FOR THE YEAR ENDED 31 DECEMBER 2014
1.1 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)
Turnover comprises revenue recognized by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts
1.3 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Depreciation is not provided for on freehold land
1.4 Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
1.5 EU agricultural support schemes
Payments received under EU agricultural support schemes are recognised as income when the business has met all criteria which entitle it to the payments.
Amounts received under the Single Payment Scheme are recognised on 31 December in the year of claim
No provision has been made for penalties arising from the failure to comply with cross compliance conditions, as defined by the RPA, except for where notification has been received.