Company registration number 4013810 (England and Wales)
AGRIGAME UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
AGRIGAME UK LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
AGRIGAME UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Intangible assets
3
16,000
24,000
Property, plant and equipment
4
847,568
863,165
Investment property
5
140,000
140,000
1,003,568
1,027,165
Current assets
Inventories
72,688
83,625
Trade and other receivables
6
50,984
82,599
Cash and cash equivalents
171,076
206,771
294,748
372,995
Current liabilities
7
(362,142)
(416,400)
Net current liabilities
(67,394)
(43,405)
Total assets less current liabilities
936,174
983,760
Non-current liabilities
9
(605,730)
(640,214)
Provisions for liabilities
(7,916)
(9,261)
Net assets
322,528
334,285
Equity
Called up share capital
2
2
Retained earnings
322,526
334,283
Total equity
322,528
334,285

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

AGRIGAME UK LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 September 2023 and are signed on its behalf by:
Mr D Brymer
Director
Company Registration No. 4013810
AGRIGAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

Agrigame UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cromer Farm, Pendock, Gloucester, Gloucestershire, United Kingdom, GL19 3PG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% on cost
Poultry houses
10% on cost
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
20% reducing balance
Computer equipment
25% on cost
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

AGRIGAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

 

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

AGRIGAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

AGRIGAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 6 -
1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
5
6
AGRIGAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
40,000
Amortisation and impairment
At 1 March 2022
16,000
Amortisation charged for the year
8,000
At 28 February 2023
24,000
Carrying amount
At 28 February 2023
16,000
At 28 February 2022
24,000
4
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2022
859,306
181,995
1,041,301
Additions
-
0
1,683
1,683
At 28 February 2023
859,306
183,678
1,042,984
Depreciation and impairment
At 1 March 2022
41,847
136,290
178,137
Depreciation charged in the year
7,480
9,799
17,279
At 28 February 2023
49,327
146,089
195,416
Carrying amount
At 28 February 2023
809,979
37,589
847,568
At 28 February 2022
817,459
45,706
863,165
5
Investment property
2023
£
Fair value
At 1 March 2022 and 28 February 2023
140,000

The fair value of investment property has been arrived at on the basis of a valuation carried out by the directors for the position at 28 February 2023. The valuation was made on an open market value basis by reference to transaction prices for similar properties.

AGRIGAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
6
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
45,706
42,688
Other receivables
5,278
39,911
50,984
82,599
7
Current liabilities
2023
2022
£
£
Bank loans
18,000
18,000
Trade payables
106,568
139,748
Amounts owed to group undertakings
-
0
9,817
Corporation tax
1,586
20,819
Other taxation and social security
23,894
15,334
Other payables
212,094
212,682
362,142
416,400
8
Borrowings
2023
2022
£
£
Bank loans
58,500
76,500
Other loans
595,230
611,714
653,730
688,214
Payable within one year
48,000
48,000
Payable after one year
605,730
640,214

The long-term loans are secured by fixed charges.

9
Non-current liabilities
2023
2022
£
£
Bank loans and overdrafts
40,500
58,500
Other payables
565,230
581,714
605,730
640,214
AGRIGAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 9 -
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
15,809
35,470
11
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
-
9,817
12
Directors' transactions

No dividends were paid to the directors during the year to 28 February 2023 (2022: £36,000).

 

At the year end the directors were owed £332,279 (2022: £348,738) from the company, of which £200,000 (2022: £200,000) is due after 1 year year of the balance sheet date and included in non-current liabilities.

2023-02-282022-03-01false05 October 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr D BrymerMrs H BrymerMrs H Brymer40138102022-03-012023-02-2840138102023-02-2840138102022-02-284013810core:NetGoodwill2023-02-284013810core:NetGoodwill2022-02-284013810core:LandBuildings2023-02-284013810core:OtherPropertyPlantEquipment2023-02-284013810core:LandBuildings2022-02-284013810core:OtherPropertyPlantEquipment2022-02-284013810core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-284013810core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-284013810core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-284013810core:Non-currentFinancialInstrumentscore:AfterOneYear2022-02-284013810core:CurrentFinancialInstruments2023-02-284013810core:CurrentFinancialInstruments2022-02-284013810core:Non-currentFinancialInstruments2023-02-284013810core:Non-currentFinancialInstruments2022-02-284013810core:ShareCapital2023-02-284013810core:ShareCapital2022-02-284013810core:RetainedEarningsAccumulatedLosses2023-02-284013810core:RetainedEarningsAccumulatedLosses2022-02-284013810bus:Director12022-03-012023-02-284013810core:Goodwill2022-03-012023-02-284013810core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-012023-02-284013810core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-012023-02-284013810core:PlantMachinery2022-03-012023-02-284013810core:FurnitureFittings2022-03-012023-02-284013810core:ComputerEquipment2022-03-012023-02-284013810core:MotorVehicles2022-03-012023-02-2840138102021-03-012022-02-284013810core:NetGoodwill2022-02-284013810core:NetGoodwill2022-03-012023-02-284013810core:LandBuildings2022-02-284013810core:OtherPropertyPlantEquipment2022-02-2840138102022-02-284013810core:LandBuildings2022-03-012023-02-284013810core:OtherPropertyPlantEquipment2022-03-012023-02-284013810core:WithinOneYear2023-02-284013810core:WithinOneYear2022-02-284013810bus:PrivateLimitedCompanyLtd2022-03-012023-02-284013810bus:SmallCompaniesRegimeForAccounts2022-03-012023-02-284013810bus:FRS1022022-03-012023-02-284013810bus:AuditExemptWithAccountantsReport2022-03-012023-02-284013810bus:Director22022-03-012023-02-284013810bus:CompanySecretary12022-03-012023-02-284013810bus:FullAccounts2022-03-012023-02-28xbrli:purexbrli:sharesiso4217:GBP