REGISTERED NUMBER: 00455725 (England and Wales)

Financial Statements

for the Period 31 December 2016 to 31 December 2017

for

Abington Farms Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D J H Chaplin

S R F Chaplin

Mrs H A Russell

SECRETARY:

Mrs H A Russell

REGISTERED OFFICE:

Abington Park

Great Abington

CAMBRIDGE

CB21 6AX

REGISTERED NUMBER:

00455725 (England and Wales)

AUDITORS:

Argents Accountants Limited

Statutory Auditors

Chartered Accountants

15 Palace Street

NORWICH

Norfolk

NR3 1RT

FIXED ASSETS

Tangible assets

4

6,742,566

6,746,142

Investments

5

79

79

Investment property

6

1,140,000

1,140,000

7,882,645

7,886,221

CURRENT ASSETS

Stocks

7

199,035

219,267

Debtors

8

139,651

410,664

Cash at bank

152,792

154,625

491,478

784,556

CREDITORS

Amounts falling due within one year

9

655,583

835,474

NET CURRENT LIABILITIES

(164,105

)

(50,918

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,718,540

7,835,303

PROVISIONS FOR LIABILITIES

764,451

825,340

NET ASSETS

6,954,089

7,009,963

CAPITAL AND RESERVES

Called up share capital

180

180

Revaluation reserve

10

5,317,508

5,243,043

Other reserves

10

910,198

897,458

Retained earnings

10

726,203

869,282

6,954,089

7,009,963

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 26 June 2018 and were signed on its behalf by:

S R F Chaplin - Director

1.	STATUTORY INFORMATION

Abington Farms 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 (£).

Accounting period extended

The accounting period has been extended to cover the 12 month and 1 day period between 30 December 2016

to 31 December 2017. The directors decided on this change to align the year end with other group companies.

As a result the comparative figures will not be entirely comparable.

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.

Preparation of consolidated financial statements

The financial statements include information solely relating to the Abington Farms Limited. The ultimate parent

company which draws up consolidated financial statements is The Chaplin Group Limited. Its registered office is

Abington Park Farm, Great Abington, Cambridge, CB21 6AX. Consolidated financial statements can be found on

companies house.

Turnover

Income (adjusted for crops in store) is measured at the fair value of the consideration received or receivable,

excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents net invoiced sales of produce, excluding value added tax.

Tangible fixed assets

Fixed assets are shown at historical cost less accumulated depreciation unless they are revalued.

The company began a policy of revaluing the Land and Buildings in 2015, therefore no depreciation has been

charged on these items.

Plant & Machinery has been depreciated at 20% on cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Taxation

Taxation for the period 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 period 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.

Investments

Investments held as fixed assets are stated at cost less provisions for any impairment in value.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimate useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Eu agricultural support scheme

Payments received under the EU crop support scheme are recognised as income when the business has met all

criteria which entitles it to the payment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 7 (2016 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 31 December 2016

6,660,000

782,931

7,442,931

Additions

-

3,500

3,500

At 31 December 2017

6,660,000

786,431

7,446,431

DEPRECIATION

At 31 December 2016

-

696,789

696,789

Charge for period

-

7,076

7,076

At 31 December 2017

-

703,865

703,865

NET BOOK VALUE

At 31 December 2017

6,660,000

82,566

6,742,566

At 30 December 2016

6,660,000

86,142

6,746,142

Freehold land and buildings were valued on an open market basis on 31 December 2015 by two separate

professional valuers - Savills and Cheffins at £6,660,000. The directors have considered that no depreciation

should be provided for on Land and Buildings as the current value is greater than cost and regular upkeep would

make any depreciation charge immaterial.

The directors consider this valuation still appropriate as at 31 December 2017.

5.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 31 December 2016

and 31 December 2017

1,075

PROVISIONS

At 31 December 2016

and 31 December 2017

996

NET BOOK VALUE

At 31 December 2017

79

At 30 December 2016

79

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 31 December 2016

and 31 December 2017

1,140,000

NET BOOK VALUE

At 31 December 2017

1,140,000

At 30 December 2016

1,140,000

The investment properties were valued by Cheffins Chartered Surveyors in December 2015 as part of the group

restructuring. The directors consider this valuation to still be appropriate as at 31 December 2017.

7.

STOCKS

2017

2016

£

£

Valuation

199,035

219,267

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

64,367

241,008

Triton Debtor

12,732

-

Amounts owed by group undertakings

42,808

147,083

Other debtors

5,157

5,157

VAT

10,404

14,414

Prepayments

4,183

3,002

139,651

410,664

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

51,468

74,215

Chapel Mains SFP

-

85,006

Todrig SFP

-

89,047

Raynham SFP

-

147,861

Amounts owed to group undertakings

281,204

63,843

Tax

2,194

128

Other creditors

2,353

2,353

Directors' loan accounts

312,864

307,451

Accruals and deferred income

5,500

65,570

655,583

835,474

10.

RESERVES

Retained

Revaluation

Other

earnings

reserve

reserves

Totals

£

£

£

£

At 31 December 2016

869,282

5,243,043

897,458

7,009,783

Profit for the period

59,661

59,661

Dividends

(190,000

)

(190,000

)

Movement in the year

(12,740

)

-

12,740

-

Unwinding of deferred tax

-

74,465

-

74,465

At 31 December 2017

726,203

5,317,508

910,198

6,953,909

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Johnstone (Senior Statutory Auditor)

for and on behalf of Argents Accountants Limited

12.	RELATED PARTY DISCLOSURES

During the year the company operated loan accounts with the directors of the company. The amount due to

them at the year end was £312,864 (2016:£300,564). The loan is on an interest free basis and is

repayable on demand.

In accordance with Financial Reporting Standard 102, the company has taken advantage of the exemption from

the requirement to disclose transactions with wholly owned group companies.