Foldagri Ltd 13092369 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Manufacture of other fabricated metal products not elsewhere classified Digita Accounts Production Advanced 6.30.9574.0 true true 13092369 2022-04-01 2023-03-31 13092369 2023-03-31 13092369 core:RetainedEarningsAccumulatedLosses 2023-03-31 13092369 core:ShareCapital 2023-03-31 13092369 core:CurrentFinancialInstruments 2023-03-31 13092369 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13092369 core:FurnitureFittingsToolsEquipment 2023-03-31 13092369 bus:SmallEntities 2022-04-01 2023-03-31 13092369 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 13092369 bus:FullAccounts 2022-04-01 2023-03-31 13092369 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 13092369 bus:RegisteredOffice 2022-04-01 2023-03-31 13092369 bus:Director1 2022-04-01 2023-03-31 13092369 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 13092369 core:ComputerEquipment 2022-04-01 2023-03-31 13092369 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 13092369 core:PlantMachinery 2022-04-01 2023-03-31 13092369 countries:UnitedKingdom 2022-04-01 2023-03-31 13092369 2022-03-31 13092369 core:FurnitureFittingsToolsEquipment 2022-03-31 13092369 2020-12-21 2022-03-31 13092369 2022-03-31 13092369 core:RetainedEarningsAccumulatedLosses 2022-03-31 13092369 core:ShareCapital 2022-03-31 13092369 core:CurrentFinancialInstruments 2022-03-31 13092369 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 13092369 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 13092369

Foldagri Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Foldagri Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Foldagri Ltd

Company Information

Director

W H J Jones

Registered office

Plaish Park Farm
Plaish
Church Stretton
Shropshire
SY6 7HX

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Foldagri Ltd

(Registration number: 13092369)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,762

499

Current assets

 

Stocks

5

24,104

15,000

Cash at bank and in hand

 

35,365

29,185

 

59,469

44,185

Creditors: Amounts falling due within one year

6

(11,964)

(19,404)

Net current assets

 

47,505

24,781

Net assets

 

49,267

25,280

Capital and reserves

 

Called up share capital

1

1

Retained earnings

49,266

25,279

Shareholders' funds

 

49,267

25,280

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

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

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 October 2023
 

.........................................
W H J Jones
Director

   
 

Foldagri Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Plaish Park Farm
Plaish
Church Stretton
Shropshire
SY6 7HX

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/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;
and specific criteria have been met for each of the company's activities.

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 rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

 

Foldagri Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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:

Asset class

Depreciation method and rate

Office equipment

33.3% Reducing balance basis

Plant and Machinery

25% Reducing balance basis

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.

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 inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Foldagri Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

749

749

Additions

1,694

1,694

At 31 March 2023

2,443

2,443

Depreciation

At 1 April 2022

250

250

Charge for the year

431

431

At 31 March 2023

681

681

Carrying amount

At 31 March 2023

1,762

1,762

At 31 March 2022

499

499

5

Stocks

2023
£

2022
£

Other inventories

24,104

15,000

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

90

500

Trade creditors

 

1,281

5,851

Amounts owed to related parties

1,938

5,924

Taxation and social security

 

2,075

-

Other creditors

 

6,580

7,129

 

11,964

19,404

 

Foldagri Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

90

500