts

-

20% on reducing balance

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2018 - 11 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Improvements

to

Plant and

Renewables

property

machinery

£

£

£

COST

At 2 March 2018

504,438

474,000

344,872

Additions

-

-

68,155

Disposals

-

-

(20,186

)

At 1 March 2019

504,438

474,000

392,841

DEPRECIATION

At 2 March 2018

46,332

142,330

107,974

Charge for year

20,913

47,400

39,023

At 1 March 2019

67,245

189,730

146,997

NET BOOK VALUE

At 1 March 2019

437,193

284,270

245,844

At 1 March 2018

458,106

331,670

236,898

Motor

Tractors

Combine

vehicles

& Forklifts

Totals

£

£

£

£

COST

At 2 March 2018

120,000

13,498

267,168

1,723,976

Additions

-

-

-

68,155

Disposals

-

-

-

(20,186

)

At 1 March 2019

120,000

13,498

267,168

1,771,945

DEPRECIATION

At 2 March 2018

32,544

4,564

90,789

424,533

Charge for year

8,746

2,234

35,276

153,592

At 1 March 2019

41,290

6,798

126,065

578,125

NET BOOK VALUE

At 1 March 2019

78,710

6,700

141,103

1,193,820

At 1 March 2018

87,456

8,934

176,379

1,299,443

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Tractors

& Forklifts

£

COST

At 2 March 2018

and 1 March 2019

125,168

DEPRECIATION

At 2 March 2018

21,454

Charge for year

20,743

At 1 March 2019

42,197

NET BOOK VALUE

At 1 March 2019

82,971

At 1 March 2018

103,714

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

1/3/19

1/3/18

£

£

Trade debtors

90,228

65,366

Other debtors

28,412

28,062

Inter company - Carolsidehill Woodlands

17,037

-

Directors' current accounts

13,821

-

VAT

21,910

2,153

Prepayments

17,004

17,004

188,412

112,585

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

1/3/19

1/3/18

£

£

Bank loans and overdrafts

335,824

242,467

Other loans

40,000

40,000

Hire purchase contracts

41,909

27,235

Trade creditors

49,515

43,529

Tax

-

1,043

Social security and other taxes

2,981

2,796

Directors' current accounts

1,066,981

658,548

Deferred income

-

144,067

Accrued expenses

4,577

5,875

1,541,787

1,165,560

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

1/3/19

1/3/18

£

£

Bank loans - 1-2 years

321,817

517,078

Hire purchase contracts

14,050

36,143

335,867

553,221

8.	SECURED DEBTS

The following secured debts are included within creditors:

1/3/19

1/3/18

£

£

Bank overdrafts

313,975

220,618

Bank security held by Royal Bank of Scotland with a fixed and floating charge over property or undertakings of

the business.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 1 March 2019 and

1 March 2018:

1/3/19

1/3/18

£

£

G N Farr and Mrs J F Farr

Balance outstanding at start of year

(658,548

)

(709,496

)

Amounts advanced

(522,201

)

(105,105

)

Amounts repaid

294,275

156,053

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(886,474

)

(658,548

)

The company owed the directors £886,474 at 1st March 2019 (£658,548 - 2018). This is an interest free loan

with no fixed repayment date.