Mundford Poultry Limited - Period Ending 2017-03-31
Mundford Poultry Limited - Period Ending 2017-03-31
Registration number:
Mundford Poultry Limited
for the Year Ended 31 March 2017
Mundford Poultry Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Mundford Poultry Limited
(Registration number: 01602359)
Balance Sheet as at 31 March 2017
Note |
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2017 |
2017 |
(As restated) |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Other financial assets |
42,856 |
18,674 |
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Cash at bank and in hand |
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 1 |
Mundford Poultry Limited
(Registration number: 01602359)
Balance Sheet as at 31 March 2017
For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
A R Boyce
Director
Page 2 |
Mundford Poultry Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold Property |
Straight line over life of lease |
Plant & Machinery |
Straight line over 10-15 years and 25% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 3 |
Mundford Poultry Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 4 |
Mundford Poultry Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Tangible assets |
Land and buildings |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Included within the net book value of land and buildings above is £1,871,456 (2016 - £1,704,904) in respect of long leasehold land and buildings.
Page 5 |
Mundford Poultry Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Current financial assets |
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Cost |
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At 1 April 2016 |
80,101 |
80,101 |
Additions |
69,314 |
69,314 |
Disposals |
(35,601) |
(35,601) |
At 31 March 2017 |
113,814 |
113,814 |
Fair value adjustment |
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At 1 April 2016 |
61,427 |
61,427 |
Fair value adjustment in the period |
26,499 |
26,499 |
Adjustments resulting from a disposal |
(16,968) |
(16,968) |
At 31 March 2017 |
70,958 |
70,958 |
Carrying amount |
||
At 31 March 2017 |
|
42,856 |
At 31 March 2016 |
|
18,674 |
Debtors |
Note |
2017 |
(As restated) |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Total current trade and other debtors |
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Page 6 |
Mundford Poultry Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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2017 |
2016 |
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After more than five years by instalments |
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1,397,791 |
1,653,681 |
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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- |
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Bank borrowings
Each bank loan is secured by a first legal charge over the Mundford Poultry land and buildings, by a fixed and floating charge over all the other assets of the company and by personal guarantees of £60,000 by each of AR Boyce and DR Parker. |
Page 7 |
Mundford Poultry Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Related party transactions |
Loans from related parties
2017 |
Entities with joint control or significant influence |
At start of period |
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At end of period |
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2016 |
Entities with joint control or significant influence |
At start of period |
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At end of period |
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Terms of loans from related parties
Financial instruments |
Categorisation of financial instruments
2017 |
2016 |
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Financial assets measured at fair value through profit or loss |
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Financial assets measured at fair value
Interest rate cap
A valuation has been obtained from the bank providing the derivative.
The fair value is £42,856 (2016 - £18,674) and the change in value included in profit or loss is £26,499 (2016 - £17,578).
Page 8 |
Mundford Poultry Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Transition to FRS 102 |
Balance Sheet at 1 April 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
2,034,540 |
- |
- |
2,034,540 |
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Current assets |
|||||
Debtors |
657,669 |
(20,767) |
- |
636,902 |
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Other financial assets |
- |
20,767 |
(20,116) |
651 |
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Cash at bank and in hand |
189,244 |
- |
- |
189,244 |
|
846,913 |
- |
(20,116) |
826,797 |
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Creditors: Amounts falling due within one year |
(224,708) |
- |
- |
(224,708) |
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Net current assets/(liabilities) |
622,205 |
- |
(20,116) |
602,089 |
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Total assets less current liabilities |
2,656,745 |
- |
(20,116) |
2,636,629 |
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Creditors: Amounts falling due after more than one year |
(2,397,099) |
- |
- |
(2,397,099) |
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Provisions for liabilities |
(99,496) |
- |
- |
(99,496) |
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Net assets/(liabilities) |
160,150 |
- |
(20,116) |
140,034 |
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Capital and reserves |
|||||
Called up share capital |
2 |
- |
- |
2 |
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Profit and loss account |
160,148 |
- |
(20,116) |
140,032 |
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Total equity |
160,150 |
- |
(20,116) |
140,034 |
Page 9 |
Mundford Poultry Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Balance Sheet at 31 March 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
2,267,101 |
- |
- |
2,267,101 |
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Current assets |
|||||
Debtors |
735,481 |
(51,918) |
- |
683,563 |
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Other financial assets |
- |
51,918 |
(33,244) |
18,674 |
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Cash at bank and in hand |
430,685 |
- |
- |
430,685 |
|
1,166,166 |
- |
(33,244) |
1,132,922 |
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Creditors: Amounts falling due within one year |
(404,649) |
- |
- |
(404,649) |
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Net current assets/(liabilities) |
761,517 |
- |
(33,244) |
728,273 |
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Total assets less current liabilities |
3,028,618 |
- |
(33,244) |
2,995,374 |
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Creditors: Amounts falling due after more than one year |
(2,626,936) |
- |
- |
(2,626,936) |
|
Provisions for liabilities |
(134,884) |
- |
- |
(134,884) |
|
Net assets/(liabilities) |
266,798 |
- |
(33,244) |
233,554 |
|
Capital and reserves |
|||||
Called up share capital |
2 |
- |
- |
2 |
|
Profit and loss account |
266,796 |
- |
(33,244) |
233,552 |
|
Total equity |
266,798 |
- |
(33,244) |
233,554 |
Page 10 |