REGISTERED NUMBER: 04261281 (England and Wales)

Abbey Parks Farm Shop Limited

Financial Statements

for the Year Ended 5 April 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R N Loweth

R A Loweth

SECRETARY:

R A Loweth

REGISTERED OFFICE:

Park House

Parks Farm

East Heckington

Boston

Lincolnshire

PE20 3QG

REGISTERED NUMBER:

04261281 (England and Wales)

ACCOUNTANTS:

David Turner & Co Limited

Church Farm

Elmdon

Saffron Walden

Essex

CB11 4LT

FIXED ASSETS

Tangible assets

4

185,022

202,056

CURRENT ASSETS

Stocks

14,004

12,588

Debtors

5

2,737

3,798

Cash at bank and in hand

4,588

12,902

21,329

29,288

CREDITORS

Amounts falling due within one year

6

108,095

124,922

NET CURRENT LIABILITIES

(86,766

)

(95,634

)

TOTAL ASSETS LESS CURRENT LIABILITIES

98,256

106,422

CREDITORS

Amounts falling due after more than one year

7

(55,914

)

(73,689

)

PROVISIONS FOR LIABILITIES

(10,077

)

(11,309

)

NET ASSETS

32,265

21,424

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

32,165

21,324

SHAREHOLDERS' FUNDS

32,265

21,424

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2017 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 2 January 2018 and were signed on its behalf by:

R A Loweth - Director

1.	STATUTORY INFORMATION

Abbey Parks Farm Shop 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.

At the year end the company had net assets of £32,265 (2016: £21,424). The directors have

confirmed that they will continue to support the company and will provide the funds for it to meet its

obligations as they fall due. Therefore in the opinion of the directors the company will continue to

trade for at least 12 months from the date of signing this report so the accounts have been prepared

on the going concern basis.

Turnover

Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the

goods are physically delivered to the customer.

Tangible fixed assets

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

Freehold property 4% Straight line

Fixtures & fittings 15% Straight line

Motor vehicles 25% Reducing balance basis

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out

basis. Net realisable value represents estimated selling price less costs to complete and sell.

Provision is made for slow moving, obsolete or damaged stock where the net realisable value is

lower than cost.

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.

Debtors

Trade debtors and other receivables are recognised at amortised cost. They are subject to

impairment tests whenever events or changes in circumstances indicate that their carrying value may

not be recoverable. Impairment losses are taken to the profit and loss account as incurred.

Creditors

Trade creditors and other payables are recognised at amortised cost.

Grants

The company received assistance in the form of capital grants in 2003/04. The grants were received

to support capital investment in shop buildings. The grants are carried forward in other creditors due

within one year and due after one year whereupon they are recognised in the profit and loss account

over the same period that the relevant assets are depreciated.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 6 April 2016

252,510

146,925

-

399,435

Additions

-

3,800

1,850

5,650

At 5 April 2017

252,510

150,725

1,850

405,085

DEPRECIATION

At 6 April 2016

111,137

86,242

-

197,379

Charge for year

10,100

12,121

463

22,684

At 5 April 2017

121,237

98,363

463

220,063

NET BOOK VALUE

At 5 April 2017

131,273

52,362

1,387

185,022

At 5 April 2016

141,373

60,683

-

202,056

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

2,737

3,798

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

9,418

1,690

Credit card

474

2,192

Trade creditors

22,226

25,883

Taxation and social security

24,800

20,076

Other creditors

51,177

75,081

108,095

124,922

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

55,914

73,689

8.	ADOPTION OF FRS 102

The company has adopted FRS 102 for the first time in the year ended 5 April 2017.

The effect of transition from previous financial reporting framework to FRS 102 is outlined below:

No changes to previous financial information have arisen as a result of the adoption of FRS 102.