REGISTERED NUMBER: 07169066 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31 December 2016

for

Abbey Cereals Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J E Russell

P H Smith

REGISTERED OFFICE:

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

REGISTERED NUMBER:

07169066 (England and Wales)

ACCOUNTANTS:

Kingscott Dix Limited

Chartered Accountants

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

BANKERS:

Clydesdale Bank Plc

5 Northgate Street

Gloucester

Gloucestershire

GL1 2AH

FIXED ASSETS

Tangible assets

3

1,368,478

1,350,520

CURRENT ASSETS

Debtors

4

11,511

28,168

Cash at bank

17,582

7,889

29,093

36,057

CREDITORS

Amounts falling due within one year

5

354,981

460,915

NET CURRENT LIABILITIES

(325,888

)

(424,858

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,042,590

925,662

CREDITORS

Amounts falling due after more than one year

6

658,052

589,146

NET ASSETS

384,538

336,516

CAPITAL AND RESERVES

Called up share capital

250,002

250,002

Retained earnings

134,536

86,514

SHAREHOLDERS' FUNDS

384,538

336,516

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 27 September 2017 and were signed on its behalf by:

J E Russell - Director

P H Smith - Director

1.	STATUTORY INFORMATION

Abbey Cereals 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.

Turnover

Turnover represents net invoiced supply of services, excluding Value Added Tax.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation,

net of depreciation and any impairment losses.

Depreciation is calculated to write off the cost of fixed assets less their residual values over their

estimated useful lives at the following rates per annum:

Short leasehold

- over the period of the lease

Plant and machinery

- 10% on cost

Government grants

The company has adopted the accrual model in recognising the government grant received relating to

fixed assets. The income is recognised on a systematic basis over the expected useful life of the

assets to which it relates.

3.	TANGIBLE FIXED ASSETS

Short

Plant and

leasehold

machinery

Totals

£

£

£

COST

At 1 January 2016

1,133,747

264,570

1,398,317

Additions

53,245

2,772

56,017

At 31 December 2016

1,186,992

267,342

1,454,334

DEPRECIATION

At 1 January 2016

10,995

36,802

47,797

Charge for year

11,325

26,734

38,059

At 31 December 2016

22,320

63,536

85,856

NET BOOK VALUE

At 31 December 2016

1,164,672

203,806

1,368,478

At 31 December 2015

1,122,752

227,768

1,350,520

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Other debtors

11,511

28,168

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans and overdrafts

20,325

16,420

Trade creditors

3,844

5,198

Social security and other taxes

6,276

-

Amounts due to related company

200,999

315,842

Other creditors

100,000

100,000

Accruals and sundry creditors

5,161

5,079

Deferred government grants

18,376

18,376

354,981

460,915

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans

368,189

280,907

Deferred government grants

289,863

308,239

658,052

589,146

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.16

31.12.15

£

£

Bank loans

388,514

297,327

8.	RELATED PARTY DISCLOSURES

Related companies

J.E.Russell and P.H.Smith are also directors and controlling shareholders of Western Arable

Services Limited.The following transactions were undertaken during the year with the related

company:-

31.12.16

31.12.15

£

£

Sales

169,000

114,000

Recharge of expenses and other costs

74,007

86,232

The following amounts were outstanding at the year end:-

Amounts due to the related company

200,999

315,842

Related Partnership

As at 31 December 2016, a balance of £100,000 was owed to a partnership controlled by Mr PH Smith

(2015: £100,000).