REGISTERED NUMBER: 00124707 (England and Wales)

Financial Statements

for the Year Ended 31 March 2017

for

ABOYNE-CLYDE RUBBER ESTATES OF

CEYLON LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N B Fitzpatrick, MBE

P S Allen

J M Allen

SECRETARY:

N B Fitzpatrick, MBE

REGISTERED OFFICE:

Lloyds Bank Chambers

Hustlergate

Bradford

West Yorkshire

BD1 1UQ

REGISTERED NUMBER:

00124707 (England and Wales)

ACCOUNTANTS:

Rawse, Varley & Co

Chartered Accountants

Lloyds Bank Chambers

Hustlergate

Bradford

BD1 1UQ

FIXED ASSETS

Investments

3

1,455,986

1,152,907

CURRENT ASSETS

Debtors

4

243,671

326,504

Cash at bank

4,494

177,457

248,165

503,961

CREDITORS

Amounts falling due within one year

5

160,818

203,092

NET CURRENT ASSETS

87,347

300,869

TOTAL ASSETS LESS CURRENT LIABILITIES

1,543,333

1,453,776

PROVISIONS FOR LIABILITIES

6

28,571

32,275

NET ASSETS

1,514,762

1,421,501

CAPITAL AND RESERVES

Called up share capital

7

225,000

225,000

Fair value reserve

8

249,450

205,849

Retained earnings

8

1,040,312

990,652

SHAREHOLDERS' FUNDS

1,514,762

1,421,501

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 23 October 2017 and were signed on its behalf by:

N B Fitzpatrick, MBE - Director

1.	STATUTORY INFORMATION

Aboyne-Clyde Rubber Estates of Ceylon Limited is a private company, limited by shares , registered in England

and Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Investment income

Investment income comprises dividends and interest on investments, together with profits less losses on disposal

of investments. Dividends are accounted for when due and interest is accounted for on the accruals basis.

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 and 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 and include unrealised gains and losses on the

revaluation of investments in equity and preference shares. 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.

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.

Investments

Investments are stated at fair value. In the case of investments traded on a recognised stock exchange fair value is

determined by reference to quoted bid prices. Unquoted investments are valued by the directors by reference to

all available evidence including recent transactions, events and company statements relating to the investments

concerned.

Changes in the valuation of investments are taken to profit and loss in the income statement. Unrealised gains

and losses are transferred from retained earnings to fair value reserve net of any related deferred tax.

This represents a change in accounting policy on transition to FRS 102. In previous years investments were

stated at cost, except that an adjustment was made if there had been a permanent diminution in value. The

comparative figures have been restated accordingly.

Cumulative preference dividends

It is the company's policy not to accrue for unpaid cumulative preference dividends, because it is considered that

there is no enforceable contractual right for such dividends to be paid.

No dividends have been paid on the preference shares since 31 December 1923 and the directors have no present

intention to resume dividend payments. On a winding up there is no explicit right by shareholders to payment of

undeclared dividends. Arrears of outstanding preference dividends are estimated by the directors to be in the

region of £1.39m and any future dividend payments would be first applied to the payments of these arrears.

In the circumstances the directors consider the above policy to be the most appropriate basis on which to prepare

the financial statements.

3.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 April 2016

1,152,907

Additions

254,855

Revaluations

48,224

At 31 March 2017

1,455,986

NET BOOK VALUE

At 31 March 2017

1,455,986

At 31 March 2016

1,152,907

If fixed asset investments had not been revalued they would have been included at the following historical cost:

2017

2016

£

£

Cost

1,171,474

921,919

Provision for impairment

21,000

21,000

Net book value

1,156,474

900,919

All investments are in public limited companies which are traded on a recognised stock exchange except for

investments with a fair value of £2,408 (2016 - £3,108). They include listed investments of £1,127,600 (2016 -

£780,740).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Investment debtors

243,671

323,684

Accrued income

-

2,820

243,671

326,504

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other creditors

135,190

185,989

Accruals

25,628

17,103

160,818

203,092

6.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Realised capital losses

(4,299

)

-

Excess management expenses

(13,692

)

(9,664

)

Unrealised investment revaluation gains

46,562

41,939

28,571

32,275

Deferred

tax

£

Balance at 1 April 2016

32,275

Credit to Income Statement during year

(3,704

)

Balance at 31 March 2017

28,571

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

250,000

Ordinary

0.10

25,000

25,000

200,000

7.5% preference

1

200,000

200,000

225,000

225,000

Class rights of shares:

1. Preference shares are participating cumulative preference shares with the right to a further dividend at the

rate of 1/4% for every 5% dividend in excess of 25% on ordinary shares.

2. Preference shares rank in priority to ordinary shares as regards a return of capital.

Upon a poll the voting rights of members are:

1 vote for each preference share

1 vote for each two ordinary shares

The preference shares are regarded as equity because under the company's articles of association the payment of

preference dividends is at the discretion of the directors.

8.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2016

990,652

205,849

1,196,501

Profit for the year

93,261

93,261

Transfer

(43,601

)

43,601

-

At 31 March 2017

1,040,312

249,450

1,289,762

Fair value reserve arises from the revaluation of investments to fair value and is stated net of related deferred tax.

The reserve represents unrealised gains and is non-distributable.

Accumulated reserves accrue to preference shareholders in the event that unpaid cumulative dividends of

approximately £1,395,000 were to be paid.

9.	FIRST YEAR ADOPTION

This is the first year for which financial statements have been prepared under Financial Reporting Standard 102

(FRS 102). Adjustments required on transition to FRS 102 comprise the restatement of investments to fair value

and the related effect on deferred tax.