Salthaugh Grange Farm Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 05344797 (England and Wales)

Salthaugh Grange Farm Limited

ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2014

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Tangible assets

2

1,815,893

1,825,088

Investments

3

1

1

1,815,894

1,825,089

CURRENT ASSETS

Stocks

429,437

437,642

Debtors

470,519

230,693

Cash at bank

79,378

103,439

979,334

771,774

CREDITORS

Amounts falling due within one year

160,402

417,366

NET CURRENT ASSETS

818,932

354,408

TOTAL ASSETS LESS CURRENT LIABILITIES

2,634,826

2,179,497

CREDITORS

Amounts falling due after more than one year

(2,175,336

)

(1,764,045

)

PROVISIONS FOR LIABILITIES

(34,037

)

(22,599

)

NET ASSETS

425,453

392,853

CAPITAL AND RESERVES

Called up share capital

4

4

4

Profit and loss account

425,449

392,849

SHAREHOLDERS' FUNDS

425,453

392,853

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 30 June 2015 and were signed on its behalf by:

Mr H G De Lang - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales, excluding value added tax, and with reference to the delivery date of

those goods sold.

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.

Plant and machinery

-

15% on reducing balance

No depreciation is calculated on Freehold Land. Depreciation is provided in order to write each asset down to its

residual value over its estimated useful life. In the case of freehold properties, the charge and accumulated

depreciation is not material due to its high residual value.

Stocks

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

moving items.

Deferred tax

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

sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or

a right to pay less or to receive more, tax.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in

which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance

sheet date.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement,

as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that

evidences a residual interest in the assets of the company after deducting all of its liabilities.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

2,017,596

Additions

74,210

At 31 December 2014

2,091,806

DEPRECIATION

At 1 January 2014

192,508

Charge for year

83,405

At 31 December 2014

275,913

NET BOOK VALUE

At 31 December 2014

1,815,893

At 31 December 2013

1,825,088

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 January 2014

and 31 December 2014

1

NET BOOK VALUE

At 31 December 2014

1

At 31 December 2013

1

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Ordinary

1.00

4

4

5.	RELATED PARTY DISCLOSURES

Mill Nurseries Limited

A company under the control of the De Lang family.

The company was provided with additional loan finance from this company during the year of £205,900 with a

balance outstanding at the year end of £1,261,249.

The company is party to a cross guarantee and debenture charge (fixed and floating) in favour of Barclays Bank

plc in respect of borrowings made by the bank to Mill Nurseries Limited. The maximum liability over the whole

of the connected companies as at 31st December 2014 was £6M.

2014

2013

£

£

Amount due to related party at the balance sheet date

1,261,249

1,130,349

Keyingham Power Limited

A company under the control of the De Lang family.

During the year the company sold goods to the value of £358,800 to Keyingham Power Limited. An amount of

£358,800 is included in Trade Debtors.

The company received loan finance from this company during the year of £335,000 with a balance outstanding at

the year end of £705,119.

The company is party to a cross guarantee and debenture charge (fixed and floating) in favour of Barclays Bank

plc in respect of borrowings made by the bank to Keyingham Power Limited. The maximum liability at 31st

December 2014 over the whole of the connected companies was £6M.

2014

2013

£

£

Amount due to related party at the balance sheet date

346,318

209,559