Company Registration No. 00817614 (England and Wales)
BUCKNELL FARMS LTD
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2016
BUCKNELL FARMS LTD
COMPANY INFORMATION
Directors
Mrs C M Hedges
Mr J M Milligan
Mr D A Hedges
Secretary
Mrs C M Hedges
Company number
00817614
Registered office
Claremont House
Deans Court
Bicester
Oxfordshire
OX26 6BW
Accountants
BPH Whitley Stimpson
Claremont House
Deans Court
Bicester
Oxfordshire
OX26 6BW
Business address
Manor Farm
Bucknell
Bicester
Oxon
OX27 7LT
BUCKNELL FARMS LTD
CONTENTS
Page
Directors' report
2
Accountants' report
3
Profit and loss account
4
Balance sheet
5 - 6
Notes to the financial statements
7 - 10
BUCKNELL FARMS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2016
- 2 -
The directors present their report and financial statements for the year ended 30 April 2016.
Directors
The following directors have held office since 1 May 2015:
Mrs C M Hedges
Mr J M Milligan
Mr D A Hedges
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Date:
30 January 2017
Mr D A Hedges
Director
BUCKNELL FARMS LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BUCKNELL FARMS LTD FOR THE YEAR ENDED 30 APRIL 2016
- 3 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bucknell Farms Ltd for the year ended 30 April 2016 set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Bucknell Farms Ltd, as a body, in accordance with the terms of our engagement letter dated 7 February 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Bucknell Farms Ltd and state those matters that we have agreed to state to the Board of Directors of Bucknell Farms Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bucknell Farms Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Bucknell Farms Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bucknell Farms Ltd. You consider that Bucknell Farms Ltd is exempt from the statutory audit requirement for the year.
As described on the balance sheet you are responsible for the preparation of the accounts for the year ended 30 April 2016, set out on pages 7 to 10 and you consider that the company is exempt from an audit. In accordance with your instructions, we have compiled these unaudited accounts in order to assist you to fulfil your statutory responsibilities from the accounting records and information and explanations supplied to us.
We have not been instructed to carry out an audit of the finacial statements. For this reason, we have not varified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Date:
30 January 2017
BPH Whitley Stimpson
Chartered Accountants
Claremont House
Deans Court
Bicester
Oxfordshire
OX26 6BW
BUCKNELL FARMS LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2016
- 4 -
2016
2015
Notes
£
£
Turnover
843,903
1,290,667
Cost of sales
(699,748)
(1,139,817)
Gross profit
144,155
150,850
Administrative expenses
(382,431)
(430,992)
Other operating income
265,632
260,298
Operating profit/(loss)
2
27,356
(19,844)
Profit on sale of tangible assets
-
38,232
Profit on ordinary activities before interest
27,356
18,388
Other interest receivable and similar income
3
7,620
45,946
Profit on ordinary activities before taxation
34,976
64,334
Tax on profit on ordinary activities
4
(7,070)
(5,678)
Profit for the year
11
27,906
58,656
BUCKNELL FARMS LTD
BALANCE SHEET
AS AT
30 APRIL 2016
30 April 2016
- 5 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
6
445,598
512,399
Current assets
Stocks
163,803
126,315
Debtors
7
132,665
127,507
Cash at bank and in hand
1,024,047
1,194,693
1,320,515
1,448,515
Creditors: amounts falling due within one year
8
578,525
422,847
Net current assets
1,899,040
1,871,362
Total assets less current liabilities
2,344,638
2,383,761
Provisions for liabilities
9
(38,957)
(51,986)
2,305,681
2,331,775
Capital and reserves
Called up share capital
10
13,173
13,173
Share premium account
11
(446,111)
(446,111)
Other reserves
11
81,396
81,396
Profit and loss account
11
2,657,223
2,683,317
Shareholders' funds
2,305,681
2,331,775
BUCKNELL FARMS LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2016
30 April 2016
- 6 -
For the financial year ended 30 April 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective January 2015).
