AW Frampton & Son Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 06472341 (England and Wales)

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

FOR

AW FRAMPTON & SON LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

A W Frampton

Mrs F M M Frampton

M O Frampton

SECRETARY:

Mrs F M M Frampton

REGISTERED OFFICE:

18 High West Street

Dorchester

Dorset

DT1 1UW

REGISTERED NUMBER:

06472341 (England and Wales)

ACCOUNTANTS:

Pugsley Revill

18 High West Street

Dorchester

Dorset

DT1 1UW

FIXED ASSETS

Intangible assets

2

488,191

507,992

Tangible assets

3

3,753,876

2,721,413

4,242,067

3,229,405

CURRENT ASSETS

Stocks

175,700

172,365

Debtors

167,364

213,483

Cash at bank

53,906

-

396,970

385,848

CREDITORS

Amounts falling due within one year

4

3,281,097

630,574

NET CURRENT LIABILITIES

(2,884,127

)

(244,726

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,357,940

2,984,679

CREDITORS

Amounts falling due after more than one year

4

(578,234

)

(2,316,960

)

PROVISIONS FOR LIABILITIES

(147,324

)

(117,467

)

NET ASSETS

632,382

550,252

CAPITAL AND RESERVES

Called up share capital

5

330

330

Profit and loss account

632,052

549,922

SHAREHOLDERS' FUNDS

632,382

550,252

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 20 December 2016 and were signed on its behalf by:

A W Frampton - Director

Mrs F M M Frampton - Director

M O Frampton - 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 net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of twenty years.

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.

Bulk milk tank

-

15% on reducing balance

Drainage,fencing & barn

-

15% on reducing balance

New dairy & freehold property

-

not provided

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Tractors

-

25% on reducing balance

Computer equipment

-

25% 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

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.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

and 30 April 2016

526,762

AMORTISATION

At 1 May 2015

18,770

Amortisation for year

19,801

At 30 April 2016

38,571

NET BOOK VALUE

At 30 April 2016

488,191

At 30 April 2015

507,992

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

3,038,680

Additions

1,176,160

Disposals

(104,855

)

At 30 April 2016

4,109,985

DEPRECIATION

At 1 May 2015

317,267

Charge for year

93,887

Eliminated on disposal

(55,045

)

At 30 April 2016

356,109

NET BOOK VALUE

At 30 April 2016

3,753,876

At 30 April 2015

2,721,413

4.

CREDITORS

Creditors include an amount of £ 3,659,390 (2015 - £ 2,629,760 ) for which security has been given.

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

2016

2015

£

£

Repayable by instalments

-

1,549,664

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

300

Ordinary

£1

300

300

10

'A' Ordinary

£1

10

10

20

'B' Ordinary

£1

20

20

330

330

6.	TRANSACTIONS WITH DIRECTORS

7.	POST BALANCE SHEET EVENTS

The company redeemed the NatWest bank borrowing of £2,900,000 in September 2016 following the

switch of its banking facilities to HSBC.Additional borrowing of £460000 was taken up at the same time.