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Financial Statements |
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for the Year Ended 31 March 2018 |
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for |
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Hoyles Farming Limited |
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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 March 2018 |
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for |
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Hoyles Farming Limited |
Hoyles Farming Limited (Registered number: 04647908) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2018 |
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Page |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Hoyles Farming Limited |
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Company Information |
for the Year Ended 31 March 2018 |
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DIRECTORS: |
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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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Chartered Accountants |
Newland House |
The Point |
Weaver Road |
LINCOLN |
Lincolnshire |
LN6 3QN |
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BANKERS: |
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20 West End |
Holbeach |
SPALDING |
Lincolnshire |
PE12 7YY |
Hoyles Farming Limited (Registered number: 04647908) |
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Abridged Balance Sheet |
31 March 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
( |
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( |
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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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Retained earnings |
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SHAREHOLDERS' FUNDS |
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Hoyles Farming Limited (Registered number: 04647908) |
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Abridged Balance Sheet - continued |
31 March 2018 |
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The directors acknowledge their 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. |
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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 Board of Directors on
signed on its behalf by: |
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Hoyles Farming Limited (Registered number: 04647908) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2018 |
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1. | STATUTORY INFORMATION |
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Hoyles Farming Limited is a
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Wales. The 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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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax after adjusting for |
stock movements. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Short leasehold | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Computer equipment | - |
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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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The cost of crops and tenantright include all production overheads, depreciation and the |
attributable proportion of indirect overheads. |
Hoyles Farming Limited (Registered number: 04647908) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial |
liabilities are recognised in the accounts only when the entity becomes party to the contractual |
provisions of the instrument and their measurement basis is as follows: |
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Financial assets - trade and other debtors are basic financial instruments and are debt |
instruments measured at amortised cost. Prepayments are not financial instruments. |
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Cash at bank is classified as a basic financial instrument and is measured at transaction price. |
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Other financial asset investments are initially measured at transaction price and subsequently |
reviewed for indications of impairment at each reporting date. If estimated recoverable amount is |
lower the carrying amount is reduced and an impairment loss recognised in profit and loss. If |
subsequently an impairment loss reverses, the carrying amount of the asset is increased but not |
in excess of cost. A reversal of an impairment loss is recognised in profit and loss. |
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Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, |
and are measured at amortised cost. Where a financial liability constitutes a financing transaction |
it is initially and subsequently measured at the present value of future payments, discounted at a |
market rate of interest. |
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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. |
Hoyles Farming Limited (Registered number: 04647908) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance |
sheet. Those held under hire purchase contracts are depreciated over their estimated useful |
lives. Those held under finance leases are depreciated over their estimated useful lives or the |
lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The |
capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
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Rental income from operating leases is recognised on a straight line basis over the term of the |
lease. |
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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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4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2017 |
and 31 March 2018 |
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AMORTISATION |
At 1 April 2017 |
and 31 March 2018 |
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NET BOOK VALUE |
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At 31 March 2018 |
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At 31 March 2017 |
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Hoyles Farming Limited (Registered number: 04647908) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2017 |
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Additions |
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Disposals | ( |
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At 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
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COST |
At 1 April 2017 |
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Transfer to ownership | (19,500 | ) |
At 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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Transfer to ownership | (5,184 | ) |
At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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Hoyles Farming Limited (Registered number: 04647908) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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6. | FIXED ASSET INVESTMENTS |
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Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 April 2017 |
and 31 March 2018 | 50 |
NET BOOK VALUE |
At 31 March 2018 | 50 |
At 31 March 2017 | 50 |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Due within one year | 60,670 | 68,472 |
Due over one year | 103,897 | 165,414 |
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The hire purchase charge is secured on the assets purchased. |
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8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 March 2018 |
and 31 March 2017: |
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2018 | 2017 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The maximum overdrawn in the year was £389,682. Interest has been charged at 2.50% on the |
overdrawn balance. The loan is unsecured and repayable on demand. |
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9. | RELATED PARTY DISCLOSURES |
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Dividends and remuneration of £83,016 per director (2017: £58,016 per director) were paid in the |
respective years. |