Company Registration No. 01163774 (England and Wales)
AGRAPO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
AGRAPO LIMITED
COMPANY INFORMATION
Directors
Mr S P Rajabali
Miss F Rajabali
Mr Z Lalji
Secretary
Mrs S B Rajabali
Company number
01163774
Registered office
53 High Street
Teddington
Middlesex
TW11 8HA
Accountants
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
AGRAPO LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
AGRAPO LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AGRAPO LIMITED FOR THE YEAR ENDED 30 APRIL 2023
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 10 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Agrapo Limited for the year ended 30 April 2023 set out on pages 3 to 12 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Agrapo Limited and state those matters that we have agreed to state to the Board of Directors of Agrapo Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Agrapo Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Agrapo Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Agrapo Limited. You consider that Agrapo Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Agrapo Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
4 April 2024
AGRAPO LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,237,046
1,204,934
Investment properties
5
1,100,000
1,100,000
Investments
6
448,654
473,654
2,785,700
2,778,588
Current assets
Stocks
148,191
147,688
Debtors
7
603,053
615,981
Cash at bank and in hand
950,110
683,546
1,701,354
1,447,215
Creditors: amounts falling due within one year
8
(389,145)
(389,894)
Net current assets
1,312,209
1,057,321
Total assets less current liabilities
4,097,909
3,835,909
Creditors: amounts falling due after more than one year
9
(34,353)
(64,347)
Provisions for liabilities
11
(122,167)
(115,235)
Net assets
3,941,389
3,656,327
Capital and reserves
Called up share capital
12
100
100
Other reserve - non distributable
13
446,653
446,653
Profit and loss reserves - distributable
14
3,494,636
3,209,574
Total equity
3,941,389
3,656,327
The directors of the company have taken advantage under section 444 of the Companies Act 2006 to not deliver a copy of the directors' report and the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
AGRAPO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 2 April 2024 and are signed on its behalf by:
Mr S P Rajabali
Director
Company Registration No. 01163774
AGRAPO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
1
Accounting policies
Company information
Agrapo Limited is a private company limited by shares incorporated in England and Wales. The registered office is 53 High Street, Teddington, Middlesex, TW11 8HA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to state freehold properties at market value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods dispensed, sales of pharmaceutical products and income from dental practice net of VAT and trade discounts.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life at 10% on a straight line basis.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% p.a. on a straight line method
Fixtures and fittings
20% p.a. on a reducing balance method
Motor vehicles
Freehold land is not depreciated.
1.6
Investment properties
Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus on revaluation is recognised in the profit and loss account.
1.7
Fixed asset investments
Fixed asset investment is stated at cost.
AGRAPO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Stocks
Stocks are valued at the lower of cost and net realisable value. Where necessary, provision is made for obsolete, slow moving and defective stocks.
1.9
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and trade and other creditors and bank loan.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors and bank loan are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and the movements in the deferred tax due to the adjustment to the capital allowance and revaluation of the investment properties.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
AGRAPO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
15
15
3
Tangible fixed assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 May 2022
1,320,449
480,230
1,800,679
Additions
100,844
100,844
At 30 April 2023
1,320,449
581,074
1,901,523
Depreciation and impairment
At 1 May 2022
253,793
341,952
595,745
Depreciation charged in the year
26,409
42,323
68,732
At 30 April 2023
280,202
384,275
664,477
Carrying amount
At 30 April 2023
1,040,247
196,799
1,237,046
At 30 April 2022
1,066,656
138,278
1,204,934
AGRAPO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
3,000
Amortisation and impairment
At 1 May 2022 and 30 April 2023
3,000
Carrying amount
At 30 April 2023
At 30 April 2022
5
Investment property
2023
£
Fair value
At 1 May 2022 and 30 April 2023
1,100,000
Investment properties were revalued by the Directors. The fair value of the investment properties have been arrived at on the basis of a valuation carried out at 30 April 2023 by the Directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Fixed asset investments
2023
2022
£
£
Other investments other than loans
448,654
473,654
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 May 2022
473,654
Disposals
(25,000)
At 30 April 2023
448,654
Carrying amount
At 30 April 2023
448,654
At 30 April 2022
473,654
AGRAPO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 8 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
115,284
82,778
Other debtors
487,769
533,203
603,053
615,981
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
30,767
31,541
Trade creditors
261,621
268,740
Corporation tax
60,237
59,976
Other taxation and social security
2,793
Other creditors
33,727
29,637
389,145
389,894
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,353
64,347
The bank loan of £65,120 (2022 : £95,888) is secured.
