HT_SMITH_(FARMS)_LIMITED - Accounts

HT_SMITH_(FARMS)_LIMITED - Accounts

H.T.SMITH(FARMS)LIMITED - Company Information

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Company Registration No. 00504062 (England and Wales)
HT SMITH (FARMS) LIMITED
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
HT SMITH (FARMS) LIMITED
COMPANY INFORMATION
Directors
BM Wootton
JM Wootton
Company number
00504062
Registered office
Broadfields Farm
Dunmow Road
Rayne
Braintree
Essex
CM77 6SA
Accountants
Bird Luckin Limited
Aquila House
Waterloo Lane
Chelmsford
Essex
CM1 1BN
Business address
Broadfields Farm
Dunmow Road
Rayne
Braintree
Essex
CM77 6SA
Bankers
NatWest Bank Plc - Braintree
47 High Street
Braintree
Essex
CM7 1JT
HT SMITH (FARMS) LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 8
HT SMITH (FARMS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2014
- 1 -
The directors present their report and financial statements for the year ended 31 March 2014.
Principal activities
The principal activity of the company is that of mixed farming.
Directors
The following directors have held office since 1 April 2013:
BM Wootton
JM Wootton
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
BM Wootton
Director
20 October 2014
HT SMITH (FARMS) LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HT SMITH (FARMS) LIMITED FOR THE YEAR ENDED 31 MARCH 2014
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of HT Smith (Farms) Limited for the year ended 31 March 2014 set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of HT Smith (Farms) Limited, as a body, in accordance with the terms of our engagement letter dated 10 July 2012. Our work has been undertaken solely to prepare for your approval the financial statements of HT Smith (Farms) Limited and state those matters that we have agreed to state to the Board of Directors of HT Smith (Farms) Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than HT Smith (Farms) Limited and it's Board of Directors as a body, for our work or for this report.
It is your duty to ensure that HT Smith (Farms) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of HT Smith (Farms) Limited. You consider that HT Smith (Farms) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of HT Smith (Farms) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Bird Luckin Limited
28 October 2014
Chartered Accountants
Aquila House
Waterloo Lane
Chelmsford
Essex
CM1 1BN
HT SMITH (FARMS) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2014
- 3 -
2014
2013
Notes
£
£
Turnover
141,492
232,137
Cost of sales
(111,582)
(181,490)
Gross profit
29,910
50,647
Administrative expenses
(174,859)
(168,607)
Other operating income
145,987
128,997
Operating profit
2
1,038
11,037
Other interest receivable and similar income
3
186
340
Interest payable and similar charges
(1,132)
(619)
Profit on ordinary activities before taxation
92
10,758
Tax on profit on ordinary activities
4
(3,848)
(1,829)
(Loss)/profit for the year
12
(3,756)
8,929
HT SMITH (FARMS) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2014
31 March 2014
- 4 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
6
425,499
444,216
Current assets
Stocks
7
60,116
51,830
Debtors
8
105,709
112,556
Cash at bank and in hand
44,050
54,532
209,875
218,918
Creditors: amounts falling due within one year
9
(125,688)
(124,692)
Net current assets
84,187
94,226
Total assets less current liabilities
509,686
538,442
Capital and reserves
Called up share capital
11
2,999
2,999
Other reserves
12
2,001
2,001
Profit and loss account
12
504,686
533,442
Shareholders' funds
509,686
538,442
For the financial year ended 31 March 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).
Approved by the Board for issue on 20 October 2014
BM Wootton
JM Wootton
Director
Director
Company Registration No. 00504062
HT SMITH (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
- 5 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
2% on cost
10% straight line basis 25%/20%/15%/12.5%/10% reducing balance method 25% reducing balance method
Land and buildings Leasehold
10% straight line basis
Tractors and implements
25%/20%/15%/12.5%/10% reducing balance method
Motor vehicles
25% reducing balance method
1.4
Stock
Stocks are stated at the lower of cost and net realisable value.
1.5
Revenue recognition
The sales of crops sold through the Camgrain pool are recognised in full during the year.
1.6
The Single Farm Payment
The Single Payment System money is included in the accounts when:

1                    The relevant claim has been made and
2                    The business had at its disposal an equivalent number of hectares to that which established
                       its entitlement on 15 May in the year of the claim.
2
Operating profit
2014
2013
£
£
Operating profit is stated after charging:
Depreciation of tangible assets
18,717
18,787
Directors' remuneration
36,100
26,000
and after crediting:
Government grants
32,712
32,660
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2013 - 1).
HT SMITH (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 6 -
3
Investment income
2014
2013
£
£
Bank interest
186
340
186
340
4
Taxation
2014
2013
£
£
Domestic current year tax
U.K. corporation tax
3,848
1,829
Total current tax
3,848
1,829
The company has estimated losses of £ 337,965 (2013 - £ 342,000) available for carry forward against future trading profits.
5
Dividends
2014
2013
£
£
Ordinary interim paid
25,000
20,007
6
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2013 & at 31 March 2014
521,181
192,539
713,720
Depreciation
At 1 April 2013
122,558
146,946
269,504
Charge for the year
14,511
4,206
18,717
At 31 March 2014
137,069
151,152
288,221
Net book value
At 31 March 2014
384,112
41,387
425,499
At 1 April 2013
398,623
45,593
444,216
HT SMITH (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 7 -
7
Stocks
2014
2013
£
£
Stocks
60,116
51,830
8
Debtors
2014
2013
£
£
Trade debtors
99
-
0
Other debtors
105,610
112,556
105,709
112,556
9
Creditors: amounts falling due within one year
2014
2013
£
£
Bank loans and overdrafts
76,800
38,221
Trade creditors
2,273
25,776
Taxation and social security
7,499
7,142
Other creditors
39,116
53,553
125,688
124,692
10
Pension costs
Defined contribution
2014
2013
£
£
Contributions payable by the company for the year
12,100
2,000
11
Share capital
2014
2013
£
£
Allotted, called up and fully paid
898 A Ordinary shares of £1 each
898
898
2,101 B Ordinary shares of £1 each
2,101
2,101
2,999
2,999
HT SMITH (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 8 -
12
Statement of movements on reserves
Other reserves
(see below)
Profit
and loss
account
£
£
Balance at 1 April 2013
2,001
533,442
Loss for the year
-
(3,756)
Dividends paid
-
(25,000)
Balance at 31 March 2014
2,001
504,686
Other reserves
Capital redemption reserve
Balance at 1 April 2013 & at 31 March 2014
2,001
13
Control
The company is ultimately controlled by the director JM Wootton.
14
Related party relationships and transactions

The company paid rent of £17,210 (2013: £17,210) for land that is owned by: - Mrs JS Wootton, wife of the director BM Wootton - JM Wootton, a director of the company - Various family trusts A dividend of £25,000 (2013: £20,007) was paid during the year to the BM Wootton Settlement of which BM Wootton and JM Wootton are trustees.

- Mrs JS Wootton, wife of the director BM Wootton

- JM Wootton, a director of the company

- Various family trusts

 

A dividend of £25,000 (2013: £20,007) was paid during the year to the BM Wootton Settlement of which BM Wootton and JM Wootton are trustees.

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