Agrimar (U.K.) Limited 01562933 false 2022-01-01 2022-12-31 2022-12-31 The principal activity of the company is exporters of agricultural, medical and veterinary merchandise Digita Accounts Production Advanced 6.30.9574.0 true false true true true true true 01562933 2022-01-01 2022-12-31 01562933 2022-12-31 01562933 core:RetainedEarningsAccumulatedLosses 2022-12-31 01562933 core:RevaluationReserve 2022-12-31 01562933 core:ShareCapital 2022-12-31 01562933 core:CurrentFinancialInstruments 2022-12-31 01562933 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 01562933 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 01562933 core:ConstructionInProgressAssetsUnderConstruction 2022-12-31 01562933 core:FurnitureFittings 2022-12-31 01562933 core:InvestmentPropertyIncludedWithinPPE 2022-12-31 01562933 core:LandBuildings 2022-12-31 01562933 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 01562933 core:OtherRelatedParties 2022-12-31 01562933 bus:SmallEntities 2022-01-01 2022-12-31 01562933 bus:Audited 2022-01-01 2022-12-31 01562933 bus:FullAccounts 2022-01-01 2022-12-31 01562933 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 01562933 bus:RegisteredOffice 2022-01-01 2022-12-31 01562933 bus:Director3 2022-01-01 2022-12-31 01562933 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 01562933 core:ConstructionInProgressAssetsUnderConstruction 2022-01-01 2022-12-31 01562933 core:FurnitureFittings 2022-01-01 2022-12-31 01562933 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 01562933 core:InvestmentPropertyIncludedWithinPPE 2022-01-01 2022-12-31 01562933 core:LandBuildings 2022-01-01 2022-12-31 01562933 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 01562933 core:OtherRelatedParties 2022-01-01 2022-12-31 01562933 core:ParentEntities 2022-01-01 2022-12-31 01562933 core:Subsidiary1 2022-01-01 2022-12-31 01562933 core:Subsidiary1 1 2022-01-01 2022-12-31 01562933 1 2022-01-01 2022-12-31 01562933 countries:AllCountries 2022-01-01 2022-12-31 01562933 2021-12-31 01562933 core:CostValuation 2021-12-31 01562933 core:ConstructionInProgressAssetsUnderConstruction 2021-12-31 01562933 core:FurnitureFittings 2021-12-31 01562933 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 01562933 core:OtherRelatedParties 2021-12-31 01562933 2021-01-01 2021-12-31 01562933 2021-12-31 01562933 core:RetainedEarningsAccumulatedLosses 2021-12-31 01562933 core:RevaluationReserve 2021-12-31 01562933 core:ShareCapital 2021-12-31 01562933 core:CurrentFinancialInstruments 2021-12-31 01562933 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 01562933 core:Non-currentFinancialInstruments core:AfterOneYear 2021-12-31 01562933 core:ConstructionInProgressAssetsUnderConstruction 2021-12-31 01562933 core:FurnitureFittings 2021-12-31 01562933 core:InvestmentPropertyIncludedWithinPPE 2021-12-31 01562933 core:LandBuildings 2021-12-31 01562933 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 01562933 core:OtherRelatedParties 2021-12-31 01562933 core:OtherRelatedParties 2021-01-01 2021-12-31 01562933 core:Subsidiary1 1 2021-01-01 2021-12-31 01562933 2020-12-31 01562933 core:OtherRelatedParties 2020-12-31 iso4217:GBP xbrli:pure

Registration number: 01562933

Agrimar (U.K.) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2022

 

Agrimar (U.K.) Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 11

 

Agrimar (U.K.) Limited

(Registration number: 01562933)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

3,554,229

3,542,331

Investments

5

140

140

 

3,554,369

3,542,471

Current assets

 

Stocks

6

5,515

7,158

Debtors

7

1,476,314

1,107,742

Cash at bank and in hand

 

117,988

36,735

 

1,599,817

1,151,635

Creditors: Amounts falling due within one year

8

(1,610,078)

(1,193,970)

Net current liabilities

 

(10,261)

(42,335)

Total assets less current liabilities

 

3,544,108

3,500,136

Creditors: Amounts falling due after more than one year

8

(1,856,071)

(1,939,157)

Provisions for liabilities

(60,538)

(183,687)

Net assets

 

1,627,499

1,377,292

Capital and reserves

 

Called up share capital

100,000

100,000

Revaluation reserve

-

260,106

Profit and loss account

1,527,499

1,017,186

Total equity

 

1,627,499

1,377,292

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 director on 20 September 2023
 

M Murphy
Director

   
     
 

Agrimar (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Suite 106
Boston House
69-75 Boston Manor Road
Brentford
Middlesex
United Kingdom
TW8 9JJ

These financial statements were authorised for issue by the director on 20 September 2023.

