AGRIHIRE LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02020706 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2020

for

AGRIHIRE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr T Hubert

Mrs D R Hubert

SECRETARY:

Mrs D R Hubert

REGISTERED OFFICE:

Dairy Farm

Somersham Road

Bramford

Ipswich

Suffolk

IP8 4NN

REGISTERED NUMBER:

02020706 (England and Wales)

ACCOUNTANTS:

Turner & Ellerby

Chartered Certified Accountants

5 Church Street

Framlingham

Woodbridge

Suffolk

IP13 9BQ

FIXED ASSETS

Tangible assets

4

692,514

932,008

CURRENT ASSETS

Stocks

449,636

387,819

Debtors

5

354,082

290,027

Cash at bank and in hand

376,530

1,126

1,180,248

678,972

CREDITORS

Amounts falling due within one year

6

711,096

631,079

NET CURRENT ASSETS

469,152

47,893

TOTAL ASSETS LESS CURRENT LIABILITIES

1,161,666

979,901

CREDITORS

Amounts falling due after more than one year

7

(269,737

)

(119,659

)

PROVISIONS FOR LIABILITIES

9

(108,489

)

(133,749

)

NET ASSETS

783,440

726,493

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

783,140

726,193

SHAREHOLDERS' FUNDS

783,440

726,493

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 March 2021 and were signed on its behalf by:

Mr T Hubert - Director

1.	STATUTORY INFORMATION

AGRIHIRE LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

COVID-19 is not expected to have a significant impact on the entity. Management has determined that there is no material uncertainty that casts doubt on the entity's ability to continue as a going concern. It expects that COVID-19 might have some impact, though not significant, for example, in relation to expected future performance, or the effects on some future asset valuations.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

15% on cost

Plant and machinery

-

at varying rates on cost

Fixtures and fittings

-

15% on cost

Government grants and covid 19 support

Operating Grants, including the Job Retention Scheme and Small Business Grant Fund Income are recognised in the Profit & Loss Account in the period to which they relate and are included in Other Operating Income.

Where the Company has borrowed funds under Government provided Bounce Back Loans (BBL) or the Coronavirus Business Interruption Loan Scheme (CBILS), details of the amounts outstanding can be found in the balance sheet and related notes.

Interest charged on these loans during the first 12 months is to be settled by the Government. This additional Government Grant support is also included within Other Operating Income.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

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.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grants

Grants received in respect of capital items are recognised in the financial statements over a deferred period in line with the estimated useful economic life of the assets.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2019 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 July 2019

263,270

1,522,127

47,252

1,832,649

Additions

9,417

107,194

740

117,351

Disposals

-

(329,205

)

-

(329,205

)

At 30 June 2020

272,687

1,300,116

47,992

1,620,795

DEPRECIATION

At 1 July 2019

118,021

758,232

24,388

900,641

Charge for year

33,146

103,222

4,749

141,117

Eliminated on disposal

-

(113,477

)

-

(113,477

)

At 30 June 2020

151,167

747,977

29,137

928,281

NET BOOK VALUE

At 30 June 2020

121,520

552,139

18,855

692,514

At 30 June 2019

145,249

763,895

22,864

932,008

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 July 2019

420,358

Additions

39,255

Transfer to ownership

(219,015

)

At 30 June 2020

240,598

DEPRECIATION

At 1 July 2019

117,508

Charge for year

24,600

Transfer to ownership

(52,037

)

At 30 June 2020

90,071

NET BOOK VALUE

At 30 June 2020

150,527

At 30 June 2019

302,850

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

251,275

261,588

VAT

-

428

Prepayments

102,807

28,011

354,082

290,027

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

71,485

24,647

Hire purchase contracts

55,658

123,233

Trade creditors

373,142

314,736

Tax

2,359

-

Social security and other taxes

7,879

9,736

VAT

73,406

-

Other creditors

1,236

1,570

Deferred capital grant

4,000

8,000

Directors' current accounts

124

124

Accruals and deferred income

121,807

149,033

711,096

631,079

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 1-2 years

71,485

20,000

Bank loans - 2-5 years

165,492

37,989

Hire purchase contracts

32,760

61,670

269,737

119,659

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Hire purchase contracts

88,418

184,903

Amounts owing under finance leases and hire purchase contracts are secured on the assets to which they relate.

9.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

108,489

133,749

Deferred

tax

£

Balance at 1 July 2019

133,749

Movement in year

(25,260

)

Balance at 30 June 2020

108,489

10.	CONTINGENT LIABILITIES

Under the terms of the grant funding, should the Company breach any of the conditions, the whole or part of the grant may be repayable.