Clwyd Agricultural Limited 05453631 false 2022-02-01 2023-01-31 2023-01-31 The principal activity of the company is the supply of agricultural spares and accessories and agricultural repairs. Digita Accounts Production Advanced 6.30.9574.0 true 05453631 2022-02-01 2023-01-31 05453631 2023-01-31 05453631 bus:OrdinaryShareClass1 2023-01-31 05453631 bus:OrdinaryShareClass2 2023-01-31 05453631 bus:OrdinaryShareClass3 2023-01-31 05453631 bus:OrdinaryShareClass4 2023-01-31 05453631 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-01-31 05453631 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-01-31 05453631 core:CurrentFinancialInstruments 2023-01-31 05453631 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 05453631 core:Non-currentFinancialInstruments 2023-01-31 05453631 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 05453631 core:Goodwill 2023-01-31 05453631 core:FurnitureFittingsToolsEquipment 2023-01-31 05453631 core:LandBuildings 2023-01-31 05453631 core:MotorVehicles 2023-01-31 05453631 core:OtherPropertyPlantEquipment 2023-01-31 05453631 bus:SmallEntities 2022-02-01 2023-01-31 05453631 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 05453631 bus:FullAccounts 2022-02-01 2023-01-31 05453631 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 05453631 bus:RegisteredOffice 2022-02-01 2023-01-31 05453631 bus:CompanySecretaryDirector2 2022-02-01 2023-01-31 05453631 bus:Director2 2022-02-01 2023-01-31 05453631 bus:Director6 2022-02-01 2023-01-31 05453631 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 05453631 bus:OrdinaryShareClass2 2022-02-01 2023-01-31 05453631 bus:OrdinaryShareClass3 2022-02-01 2023-01-31 05453631 bus:OrdinaryShareClass4 2022-02-01 2023-01-31 05453631 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 05453631 core:Goodwill 2022-02-01 2023-01-31 05453631 core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 05453631 core:LandBuildings 2022-02-01 2023-01-31 05453631 core:MotorVehicles 2022-02-01 2023-01-31 05453631 core:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 05453631 core:PlantMachinery 2022-02-01 2023-01-31 05453631 core:Vehicles 2022-02-01 2023-01-31 05453631 core:OtherRelatedParties 2022-02-01 2023-01-31 05453631 countries:EnglandWales 2022-02-01 2023-01-31 05453631 2022-01-31 05453631 core:Goodwill 2022-01-31 05453631 core:FurnitureFittingsToolsEquipment 2022-01-31 05453631 core:LandBuildings 2022-01-31 05453631 core:MotorVehicles 2022-01-31 05453631 core:OtherPropertyPlantEquipment 2022-01-31 05453631 2021-02-01 2022-01-31 05453631 2022-01-31 05453631 bus:OrdinaryShareClass1 2022-01-31 05453631 bus:OrdinaryShareClass2 2022-01-31 05453631 bus:OrdinaryShareClass3 2022-01-31 05453631 bus:OrdinaryShareClass4 2022-01-31 05453631 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-01-31 05453631 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-01-31 05453631 core:CurrentFinancialInstruments 2022-01-31 05453631 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 05453631 core:Non-currentFinancialInstruments 2022-01-31 05453631 core:Non-currentFinancialInstruments core:AfterOneYear 2022-01-31 05453631 core:Goodwill 2022-01-31 05453631 core:FurnitureFittingsToolsEquipment 2022-01-31 05453631 core:LandBuildings 2022-01-31 05453631 core:MotorVehicles 2022-01-31 05453631 core:OtherPropertyPlantEquipment 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05453631

Clwyd Agricultural Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Clwyd Agricultural Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Clwyd Agricultural Limited

(Registration number: 05453631)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

9,900

14,850

Tangible assets

5

108,218

50,128

 

118,118

64,978

Current assets

 

Stocks

6

1,605,306

737,816

Debtors

7

262,626

305,826

Cash at bank and in hand

 

33,724

11,012

 

1,901,656

1,054,654

Creditors: Amounts falling due within one year

8

(1,599,232)

(743,547)

