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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 |
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TAVERNOR FARMING LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 |
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FOR |
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TAVERNOR FARMING LIMITED |
TAVERNOR FARMING LIMITED (REGISTERED NUMBER: 06554055) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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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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TAVERNOR FARMING LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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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 |
Bank Passage |
Off Market Square |
Stafford |
ST16 2JS |
TAVERNOR FARMING LIMITED (REGISTERED NUMBER: 06554055) |
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BALANCE SHEET |
31 DECEMBER 2015 |
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2015 | 2014 |
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: amounts falling due within one
year |
7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 | ( |
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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 |
9 |
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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 | 10 |
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Transition reserve | ( |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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TAVERNOR FARMING LIMITED (REGISTERED NUMBER: 06554055) |
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BALANCE SHEET - continued |
31 DECEMBER 2015 |
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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
behalf by: |
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TAVERNOR FARMING LIMITED (REGISTERED NUMBER: 06554055) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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1. | STATUTORY INFORMATION |
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Tavernor Farming 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 |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section |
1A "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act |
2006. The financial statements have been prepared under the historical cost convention. The date of |
transition to FRS 102 Section 1A was 1 January 2014 and the end of the comparative period was 31 December |
2014. |
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The nature of the changes and their impact on opening equity and profit for the comparative period are |
explained in note 1 below. |
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The financial statements are presented in sterling which is the functional currency of the company and |
rounded to the nearest £. |
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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. |
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Turnover |
Sale of goods |
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Turnover from the sale of milk and livestock is recognised when significant risks and rewards of ownership of |
the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that |
the economic benefits associated with the transaction will flow to the company and the costs incurred or to be |
incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
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Milk quota |
Following an impairment review in 2012 the cost has been written off. Milk quota ceased across the EU as |
from 31 March 2015. |
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Stocks |
Stocks are valued by an independent valuer at the lower of cost (deemed cost under Ben 19 where applicable) |
and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items. |
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Tax |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the |
current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax |
rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax represents the future tax consequences of transactions and events recognised in the financial |
statements of current and previous periods. It is recognised in respect of all timing differences, with certain |
exceptions. Timing differences are differences between taxable profits and total comprehensive income as |
stated in the financial statements that arise from the inclusion of income and expense in tax assessments in |
periods different from those in which they are recognised in the financial statements. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the |
balance sheet date that are expected to apply to the reversal of timing differences. |
TAVERNOR FARMING LIMITED (REGISTERED NUMBER: 06554055) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's |
pension scheme are charged to profit or loss in the period to which they relate. |
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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 |
Milk |
quota |
£ |
COST |
At 1 January 2015 |
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Disposals | ( |
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At 31 December 2015 |
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AMORTISATION |
At 1 January 2015 |
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Eliminated on disposal | ( |
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At 31 December 2015 |
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NET BOOK VALUE |
At 31 December 2015 |
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At 31 December 2014 |
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Milk quota ceased across the EU as from 31 March 2015. |
TAVERNOR FARMING LIMITED (REGISTERED NUMBER: 06554055) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
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COST |
At 1 January 2015 |
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Additions |
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At 31 December 2015 |
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DEPRECIATION |
At 1 January 2015 |
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Charge for year |
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At 31 December 2015 |
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NET BOOK VALUE |
At 31 December 2015 |
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At 31 December 2014 |
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6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2015 |
and 31 December 2015 |
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NET BOOK VALUE |
At 31 December 2015 |
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At 31 December 2014 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2015 | 2014 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments |
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TAVERNOR FARMING LIMITED (REGISTERED NUMBER: 06554055) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2015 | 2014 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Tax |
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Other creditors |
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Accrued expenses |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2015 | 2014 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 29,593 | 50,757 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2015 | 2014 |
value: | £ | £ |
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Share capital 1 | £1 |
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100 |
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11. | RELATED PARTY DISCLOSURES |
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During the year the company had transactions with other companies in which key management personnel has |
participating interests in. |
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The aggregate amounts outstanding from these companies at the year end was £135411. |