Plas Farm Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 03003697

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2015

FOR

PLAS FARM LIMITED

Page

Company information

1

Abbreviated balance sheet

2

Notes to the abbreviated accounts

4

DIRECTORS:

H D Williams

R A Williams

N J Goss

SECRETARY:

G H Williams

REGISTERED OFFICE:

Celtic House

Gaerwen Industrial Estate

Gaerwen

Anglesey

LL60 6HR

REGISTERED NUMBER:

03003697

ACCOUNTANTS:

Fraser Wood Services Limited

Chartered Certified Accountants

Victoria House

Plas Llwyd Terrace

Bangor

Gwynedd

LL57 1UB

FIXED ASSETS

Tangible assets

2

478,924

467,209

CURRENT ASSETS

Stocks

189,824

165,765

Debtors

510,540

395,424

Cash at bank and in hand

17,949

42,966

718,313

604,155

CREDITORS

Amounts falling due within one year

(307,961

)

(141,110

)

NET CURRENT ASSETS

410,352

463,045

TOTAL ASSETS LESS CURRENT
LIABILITIES

889,276

930,254

CREDITORS

Amounts falling due after more than one
year

3

(550,083

)

(571,075

)

ACCRUALS AND DEFERRED INCOME

(30,000

)

(47,902

)

NET ASSETS

309,193

311,277

CAPITAL AND RESERVES

Called up share capital

4

225,000

Profit and loss account

84,193

86,277

SHAREHOLDERS' FUNDS

309,193

311,277

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 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 11 August 2016 and were signed on its
behalf by:

H D Williams - 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 January 2015).

Turnover

Turnover represents amounts receivable for food products, net of VAT and trade discounts.

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.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

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.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit

and loss account over the expected useful life of the assets. Grants towards revenue expenditure are

released to the profit and loss account as the related expenditure is incurred.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

1,300,083

Additions

94,527

At 31 December 2015

1,394,610

DEPRECIATION

At 1 January 2015

832,874

Charge for year

82,812

At 31 December 2015

915,686

NET BOOK VALUE

At 31 December 2015

478,924

At 31 December 2014

467,209

3.

CREDITORS

Creditors include the following debts falling due in more than five years:

31.12.15

31.12.14

£

Repayable by instalments

115,312

121,499

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.15

31.12.14

value:

£

225,000

Ordinary

£1

225,000

5.	TRANSACTIONS WITH DIRECTORS

The director's loan £406,243 ( 2014 - £408,725), included in creditors falling due after more than one

year, is non interest bearing and has no fixed date for repayment.