John Scott & Son (Farmers) ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: SC295518 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2016

for

John Scott & Son (Farmers) ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

J W H Scott

E J Scott

R W Scott

REGISTERED OFFICE:

Caldale

St Ola

Orkney

KW15 1TR

REGISTERED NUMBER:

SC295518 (Scotland)

ACCOUNTANTS:

Orcadia

Chartered Accountants

1 - 3 East Road

Kirkwall

Orkney

KW15 1HZ

BANKERS:

The Royal Bank of Scotland

1 Victoria Street

Kirkwall

Orkney

KW15 1DP

FIXED ASSETS

425,255

Tangible assets

2

389,255

CURRENT ASSETS

313,572

Stocks

313,572

67,358

Debtors

67,358

2,631

Investments

2,631

383,561

CREDITORS

434,659

Amounts falling due within one year

3

434,660

(51,098

)

NET CURRENT LIABILITIES

(51,099

)

374,157

TOTAL ASSETS LESS CURRENT
LIABILITIES

338,156

CREDITORS

(263,249

)

Amounts falling due after more than one
year

3

(227,248

)

(44,000

)

PROVISIONS FOR LIABILITIES

(44,000

)

66,908

NET ASSETS

66,908

CAPITAL AND RESERVES

150

Called up share capital

4

150

66,758

Profit and Loss Account

66,758

66,908

SHAREHOLDERS' FUNDS

66,908

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 29 December 2016 and were signed on its
behalf by:

E J Scott - 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 sales of milk, livestock and crop, excluding value added tax.

Sfp entitlements

SFP Entitlements, being the amount paid in connection with the transfer of a business in 2009, is being

amortised evenly over its estimated useful life of four years.

Milk quota

Milk Quota, being the amount paid in connection with the transfer of a business in 2009, is being

amortised evenly over its estimated useful life of four years.

Tangible fixed assets

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

Plant and machinery etc

-

15% on reducing balance

Stocks

Livestock and crop are valued at a percentage of market value, with purchased animals valued at cost.

Other stocks are valued at the lower of cost or net realisable value.

Deferred tax

Full provision is made for deferred tax assets and liabilities arising from all timing differences between

the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be

suitable taxable profits from which the future reversal of the underlying timing differences can be

deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the

timing differences are expected to reverse.

Deferred tax assets and liabilities are not discounted.

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 1 April 2015

and 31 March 2016

660,752

DEPRECIATION

At 1 April 2015

235,497

Charge for year

36,000

At 31 March 2016

271,497

NET BOOK VALUE

At 31 March 2016

389,255

At 31 March 2015

425,255

3.

CREDITORS

Creditors include an amount of £ 263,142 (2015 - £ 299,143 ) for which security has been given.

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

2016

2015

£

Repayable otherwise than by instalments

63,981

Repayable by instalments

-

29,552

63,981

93,533

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

50

"A" Ordinary

£1

50

100

"B" Ordinary

£1

100

150

5.

CONTROL

The directors control the company.