Net current assets

 

302,424

311,107

Total assets less current liabilities

 

420,542

376,085

Creditors: Amounts falling due after more than one year

8

(148,922)

(177,704)

Net assets

 

271,620

198,381

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

270,620

197,381

Shareholders' funds

 

271,620

198,381

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 October 2023 and signed on its behalf by:
 

 

Clwyd Agricultural Limited

(Registration number: 05453631)
Balance Sheet as at 31 January 2023

.........................................
E A Gruffydd
Company secretary and director

.........................................
P L Gruffydd
Director

.........................................
G W Davies
Director

 

Clwyd Agricultural Limited

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

1

General information

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

The address of its registered office is:
Terfyn Buildings
Caerwys Road
Cwm, Dyserth
Rhyl
LL18 6HT

These financial statements were authorised for issue by the Board on 6 October 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 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.

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.

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.

 

Clwyd Agricultural Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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

Plant and machinery

20% straight line

Motor vehicles

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

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.

 

Clwyd Agricultural Limited

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

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 directors) during the year, was 16 (2022 - 16).

 

Clwyd Agricultural Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2022

90,000

90,000

At 31 January 2023

90,000

90,000

Amortisation

At 1 February 2022

75,150

75,150

Amortisation charge

4,950

4,950

At 31 January 2023

80,100

80,100

Carrying amount

At 31 January 2023

9,900

9,900

At 31 January 2022

14,850

14,850

 

Clwyd Agricultural Limited

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2022

-

38,687

25,677

21,978

86,342

Additions

24,857

12,614

43,500

1,942

82,913

Disposals

-

(1,500)

-

(800)

(2,300)

At 31 January 2023

24,857

49,801

69,177

23,120

166,955

Depreciation

At 1 February 2022

-

12,246

17,012

6,956

36,214

Charge for the year

-

8,901

10,692

4,218

23,811

Eliminated on disposal

-

(875)

-

(413)

(1,288)

At 31 January 2023

-

20,272

27,704

10,761

58,737

Carrying amount

At 31 January 2023

24,857

29,529

41,473

12,359

108,218

At 31 January 2022

-

26,441

8,665

15,022

50,128

Included within the net book value of land and buildings above is £24,857 (2022 - £Nil) in respect of freehold land and buildings.
 

 

Clwyd Agricultural Limited

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

6

Stocks

2023
£

2022
£

Work in progress

11,614

13,801

Other inventories

1,593,692

724,015

1,605,306

737,816

7

Debtors

Current

2023
£

2022
£

Trade debtors

135,154

170,553

Prepayments

14,102

12,608

Other debtors

113,370

122,665

 

262,626

305,826

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

83,346

60,059

Trade creditors

 

1,382,409

558,719

Taxation and social security

 

38,056

42,029

Accruals and deferred income

 

21,405

59,525

Other creditors

 

74,016

23,215

 

1,599,232

743,547

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £83,346 (2022 - £60,059).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

148,922

177,704

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £148,922 (2022 - £177,704).

 

Clwyd Agricultural Limited

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

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0 each

-

-

-

-

A Ordinary shares of £1 each

375

375

375

375

B Ordinary shares of £1 each

375

375

375

375

C Ordinary shares of £1 each

250

250

250

250

 

1,000

1,000

1,000

1,000

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

116,667

166,667

Hire purchase contracts

32,255

11,037

148,922

177,704

2023
£

2022
£

Current loans and borrowings

Bank borrowings

50,000

50,000

Bank overdrafts

-

8,167

Hire purchase contracts

33,346

1,892

83,346

60,059

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £6,103 (2022 - £10,161). These financial commitments relate to operating leases. These leases are scheduled to expire in November 2023 and April 2024 respectively.

 

Clwyd Agricultural Limited

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

12

Related party transactions

Summary of transactions with other related parties

Pension fund
 
During the year the company paid rent amounting to £16,919 (2022: £15,200) to the pension fund of one of the director's for the use of the buildings in which the company operates.

 The amount owed to the company at the balance sheet date by the pension fund is £852 (2022: £60,716), in respect of works carried out to the building.