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REGISTERED NUMBER:
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Alston Farms Limited |
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Financial Statements |
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for the Year Ended 31 March 2017 |
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REGISTERED NUMBER:
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Alston Farms Limited |
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Financial Statements |
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for the Year Ended 31 March 2017 |
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Alston Farms Limited (Registered number: 04418829) |
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Contents of the Financial Statements |
for the year ended 31 March 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Alston Farms Limited |
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Company Information |
for the year ended 31 March 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Regents Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
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SOLICITORS: |
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Kingfisher House |
1 Gilders Way |
Norwich |
Norfolk |
NR3 1UB |
Alston Farms Limited (Registered number: 04418829) |
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Balance Sheet |
31 March 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Revaluation reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
Alston Farms Limited (Registered number: 04418829) |
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Balance Sheet - continued |
31 March 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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Alston Farms Limited (Registered number: 04418829) |
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Notes to the Financial Statements |
for the year ended 31 March 2017 |
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1. | STATUTORY INFORMATION |
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Alston Farms Limited is a
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company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The significant accounting policies applied in the preparation of these financial statements are set out |
below. These policies have been consistently applied to all years presented unless otherwise stated. |
These financial statements for the year to 31 March 2017 are the first financial statements that |
comply with FRS 102 Section 1A. The date of transition is 1 April 2015. An explanation of how |
transition to FRS 102 Section 1A has affected the reported financial position and performance is |
given in note 8.. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard |
102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose |
related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover represents amounts chargeable to third parties for goods and services provided during the |
year, excluding value added tax. Turnover is recognised when the economic risks and rewards are |
transferred to the third party. |
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Tangible fixed assets |
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Freehold property | - |
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Fixed assets are stated at cost, less amounts written off over their expected useful lives with the |
exception of freehold land which is stated at fair value as estimated by the director. |
Any movements in fair value are recognised in arriving at the profit before tax. Deferred tax is |
provided against these movements. |
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Government grants |
Government grants of a revenue nature are credited to income in the period to which they relate. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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Alston Farms Limited (Registered number: 04418829) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2017 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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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. |
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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. |
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Debtors |
Trade debtors and other receivables are recognised at fair value on inception and are subsequently |
carried 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. |
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Creditors |
Trade creditors and other payables are recognised at fair value on inception and are subsequently |
carried at amortised cost. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Alston Farms Limited (Registered number: 04418829) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2017 |
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4. | TANGIBLE FIXED ASSETS |
Freehold |
property |
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COST OR VALUATION |
At 1 April 2016 |
and 31 March 2017 |
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DEPRECIATION |
Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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Included in cost or valuation of land and buildings is freehold land of £ 520,700 (2016 - £ 520,700 ) |
which is not depreciated. |
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Cost or valuation at 31 March 2017 is represented by: |
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Freehold |
property |
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Valuation in 2015 | 520,700 |
Cost | 452,577 |
973,277 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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VAT |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Loan from Honingham Thorpe Farms LLP |
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7. | ULTIMATE CONTROLLING PARTY |
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The controlling party is I J Alston. |
Alston Farms Limited (Registered number: 04418829) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2017 |
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8. | FIRST YEAR ADOPTION |
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The company has adopted FRS 102 for the first time in the year ended 31 March 2017. |
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The effect of transition from previous financial reporting framework to FRS 102 is outlined below. |
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a) Changes in accounting policies |
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Consequential changes in accounting policies resulting from adoption of FRS 102 were as follows: |
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Freehold land has been revalued to fair value. The increase in fair value amounted to £520,700. |
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Deferred tax has been provided for at 20% on the difference between the cost and the fair value of |
the freehold land adjusted for indexation allowance. This amounted to £83,820 at 1 April 2015. |
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b) Reconciliation of equity shareholders' funds |
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Adjustments to previously reported equity shareholders' funds at the date of transition to FRS 102 |
were as follows: |
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1/4/2015 | 31/3/16 |
£ | £ |
Shareholders' funds under previous financial reporting
framework |
300,281 |
300,106 |
Increase in tangible assets to reflect fair value | 520,700 | 520,700 |
Deferred tax on revalued tangible assets | (83,820 | ) | (82,822 | ) |
Shareholders' funds under FRS 102 | 737,161 | 737,984 |
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c) Reconciliation of comparative period profit or loss |
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Adjustments to previously reported profit or loss in the comparative period were as follows: |
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Loss for the year ended 31 March 2016 under previous financial
reporting framework |
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(175 |
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Deferred tax movement on revalued tangible assets | 998 |
Profit for the year ended 31 March 2016 under FRS 102 | (823 | ) |
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