Company Registration No. SC237636 (Scotland)
AAB FARMS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2016
AAB FARMS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
AAB FARMS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 NOVEMBER 2016
30 November 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
271,729
282,829
Investments
2
843,859
796,094
1,115,588
1,078,923
Current assets
Debtors
45,288
60,872
Cash at bank and in hand
216
-
45,504
60,872
Creditors: amounts falling due within one year
3
(139,217)
(120,703)
Net current liabilities
(93,713)
(59,831)
Total assets less current liabilities
1,021,875
1,019,092
Creditors: amounts falling due after more than one year
4
(18,183)
(6,000)
Provisions for liabilities
(46,194)
(50,909)
957,498
962,183
Capital and reserves
Called up share capital
5
4
4
Profit and loss account
957,494
962,179
Shareholders' funds
957,498
962,183
AAB FARMS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2016
30 November 2016
- 2 -
For the financial year ended 30 November 2016 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 23 May 2017
Mr Alan Beaton
Director
Company Registration No. SC237636
AAB FARMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents amounts receivable for agricultural goods and services net of VAT.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
- 25% Reducing Balance
Motor vehicles
- 25% Reducing Balance
1.4
Investments
The investment in the partnership is accounted for under the equity method of accounting at cost plus share of profits not drawn from the partnership.
1.5
Deferred taxation
Deferred tax is provided on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.
AAB FARMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2016
- 4 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 December 2015
601,695
796,094
1,397,789
Additions
84,850
47,765
132,615
Disposals
(62,500)
-
(62,500)
At 30 November 2016
624,045
843,859
1,467,904
Depreciation
At 1 December 2015
318,866
-
318,866
On disposals
(47,713)
-
(47,713)
Charge for the year
81,163
-
81,163
At 30 November 2016
352,316
-
352,316
Net book value
At 30 November 2016
271,729
843,859
1,115,588
At 30 November 2015
282,829
796,094
1,078,923
The above investment relates to the company's share of profits in the partnership of AG & AM Beaton, whose principal place of business is Uppermills of Crathes, Banchory.
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £24,533).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £6,000).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1 A Ordinary shares of £1 each
1
1
1 B Ordinary shares of £1 each
1
1
1 C Non-voting ordinary shares of £1 each
1
1
1 D Non-voting ordinary shares of £1 each
1
1
4
4