Riverford Farm Shops Limited - Period Ending 2015-06-30

 
 
 
 
 
 
 
  Riverford Farm Shops Limited
 
  Unaudited Abbreviated Accounts
  Year Ended 30 June 2015
 
  Company Registration Number: 05710308

Riverford Farm Shops Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Riverford Farm Shops Limited
Abbreviated Balance Sheet
30 June 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets		2			32,500			65,000
Tangible fixed assets		2			461,028			497,283
					493,528			562,283
Current assets
Stocks					350,463			339,201
Debtors					83,513			92,221
Cash at bank and in hand					352,951			74,799
					786,927			506,221
Creditors: Amounts falling due within one year					(582,902)			(514,509)
Net current assets/(liabilities)					204,025			(8,288)
Total assets less current liabilities					697,553			553,995
Creditors: Amounts falling due after more than one year					(169,663)			(224,561)
Provisions for liabilities					(55,600)			(65,400)
Net assets					472,290			264,034
Capital and reserves
Called up share capital		4			279,100			279,100
Profit and loss account					193,190			(15,066)
Shareholders' funds					472,290			264,034

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Riverford Farm Shops Limited
Abbreviated Balance Sheet
30 June 2015 ......... continued

For the year ending 30 June 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 22 October 2015 and signed on its behalf by:

J B Watson
Director

C E Watson
Director

Company Registration Number: 05710308

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Riverford Farm Shops Limited
Notes to the Abbreviated Accounts
Year Ended 30 June 2015 ......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is calcualted so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Asset class	Amortisation method and rate
Goodwill	Straight line over 10 years

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Asset class	Depreciation method and rate
Equipment	10% straight line
Leasehold Property	Straight line over the life of the lease
Motor vehicles	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

Riverford Farm Shops Limited
Notes to the Abbreviated Accounts
Year Ended 30 June 2015 ......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 July 2014		325,000			1,121,939			1,446,939
Additions		-			87,755			87,755
At 30 June 2015		325,000			1,209,694			1,534,694
Depreciation
At 1 July 2014		260,000			624,656			884,656
Charge for the year		32,500			124,010			156,510
At 30 June 2015		292,500			748,666			1,041,166
Net book value
At 30 June 2015		32,500			461,028			493,528
At 30 June 2014		65,000			497,283			562,283

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		62,671			82,827
Amounts falling due after more than one year		169,663			224,561
Total secured creditors		232,334			307,388

Included in the creditors are the following amounts due after more than five years:

Page 4

Riverford Farm Shops Limited
Notes to the Abbreviated Accounts
Year Ended 30 June 2015 ......... continued

		2015 £			2014 £
After more than five years by instalments		39,142			37,316

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary A shares of £1 each		403			403			403			403
Ordinary B shares of £1 each		322			322			322			322
Ordinary C shares of £1 each		275			275			275			275
Ordinary D shares of £1 each		100			100			100			100
Redeemable Preference shares of £1 each		278,000			278,000			278,000			278,000
		279,100			279,100			279,100			279,100

Redeemable preference shares

The Redeemable preference shares are redeemable at the option of the company. They are redeemable at £1 per share and carry no voting rights. On a winding up of the company the holders of the shares have a right to receive the nominal value of each share, together with a dividend which the Board in its absolute discretion may decide from time to time.

Page 5