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Abbreviated Unaudited Accounts |
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for the Year Ended 30 November 2015 |
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for |
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Fortrie Farms Limited |
REGISTERED NUMBER:
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Abbreviated Unaudited Accounts |
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for the Year Ended 30 November 2015 |
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for |
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Fortrie Farms Limited |
Fortrie Farms Limited (Registered number: SC158055) |
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Contents of the Abbreviated Accounts |
for the Year Ended 30 November 2015 |
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Page |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 |
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Notes to the Abbreviated Accounts | 4 |
Fortrie Farms Limited |
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Company Information |
for the Year Ended 30 November 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 |
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Fortrie Farms Limited (Registered number: SC158055) |
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Abbreviated Balance Sheet |
30 November 2015 |
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2015 | 2014 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
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Tangible assets | 3 |
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Investments | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 5 |
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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 |
5 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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Fortrie Farms Limited (Registered number: SC158055) |
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Abbreviated Balance Sheet - continued |
30 November 2015 |
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2015 | 2014 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 6 |
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Profit and loss account |
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SHAREHOLDERS' FUNDS |
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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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The financial statements were approved by the Board of Directors on
by: |
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Fortrie Farms Limited (Registered number: SC158055) |
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Notes to the Abbreviated Accounts |
for the Year Ended 30 November 2015 |
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1. | ACCOUNTING POLICIES |
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Basis of preparation of financial statements |
The financial statements have been prepared under the historical cost convention and in accordance with |
the Financial Reporting Standard for Smaller Entities (effective April 2008). |
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Turnover |
Turnover represents net invoiced sales of goods and services, exclusive of value added tax, apart from the |
income received through participation in the farming partnership of David Bartlet and Son. This income |
comprises the company's share in the partnership profit and loss for each year. The book value of its |
interest in the partnership comprises the balance outstanding to its debit/credit in the current account in the |
books of that business. |
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Intangible fixed assets |
The single farm payment has been acquired at market value and is being amortised evenly over its expected |
useful life of 6 years. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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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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Deferred tax |
Deferred tax is provided at the average rates that are expected to apply when the timing differences |
reverse, based on current tax rates and laws. Deferred tax is not provided on timing differences arising |
from the revaluation of fixed assets where there is no commitment to sell the asset. Deferred tax assets and |
liabilities are not discounted. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange |
ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating |
result. |
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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 the profit and loss account over the relevant period. |
The capital element of the future payments is treated as a liability. |
Fortrie Farms Limited (Registered number: SC158055) |
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Notes to the Abbreviated Accounts - continued |
for the Year Ended 30 November 2015 |
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1. | ACCOUNTING POLICIES - continued |
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Eu support schemes |
Income received under EU livestock support schemes is recognised as income when the business receives |
the payment, and not when the business has met all the criteria which entitles it to the income. |
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Payments received under EU crop support schemes are recognised as income when the business has met all |
the criteria which entitle it to the payment, with the exception of payments under the Arable Area |
Payments Scheme. |
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Payments received under this scheme, including related set-aside payments, are regarded as being an |
addition to crop proceeds and as such, they are recognised as income arising at the time of the sale of the |
appropriate crop. |
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EU Single Farm Payment Scheme |
Payment received under the EU Single Farm Payment Scheme is recognised as income only when the |
business has met all the criteria which entitles it to the payment. This follows the end of the calendar year |
in which the claim was made. |
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2. | INTANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 December 2014 |
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Disposals | ( |
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At 30 November 2015 |
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AMORTISATION |
At 1 December 2014 |
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Eliminated on disposal | ( |
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At 30 November 2015 |
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NET BOOK VALUE |
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At 30 November 2015 |
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At 30 November 2014 |
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Fortrie Farms Limited (Registered number: SC158055) |
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Notes to the Abbreviated Accounts - continued |
for the Year Ended 30 November 2015 |
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3. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 December 2014 |
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Additions |
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Disposals | ( |
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At 30 November 2015 |
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DEPRECIATION |
At 1 December 2014 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 November 2015 |
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NET BOOK VALUE |
At 30 November 2015 |
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At 30 November 2014 |
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4. | FIXED ASSET INVESTMENTS |
Investments |
other |
than |
loans |
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COST |
At 1 December 2014 |
and 30 November 2015 |
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NET BOOK VALUE |
At 30 November 2015 |
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At 30 November 2014 |
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5. | CREDITORS |
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Creditors include an amount of £
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6. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2015 | 2014 |
value: | £ | £ |
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Share capital | £1 |
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Fortrie Farms Limited (Registered number: SC158055) |
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Notes to the Abbreviated Accounts - continued |
for the Year Ended 30 November 2015 |
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7. | CONTROLLING PARTY |
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The ultimate controlling party is
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