A A Read Farms Limited - Period Ending 2016-03-31

A A Read Farms Limited

Unaudited Abbreviated Accounts

FOR THE Year Ended 31 March 2016

A A Read Farms Limited
Contents

			Page

Abbreviated Balance Sheet

Notes to the Abbreviated Accounts

2 to 5

A A Read Farms Limited
(Registration number: 05159146)
Abbreviated Balance Sheet at 31 March 2016

	Note	2016 £	2015 £
Fixed assets
Tangible fixed assets		899,288	731,898
Investments		11,000	11,959
		910,288	743,857
Current assets
Stocks		436,430	405,475
Debtors		62,942	24,397
Cash at bank and in hand		87,870	349,341
		587,242	779,213
Creditors: Amounts falling due within one year		(58,835)	(154,005)
Net current assets		528,407	625,208
Total assets less current liabilities		1,438,695	1,369,065
Creditors: Amounts falling due after more than one year		(299,965)	(233,299)
Provisions for liabilities		(91,549)	(24,503)
Net assets		1,047,181	1,111,263
Capital and reserves
Called up share capital	4	7,100	7,100
Profit and loss account		1,040,081	1,104,163
Shareholders' funds		1,047,181	1,111,263

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

Approved by the Board on 16 September 2016 and signed on its behalf by:

.........................................
A A Read
Director

The notes on pages 2 to 5 form an integral part of these financial statements.
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A A Read Farms Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Government grants

Single Farm Payment is received in respect of calendar years. Receipt is contingent upon meeting certain eligibilty criteria. Once the criteria have been met, the income is recognised on a time apportioned basis over the calendar year to which it relates.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value,
over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Sugar beet quota	20% straight line
Land payment entitlements	33% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold land and buildings	2% straight line
Tractors and combines	20% and 25% reducing balance
Implements and machinery	20% and 25% reducing balance
Motor vehicles	25% reducing balance

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Stock and work in progress

The basis of valuation is as follows: Raw materials and consumables are stated at the lower of cost or net realisable value, Tenantright is calculated by a combination of actual costs incurred and standard costs. Produce on hand is valued at standard cost. Livestock is valued at the lower of cost or net realisable value. The basis of valuation is consistent with previous years.

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A A Read Farms Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
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Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

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A A Read Farms Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
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2

Fixed assets

	Intangible assets £	Tangible assets £	Investments £	Total £
Cost
At 1 April 2015	32,105	1,661,424	11,959	1,705,488
Additions	-	329,000	-	329,000
Disposals	-	(255,719)	(959)	(256,678)
At 31 March 2016	32,105	1,734,705	11,000	1,777,810
Depreciation
At 1 April 2015	32,105	929,526	-	961,631
Charge for the year	-	123,042	-	123,042
Eliminated on disposals	-	(217,151)	-	(217,151)
At 31 March 2016	32,105	835,417	-	867,522
Net book value
At 31 March 2016	-	899,288	11,000	910,288
At 31 March 2015	-	731,898	11,959	743,857

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
D A Read (Farms) Limited	England and Wales	Ordinary	100%	Dormant

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

	2016 £	2015 £

Amounts falling due within one year	16,667	-
Amounts falling due after more than one year	66,666	-
Total secured creditors	83,333	-

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A A Read Farms Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
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Included in the creditors are the following amounts due after more than five years:

	2016 £	2015 £

After more than five years by instalments	233,299	233,299

4	Share capital

Allotted, called up and fully paid shares

	2016			2015
		No.	£		No.	£
Ordinary of £1 each		7,100	7,100		7,100	7,100

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A A Read Farms Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
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