Abbreviated Company Accounts - BOTY FARMS LIMITED

Abbreviated Company Accounts - BOTY FARMS LIMITED


Registered Number 00624493

BOTY FARMS LIMITED

Abbreviated Accounts

31 January 2016

BOTY FARMS LIMITED Registered Number 00624493

Abbreviated Balance Sheet as at 31 January 2016

Notes 2016 2015
£ £
Fixed assets
Intangible assets 2 - -
Tangible assets 3 254,574 273,227
254,574 273,227
Current assets
Stocks 28,240 75,980
Debtors 18,507 15,927
Cash at bank and in hand 31,419 23,323
78,166 115,230
Creditors: amounts falling due within one year 4 (239,158) (223,841)
Net current assets (liabilities) (160,992) (108,611)
Total assets less current liabilities 93,582 164,616
Creditors: amounts falling due after more than one year 4 (16,829) (18,967)
Provisions for liabilities (13,371) (14,768)
Total net assets (liabilities) 63,382 130,881
Capital and reserves
Called up share capital 5 61,200 61,200
Revaluation reserve 800 800
Profit and loss account 1,382 68,881
Shareholders' funds 63,382 130,881
  • For the year ending 31 January 2016 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 6 September 2016

And signed on their behalf by:
MRS B E BOTY, Director

BOTY FARMS LIMITED Registered Number 00624493

Notes to the Abbreviated Accounts for the period ended 31 January 2016

1Accounting Policies

Basis of measurement and preparation of accounts
Basis of preparing the financial statements
The company meets its day to day working capital requirements through the support of the director and she has pledged her continuing support. She therefore considers it appropriate to prepare accounts on the going concern basis. These financial statements do not include any adjustments that would result from a withdrawal of this support.

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 policy
Turnover represents net invoiced sales of produce, excluding value added tax.

Tangible assets depreciation policy
Depreciation is provided at the following annual rates, in order to write off each asset over its estimated useful life.

Freehold Farm & Buildings - 2% on cost
Improvements to property - 10% on cost and 5% on cost
Fixtures and fittings - straight line over 3 years
Tractors and Equipment - 20% on reducing balance

Intangible assets amortisation policy
Other intangible fixed assets
Milk Quota is written off at a rate of 10% on cost.

Valuation information and policy
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Other accounting policies
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

ULTIMATE CONTROLLING PARTY
The ultimate controlling party is the board of directors.

2Intangible fixed assets
£
Cost
At 1 February 2015 107,640
Additions -
Disposals -
Revaluations -
Transfers -
At 31 January 2016 107,640
Amortisation
At 1 February 2015 107,640
Charge for the year -
On disposals -
At 31 January 2016 107,640
Net book values
At 31 January 2016 0
At 31 January 2015 0
3Tangible fixed assets
£
Cost
At 1 February 2015 667,324
Additions 8,193
Disposals -
Revaluations -
Transfers -
At 31 January 2016 675,517
Depreciation
At 1 February 2015 394,097
Charge for the year 26,846
On disposals -
At 31 January 2016 420,943
Net book values
At 31 January 2016 254,574
At 31 January 2015 273,227
4Creditors
2016
£
2015
£
Secured Debts 19,046 21,284
5Called Up Share Capital
Allotted, called up and fully paid:
2016
£
2015
£
61,200 Ordinary shares of £1 each 61,200 61,200