Boty Farms Limited - Accounts to registrar - small 17.2

Boty Farms Limited - Accounts to registrar - small 17.2


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REGISTERED NUMBER: 00624493 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

FOR

BOTY FARMS LIMITED

BOTY FARMS LIMITED (REGISTERED NUMBER: 00624493)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


BOTY FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2017







DIRECTORS: Mrs B Boty
Miss F M Boty





SECRETARY: Mrs B Boty





REGISTERED OFFICE: Bank Chambers
1 Central Avenue
Sittingbourne
Kent
ME10 4AE





BUSINESS ADDRESS: Herne House Farm
Ruckinge
ASHFORD
TN26 2PD





REGISTERED NUMBER: 00624493 (England and Wales)





ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
Bank Chambers
1 Central Avenue
SITTINGBOURNE
Kent
ME10 4AE

BOTY FARMS LIMITED (REGISTERED NUMBER: 00624493)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2017

31.1.17 31.1.16
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 240,258 254,574
240,258 254,574

CURRENT ASSETS
Stocks 7 35,000 28,240
Debtors 8 5,204 18,507
Cash at bank 33,816 31,419
74,020 78,166
CREDITORS
Amounts falling due within one year 9 233,544 239,158
NET CURRENT LIABILITIES (159,524 ) (160,992 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

80,734

93,582

CREDITORS
Amounts falling due after more than one
year

10

(14,077

)

(16,829

)

PROVISIONS FOR LIABILITIES (12,382 ) (13,371 )
NET ASSETS 54,275 63,382

BOTY FARMS LIMITED (REGISTERED NUMBER: 00624493)

STATEMENT OF FINANCIAL POSITION - continued
31 JANUARY 2017

31.1.17 31.1.16
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 12 61,200 61,200
Revaluation reserve 13 800 800
Retained earnings (7,725 ) 1,382
SHAREHOLDERS' FUNDS 54,275 63,382

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 1 July 2017 and were signed on its behalf by:





Mrs B Boty - Director


BOTY FARMS LIMITED (REGISTERED NUMBER: 00624493)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017

1. STATUTORY INFORMATION

Boty Farms Limited is a private company, limited by shares , registered in England and Wales. The company's
registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The transition to FRS102 took place on 1 February 2015

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The company meets its day to day working capital requirements through the support of the director and she has
pledged her continuing support. She therefore considers it appropriate to prepare accounts on the going concern
basis. These financial statements do not include any adjustments that would result from a withdrawal of this
support.

Turnover
Turnover represents net invoiced sales of produce, excluding value added tax.

Milk quota
Milk Quota, being the amount paid in connection with the acquisition of the leasing quota, is being written off
evenly over its estimated useful life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold Farm & Buildings - 2% on cost
Improvements to property - 10% on cost and 5% on cost
Fixtures and fittings - straight line over 3 years
Tractors and Equipment - 20% 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.

BOTY FARMS LIMITED (REGISTERED NUMBER: 00624493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2017

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and
liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and
loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the
effective interest method, less impairment losses for bad and doubtful debts except where the effect of
discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for
bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period
for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is
recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an
asset's carrying amount and the present value of estimated cash flows discounted at the asset's original
effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any
impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference
between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the
company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of
the future payments and subsequently at amortised cost using the effective interest method. Debt instruments
that are payable or receivable within one year, typically trade payables or receivables, are measured, initially
and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or
received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the
payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a
market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is
measured, initially and subsequently, at the present value of the future payments discounted at a market rate of
interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when
there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis
or to realise the asset and settle the liability simultaneously.


BOTY FARMS LIMITED (REGISTERED NUMBER: 00624493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2017

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to
the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal
of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they
will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension
scheme are charged to profit or loss in the period to which they relate.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in
operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of
accounting in preparing the annual financial statements.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to
determine whether there is an indication that an asset may be impaired. If there is an indication of possible
impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use
and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable
amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss
is recognised immediately in profit and loss.

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the
last sold date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is
increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been
determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A
reversal of an impairment loss is recognised immediately in profit and loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

BOTY FARMS LIMITED (REGISTERED NUMBER: 00624493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2017

5. INTANGIBLE FIXED ASSETS
Milk
Quota
£   
COST
At 1 February 2016
and 31 January 2017 107,640
AMORTISATION
At 1 February 2016
and 31 January 2017 107,640
NET BOOK VALUE
At 31 January 2017 -
At 31 January 2016 -

6. TANGIBLE FIXED ASSETS
Freehold Improvements Fixtures Tractors
Farm & to and and
Buildings property fittings Equipment Totals
£    £    £    £    £   
COST
At 1 February 2016 237,537 71,192 359 366,429 675,517
Additions - - - 9,250 9,250
Disposals - - - (4,577 ) (4,577 )
At 31 January 2017 237,537 71,192 359 371,102 680,190
DEPRECIATION
At 1 February 2016 72,161 70,260 180 278,342 420,943
Charge for year 4,760 371 120 17,548 22,799
Eliminated on disposal - - - (3,810 ) (3,810 )
At 31 January 2017 76,921 70,631 300 292,080 439,932
NET BOOK VALUE
At 31 January 2017 160,616 561 59 79,022 240,258
At 31 January 2016 165,376 932 179 88,087 254,574

7. STOCKS
31.1.17 31.1.16
£    £   
Valuation 35,000 28,240

BOTY FARMS LIMITED (REGISTERED NUMBER: 00624493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2017

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.17 31.1.16
£    £   
Trade debtors - 608
Other debtors 2,334 10,017
VAT Refund 2,870 6,351
Corporation Tax Refund - 1,531
5,204 18,507

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.17 31.1.16
£    £   
AMC Loan 2,539 2,217
Trade creditors 3,650 11,002
Taxation 2,415 -
Other creditors 3,000 2,800
Other taxes and PAYE 7 61
Directors' Current Accounts 221,933 223,078
233,544 239,158

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.1.17 31.1.16
£    £   
AMC Loan 11,405 10,379
AMC Loan 2,672 6,450
14,077 16,829

11. SECURED DEBTS

The following secured debts are included within creditors:

31.1.17 31.1.16
£    £   
AMC Loan 16,616 19,046

There is a fixed charged over the land at Royal Military Road, Ashford together with all other assets.

12. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.1.17 31.1.16
value: £    £   
61,200 Ordinary £1 61,200 61,200

BOTY FARMS LIMITED (REGISTERED NUMBER: 00624493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2017

13. RESERVES
Revaluation
reserve
£   
At 1 February 2016
and 31 January 2017 800