Agritrend Ltd
Registered number: 08366598
Statement of Financial Position
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 13,842 2,321
Current assets
Stocks 894,131 716,969
Debtors 5 191,517 388,954
Cash at bank and in hand 86,279 219,775
1,171,927 1,325,698
Creditors: amounts falling due within one year 6 (262,130) (322,024)
Net current assets 909,797 1,003,674
Total assets less current liabilities 923,639 1,005,995
Creditors: amounts falling due after more than one year 7 (306,234) (397,700)
Provisions for liabilities (2,630) (441)
Net assets 614,775 607,854
Capital and reserves
Called up share capital 20,002 20,002
Profit and loss account 594,773 587,852
Shareholders' funds 614,775 607,854
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Robert Mills
Director
Approved by the board on 2 October 2023
Agritrend Ltd
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings and equipment 25% reducing balance
Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 4 4
3 Government grants
The company has received government grants under the coronavirus job retention scheme. These grants are shown in the profit and loss for the period in which the related salary expenditure was incurred.
2023 2022
£ £
Grants received under the covid job retention scheme - 7,322
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2022 2,297 2,689 4,986
Additions 15,600 537 16,137
At 31 January 2023 17,897 3,226 21,123
Depreciation
At 1 February 2022 1,136 1,529 2,665
Charge for the year 4,192 424 4,616
At 31 January 2023 5,328 1,953 7,281
Net book value
At 31 January 2023 12,569 1,273 13,842
At 31 January 2022 1,161 1,160 2,321
restated
5 Debtors 2023 2022
£ £
Trade debtors 162,423 256,575
Prepayments 2,073 9,928
Other debtors 27,021 122,451
191,517 388,954
restated
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 91,467 88,567
Trade creditors 20,460 6,326
Accruals 1,230 1,170
Corporation tax 3,233 43,067
Other taxes and social security costs 50,761 106,308
Other creditors 94,979 76,586
262,130 322,024
restated
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 306,234 397,700
8 Prior year adjustment
The comparative figures have been restated to incorporate the impact of cancelled sales orders being shown within turnover in the year end 31 January 2021. The change has resulted in profits available for distribution at 31 January 2022 decreasing after-tax by £70,531.
Summary of accounting impact £
Decrease in debtors - accounts receivable (104,490)
Increase in debtors - overpaid corporation tax 16,544
Decrease in creditors - overstated VAT 17,415
Decrease in profit and loss account (70,531)
9 Other information
Agritrend Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Llain Fawr,
Devils Bridge,
Aberystwyth
Ceredigion
SY23 4QU
Agritrend Ltd 08366598 false 2022-02-01 2023-01-31 2023-01-31 VT Final Accounts April 2022 Robert Mills No description of principal activity 08366598 2021-02-01 2022-01-31 08366598 core:WithinOneYear 2022-01-31 08366598 core:AfterOneYear 2022-01-31 08366598 core:ShareCapital 2022-01-31 08366598 core:RetainedEarningsAccumulatedLosses 2022-01-31 08366598 2022-02-01 2023-01-31 08366598 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 08366598 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 08366598 bus:Director40 2022-02-01 2023-01-31 08366598 1 2022-02-01 2023-01-31 08366598 2 2022-02-01 2023-01-31 08366598 core:PlantMachinery 2022-02-01 2023-01-31 08366598 core:Vehicles 2022-02-01 2023-01-31 08366598 countries:England 2022-02-01 2023-01-31 08366598 bus:FRS102 2022-02-01 2023-01-31 08366598 bus:FullAccounts 2022-02-01 2023-01-31 08366598 2023-01-31 08366598 core:WithinOneYear 2023-01-31 08366598 core:AfterOneYear 2023-01-31 08366598 core:ShareCapital 2023-01-31 08366598 core:RetainedEarningsAccumulatedLosses 2023-01-31 08366598 core:PlantMachinery 2023-01-31 08366598 core:Vehicles 2023-01-31 08366598 2022-01-31 08366598 core:PlantMachinery 2022-01-31 08366598 core:Vehicles 2022-01-31 iso4217:GBP xbrli:pure