2

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

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 29 September 2023 was Sarah Jenkins, who signed for and on behalf of Milsted Langdon LLP.

.........................................

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non- monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. All exchange differences are included in the profit and loss account.

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

Investment properties owned by the company are stated at their open market value at the balance sheet date and any aggregate surplus or deficit is recognised through the profit and loss account. No depreciation is charged on these assets.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 4 (2021 - 4).

 

Agrimar (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Freehold land and buildings
£

Investment properties
 £

Furniture, fittings and equipment
£

Total
£

Cost or valuation

At 1 January 2022

568,701

3,029,303

96,539

3,694,543

Revaluations

-

(48,004)

-

(48,004)

Additions

-

-

1,823

1,823

Disposals

-

-

(92,334)

(92,334)

Transfers to/from investment property

(568,701)

568,701

-

-

At 31 December 2022

-

3,550,000

6,028

3,556,028

Depreciation

At 1 January 2022

59,380

-

92,832

152,212

Charge for the year

11,376

-

712

12,088

Eliminated on disposal

-

-

(91,745)

(91,745)

Eliminated on transfer

(70,756)

-

-

(70,756)

At 31 December 2022

-

-

1,799

1,799

Carrying amount

At 31 December 2022

-

3,550,000

4,229

3,554,229

At 31 December 2021

509,321

3,029,303

3,707

3,542,331

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 11 November 2020 by an independent valuer. The basis of this valuation was fair value as defined by FRS 102, being existing use market value. The director does not believe that the fair value has changed materially from the most recent valuation carried out on 11 November 2020. The name and qualification of the independent valuer are Vokins, Chartered Surveyors. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £Nil (2021 - £300,591).

The fair value of the company's investment properties was revalued on 11 November 2020 by an independent valuer. The basis of this valuation was fair value as defined by FRS 102, being existing use market value. The director does not believe that the fair value has changed materially from the most recent valuation carried out on 11 November 2020. The name and qualification of the independent valuer are Vokins Chartered Surveyors. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £2,383,135 (2021 - £2,082,544).

 

Agrimar (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

5

Investments

2022
£

2021
£

Investments in subsidiaries

140

140

Subsidiaries

£

Cost or valuation

At 1 January 2022

140

Provision

Carrying amount

At 31 December 2022

140

At 31 December 2021

140

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

     

2022

2021

Subsidiary undertakings

Brentford Management Company Limited

Unit 1 Canal Court
High Street
Brentford
England
TW8 8JA

Ordinary

85%

85%

Subsidiary undertakings

Brentford Management Company Limited

The principal activity of Brentford Management Company Limited is Dormant.

6

Stocks

2022
£

2021
£

Stocks

5,515

7,158

 

Agrimar (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

7

Debtors


 

Current

2022
£

2021
£

Trade debtors

1,426,012

1,007,516

Prepayments

12,233

17,436

Other debtors

38,069

82,790

 

1,476,314

1,107,742

8

Creditors

Due within one year

2022
£

2021
£

 

Trade creditors

 

737,644

544,596

Social security and other taxes

 

18,817

5,855

Other creditors

 

20,428

16,792

Accruals

 

829,387

626,727

Corporation tax liability

3,802

-

 

1,610,078

1,193,970

Due after one year

 

Amounts due to related party

 

1,856,071

1,939,157

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.

9

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

10

Related party transactions

Key management compensation

2022
£

2021
£

Salaries and other short term employee benefits

85,317

85,514

Post-employment benefits

2,097

9,250

87,414

94,764

Summary of transactions with parent

Agrimatco Limited
 The company has taken advantage of the exemption from disclosing transactions with other members of the group.
 

 

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

44,020

44,020

Advanced

104,091

104,091

Repaid

(133,600)

(133,600)

Interest transactions

1,423

1,423

At end of period

15,934

15,934

2021

Other related parties
£

Total
£

At start of period

49,931

49,931

Advanced

111,975

111,975

Repaid

(118,587)

(118,587)

Interest transactions

701

701

At end of period

44,020

44,020

Terms of loans to related parties

During the year loans have been advanced to and repaid by shareholders. These loans are repayable on demand and have had interest charged at 2.25% from 1 January 2021 to 5 April 2021, and at 2% from this date onwards.

11

Parent and ultimate parent undertaking

Agrimatco Limited is the 100% shareholder in Agrimar (UK) Limited.

 The company's immediate parent is Agrimatco Limited, incorporated in Cyprus.

 The ultimate parent is Agrimatco Limited, incorporated in Cyprus.

  These financial statements are available upon request from Agrimatco Limited
114, Gladstonos Street
Oasis Center
P.O. Box 57078
CY-3312 Limassol
Cyprus