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
11
122,167
115,235
AGRAPO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 9 -
11
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
39,921
32,988
Revaluations
82,246
82,247
122,167
115,235
2023
Movements in the year:
£
Liability at 1 May 2022
115,235
Charge to profit or loss
6,932
Liability at 30 April 2023
122,167
12
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
13
Other reserve
2023
2022
£
£
At the beginning of the year
446,653
466,392
Deferred tax on revaluation of tangible assets
-
(19,739)
At the end of the year
446,653
446,653
14
Reserves
The only movement in reserves for the year ended 30 April 2023 and year ended 30 April 2022 is profit for the year.
15
Financial commitments, guarantees and contingent liabilities
Operating lease commitments not included in the balance sheet amount to £28,000 (2022 - Nil).
AGRAPO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 10 -
16
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr S P Rajabali -
2.00
469,340
806,388
8,334
(840,512)
443,550
469,340
806,388
8,334
(840,512)
443,550
2023-04-302022-05-01false04 April 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr S P RajabaliMiss F RajabaliMr Z LaljiMrs S B Rajabalifalse011637742022-05-012023-04-3001163774bus:Director12022-05-012023-04-3001163774bus:Director22022-05-012023-04-3001163774bus:Director32022-05-012023-04-3001163774bus:CompanySecretary12022-05-012023-04-3001163774bus:RegisteredOffice2022-05-012023-04-30011637742023-04-30011637742022-04-3001163774core:LandBuildings2023-04-3001163774core:OtherPropertyPlantEquipment2023-04-3001163774core:LandBuildings2022-04-3001163774core:OtherPropertyPlantEquipment2022-04-3001163774core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3001163774core:CurrentFinancialInstrumentscore:WithinOneYear2022-04-3001163774core:CurrentFinancialInstruments2023-04-3001163774core:CurrentFinancialInstruments2022-04-3001163774core:Non-currentFinancialInstruments2023-04-3001163774core:Non-currentFinancialInstruments2022-04-3001163774core:ShareCapital2023-04-3001163774core:ShareCapital2022-04-3001163774core:RevaluationReserve2023-04-3001163774core:RevaluationReserve2022-04-3001163774core:RetainedEarningsAccumulatedLosses2023-04-3001163774core:RetainedEarningsAccumulatedLosses2022-04-3001163774core:RevaluationReserve2022-04-3001163774core:RevaluationReserve2021-04-3001163774core:Goodwill2022-05-012023-04-3001163774core:LandBuildingscore:OwnedOrFreeholdAssets2022-05-012023-04-3001163774core:FurnitureFittings2022-05-012023-04-30011637742021-05-012022-04-3001163774core:LandBuildings2022-04-3001163774core:OtherPropertyPlantEquipment2022-04-30011637742022-04-3001163774core:LandBuildings2022-05-012023-04-3001163774core:OtherPropertyPlantEquipment2022-05-012023-04-3001163774core:NetGoodwill2022-04-3001163774core:NetGoodwill2023-04-3001163774core:NetGoodwill2022-04-3001163774core:WithinOneYear2023-04-3001163774core:WithinOneYear2022-04-3001163774bus:PrivateLimitedCompanyLtd2022-05-012023-04-3001163774bus:SmallCompaniesRegimeForAccounts2022-05-012023-04-3001163774bus:FRS1022022-05-012023-04-3001163774bus:AuditExemptWithAccountantsReport2022-05-012023-04-3001163774bus:FullAccounts2022-05-012023-04-30xbrli:purexbrli:sharesiso4217:GBP