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REGISTERED NUMBER: 07112162 (England and Wales)






Unaudited Financial Statements

for the Year Ended 25th February 2023

for

ANDY SMITH AGRICULTURAL
CONTRACTOR LIMITED

ANDY SMITH AGRICULTURAL
CONTRACTOR LIMITED (REGISTERED NUMBER: 07112162)






Contents of the Financial Statements
for the Year Ended 25th February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ANDY SMITH AGRICULTURAL
CONTRACTOR LIMITED

Company Information
for the Year Ended 25th February 2023







Directors: S A Smith
Mrs S Smith
S J Smith





Registered office: 1A Kille House
Chinnor Road
Thame
Oxfordshire
OX9 3NU





Registered number: 07112162 (England and Wales)





Accountants: P J Clark & Co
1 Kille House
Chinnor Road
Thame
Oxfordshire
OX9 3NU

ANDY SMITH AGRICULTURAL
CONTRACTOR LIMITED (REGISTERED NUMBER: 07112162)

Balance Sheet
25th February 2023

2022 2023
£    £    Notes £    £   
FIXED ASSETS
103,750 Intangible assets 4 -
502,935 Tangible assets 5 584,488
606,685 584,488

CURRENT ASSETS
11,027 Stocks 6 17,700
53,964 Debtors 7 73,856
802 Prepayments and accrued income 314
40,606 Cash at bank 22,026
106,399 113,896
CREDITORS
284,267 Amounts falling due within one year 8 209,813
(177,868 ) NET CURRENT LIABILITIES (95,917 )

428,817
TOTAL ASSETS LESS CURRENT
LIABILITIES

488,571

CREDITORS

(235,091

)
Amounts falling due after more than one
year

9

(239,332

)

(92,887 ) PROVISIONS FOR LIABILITIES 10 (106,581 )

(3,428 ) ACCRUALS AND DEFERRED INCOME (10,107 )
97,411 NET ASSETS 132,551

CAPITAL AND RESERVES
100 Called up share capital 100
97,311 Retained earnings 132,451
97,411 SHAREHOLDERS' FUNDS 132,551

ANDY SMITH AGRICULTURAL
CONTRACTOR LIMITED (REGISTERED NUMBER: 07112162)

Balance Sheet - continued
25th February 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 25th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 25th February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20th November 2023 and were signed on its behalf by:





S A Smith - Director


ANDY SMITH AGRICULTURAL
CONTRACTOR LIMITED (REGISTERED NUMBER: 07112162)

Notes to the Financial Statements
for the Year Ended 25th February 2023

1. STATUTORY INFORMATION

Andy Smith Agricultural Contractor Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of two years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Farm buildings - 10% on cost
Plant and equipment - 20% on written down values
Motor vehicles - 25% on written down values
Office equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


ANDY SMITH AGRICULTURAL
CONTRACTOR LIMITED (REGISTERED NUMBER: 07112162)

Notes to the Financial Statements - continued
for the Year Ended 25th February 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 26th February 2022
and 25th February 2023 207,500
Amortisation
At 26th February 2022 103,750
Charge for year 103,750
At 25th February 2023 207,500
Net book value
At 25th February 2023 -
At 25th February 2022 103,750

ANDY SMITH AGRICULTURAL
CONTRACTOR LIMITED (REGISTERED NUMBER: 07112162)

Notes to the Financial Statements - continued
for the Year Ended 25th February 2023

5. TANGIBLE FIXED ASSETS
Farm Plant and Motor Office
Totals buildings equipment vehicles equipment
£    £    £    £    £   
Cost
At 26th February 2022 1,108,868 23,723 1,041,142 43,500 503
Additions 195,369 13,167 181,715 - 487
Disposals (61,850 ) - (61,850 ) - -
At 25th February 2023 1,242,387 36,890 1,161,007 43,500 990
Depreciation
At 26th February 2022 605,933 9,667 574,312 21,451 503
Charge for year 99,968 3,690 90,643 5,513 122
Eliminated on disposal (72,172 ) - (72,172 ) - -
Transfer to ownership 24,170 - 24,170 - -
At 25th February 2023 657,899 13,357 616,953 26,964 625
Net book value
At 25th February 2023 584,488 23,533 544,054 16,536 365
At 25th February 2022 502,935 14,056 466,830 22,049 -

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
equipment
£   
Cost
At 26th February 2022 465,889
Additions 160,500
Transfer to ownership (35,950 )
At 25th February 2023 590,439
Depreciation
At 26th February 2022 258,138
Charge for year 59,170
Eliminated on disposal (24,170 )
Reclassification/transfer (111,372 )
At 25th February 2023 181,766
Net book value
At 25th February 2023 408,673
At 25th February 2022 207,751

6. STOCKS
2023 2022
£    £   
Stocks 17,700 11,027

ANDY SMITH AGRICULTURAL
CONTRACTOR LIMITED (REGISTERED NUMBER: 07112162)

Notes to the Financial Statements - continued
for the Year Ended 25th February 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 71,949 35,550
Other debtors 401 -
Tax - 18,414
VAT 1,506 -
73,856 53,964

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans 17,734 12,400
Hire purchase contracts 89,242 63,204
Trade creditors 37,988 5,922
Corporation tax - 3,510
VAT - 28,540
Other creditors 1,329 120,500
Directors' current accounts 63,520 50,191
209,813 284,267

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans - 2-5 years 31,000 49,600
Hire purchase contracts 108,332 85,491
Directors loan account 100,000 100,000
239,332 235,091

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 106,581 92,887

Deferred
tax
£   
Balance at 26th February 2022 92,887
Charge to Income Statement during year 13,694
Balance at 25th February 2023 106,581