Company Registration No. 00405457 (England and Wales)
AGRICULTURAL ESTATES LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
AGRICULTURAL ESTATES LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
AGRICULTURAL ESTATES LTD
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
67,410
68,698
Investments
2
50
50
67,460
68,748
Current assets
Stocks
23,556
33,981
Debtors
66,188
37,982
Cash at bank and in hand
65,033
236,666
154,777
308,629
Creditors: amounts falling due within one year
(18,608)
(61,809)
Net current assets
136,169
246,820
Total assets less current liabilities
203,629
315,568
Capital and reserves
Called up share capital
3
40,254
118,859
Other reserves
90,560
11,955
Profit and loss account
72,815
184,754
Shareholders' funds
203,629
315,568
For the financial year ended 31 March 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 7 October 2016
D J Riddington
Director
Company Registration No. 00405457
AGRICULTURAL ESTATES LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
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
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for farm sales and revenue subsidies, excluding VAT.
1.4
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:
Buildings
15% on written down value
Machinery and implements
15% on written down value 15% on written down value/25% on cost 25% on written down value
Fixtures, fittings & equipment
15% on written down value/25% on cost
Motor vehicles
25% on written down value
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.7
Stock
Farm stocks have been professionally valued at the lower of cost and net realisable value.
1.8
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
AGRICULTURAL ESTATES LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 April 2015
163,532
50
163,582
Additions
797
-
797
At 31 March 2016
164,329
50
164,379
Depreciation
At 1 April 2015
94,834
-
94,834
Charge for the year
2,085
-
2,085
At 31 March 2016
96,919
-
96,919
Net book value
At 31 March 2016
67,410
50
67,460
At 31 March 2015
68,698
50
68,748
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
91,402 ordinary shares of 5p each
4,570
11,909
1,000 management shares of 5p each
50
50
35,634 4% non-cumulative preference shares of £1 each
35,634
106,900
40,254
118,859
During the year the company entered into a 'company purchase of own shares' of 146,786 ordinary 5p shares and 71,266 4% non-cumulative preference £1 shares.
4
Related party relationships and transactions
Loans to directors
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
D E Riddington
-
-
1,909
-
-
1,909
M A F Riddington
-
-
1,600
-
-
1,600
-
3,509
-
-
3,509