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A Burnfield & Sons Limited

Unaudited Filleted Accounts

for the Year Ended 31 October 2017

BRC accountants
Aldwych House
Winchester Street
Andover
SP10 2EA

A Burnfield & Sons Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 11

A Burnfield & Sons Limited

(Registration number: 00572866)
Balance Sheet as at 31 October 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	534,554	557,159
Other financial assets	5	174,089	154,959
		708,643	712,118
Current assets
Stocks	6	430,249	494,554
Debtors	7	163,878	148,205
Cash at bank and in hand		873,729	682,757
		1,467,856	1,325,516
Creditors: Amounts falling due within one year	8	(278,948)	(233,734)
Net current assets		1,188,908	1,091,782
Total assets less current liabilities		1,897,551	1,803,900
Creditors: Amounts falling due after more than one year	8	(12,333)	(14,198)
Provisions for liabilities		(94,100)	(96,815)
Net assets		1,791,118	1,692,887
Capital and reserves
Called up share capital		45,000	45,000
Profit and loss account		1,746,118	1,647,887
Total equity		1,791,118	1,692,887

For the financial year ending 31 October 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 May 2018 and signed on its behalf by:
 

The notes on pages 3 to 11 form an integral part of these financial statements.

Page 1

A Burnfield & Sons Limited

(Registration number: 00572866)
Balance Sheet as at 31 October 2017

.........................................

J D Reynell

Director

.........................................

I A Green

Company secretary

The notes on pages 3 to 11 form an integral part of these financial statements.

Page 2

A Burnfield & Sons Limited

Notes to the Financial Statements for the Year Ended 31 October 2017

1	General information

The company is a private company limited by share capital incorporated in England, registration number 00572866. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The address of its registered office is:
Hazeldown
Longstock
Stockbridge
Hampshire
SO20 6EG

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Transition to FRS 102
These financial statements are the first financial statements of A Burnfield & Sons Limited to be prepared in accordance with FRS 102. The financial statements for the year ended 31 October 2016 were prepared in accordance with previous UK GAAP. The date of transition is 1 November 2015. The transition to FRS 102 has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact are explained in note 10.

Income recognition

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Tangible assets

Tangible fixed assets are included at cost less depreciation and impairment.

Page 3

A Burnfield & Sons Limited

Notes to the Financial Statements for the Year Ended 31 October 2017

Depreciation

Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives as follows:

Asset class	Depreciation method and rate
Freehold Buildings	2% & 4% & 10% pa on cost
Plant, Machinery and Tractors	10-20% on cost
Fixtures and Fittings	10% pa on cost
Motor Vehicles	20% pa on cost

Stocks

Stock has been valued by a firm of professional valuers, Symonds & Sampson. Livestock dairy cows and homebred cattle have been valued on a deemed cost of production basis at 60% of market value. Corn in store is valued at 75% of market value. No allowance has been made for payments claimed under the single payments scheme.
 

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.

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

Defined contribution pension obligation

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in profit and loss account when due.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
 
 

Page 4

A Burnfield & Sons Limited

Notes to the Financial Statements for the Year Ended 31 October 2017

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2016 - 11).

Page 5

A Burnfield & Sons Limited

Notes to the Financial Statements for the Year Ended 31 October 2017

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Plant and Machinery  £	Total £
Cost or valuation
At 1 November 2016	798,857	21,159	111,313	1,180,927	2,112,256
Additions	-	-	-	74,100	74,100
Disposals	-	-	-	(68,100)	(68,100)
At 31 October 2017	798,857	21,159	111,313	1,186,927	2,118,256
Depreciation
At 1 November 2016	556,925	20,934	101,365	875,873	1,555,097
Charge for the year	19,276	121	4,290	73,018	96,705
Eliminated on disposal	-	-	-	(68,100)	(68,100)
At 31 October 2017	576,201	21,055	105,655	880,791	1,583,702
Carrying amount
At 31 October 2017	222,656	104	5,658	306,136	534,554
At 31 October 2016	241,932	225	9,948	305,054	557,159

Included within the net book value of land and buildings above is £222,655 (2016 - £241,932) in respect of freehold land and buildings.
 

Page 6

A Burnfield & Sons Limited

Notes to the Financial Statements for the Year Ended 31 October 2017

5	Other financial assets

	Listed investments £
At 1 November 2016	154,959
Fair value adjustments	19,130
At 31 October 2017	174,089

6

Stocks

	2017 £	2016 £
Stock - Livestock	322,084	303,921
Stock - Crops etc	108,165	190,633
	430,249	494,554

7

Debtors

	2017 £	2016 £
Trade debtors	122,014	91,404
Other debtors	28,152	44,960
Prepayments and accrued income	13,712	11,841
	163,878	148,205

8

Creditors

	2017 £	2016 £
Due within one year
Bank loans and overdrafts	35,000	35,000
Finance lease liabilities	26,532	22,596
Trade creditors	92,976	78,348
Other creditors	85,615	80,530
Accruals and deferred income	38,825	17,260
	278,948	233,734
Due after one year
Finance lease liabilities	12,333	14,198

Page 7

A Burnfield & Sons Limited

Notes to the Financial Statements for the Year Ended 31 October 2017