REGISTERED NUMBER: 00455725 (England and Wales)

Financial Statements for the Period 1 January 2016 to 30 December 2016

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

6,746,142

26,612,260

Investments

5

79

79

Investment property

6

1,140,000

1,140,000

7,886,221

27,752,339

CURRENT ASSETS

Stocks

219,267

853,001

Debtors

7

410,664

282,507

Cash at bank

154,625

135,340

784,556

1,270,848

CREDITORS

Amounts falling due within one year

8

835,474

870,182

NET CURRENT (LIABILITIES)/ASSETS

(50,918

)

400,666

TOTAL ASSETS LESS CURRENT LIABILITIES

7,835,303

28,153,005

CREDITORS

Amounts falling due after more than one year

9

-

(142,523

)

PROVISIONS FOR LIABILITIES

(825,340

)

(4,084,995

)

NET ASSETS

7,009,963

23,925,487

CAPITAL AND RESERVES

Called up share capital

180

180

Revaluation reserve

11

5,243,043

2,890,243

Retained earnings

1,766,740

21,035,064

SHAREHOLDERS' FUNDS

7,009,963

23,925,487

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 30 November 2017 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.

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.

Turnover

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 begun 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 properties are included in the financial statements at open market value, No depreciation is provided

on such property in compliance with the financial Reporting Standard for Smaller Entities. This departure from

Companies Act requirements is necessary to show a true and fair view.

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.

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

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

The company still owns Payment Entitlements which cost £372,541 but have no current economic value.

Eu agricultural support scheme

Payments received under the EU crop support scheme 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 period was 7 .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2016

26,045,000

1,448,139

27,493,139

Additions

-

193,923

193,923

Disposals

(19,385,000

)

(859,131

)

(20,244,131

)

At 30 December 2016

6,660,000

782,931

7,442,931

DEPRECIATION

At 1 January 2016

-

880,879

880,879

Charge for period

-

152,993

152,993

Eliminated on disposal

-

(337,083

)

(337,083

)

At 30 December 2016

-

696,789

696,789

NET BOOK VALUE

At 30 December 2016

6,660,000

86,142

6,746,142

At 31 December 2015

26,045,000

567,260

26,612,260

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.

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2016

and 30 December 2016

1,075

PROVISIONS

At 1 January 2016

and 30 December 2016

996

NET BOOK VALUE

At 30 December 2016

79

At 31 December 2015

79

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2016

and 30 December 2016

1,140,000

NET BOOK VALUE

At 30 December 2016

1,140,000

At 31 December 2015

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 still appropriate as at 31st December 2016.

Deferred tax is provided in relation to the revaluation and any movement is shown within the tax charge to the

Income Statement and within Provisions for Liabilities on the Balance Sheet.

Fair value at 30 December 2016 is represented by:

£

Valuation in 2015

1,028,334

Cost

111,666

1,140,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

241,008

261,173

Amounts owed by group undertakings

147,083

-

Other debtors

22,573

21,334

410,664

282,507

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

-

250,000

Hire purchase contracts

-

42,127

Trade creditors

396,129

90,019

Amounts owed to group undertakings

63,843

64,160

Taxation and social security

128

-

Other creditors

375,374

423,876

835,474

870,182

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Hire purchase contracts

-

142,523

10.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank loans

-

250,000

Hire purchase contracts

-

184,650

-

434,650

The bank loan was secured on land owned by the company.

The HPs were secured on the assets being financed.

11.

RESERVES

Revaluation

reserve

£

At 1 January 2016

2,890,243

Transfer of Fixed Assets

(894,941

)

Write back def tax provision

3,247,741

At 30 December 2016

5,243,043

12.	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