Childhay Farming Limited - Period Ending 2016-04-30

Registration number: 03160693

Childhay Farming Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 April 2016
 

Childhay Farming Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Childhay Farming Limited
(Registration number: 03160693)
Abbreviated Balance Sheet at 30 April 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					994,424			1,014,253
Current assets
Stocks					815,232			752,238
Debtors					526,186			410,574
					1,341,418			1,162,812
Creditors: Amounts falling due within one year					(768,921)			(863,769)
Net current assets					572,497			299,043
Total assets less current liabilities					1,566,921			1,313,296
Creditors: Amounts falling due after more than one year					(1,207,616)			(874,522)
Provisions for liabilities					(109,260)			(96,988)
Net assets					250,045			341,786
Capital and reserves
Called up share capital		4			250,000			250,000
Profit and loss account					45			91,786
Shareholders' funds					250,045			341,786

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Childhay Farming Limited
(Registration number: 03160693)
Abbreviated Balance Sheet at 30 April 2016
......... continued

For the year ending 30 April 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 26 January 2017 and signed on its behalf by:

 Mr T Frost
 Director

 Mr W R Frost
 Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Childhay Farming Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 chargeable, net of value added tax, in respect of the sale of goods and services to customers. Revenue is recognised on provision of goods and services to customers with the exception of contract farming income which is recognised annually at the year end.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Tenants improvements	10% reducing balance
Motor vehicles	25% reducing balance
Plant and machinery	15% - 25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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Childhay Farming Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 May 2015		1,971,823			1,971,823
Additions		179,567			179,567
Disposals		(7,093)			(7,093)
At 30 April 2016		2,144,297			2,144,297
Depreciation
At 1 May 2015		957,570			957,570
Charge for the year		192,990			192,990
Eliminated on disposals		(687)			(687)
At 30 April 2016		1,149,873			1,149,873
Net book value
At 30 April 2016		994,424			994,424
At 30 April 2015		1,014,253			1,014,253

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		78,688			69,580
Amounts falling due after more than one year		859,864			874,522
Total secured creditors		938,552			944,102

Included in the creditors are the following amounts due after more than five years:

		2016 £			2015 £
After more than five years by instalments		550,263			581,386

Page 4

Childhay Farming Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		250,000			250,000			250,000			250,000

5	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr T Frost
Loan advances	52,881	-	-	-
Interest charged at HMRC rate	398	-	-	-
Repayments	-	7,488	-	-
	53,279	7,488	-	-
Mrs M M Frost
Loan advances	52,881	-	-	-
Interest charged at HMRC rate	398	-	-	-
Repayments	-	7,488	-	-
	53,279	7,488	-	-

6

Control

The company is controlled by the directors.

Page 5