Pallinsburn Estate Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 09398712 (England and Wales)

Abbreviated Unaudited Accounts

for the Period 21 January 2015 to 1 March 2016

for

Pallinsburn Estate Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mrs J F Farr

G N Farr

REGISTERED OFFICE:

Pallinsburn

Cornhill-on-Tweed

Northumberland

TD12 4SG

REGISTERED NUMBER:

09398712 (England and Wales)

ACCOUNTANTS:

Douglas Home & Co Ltd

Chartered Accountants

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

FIXED ASSETS

Tangible assets

2

1,265,017

CURRENT ASSETS

Stocks

411,008

Debtors

45,437

456,445

CREDITORS

Amounts falling due within one year

1,220,364

NET CURRENT LIABILITIES

(763,919

)

TOTAL ASSETS LESS CURRENT LIABILITIES

501,098

CREDITORS

Amounts falling due after more than one year

(541,513

)

PROVISIONS FOR LIABILITIES

(10,000

)

NET LIABILITIES

(50,415

)

CAPITAL AND RESERVES

Called up share capital

3

1,000

Profit and loss account

(51,415

)

SHAREHOLDERS' FUNDS

(50,415

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 1 March 2016.

The members have not required the company to obtain an audit of its financial statements for the period ended 1 March 2016 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 10 October 2016 and were signed on its behalf by:

G N Farr - Director

Mrs J F Farr - 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).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Turnover

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

Tangible fixed assets

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

Renewables

-

25% on cost

Improvements to property

-

10% on cost

Plant and machinery

-

15% on reducing balance

Combine

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Tractors & Forklifts

-

20% 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 21 January 2015

1,399,845

Additions

34,547

Disposals

(17,350

)

At 1 March 2016

1,417,042

DEPRECIATION

Charge for period

152,759

Eliminated on disposal

(734

)

At 1 March 2016

152,025

NET BOOK VALUE

At 1 March 2016

1,265,017

At 20 January 2015

1,399,845

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

1,000

Ordinary

£1

1,000

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 1 March 2016:

£

G N Farr and Mrs J F Farr

Balance outstanding at start of period

-

Amounts advanced

1,335,469

Amounts repaid

(2,083,586

)

Balance outstanding at end of period

(748,117

)