back to PHILLIPS (BOCKLETON FARM) LIMITED detail Phillips (Bockleton Farm) Limited - Period Ending 2017-11-30
Phillips (Bockleton Farm) Limited 1245414 false 2016-12-01 2017-11-30 2017-11-30 The principal activity of the company is farming Digita Accounts Production Advanced 6.21.8540.0 Software true 1245414 2016-12-01 2017-11-30 1245414 2017-11-30 1245414 bus:OrdinaryShareClass1 2017-11-30 1245414 core:OtherReservesSubtotal 2017-11-30 1245414 core:RetainedEarningsAccumulatedLosses 2017-11-30 1245414 core:ShareCapital 2017-11-30 1245414 core:CurrentFinancialInstruments 2017-11-30 1245414 core:CurrentFinancialInstruments core:WithinOneYear 2017-11-30 1245414 core:FurnitureFittings 2017-11-30 1245414 core:LandBuildings core:OwnedOrFreeholdAssets 2017-11-30 1245414 core:MotorVehicles 2017-11-30 1245414 core:PlantMachinery 2017-11-30 1245414 bus:SmallEntities 2016-12-01 2017-11-30 1245414 bus:AuditExemptWithAccountantsReport 2016-12-01 2017-11-30 1245414 bus:FullAccounts 2016-12-01 2017-11-30 1245414 bus:RegisteredOffice 2016-12-01 2017-11-30 1245414 bus:CompanySecretary1 2016-12-01 2017-11-30 1245414 bus:Director2 2016-12-01 2017-11-30 1245414 bus:Director3 2016-12-01 2017-11-30 1245414 bus:OrdinaryShareClass1 2016-12-01 2017-11-30 1245414 bus:PrivateLimitedCompanyLtd 2016-12-01 2017-11-30 1245414 core:FurnitureFittings 2016-12-01 2017-11-30 1245414 core:LandBuildings 2016-12-01 2017-11-30 1245414 core:LandBuildings core:OwnedOrFreeholdAssets 2016-12-01 2017-11-30 1245414 core:MotorCars 2016-12-01 2017-11-30 1245414 core:MotorVehicles 2016-12-01 2017-11-30 1245414 core:PlantMachinery 2016-12-01 2017-11-30 1245414 countries:England 2016-12-01 2017-11-30 1245414 2016-11-30 1245414 core:FurnitureFittings 2016-11-30 1245414 core:LandBuildings core:OwnedOrFreeholdAssets 2016-11-30 1245414 core:MotorVehicles 2016-11-30 1245414 core:PlantMachinery 2016-11-30 1245414 2015-12-01 2016-11-30 1245414 2016-11-30 1245414 bus:OrdinaryShareClass1 2016-11-30 1245414 core:OtherReservesSubtotal 2016-11-30 1245414 core:RetainedEarningsAccumulatedLosses 2016-11-30 1245414 core:ShareCapital 2016-11-30 1245414 core:CurrentFinancialInstruments 2016-11-30 1245414 core:CurrentFinancialInstruments core:WithinOneYear 2016-11-30 1245414 core:FurnitureFittings 2016-11-30 1245414 core:LandBuildings core:OwnedOrFreeholdAssets 2016-11-30 1245414 core:MotorVehicles 2016-11-30 1245414 core:PlantMachinery 2016-11-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 1245414

Phillips (Bockleton Farm) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2017

Oakleys Professional Limited
14 St Owen Street
Hereford
HR1 2PL

 

Phillips (Bockleton Farm) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Phillips (Bockleton Farm) Limited

Company Information

Directors

Mr James Evan Phillips

Mr Evan John Phillips

Company secretary

Mrs Pam Phillips

Registered office

14 St Owen Street
Hereford
HR1 2PL

Accountants

Oakleys Professional Limited
14 St Owen Street
Hereford
HR1 2PL

 

Phillips (Bockleton Farm) Limited

(Registration number: 1245414)
Balance Sheet as at 30 November 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

5

460,952

484,571

Current assets

 

