Robert Forrest Limited - Accounts to registrar (filleted) - small 17.3
Robert Forrest Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| Robert Forrest Limited |
| Financial Statements |
| for the Year Ended 28th May 2017 |
| Robert Forrest Limited (Registered number: SC065011) |
| Contents of the Financial Statements |
| for the year ended 28th May 2017 |
| Page |
| Company information | 1 |
| Balance sheet | 2 | to | 3 |
| Notes to the financial statements | 4 | to | 7 |
| Robert Forrest Limited |
| Company Information |
| for the year ended 28th May 2017 |
| Directors: |
| Secretary: |
| Registered office: |
| Registered number: |
| Accountants: |
| Academy House |
| Shedden Park Road |
| Kelso |
| Roxburghshire |
| TD5 7AL |
| Robert Forrest Limited (Registered number: SC065011) |
| Balance Sheet |
| 28th May 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Investments | 5 |
| Current assets |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 7 |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| Provisions for liabilities | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital |
| Capital redemption reserve |
| Retained earnings |
| Shareholders' funds |
| Robert Forrest Limited (Registered number: SC065011) |
| Balance Sheet - continued |
| 28th May 2017 |
| 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. |
| In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
| The financial statements were approved by the Board of Directors on its behalf by: |
| Robert Forrest Limited (Registered number: SC065011) |
| Notes to the Financial Statements |
| for the year ended 28th May 2017 |
| 1. | Statutory information |
| Robert Forrest Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Changes in accounting policies |
| The principal accounting policies adopted in the preparation of the financial statements are set out |
| below. |
| The financial statements for the year ended 28th May 2017 are the first financial statements that |
| comply with FRS 102 Section 1A for small entities. The date of transition is 29th May 2015. |
| There has been no impact to the financial statements on the transition date. |
| Turnover |
| Turnover represents the total invoice value, excluding value added tax, of sales invoices during the |
| year. Turnover arising from the sale of goods is recognised when the significant risks and rewards of |
| ownership have passed to the buyer. |
| Tangible fixed assets |
| Tenants improvements | - |
| Tractors and implements | - |
| Motor vehicles | - |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment |
| losses. |
| Stocks |
| Stock is valued at the lower of cost and net realisable value except for mature breeding stock, which is |
| on the herd basis. Cost includes all direct expenditure and appropriate proportion of fixed and variable |
| overheads. Net realisable value is based on estimated selling prices less further costs expected to be |
| incurred in bringing the stock to completion and disposal. |
| Financial instruments |
| The following assets and liabilities are classified as financial instruments - trade debtors, trade |
| creditors, bank loans and directors' loans. |
| Bank loans are initially measured at the present value of future payments, discounted at a market rate |
| of interest, and subsequently at amortised cost using the effective interest method. |
| Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the |
| undiscounted amount of the cash or other consideration expected to be paid or received. |
| Financial assets that are measured at 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 |
| in the Statement of Income and Retained Earnings. |
| Robert Forrest Limited (Registered number: SC065011) |
| Notes to the Financial Statements - continued |
| for the year ended 28th May 2017 |
| 2. | Accounting policies - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
| Income and Retained Earnings, 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
| the balance sheet 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. |
| Foreign currencies |
| Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the |
| rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded |
| at the date of the transactions. All differences are taken to the Profit and Loss account. |
| 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. |
| Provisions are set up only where it is probable that a present obligation exists as a result of an event |
| prior to the balance sheet date and that a payment will be required in settlement that can be estimated |
| reliably. Where material, provisions are calculated on a discounted basis. |
| Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of |
| Income and Retained Earnings in the period in which they are incurred. |
| The directors have considered the company's financial position for a period of 12 months from the date |
| of signing these financial statements and have reasonable expectation that the company has adequate |
| resources to continue in operational existence for the foreseeable future. Accordingly, they continue to |
| adopt the going concern basis in preparing these financial statements. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets |
| and depreciated over the shorter of the lease term and their useful lives. Obligations under such |
| agreements are included in creditors net of finance charge allocated to future periods. The finance |
| element of the rental payment is charged to the profit and loss account so as to produce constant |
| periodic rates of charge on the net obligations outstanding in each period. |
| Rentals payable under operating leases are charged against income on a straight line basis over the |
| lease term. |
| Investments |
| Fixed asset investments are stated at cost less provision for permanent diminution in value. |
| Robert Forrest Limited (Registered number: SC065011) |
| Notes to the Financial Statements - continued |
| for the year ended 28th May 2017 |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Tangible fixed assets |
| Tractors |
| Tenants | and | Motor |
| improvements | implements | vehicles | Totals |
| £ | £ | £ | £ |
| Cost |
| At 29th May 2016 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 28th May 2017 |
| Depreciation |
| At 29th May 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 28th May 2017 |
| Net book value |
| At 28th May 2017 |
| At 28th May 2016 |
| 5. | Fixed asset investments |
| Interest |
| in other |
| participating | Other |
| interests | investments | Totals |
| £ | £ | £ |
| Cost |
| At 29th May 2016 | 24,579 | 24,880 |
| Disposals | 1,710 | 1,710 |
| At 28th May 2017 | 26,289 | 26,590 |
| Net book value |
| At 28th May 2017 | 26,289 | 26,590 |
| At 28th May 2016 | 24,579 | 24,880 |
| 6. | Debtors: amounts falling due within one year |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Robert Forrest Limited (Registered number: SC065011) |
| Notes to the Financial Statements - continued |
| for the year ended 28th May 2017 |
| 7. | Creditors: amounts falling due within one year |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 9) |
| Income in advance |
| Trade creditors |
| Other creditors |
| 8. | Creditors: amounts falling due after more than one year |
| 2017 | 2016 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 9) |
| 9. | Leasing agreements |
| Minimum lease payments fall due as follows: |
| Hire purchase |
| contracts |
| 2017 | 2016 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable |
| operating leases |
| 2017 | 2016 |
| £ | £ |
| Between one and five years |
| 10. | Secured debts |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| Hire purchase contracts | 128,838 | 95,123 |
| The bank overdraft and bank loan are secured by a bond and floating charge. The bank also holds a |
| personal guarantee from the directors for £470,000. |
| The HP liabilities are secured against the assets to which they relate. |