Registration number:
Agrimar (U.K.) Limited
for the Year Ended 31 December 2022
Agrimar (U.K.) Limited
(Registration number: 01562933)
Balance Sheet as at 31 December 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
- |
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Profit and loss account |
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Total equity |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Agrimar (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
These financial statements have been presented using the presentational currency of £.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in stirling, which is the functional currency of the company, and rounded to the nearest £.
Going concern
Whilst Brexit and COVID-19 are not expected to have significant impact on future trading performance, the company's balance sheet at 31 December 2022 continues to show that current liabilities exceed current assets by £10,261 (2021: £42,335). The director has reviewed budgets to assist with the planning and operations over the forthcoming months, and together with support provided by the Parent company, the director does not consider that this will significantly impact on the company's ability to continue as a going concern.
Furthermore, the director has reviewed the company's supply chains, key customers and capital resources. Given the cash reserves held by the company and continued support from the Parent company, the director considers that the company has adequate resources in place to continue trading for the foreseeable future, being twelve months from the date of approval of the financial statements. Therefore the going concern basis continues to be applied in the preparation of the financial statements.
Agrimar (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
.........................................
Key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which are considered to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities arise in respect of the valuation of investment properties and freehold land and buildings for which management are of the opinion require no impairment. The carrying amounts are detailed in Note 4.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- all of the significant risks and rewards of ownership have been transferred to the customer; and
- specific criteria have been met for each of the company's activities.
Other operating income
Other operating income is recognised on rental receipts on an accruals basis in line with the overall revenue recognition policy.
Finance income and costs policy
Finance income and expenses are recognised using the effective interest method.
Agrimar (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws thats have been enacted or substantively enacted at the reporting date.
The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recoverd based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Mixed use properties are separated between investment property and land and buildings based on the number of floors occupied by the company and its tenants.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Tangible assets held at valuation are revalued with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using fair values at the balance sheet date.
Any revaluation increase arising on the revaluation is credited to the revaluation reserve, except to the extent that it reverses a revaluation decrease for the same asset previously recognised as an expense, in which case the increase is credited to the profit and loss account to the extent of the decrease previously expensed. A decrease in carrying amount arising on the revaluation is charged as an expense to the extend that it exceeds the balance, if any, held in the properties revaluation reserve relating to a previous revaluation of that asset.
On the subsequent sale or scrappage of a revalued property, the attributable revaluation surplus remaining in the properties revaluation reserve is transferred directly to retained earnings.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Agrimar (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
10% Straight line |
Freehold land and buildings |
2% Straight line |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Agrimar (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
Agrimar (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Tangible assets |
Freehold land and buildings |
Investment properties |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2022 |
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Revaluations |
- |
( |
- |
( |
Additions |
- |
- |
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Disposals |
- |
- |
( |
( |
Transfers to/from investment property |
( |
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- |
- |
At 31 December 2022 |
- |
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Depreciation |
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At 1 January 2022 |
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- |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
- |
( |
( |
Eliminated on transfer |
( |
- |
- |
( |
At 31 December 2022 |
- |
- |
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Carrying amount |
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At 31 December 2022 |
- |
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At 31 December 2021 |
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During the year, the use of the assets previously recognised within freehold land and buildings changed, with these now being recognised within investment properties. On transfer between classes of assets, depreciation accumulating on the property was eliminated so as to align with the overall investment properties accounting policy.
Revaluation
The fair value of the company's freehold land and buildings was revalued on
The fair value of the company's investment properties was revalued on
Agrimar (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Investments |
2022 |
2021 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2022 |
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Provision |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2022 |
2021 |
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Subsidiary undertakings |
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Unit 1 Canal Court
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Ordinary |
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Subsidiary undertakings |
Brentford Management Company Limited The principal activity of Brentford Management Company Limited is |
Stocks |
2022 |
2021 |
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Stocks |
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Agrimar (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Debtors |
Current |
2022 |
2021 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Due within one year |
2022 |
2021 |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accruals |
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Corporation tax liability |
3,802 |
- |
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Due after one year |
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Amounts due to related party |
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The amounts due to related party is denominated in GBP and is due in more than one year. The carrying amount at the year end is £1,856,071 (2021 - £1,939,157). The company has given security on the amounts due to related party in respect of the company's assets.
Reserves |
During the year the use of the asset previously recognised within freehold land and buildings changed, with the asset transferred to investment properties. On transfer of the asset, the accumulated revaluations previously arising on this asset were transferred to retained earnings.
Agrimar (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Related party transactions |
Key management compensation
2022 |
2021 |
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Salaries and other short term employee benefits |
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Post-employment benefits |
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Summary of transactions with parent
Agrimar (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Loans to related parties
2022 |
Other related parties |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
Interest transactions |
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At end of period |
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2021 |
Other related parties |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
Interest transactions |
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At end of period |
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Terms of loans to related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
These financial statements are available upon request from Agrimatco Limited
114, Gladstonos Street
Oasis Center
P.O. Box 57078
CY-3312 Limassol
Cyprus