Ford Farms (Suffolk) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 07090924 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2018

for

Ford Farms (Suffolk) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R G Ford

T W Ford

C R Ford

S G Ford

Mrs S E Ford

REGISTERED OFFICE:

Red House Lodge

South Green

EYE

Suffolk

IP23 7NW

REGISTERED NUMBER:

07090924 (England and Wales)

ACCOUNTANTS:

Argents Chartered Accountants

15 Palace Street

NORWICH

Norfolk

NR3 1RT

FIXED ASSETS

Tangible assets

4

4,751,896

4,580,166

Investments

5

55,005

4,806,901

4,635,171

CURRENT ASSETS

Stocks

536,309

556,311

Debtors

6

317,533

360,101

Cash at bank

298,343

211,779

1,152,185

1,128,191

CREDITORS

Amounts falling due within one year

7

467,901

309,813

NET CURRENT ASSETS

684,284

818,378

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,491,185

5,453,549

CREDITORS

Amounts falling due after more than one
year

8

(852,573

)

(1,162,758

)

PROVISIONS FOR LIABILITIES

(165,248

)

(147,662

)

NET ASSETS

4,473,364

4,143,129

CAPITAL AND RESERVES

Called up share capital

1,000

Retained earnings

4,472,364

4,142,129

SHAREHOLDERS' FUNDS

4,473,364

4,143,129

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 10 September 2018 and were signed on its behalf
by:

R G Ford - Director

1.	STATUTORY INFORMATION

Ford Farms (Suffolk) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

These accounts are the first set to be prepared by the company under FRS 102. On transition a review has been

carried out of the previously recognised amounts to identify any that would need to be restated under the new

standards, but no adjustments were required.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Land and buildings

-

not provided

Plant and machinery

-

25% on reducing balance and 20% on reducing balance

Fixtures, fittings and equipment

-

15% on reducing balance

Vehicles, tractors and combines

-

25% on reducing balance

Depreciation is not provided on buildings, as the directors feel that the repair and renewal costs incurred, which

run through the profit and loss account, assist in keeping the assets at their carrying value, with any depreciation

being immaterial.

Stocks

Consumable stocks and growing crops are valued at the lower of cost and net realisable value. The livestock

has been valued at the lower of the estimated cost of production and net realisable value.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Investments

The fixed asset investment represents share holdings within trading companies. As neither of these have readily

attainable market values these are held at cost.

Ford Farms (Suffolk) Limited holds 1,100 Ordinary Shares in both RG Ford (Farms) Limited and Godfrey Ford

Limited, which represents 100% of the shares of this subsidiary company.

Eu agricultural support scheme

Payments received under the EU crop schemes are recognised as income when the business has met all criteria

which entitle it to the payment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

Vehicles,

fittings

tractors

Land and

Plant and

and

buildings

machinery

equipment

combines

Totals

£

COST

At 1 April 2017

3,735,495

935,187

13,802

541,489

5,225,973

Additions

95,016

85,065

11,305

202,094

393,480

Disposals

-

(512

)

-

(118,450

)

(118,962

)

At 31 March 2018

3,830,511

1,019,740

25,107

625,133

5,500,491

DEPRECIATION

At 1 April 2017

-

463,196

9,377

173,234

645,807

Charge for year

-

74,478

1,653

75,789

151,920

Eliminated on disposal

-

(405

)

-

(48,727

)

(49,132

)

At 31 March 2018

-

537,269

11,030

200,296

748,595

NET BOOK VALUE

At 31 March 2018

3,830,511

482,471

14,077

424,837

4,751,896

At 31 March 2017

3,735,495

471,991

4,425

368,255

4,580,166

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2018

2017

£

Investments

54,005

Investments in subsidiaries

1,000

55,005

6.

DEBTORS

2018

2017

£

Amounts falling due within one year:

Trade debtors

121,607

135,897

Other debtors

111,239

93,842

232,846

229,739

2018

2017

£

Amounts falling due after more than one year:

Other debtors

84,687

130,362

Aggregate amounts

317,533

360,101

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Bank loans and overdrafts

95,000

Hire purchase contracts

74,417

49,000

Trade creditors

177,810

86,688

Taxation and social security

79,606

46,100

Other creditors

41,068

33,025

467,901

309,813

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

Bank loans

787,740

1,095,758

Hire purchase contracts

64,833

67,000

852,573

1,162,758

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

407,740

715,758

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

Bank loans

882,740

1,190,758

Hire purchase contracts

139,250

116,000

1,021,990

1,306,758

The bank loans are secured by a fixed charge over various freehold property owned by the company. The hire

purchase agreements are secured on the assets concerned.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2018 and

31 March 2017:

2018

2017

£

R G Ford

Balance outstanding at start of year

34,374

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

34,374

The loan to the director is repayable on demand and is interest free.