Approved by the Board for issue on 30 January 2017
Mr D A Hedges
Director
Company Registration No. 00817614
BUCKNELL FARMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2016
- 7 -
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 goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land 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:
Land and buildings Freehold
None
Land and buildings Leasehold
10% Straight Line
Plant and machinery
25% Reducing Balance
2
Operating profit/(loss)
2016
2015
£
£
Operating profit/(loss) is stated after charging:
Depreciation of tangible assets
66,836
81,870
Directors' remuneration
18,000
18,000
3
Investment income
2016
2015
£
£
Bank interest
7,620
45,946
7,620
45,946
4
Taxation
2016
2015
£
£
Domestic current year tax
U.K. corporation tax
20,098
13,762
Total current tax
20,098
13,762
Deferred tax
Deferred Tax Charge/Credit
(13,028)
(8,084)
7,070
5,678
BUCKNELL FARMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 8 -
5
Dividends
2016
2015
£
£
Ordinary interim paid
54,000
54,000
6
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2015
486,766
1,013,240
1,500,006
Additions
-
375
375
Disposals
(230)
(110)
(340)
At 30 April 2016
486,536
1,013,505
1,500,041
Depreciation
At 1 May 2015
241,743
745,864
987,607
Charge for the year
-
66,836
66,836
At 30 April 2016
241,743
812,700
1,054,443
Net book value
At 30 April 2016
244,793
200,805
445,598
At 30 April 2015
245,023
267,376
512,399
The net book value of other tangible fixed assets includes £0 (2015 - £113,909) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £0 (2015 - £37,209) for the year.
7
Debtors
2016
2015
£
£
Trade debtors
33,898
39,664
Other debtors
98,767
87,843
132,665
127,507
BUCKNELL FARMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 9 -
8
Creditors: amounts falling due within one year
2016
2015
£
£
Bank loans and overdrafts
(741,633)
(670,154)
Net obligations under finance leases
-
37,044
Trade creditors
67,318
119,222
Taxation and social security
95,790
91,041
(578,525)
(422,847)
9
Provisions for liabilities
Deferred tax liability
£
Balance at 1 May 2015
51,985
Profit and loss account
(13,028)
Balance at 30 April 2016
38,957
The deferred tax liability is made up as follows:
2016
2015
£
£
Accelerated capital allowances
38,957
51,986
10
Share capital
2016
2015
£
£
Allotted, called up and fully paid
13,173 Ordinary Shares of £1 each
13,173
13,173
BUCKNELL FARMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 10 -
11
Statement of movements on reserves
Share premium account
Other reserves
(see below)
Profit
and loss
account
£
£
£
Balance at 1 May 2015
(446,111)
81,396
2,683,317
Profit for the year
-
-
27,906
Dividends paid
-
-
(54,000)
Balance at 30 April 2016
(446,111)
81,396
2,657,223
Other reserves
Reserves provided for by the Articles of Association
Balance at 1 May 2015 & at 30 April 2016
6,396
Other reserves
Balance at 1 May 2015 & at 30 April 2016
75,000
12
Related party relationships and transactions
Dividends to Directors
Dividends totalling £54,000 were paid during the year to directors and close members of their families.
2016
2015
£
£
Mrs C M Hedges
18,000
18,000
Mr D A Hedges
18,000
18,000
Mr J M Milligan
18,000
18,000
54,000
54,000
During the year, the company purchased goods from Hedges and Milligan Farms a partnership owned by the Directors to the value of £315,910 (2015: £355,710). Overhead and other expenses incurred by the Company in respect of Hedges and Milligan Farms amounted to £53,800 net of VAT (2015: £378,784). These amounts have been recharged to Hedges and Milligan Farms. At the balance sheet date, the partnership owed the Company an amount of £762,092 (2015: £728,477) which has been offset against creditors.
BUCKNELL FARMS LTD
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 30 APRIL 2016
- 11 -
2016
2015
£
£
Administrative expenses
General expenses
1,395
4,798
Directors' remuneration
18,000
18,000
Subscriptions
806
943
Rent of tenanted land
1,313
1,313
Water
17,736
17,650
General insurance
16,254
17,724
Light and heat
15,898
19,267
Building repairs
61,987
53,250
Commission on sales
25,108
25,667
Veterinary fees and medicines
64,336
74,325
Office expenses
3,309
3,192
Telephone
591
571
Contract and hire
694
8,036
Machinery and vehicle repairs
30,203
27,474
Fuel and oil
5,613
20,342
Vehicle tax and insurance
736
399
Transport
33,075
36,504
Professional charges
17,863
19,064
Bank charges and interest
532
513
Hire purchase interest and charges
146
90
Depreciation
66,836
81,870
382,431
430,992
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