Agricultural Sales and Service Ltd - Period Ending 2016-11-30

	Note	2016 £	2015 £
Fixed assets
Tangible fixed assets	2	101,471	97,729
Current assets
Stocks		78,207	101,018
Debtors		36,064	23,124
Cash at bank and in hand		168,116	121,571
		282,387	245,713
Creditors: Amounts falling due within one year		(126,437)	(109,891)
Net current assets		155,950	135,822
Net assets		257,421	233,551
Capital and reserves
Called up share capital	3	100	100
Profit and loss account		257,321	233,451
Shareholders' funds		257,421	233,551

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

Agricultural Sales and Service Ltd
Abbreviated Balance Sheet
30 November 2016 ......... continued

For the year ending 30 November 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 .

Approved by the Board on 29 March 2017 and signed on its behalf by:

Mr J R Lutey
Director

Company Registration Number: 04961074

The notes on pages 3 to 4 form an integral part of these financial statements.
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Agricultural Sales and Service Ltd
Notes to the Abbreviated Accounts
Year Ended 30 November 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).

Turnover

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

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Goodwill purchased in the acquisition of a business in 2003 has been written off evenly over its estimated useful life of 10 years. It has now been fully amortised.

Asset class	Amortisation method and rate
Goodwill	10% 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
Plant and machinery	15% reducing balance
Motor vehicles	25% reducing balance
Computers	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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Agricultural Sales and Service Ltd
Notes to the Abbreviated Accounts
Year Ended 30 November 2016 ......... continued

2	Fixed assets

	Intangible assets £	Tangible assets £	Total £
Cost
At 1 December 2015	20,000	141,624	161,624
Additions	-	17,047	17,047
At 30 November 2016	20,000	158,671	178,671
Depreciation
At 1 December 2015	20,000	43,895	63,895
Charge for the year	-	13,305	13,305
At 30 November 2016	20,000	57,200	77,200
Net book value
At 30 November 2016	-	101,471	101,471
At 30 November 2015	-	97,729	97,729

3	Share capital

Allotted, called up and fully paid shares

	2016			2015
		No.	£		No.	£
Ordinary shares of £1 each		100	100		100	100

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