Childhay Farming Limited - Period Ending 2015-04-30

Registration number: 03160693

Childhay Farming Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 April 2015
 

Childhay Farming Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Childhay Farming Limited
(Registration number: 03160693)
Abbreviated Balance Sheet at 30 April 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					-			5,683
Tangible fixed assets					1,014,253			439,820
					1,014,253			445,503
Current assets
Stocks					752,238			731,722
Debtors					410,574			327,377
					1,162,812			1,059,099
Creditors: Amounts falling due within one year					(863,769)			(856,156)
Net current assets					299,043			202,943
Total assets less current liabilities					1,313,296			648,446
Creditors: Amounts falling due after more than one year					(874,522)			(269,511)
Provisions for liabilities					(96,988)			(39,957)
Net assets					341,786			338,978
Capital and reserves
Called up share capital		4			250,000			250,000
Profit and loss account					91,786			88,978
Shareholders' funds					341,786			338,978

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

Childhay Farming Limited
(Registration number: 03160693)
Abbreviated Balance Sheet at 30 April 2015
......... continued

For the year ending 30 April 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 8 October 2015 and signed on its behalf by:

 Mr T Frost
 Director

 Mr W R Frost
 Director

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

Childhay Farming Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 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).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Revenue is recognised on provision of goods and services to customers with the exception of contract farming income which is recognised annually at the year end.

Amortisation

Intangible fixed assets comprise milk quota. This is shown in the financial statements at cost, less any diminuation in value.

Asset class	Amortisation method and rate
Milk quota	Over the useful life of the asset

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Tenants improvements	10% reducing balance
Motor vehicles	25% reducing balance
Plant and machinery	15% - 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

Childhay Farming Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 May 2014		216,417			1,320,244			1,536,661
Additions		-			785,079			785,079
Disposals		(216,417)			(133,500)			(349,917)
At 30 April 2015		-			1,971,823			1,971,823
Depreciation
At 1 May 2014		210,734			880,424			1,091,158
Charge for the year		-			113,244			113,244
Eliminated on disposals		(210,734)			(36,098)			(246,832)
At 30 April 2015		-			957,570			957,570
Net book value
At 30 April 2015		-			1,014,253			1,014,253
At 30 April 2014		5,683			439,820			445,503

3

Creditors

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

Page 4

Childhay Farming Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2015
......... continued

		2015 £			2014 £
Amounts falling due within one year		69,580			64,242
Amounts falling due after more than one year		874,522			269,511
Total secured creditors		944,102			333,753

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

		2015 £			2014 £
After more than five years by instalments		581,386			43,158

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		250,000			250,000			250,000			250,000

5

Control

The company is controlled by the directors.

Page 5