Phyllis Earle Limited - Period Ending 2015-09-30

Registration number: 00177174

Phyllis Earle Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2015
 

landtax llp
Chartered Accountants
Mitre House
Lodge Road
Long Hanborough Business Park
Paradise Square
Oxon
OX29 8SS

Phyllis Earle Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Phyllis Earle Limited - Registration number: 00177174
Balance Sheet as at 30 September 2015

		Note			30 September 2015						(As restated) 30 September 2014
	£			£			£			£
Fixed assets
Tangible fixed assets		2						4,482,487						4,532,725
Investments								2						2
								4,482,489						4,532,727
Current assets
Stocks					134,944						174,648
Debtors					106,415						108,922
Cash at bank and in hand					754,372						565,059
					995,731						848,629
Creditors: Amounts falling due within one year					(199,858)						(179,578)
Net current assets								795,873						669,051
Net assets								5,278,362						5,201,778
Capital and reserves
Called up share capital		3			1,503						1,503
Profit and loss account					5,276,859						5,200,275
Shareholders' funds								5,278,362						5,201,778

For the year ending 30 September 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 30 June 2016 and signed on its behalf by:

.........................................
Ms S J Ducker
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
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Phyllis Earle Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 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).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Turnover

Turnover represents the gross amounts chargeable in respect of the sale of farm produce to customers. Single Farm Payment is accounted for on an accrual basis as the terms of the subsidy were met during the period.

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

Single Farm Payment entitlement	20% straight line basis

Depreciation

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

Freehold property	2% straight line basis
Land	Not depreciated
Plant and machinery	5% straight line basis
Motor vehicles	25% reducing balance basis

Investment properties

UK GAAP requires companies to include investment properties in their balance sheet at their open market value. No such revaluation of the investment properties has been made in the financial statements and accordingly, the financial statements do not comply with the Standards. A valuation of the property was obtained in November 2010 and this is disclosed in the Fixed Assets note.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any permanent diminution in value.

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Phyllis Earle Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2015
......... continued

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.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Investments £			Total £
Cost
At 1 October 2014		54,196			4,924,131			2			4,978,329
Additions		-			7,168			-			7,168
Disposals		-			(47,013)			-			(47,013)
At 30 September 2015		54,196			4,884,286			2			4,938,484
Depreciation
At 1 October 2014		54,196			391,406			-			445,602
Charge for the year		-			46,321			-			46,321
Eliminated on disposals		-			(35,928)			-			(35,928)
At 30 September 2015		54,196			401,799			-			455,995
Net book value
At 30 September 2015		-			4,482,487			2			4,482,489
At 30 September 2014		-			4,532,725			2			4,532,727

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
Phyllis Earle International Limited	England	Ordinary	100%	Dormant

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Phyllis Earle Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2015
......... continued

3	Share capital

Allotted, called up and fully paid shares

	30 September 2015						30 September 2014
		No.			£			No.			£
Ordinary shares of £1 each		-			-			-			-
Ordinary A shares of £1 each		1,175			1,175			1,175			1,175
Ordinary B shares of £1 each		328			328			328			328
		1,503			1,503			1,503			1,503

4	Prior period adjustments

The prior period adjustment of £63,597 represents an overstatement of contractors charges.

5

Control

The company is controlled by Ducker Farming Limited who own the entire issued share capital. The ultimate controlling party is the Ducker family.

Page 4