Stocks

6

270,186

306,118

Debtors

7

67,682

90,952

 

337,868

397,070

Creditors: Amounts falling due within one year

8

(748,157)

(760,068)

Net current liabilities

 

(410,289)

(362,998)

Total assets less current liabilities

 

50,663

121,573

Provisions for liabilities

3,328

(7,221)

Net assets

 

53,991

114,352

Capital and reserves

 

Called up share capital

50

50

Other reserves

50

50

Profit and loss account

53,891

114,252

Total equity

 

53,991

114,352

For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Phillips (Bockleton Farm) Limited

(Registration number: 1245414)
Balance Sheet as at 30 November 2017

Approved and authorised by the Board on 27 July 2018 and signed on its behalf by:
 

.........................................

Mr James Evan Phillips

Director

.........................................

Mr Evan John Phillips

Director

 

Phillips (Bockleton Farm) Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
14 St Owen Street
Hereford
HR1 2PL

The principal place of business is:
Bockleton Farm
Bockleton
Tenbury Wells
Worcestershire
WR15 8PP

These financial statements were authorised for issue by the Board on 27 July 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Phillips (Bockleton Farm) Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

10% reducing balance

Plant and machinery

20% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

The directos have chosesn the fair value model basis for the valuation and biological assets under FRS 102.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Phillips (Bockleton Farm) Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2016 - 1).

4

Intangible assets

Cost or valuation

Amortisation

Carrying amount

At 30 November 2017

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

 

Phillips (Bockleton Farm) Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

Revalued assets for the year ended 30 November 2017

Revalued assets for the year ended 30 November 2016

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 December 2016

438,264

3,271

480,504

11,600

At 30 November 2017

438,264

3,271

480,504

11,600

Depreciation

At 1 December 2016

110,642

2,799

324,788

10,839

Charge for the year

-

71

23,358

190

At 30 November 2017

110,642

2,870

348,146

11,029

Carrying amount

At 30 November 2017

327,622

401

132,358

571

At 30 November 2016

327,622

472

155,716

761

Total
£

Cost or valuation

At 1 December 2016

933,639

At 30 November 2017

933,639

Depreciation

At 1 December 2016

449,068

Charge for the year

23,619

At 30 November 2017

472,687

Carrying amount

At 30 November 2017

460,952

At 30 November 2016

484,571

Included within the net book value of land and buildings above is £327,622 (2016 - £327,622) in respect of freehold land and buildings.
 

6

Stocks

2017
£

2016
£

Other inventories

270,186

306,118

 

Phillips (Bockleton Farm) Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

7

Debtors

2017
£

2016
£

Trade debtors

66,250

88,212

Prepayments

167

167

Other debtors

1,265

2,573

67,682

90,952

8

Creditors

Creditors: amounts falling due within one year

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

10

682,965

706,090

Trade creditors

 

61,567

38,193

Accruals and deferred income

 

2,900

3,250

Other creditors

 

725

12,535

 

748,157

760,068

9

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary A shares of £1 each

50

50

50

50

         
 

Phillips (Bockleton Farm) Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

10

Loans and borrowings

2017
£

2016
£

Current loans and borrowings

Bank borrowings

299,861

310,129

Bank overdrafts

374,522

380,315

Finance lease liabilities

8,582

15,646

682,965

706,090

11

Dividends

   

2017

 

2016

   

£

 

£

Final dividend of £580.00 (2016 - £1,067.26) per ordinary share

 

-

 

-

12

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2017
£

2016
£

Remuneration

7,780

10,700

Dividends paid to directors

 

2017
£

2016
£

Mr James Evan Phillips

   

Dividends

25,520

46,959

     
         

Mr Evan John Phillips

   

Dividends

1,740

3,201

     
         

 

13

Transition to FRS 102

No transitional adjustments

Balance Sheet at 1 December 2015
 

 

Phillips (Bockleton Farm) Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Total equity

-

-

-

-

 

Phillips (Bockleton Farm) Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

Balance Sheet at 30 November 2016
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Total equity

-

-

-

-