Woodbank Farms Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC158476 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 January 2018

for

Woodbank Farms Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A W Clark

G Clark

A S Clark

Mrs L Clark

SECRETARY:

A W Clark

REGISTERED OFFICE:

Woodbank

Windygates

Fife

KY8 5RU

REGISTERED NUMBER:

SC158476 (Scotland)

ACCOUNTANTS:

Campbell Dallas Limited

Accountants

5 Whitefriars Crescent

Perth

Perthshire

PH2 0PA

BANKERS:

Royal Bank of Scotland

Durie Street

Leven

KY8 4EW

FIXED ASSETS

Tangible assets

4

2,364,547

2,496,994

CURRENT ASSETS

Stocks

308,796

126,313

Debtors

5

935,435

862,930

Cash at bank

104,961

135,049

1,349,192

1,124,292

CREDITORS

Amounts falling due within one year

6

163,164

53,310

NET CURRENT ASSETS

1,186,028

1,070,982

TOTAL ASSETS LESS CURRENT LIABILITIES

3,550,575

3,567,976

CREDITORS

Amounts falling due after more than one year

7

(2,128,155

)

(2,458,325

)

PROVISIONS FOR LIABILITIES

(141,620

)

(102,959

)

NET ASSETS

1,280,800

1,006,692

CAPITAL AND RESERVES

Called up share capital

9

358,000

358,000

Retained earnings

922,800

648,692

SHAREHOLDERS' FUNDS

1,280,800

1,006,692

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 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 October 2018 and were signed on its behalf by:

A W Clark - Director

G Clark - Director

A S Clark - Director

1.	STATUTORY INFORMATION

Woodbank Farms Limited is a private company, limited by shares , registered in Scotland. 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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover comprises the income from electricity generation and the invoiced value of goods supplied by the

company, exclusive of Value Added Tax and trade discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Wind turbine

-

5% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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 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.

4.	TANGIBLE FIXED ASSETS

Plant and

Wind

machinery

turbine

Totals

£

£

£

COST

At 1 February 2017

and 31 January 2018

17,172

2,617,314

2,634,486

DEPRECIATION

At 1 February 2017

6,626

130,866

137,492

Charge for year

1,582

130,865

132,447

At 31 January 2018

8,208

261,731

269,939

NET BOOK VALUE

At 31 January 2018

8,964

2,355,583

2,364,547

At 31 January 2017

10,546

2,486,448

2,496,994

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

187,799

320,713

Other debtors

747,636

542,217

935,435

862,930

The company has a participating interest as a partner of A W Clark & Sons, a farming partnership having its

normal place of business at Woodbank, Windygates, Fife.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

120,000

-

Trade creditors

17,498

38,831

Taxation and social security

19,287

-

Other creditors

6,379

14,479

163,164

53,310

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

2,128,155

2,458,325

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

2,248,155

2,458,325

The Royal Bank of Scotland Plc holds a floating charge over the assets of the company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

358,000

Ordinary

£1

358,000

358,000

10.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party due to there being no shareholder holding more than 50% of the

shares; A W Clark, G Clark, A S Clark and L Clark jointly control Woodbank Farms Ltd.