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Unaudited Financial Statements for the Year Ended 30 July 2017 |
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Truffle Farms Europe Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 July 2017 |
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for |
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Truffle Farms Europe Limited |
Truffle Farms Europe Limited (Registered number: SC510853) |
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Contents of the Financial Statements |
for the Year Ended 30 July 2017 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Truffle Farms Europe Limited |
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Company Information |
for the Year Ended 30 July 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Management Accountants |
Drumsheugh Toll |
2 Belford Road |
Edinburgh |
Midlothian |
EH4 3BL |
Truffle Farms Europe Limited (Registered number: SC510853) |
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Statement of Financial Position |
30 July 2017 |
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30.7.17 | 30.7.16 |
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 ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium | 7 |
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Revaluation reserve | 7 |
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Fair value reserve | 7 |
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Retained earnings | 7 |
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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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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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Truffle Farms Europe Limited (Registered number: SC510853) |
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Notes to the Financial Statements |
for the Year Ended 30 July 2017 |
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1. | STATUTORY INFORMATION |
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Truffle Farms Europe 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 principal accounting policies adopted in the preparation of the financial statements are set out |
below and have remained unchanged from the previous year, and also have been consistently applied |
within the same accounts. |
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These financial statements for the period ended 31 July 2017 are the first financial statements that |
comply with FRS 102 Section 1A small entities. The date of transition is 1 August 2016. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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The company sells an upfront licence right to 80% of the realised sale value of inventory, and for 50% |
of any sale proceeds of the biological asset. The company retains the right to receive 20% of the |
realised sale value of inventory, and the remaining 50% of the sale proceeds of the biological asset. |
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Sales of inventory are recognised in the profit and loss account at the date of sale of that inventory. |
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Sales of biological assets are recognised in the profit and loss account at the date of sale of that |
biological asset. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipments | - |
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Truffle Farms Europe Limited (Registered number: SC510853) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 July 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Biological Assets |
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Truffle Trees are classified as Biological Assets in accordance with International Accounting Standard |
41 (IAS41 - Agriculture). |
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Treatment of Costs |
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The following costs are capitalised and reported as Biological Assets: |
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- Initial acquisition of truffle trees |
- Planting, development, irrigation, land management and other costs relating to the development of |
immature trees up to the point where they are productive |
- A proportion of overheads relating to the management of biological assets |
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Once a tree is productive, costs relating to the ongoing management of such trees are expensed as a |
cost of production in the profit and loss account. |
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The company retains control of the Biological Assets, and such assets can only be sold upon the |
approval of the Board. |
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Inventory |
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When truffles are harvested, they are recognised as inventory for resale under current assets. |
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Fair Value of Biological Assets |
IAS 41 requires biological assets to be measured at initial recognition (see treatment of costs) and at |
each balance sheet date at their fair value less costs to sell. |
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'Fair Value' is defined as the amount for which the biological asset (Truffle tree) could be exchanged |
between two knowledgeable, willing parties in an arms length transaction. It represents the market |
price for the asset based on current expectations. |
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The company will determine a fair value based on the following hierarchy |
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- Price for the asset in an active market |
- Recent transaction price achieved for the asset if there is no active market |
- Present value of the future cashflows expected to be generated from the asset |
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Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of |
financial assets and liabilities like trade and other accounts receivable and payable, loans from banks |
and other third parties. |
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Debt instruments (other than those wholly repayable or receivable within one year), including loans and |
other accounts receivable and payable are initially measured at present value of future cash flows and |
subsequently amortised at cost using the effective interest method. |
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Creditors payable within one year, typically trade payables, are measured, initially and subsequently at |
the undiscounted amount of the cash or other consideration expected to be paid. |
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Debtors payable within one year, typically trade debtors, are measured initially and subsequently at the |
undiscounted amount of the cash or other consideration expected to be received. |
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Truffle Farms Europe Limited (Registered number: SC510853) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 July 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 statement of financial position 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 statement of financial position 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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipments | Totals |
£ | £ | £ |
COST |
At 31 July 2016 |
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Additions |
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At 30 July 2017 |
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DEPRECIATION |
At 31 July 2016 |
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Charge for year |
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At 30 July 2017 |
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NET BOOK VALUE |
At 30 July 2017 |
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At 30 July 2016 |
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Truffle Farms Europe Limited (Registered number: SC510853) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 July 2017 |
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5. | DEBTORS |
30.7.17 | 30.7.16 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Directors' current accounts | - | 622 |
VAT |
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Prepayments |
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Amounts falling due after more than one year: |
Trade debtors |
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Aggregate amounts |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.7.17 | 30.7.16 |
£ | £ |
Trade creditors |
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Tax |
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Directors' current accounts | 790 | - |
Accruals and deferred income |
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Accrued expenses |
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7. | RESERVES |
Fair |
Retained | Share | Revaluation | value |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
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At 31 July 2016 | ( |
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843,065 |
Profit for the year |
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Dividends | ( |
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Cash share issue | - | 17,495 | - | - | 17,495 |
Fair Value reserve transfer | (5,038,101 | ) | - | (841,459 | ) | 5,879,560 | - |
At 30 July 2017 |
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6,120,965 |
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8. | RELATED PARTY DISCLOSURES |
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M Waddell |
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During the year, total dividends of £55,250 (2016 - £NIL) were paid to the director. The loan is interest |
free and repayable on demand. |
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30.7.17 | 30.7.16 |
£ | £ |
Amount due (to)/from related party at the balance sheet date | (790 | ) | 620 |
Truffle Farms Europe Limited (Registered number: SC510853) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 July 2017 |
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9. | ULTIMATE CONTROLLING PARTY |
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Mr M Waddell is the ultimate controlling party by virtue of his majority shareholding. |