Registered number:
FOR THE YEAR ENDED 30 JUNE 2023
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AGRICULTURAL CENTRAL TRADING LIMITED
COMPANY INFORMATION
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AGRICULTURAL CENTRAL TRADING LIMITED
CONTENTS
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AGRICULTURAL CENTRAL TRADING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
The directors present the strategic report for the year ended 30 June 2023.
The turnover of the Company for the year amounted to £153.8m (2022 - £140.9m). This resulted in a profit before tax and members' bonus of £2,382,100 (2022 - £2,004,188) from which is deducted a bonus of £1,013,954 (2022 - £851,495) paid to members.
The Company's main objective is to benefit its members. This is measured through the key performance indicators set out below. These indicators show the Company continues to deliver significant benefits to its members. The bonus paid to members for the year to 30 June 2023 was calculated at a rate of £8.75 (2022 - £8.00) per £1,000 of their purchases from the company during the financial year plus 6% (2022 - 3%) p.a. interest on their shareholding at 30 June 2023, with a minimum payment of £25 (2022 - £25). A small number of members who own less than 40 (2022 - 40) shares received a reduced rate of bonus. Accounting convention requires that the two elements of bonus (trading and interest) be treated separately in the statement of comprehensive income. The profit before taxation of £1,368,146 (2022 - £1,152,693) showing in the statement of comprehensive income is after the trading element of the bonus. The gross profit of £7,155,262 (2022 - £6,756,703) was 4.7% of revenue (2022 - 4.8%). At 30 June 2023 total equity increased to £17.1m (2022 - £16.0m). The value of stock at 30 June 2023 was £1,276,503 (2022 - £1,632,771). The total value of debtors over 60 days old and with an account value of more than £2,000 at 30 June 2023 was £1.9m (2022 - £1.2m). The main activities of the Company continue to be related to the timely supply of competitively priced inputs to farmers. The principal inputs are animal feeds and fertiliser as well as other items used by livestock and arable farmers. The external environment The business has continued to face unprecedented challenges throughout the current financial year. High wholesale energy prices driven by worldwide events which continued until spring 2023 caused commodity prices to remain at a higher level than historical prices. This continued to cause volatility in purchasing and supply of a range of commodities supplied by Agricultural Central Trading Limited, particularly fertiliser and feed commodity prices. The ongoing price inflation has meant that increases in the debtor book held by ACT have remained during this financial year. Previous slight deteriorations in supplier terms available to ACT also remain in place. Therefore, the business has maintained close control of the working capital available during the financial year. This has continued to impact the amount and length of credit the business has been able to extend to its members and customers seen during the last financial year.
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AGRICULTURAL CENTRAL TRADING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
During the year the company has experienced increased borrowing costs which are expected to remain in place for the coming financial year. Prices are anticipated to fall slightly across some commodities but remain above historical levels. ACT, along with customers and members, continues to operate in a volatile environment and as such manages working capital closely. The trading bonus rate for the financial year increased by 9.4% and has been set by the directors at a level that rewards valued members who have supported the business during the year and allows the business to retain some profits within the business in order to maintain the required level of working capital. The level of internal credit extended by the business will remain under tight control. The business has good relationships with external credit providers and therefore members requiring more credit than the business can provide have the option to access this through ACT’s relationship with external providers.
-Credit risk: Management has credit control policies in place to monitor risk on an ongoing basis. Credit evaluations are performed on customers requiring credit.
- Interest rate risk: The company has variable rate working capital facilities and deposit accounts which are exposed to changes in interest rates. - Market risk: Market risk is constantly monitored through the monitoring of industry data and our positioning in relation to our competitors. As detailed above, the risk from market fluctuations in price is reduced by low stock holding levels and selected purchases of consignment stock. - Liquidity risk: The company monitors its liquidity to ensure it can meet its liabilities as they fall due. This includes ensuring banking lines are available to fund working capital requirements.
The strategic objectives of the Company are:
• to provide competitively priced inputs and agricultural advice to its customers; • to trade profitably in order to return value to its members; • to invest profits to ensure a continuing future for the company and its members; • to operate in a sustainable manner, complying with all environmental and community standards to ensure the long-term future for the markets in which the company operates. In furtherance of this strategy during the year the Company: • procured an upgraded ERP system. • optimised its investment in inventory through partnerships with its suppliers who deliver bespoke and standard products direct to the customer; • maintained close relationships with key suppliers and used resources to ensure any adverse impact of products sold on the environment is minimised or mitigated; • used its resources to offer credit to selected customers in order to maintain and grow the business; • maintained close relationships with customers in order to meet their changing input demands and ensure their ongoing viability; • continued to train and develop its employees to meet the needs of the business, maintain close relationships with suppliers and meet the regulatory regime within the agricultural sector.
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AGRICULTURAL CENTRAL TRADING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
The Board of Directors, in accordance with their duties in law, act in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members whilst having regard to the specific matters set out in section 172(1) (a) to (f) of the Companies Act 2006.
