These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "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 turnover shown in the profit and loss account represents the value of goods and services provided to customers during the year, exclusive of Value Added Tax.

Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.

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. 

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. 

Fixed asset investments are stated at cost less provision for any permanent diminution in value.

Stocks and growing crops have been valued at no less than cost, deemed cost, or net realisable value.

Deemed cost has been used where actual cost is not accurately ascertainable and is defined as:

Harvested crops - 75% of market value.

Market value is defined as the estimated amount for which an asset should exchange on the date of valuation in an arms-length transaction. 

Net realisable value is defined as the actual or estimated selling price on the date of valuation less further costs to completion and for marketing, selling and distributing.

A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.