Agralan Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 02039849

Agralan Limited

Filleted Unaudited Financial Statements

30 September 2023

Agralan Limited

Statement of Financial Position

30 September 2023

	2023		2022
Note	£	£	£

Fixed assets

Intangible assets	5	93,253	109,477
Tangible assets	6	223,761	199,883
		---------	---------
		317,014	309,360

Current assets

Stocks		480,000	536,000
Debtors	7	132,225	82,231
Cash at bank and in hand		3,022	4,034
		---------	---------
		615,247	622,265

Creditors: amounts falling due within one year	8	442,920		400,615
		---------		---------
Net current assets			172,327	221,650
			---------	---------
Total assets less current liabilities			489,341	531,010

Creditors: amounts falling due after more than one year	9		261,830	312,048

Provisions

Taxation including deferred tax	20,941	21,471
	---------	---------
Net assets	206,570	197,491
	---------	---------

Capital and reserves

Called up share capital	85,000	85,000
Revaluation reserve	27,388	1,388
Profit and loss account	94,182	111,103
	---------	---------
Shareholders funds	206,570	197,491
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Agralan Limited

Statement of Financial Position (continued)

30 September 2023

These financial statements were approved by the board of directors and authorised for issue on 23 March 2024 , and are signed on behalf of the board by:

Mr P W Frost
Director

Company registration number: 02039849

Agralan Limited

Notes to the Financial Statements

Year ended 30 September 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Brickyard, Ashton Keynes, Swindon, Wiltshire, SN6 6QR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

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

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	20% straight line
Research & development	-	25% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold property	-	10% straight line
Plant & machinery	-	12.75% and 20% straight line
Fixtures & fittings	-	6% straight line
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 12 (2022: 12 ).

5. Intangible assets

	Goodwill	Research & development costs	Total
	£	£	£
Cost
At 1 October 2022 and 30 September 2023	147,722	80,076	227,798
	---------	--------	---------
Amortisation
At 1 October 2022	40,829	77,492	118,321
Charge for the year	14,772	1,452	16,224
	---------	--------	---------
At 30 September 2023	55,601	78,944	134,545
	---------	--------	---------
Carrying amount
At 30 September 2023	92,121	1,132	93,253
	---------	--------	---------
At 30 September 2022	106,893	2,584	109,477
	---------	--------	---------

6. Tangible assets

	Freehold property	Leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£	£
Cost or valuation
At 1 Oct 2022	114,000	130,860	171,918	72,179	15,257	504,214
Additions	–	–	18,862	6,708	–	25,570
Revaluations	26,000	–	–	–	–	26,000
	---------	---------	---------	--------	--------	---------
At 30 Sep 2023	140,000	130,860	190,780	78,887	15,257	555,784
	---------	---------	---------	--------	--------	---------
Depreciation
At 1 Oct 2022	–	130,860	119,853	41,077	12,541	304,331
Charge for the year	–	–	16,420	10,593	679	27,692
	---------	---------	---------	--------	--------	---------
At 30 Sep 2023	–	130,860	136,273	51,670	13,220	332,023
	---------	---------	---------	--------	--------	---------
Carrying amount
At 30 Sep 2023	140,000	–	54,507	27,217	2,037	223,761
	---------	---------	---------	--------	--------	---------
At 30 Sep 2022	114,000	–	52,065	31,102	2,716	199,883
	---------	---------	---------	--------	--------	---------

7. Debtors

	2023	2022
	£	£
Trade debtors	89,848	77,161
Other debtors	42,377	5,070
	---------	--------
	132,225	82,231
	---------	--------

8. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	120,468	140,785
Trade creditors	153,186	208,039
Corporation tax	–	551
Social security and other taxes	140,710	31,128
Other creditors	867	858
Other creditors	27,689	19,254
	---------	---------
	442,920	400,615
	---------	---------

9. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Other creditors	261,830	312,048
	---------	---------

10. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2023
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr A J P Frost Deceased	–	–	–
	----	----	----

	2022
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr A J P Frost Deceased	( 76)	( 7,480)	( 7,556)
	----	-------	-------