Specific Matters Section 172 (a) At every Board meeting the directors consider the likely consequences of any decision in the long term; each year the level of trading bonus payable is set bearing in mind the need to retain funds to invest in the people and assets of the business for the future viability of the Company. The decision to increase the amount of profit retained by the business for the year ended 30 June 2023, was taken by the board to make working capital available to the business for the coming financial year. (b) The interests of the Company's employees were considered in the continuing investment in training and development for all with needs established through a well-established appraisal system. (c) The need to foster business relationships with suppliers is recognised and reflected in the long and close relationships the Company has with its major suppliers, the continual development of products specific to ACT and suppliers' continued recognition of the company’s success in delivering their products to market. The Company’s relationship with its customers is close; over 75% of turnover during the year arose from members who therefore have an interest in the company’s continued sustainability. (d) The impact of the existence of the Company owned by its customers on the community is tangible as it allows smaller customers to harness the purchasing power of the business and so retains vital activity in rural areas. The impact of the company’s operations on the environment is mitigated through payment of duties, taxes and levies as required by the regulatory authorities. (e) The directors ensure the maintenance of high standards of business conduct through ongoing training and professional development programmes for employees together with membership of relevant industry bodies governing the sale of agricultural inputs. (f) The directors demonstrate fairness in their treatment of members by following the rules laid out in the Articles of Association, specifically in relation to payment of the trading bonus which relates to members' purchases from the Company.
This report was approved by the board and signed on its behalf.
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AGRICULTURAL CENTRAL TRADING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
The directors present their report and the financial statements for the year ended 30 June 2023.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,078,186 (2022 - £946,023).
The Company declared dividends totalling £nil (2022 - £nil) during the year.
The results for the year are set out on page 12. Particulars of the members' bonus - interest on shares proposed - are detailed in note 5 to the financial statements.
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AGRICULTURAL CENTRAL TRADING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
The directors who served during the year were:
The directors aim to ensure that the Company will continue to react to prevailing market conditions and aim to improve sales and profitability in the forthcoming year.
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AGRICULTURAL CENTRAL TRADING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
Methodology used to calculate energy consumed and CO2 emissions
Gas: We have recorded the kWh which are supplied on our gas bills using a conversion factor to CO2 sourced from Carbon Trust. Transport: We have used information from our single supplier of fuel for motor vehicles during the financial year. We have estimated the CO2 from each litre of motor fuel based on the Carbon Trust conversion factor. Electricity: We have recorded the kWh which are supplied on our electricity bills using a conversion factor to CO2 sourced from Carbon Trust.
Energy efficiency measures taken during the year
The Company continues to encourage staff to engage with customers using telephone and IT using video calling in order to reduce the emissions from transport. The company continues to rely on around 60% of the workforce working from home and visiting customers at their premises to conduct business and continued this traditional operating model of in-person visits to customers throughout the financial year. The number of vehicles operated by the Company has increased this year due to a rise in the number of employees however employees are encouraged to consider the lowest carbon producing vehicle available that is suitable for their needs. We are pleased that the number of hybrid vehicles in the fleet has increased, now totaling eight. We are also pleased that two employees have selected fully electric vehicles during the financial year. In total electric and hybrid vehicles now make up 19% of the company’s vehicle fleet; this increase has resulted in reduced emissions from transport, when compared to the previous year, despite the increase in vehicle numbers.
During the financial year the Company has made the cycle to work scheme available to employees. We are pleased that some employees have been able to make use of the scheme and we will continue to promote the scheme to employees to try and improve uptake.
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AGRICULTURAL CENTRAL TRADING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) regulations 2013 the Company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 has been set out in the Company's strategic report. This includes information that would have been included in the business review and the principal risks and uncertainties.
There have been no significant events affecting the Company since the year end.
The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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AGRICULTURAL CENTRAL TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGRICULTURAL CENTRAL TRADING LIMITED
We have audited the financial statements of Agricultural Central Trading Limited (the 'Company') for the year ended 30 June 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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AGRICULTURAL CENTRAL TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGRICULTURAL CENTRAL TRADING LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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AGRICULTURAL CENTRAL TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGRICULTURAL CENTRAL TRADING LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). We understood how the Company are complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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AGRICULTURAL CENTRAL TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGRICULTURAL CENTRAL TRADING LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Belmont House
Shrewsbury Business Park
Shropshire
SY2 6LG
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AGRICULTURAL CENTRAL TRADING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
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AGRICULTURAL CENTRAL TRADING LIMITED
REGISTERED NUMBER: 00713606
BALANCE SHEET
AS AT 30 JUNE 2023
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AGRICULTURAL CENTRAL TRADING LIMITED
REGISTERED NUMBER: 00713606
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 34 form part of these financial statements.
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AGRICULTURAL CENTRAL TRADING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
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AGRICULTURAL CENTRAL TRADING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
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AGRICULTURAL CENTRAL TRADING LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Agricultural Central Trading Limited (company number 00713606) is a private company, limited by shares, incorporated in England and Wales and domiciled in the United Kingdom. Its registered office and principal place of business is 28 Atcham Business Park, Atcham, Shrewsbury, Shropshire, SY4 4UG.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.
The Company's forecasts and projections, taking account of reasonable possible changes in trading performance, show that the Company is expected to operate within the levels of its current facilities.
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operation existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates 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. Useful economic life of intangible assets The annual amortisation charge is sensitive to any changes in the estimated useful life and residual values of the intangible assets. The useful economic lives and residual value is assessed on an annual basis and are amended only when evidence shows a change in the estimated useful lives or residual value. Criteria used to assess the economic life and residual value includes technological advancement, economic utilisation, condition of the asset and future investments.
The whole of the turnover is attributable to the principal activity of the Company.
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Page 27
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
11.Taxation (continued)
There were no factors that may affect future tax charges.
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Page 29
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Page 30
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Page 31
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
During the year the company issued 3,386 ordinary £1 shares for £8,470.
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Share premium account
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £423,527 (2022: £217,291). Contributions totalling £24,242 (2022: £nil) were payable to the fund at the balance sheet date and are included in creditors.
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
The company continues to satisfy requirements of the Department for Environment, Food and Rural Affairs regading the volume of sales to members.
Page 34
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