A & M Griffiths Limited - Period Ending 2016-03-31

A & M Griffiths Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016

LHP
Chartered Accountants
Gwynne House
6 Quay Street
Carmarthen
SA31 3JX

A & M Griffiths Limited
Contents

Abbreviated Balance Sheet

Notes to the Abbreviated Accounts

2 to 4

A & M Griffiths Limited
(Registration number: 06526622)
Abbreviated Balance Sheet at 31 March 2016

	Note	2016 £	2015 £
Fixed assets
Tangible fixed assets		455,001	454,696
Current assets
Stocks		216,175	194,750
Debtors		48,392	37,305
Cash at bank and in hand		1,463	-
		266,030	232,055
Creditors: Amounts falling due within one year		(80,251)	(95,544)
Net current assets		185,779	136,511
Total assets less current liabilities		640,780	591,207
Creditors: Amounts falling due after more than one year		(185,657)	(198,596)
Net assets		455,123	392,611
Capital and reserves
Called up share capital	3	3	3
Profit and loss account		455,120	392,608
Shareholders' funds		455,123	392,611

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 1 August 2016 and signed on its behalf by:

.........................................
Mr Aled Griffiths
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

A & M Griffiths Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Single farm payment	20% straight line
Milk quota	20% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Motor vehicles	20% reducing balance
Plant and machinery	10% reducing balance [previous year 15%]

Research and development

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 2

A & M Griffiths Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

	Intangible assets £	Tangible assets £	Total £
Cost
At 1 April 2015	78,784	556,899	635,683
Additions	-	12,210	12,210
At 31 March 2016	78,784	569,109	647,893
Depreciation
At 1 April 2015	78,784	102,203	180,987
Charge for the year	-	11,905	11,905
At 31 March 2016	78,784	114,108	192,892
Net book value
At 31 March 2016	-	455,001	455,001
At 31 March 2015	-	454,696	454,696

Page 3

A & M Griffiths Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2016
		No.	£	No.	£
Ordinary of £1 each		2	2	2	2
Ordinary B Share of £1 each		1	1	1	1
		3	3	3	3

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