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Company registration number: 06645994
C A AGRICULTURE LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 August 2023
C A AGRICULTURE LIMITED
CONTENTS
Directors and other information
Statement of financial position
Notes to the financial statements
C A AGRICULTURE LIMITED
DIRECTORS AND OTHER INFORMATION
Directors C M Anstey
Mrs C S Anstey
Company number 06645994
Registered office 92 Ramsey Road
Warboys
Huntingdon
Cambridgeshire
PE28 2RW
C A AGRICULTURE LIMITED
STATEMENT OF FINANCIAL POSITION
31 AUGUST 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 255,532 255,518
_______ _______
255,532 255,518
Current assets
Cash at bank and in hand 5,179 2,377
_______ _______
5,179 2,377
Creditors: amounts falling due
within one year 6 ( 42,869) ( 54,720)
_______ _______
Net current liabilities ( 37,690) ( 52,343)
_______ _______
Total assets less current liabilities 217,842 203,175
Creditors: amounts falling due
after more than one year 7 ( 65,176) ( 69,574)
Provisions for liabilities ( 4,140) ( 4,995)
_______ _______
Net assets 148,526 128,606
_______ _______
Capital and reserves
Called up share capital 9 100 100
Profit and loss account 148,426 128,506
_______ _______
Shareholders funds 148,526 128,606
_______ _______
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 December 2023 , and are signed on behalf of the board by:
C M Anstey
Director
Company registration number: 06645994
C A AGRICULTURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 92 Ramsey Road, Warboys, Huntingdon, Cambridgeshire, PE28 2RW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Plant and machinery - 25 % reducing balance
Storage unit - 2 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 3 ).
5. Tangible assets
Freehold property Plant and machinery Storage unit Motor vehicles Total
£ £ £ £ £
Cost
At 1 September 2022 242,131 128,682 15,707 49,714 436,234
Additions 11,982 - - - 11,982
Disposals - - - ( 49,714) ( 49,714)
_______ _______ _______ _______ _______
At 31 August 2023 254,113 128,682 15,707 - 398,502
_______ _______ _______ _______ _______
Depreciation
At 1 September 2022 25,302 102,394 3,306 49,714 180,716
Charge for the year 5,083 6,572 313 - 11,968
Disposals - - - ( 49,714) ( 49,714)
_______ _______ _______ _______ _______
At 31 August 2023 30,385 108,966 3,619 - 142,970
_______ _______ _______ _______ _______
Carrying amount
At 31 August 2023 223,728 19,716 12,088 - 255,532
_______ _______ _______ _______ _______
At 31 August 2022 216,829 26,288 12,401 - 255,518
_______ _______ _______ _______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 4,868 4,711
Trade creditors 995 6,563
Corporation tax 7,980 15,541
Social security and other taxes 3,860 2,489
Other creditors 25,166 25,416
_______ _______
42,869 54,720
_______ _______
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 32,860 36,507
Other creditors 32,316 33,067
_______ _______
65,176 69,574
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 8,519 (2022 £ 12,954 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Included in the above bank loans is a HSBC commercial loan which is due for repayment in May 2031. The rate of interest was fixed at 4.07% till June 2018 and then reverted to 3.35% over the Bank of England base rate.
8. Government grants
2023 2022
£ £
At start of year 33,818 34,569
Grants received or receivable (-) (-)
Released to the profit or loss (751) (751)
_______ _______
At end of year 33,067 33,818
_______ _______
The amounts recognised in the for government grants are as follows:
2023 2022
£ £
Recognised in creditors:
Deferred government grants due within one year 751 751
Deferred government grants due after more than one year 32,316 33,067
_______ _______
33,067 33,818
_______ _______
Recognised in other operating income:
Government grants released to profit or loss 751 751
_______ _______
During the year ended 31 August 2018 an amount of £37,575 was received under the Rural Development Programme for England scheme to support the construction of new specialist workishop to support the development of the business. As the grant relates to assets the income is being recognised on a systematic basis over the expected life of the asset.
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
C M Anstey ( 2,417) 1,930 ( 439) ( 926)
Mrs C S Anstey ( 2,269) 1,930 ( 438) ( 777)
_______ _______ _______ _______
( 4,686) 3,860 ( 877) ( 1,703)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
C M Anstey ( 2,099) 50 ( 368) ( 2,417)
Mrs C S Anstey ( 1,950) 50 ( 369) ( 2,269)
_______ _______ _______ _______
( 4,049) 100 ( 737) ( 4,686)
_______ _______ _______ _______