Company Registration No. SC471948 (Scotland)
GARSON FARMS LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2015
GARSON FARMS LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 4
GARSON FARMS LTD
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2015
30 April 2015
- 1 -
2015
Notes
£
£
Fixed assets
Tangible assets
2
121,603
Current assets
Stocks
333,045
Debtors
11,607
344,652
Creditors: amounts falling due within one year
3
(229,561)
Net current assets
115,091
Total assets less current liabilities
236,694
Creditors: amounts falling due after more than one year
4
(218,271)
Provisions for liabilities
(24,321)
(5,898)
Capital and reserves
Called up share capital
5
100
Profit and loss account
(5,998)
Shareholders' funds
(5,898)
For the financial period ended 30 April 2015 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 period 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board and authorised for issue on 5 October 2015
Mr S Wood
Director
Company Registration No. SC471948
GARSON FARMS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 30 APRIL 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
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).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets 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 Leasehold
straight line over lease term
Plant and machinery
20% reducing balance basis
Fixtures, fittings & equipment
25% reducing balance basis
Motor vehicles
25% reducing balance basis
1.5
Leasing and hire purchase 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 the 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 a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
GARSON FARMS LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2015
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 7 March 2014
-
Additions
184,426
Disposals
(324)
At 30 April 2015
184,102
Depreciation
At 7 March 2014
-
Charge for the period
62,499
At 30 April 2015
62,499
Net book value
At 30 April 2015
121,603
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £94,666.
The company has granted a floating charge to Bank of Scotland PLC as security for all sums borrowed from the bank.
The company has acquired some plant and machinery on hire purchase terms.
4
Creditors: amounts falling due after more than one year
2015
£
Total amounts repayable by instalments which are due in more than five years
120,000
The aggregate amount of creditors for which security has been given amounted to £200,000.
The company has granted a floating charge to Bank of Scotland PLC as security for all sums borrowed from the bank.
GARSON FARMS LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2015
- 4 -
5
Share capital
2015
£
Allotted, called up and fully paid
24 Class A ordinary shares of £1 each
24
24 Class B ordinary shares of £1 each
24
52 Class C ordinary shares of £1 each
52
100
Upon the incorporation of the company Mr S Wood, director, subscribed for 24 'A' ordinary shares of £1 each at par; Mrs W Wood, director, subscribed for 24 'B' ordinary shares of £1 each at par; and Mr G Wood, director, subscribed for 52 'C' ordinary shares of £1 each at par.