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REGISTERED NUMBER: 00544745 (England and Wales)














The Agricultural Engineers Association
Company Limited by Guarantee

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 October 2023






The Agricultural Engineers Association
Company Limited by Guarantee (Registered number: 00544745)

Contents of the Financial Statements
for the Year Ended 31 October 2023










Page

Company information 1

Strategic report 2 to 4

Report of the directors 5 to 6

Report of the independent auditors 7 to 10

Statement of income and retained earnings 11

Statement of financial position 12

Statement of cash flows 13

Notes to the statement of cash flows 14

Notes to the financial statements 15 to 22


The Agricultural Engineers Association
Company Limited by Guarantee

Company Information
for the Year Ended 31 October 2023







Directors: Mrs R E Bailey
Mr S Groom
Mr L J Malin
Mr A J Winnett
Mr D P Withers
Mr M Hamer (President)
Mr M Earles
Miss S D Pritchard
Mr C Meacock





Secretary: Mr D J Naghen





Registered office: Samuelson House
62 Forder Way
Hampton
Peterborough
Cambs
PE7 8JB





Registered number: 00544745 (England and Wales)





Auditors: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

The Agricultural Engineers Association
Company Limited by Guarantee (Registered number: 00544745)

Strategic Report
for the Year Ended 31 October 2023


The directors present their strategic report for the year ended 31 October 2023.

Principal activities
The company is a trade association representing the interests of the manufacturers and suppliers of agricultural machinery and outdoor power equipment. Throughout the year it has provided advice, assistance, and training for its members on economic, technical, and legal issues and in other relevant spheres of business activity.

Constitution and Governance

The Agricultural Engineers Association (AEA) is a company limited by guarantee. All full members of the AEA are guarantors and are company law members of the Company. The number of full members is unlimited.

The Board of Directors (described in the Articles of Association as the Board of Management) is in overall control of the Company assisted by the Farm Equipment Council and the Outdoor Power Equipment Council in the determination of policy issues.

The Board is constituted of :

(a) The officers of the Association, being the President, the Chairman of the Farm Equipment Council, the Chairman of the Outdoor Power Equipment Council and the Immediate Past President,

(b) Two members appointed by the Farm Equipment Council and two members appointed by the Outdoor Power and Equipment Council, and

(c) The Chief Executive Officer for the time being of the Association

Outdoor Power Equipment Limited is a wholly owned dormant subsidiary.
Samuelson Shows Limited is a wholly owned dormant subsidiary.


The Agricultural Engineers Association
Company Limited by Guarantee (Registered number: 00544745)

Strategic Report
for the Year Ended 31 October 2023

Review of developments
A review of the business activities and future developments of the AEA are contained in the "AEA Annual Review 2023".

In 2023 the AEA continued to support its members in a changing environment. Even though supply chains have now eased across many of our members' distribution channels, inflationary costs resonate from the previous year and the cost-of-living crisis all began to close in with most members towards the end of the year predicting a tightening of the market and downturn of the industry. The year ahead will see a new Government, and the AEA will be asking whomsoever is in power, for consistency and stability. We ask that legislation is carefully considered in the context of still relating to a global market, and to consider that divergence for the sole purpose of legislation in England and Wales, is expensive, disruptive, and detrimental to the UK economy. We also ask for a government that supports its SMEs, particularly in export, but also in ensuring that the skills market supports talent in niche areas and where there is a need from employers for trained personnel.

The membership continues to support the AEA, seeing high value in being well-informed. Members respect the Association for its expertise on economic and legislative issues. Main achievements throughout the year included the lobbying of government on the Equipment Theft (Prevention) Act, a piece of legislation that could have serious implications for our markets if not enacted in a considerate and timely manner; the development and promotion of the skills initiative We Are Land-based Engineering, created to provide information on careers across both the Agricultural and Outdoor Power Engineering sectors, and now gaining traction through schools and educational establishments, as well as the support of industry through manufacturers and dealers and the progressive strengthening of BAGMA, the British Agricultural & Garden Machinery Association, with the addition of personnel and services, in particular the appointment of Nick Darking as a new Director, and a partnership with the buying group, Troy Global;


Highlights for the AEA in the financial year included:

- The facilitation of information for members through face-to face and on-line meetings. This included all Council meetings, Technical Committee meetings, Special Interest Groups, networking, and events.

- The provision of market intelligence through various Newsletters and Bulletins including the Economic Newsletters, and the Manufacturer's Bulletins.

- The representation and management of, including guidance, assistance, and input, into the UK legislative framework, the global, European, and International technical standards forums, including BSI, CEN/CENELEC and ISO/IEC.

- The management and development of the National Sprayer Testing and National Spreader Testing Schemes (NSTS).

- A continued Training for Business programme offering customised training to the agricultural and outdoor power sectors.

- The provision of in-house data to members of the Vehicle Data Management System (VRMS) for first registrations scheme.

- The provision of Secretariat Services to the Milking Equipment Association Limited (MEA).

- The organisation, management, and delivery of the Tillage event on Thursday 14th September 2023, at W H Corbett, Norton-Juxta-Twycross, CV9 3QH.

- The maintenance of secure and active relationships with relevant organisations in the UK such as IAGRE, BIGGA, GMA, EAMA, MAKE UK, the Agri Supply Chain Coalition and Export Partners UK, and with it, close engagement with DEFRA, DIT, DfT, BEIS and other Government Departments.


The Agricultural Engineers Association
Company Limited by Guarantee (Registered number: 00544745)

Strategic Report
for the Year Ended 31 October 2023

- The continued membership of the Agri-tech WG for the Department of International Trade (DIT) and the development and part ownership of the Agri-tech portal website.

- The continued support of the Landbased Training and Engineering Committee (LETEC), including its work on Trailblazer Apprenticeships and on T Level Qualifications.

- The development and continued promotion of the comprehensive skills campaign We Are Land-based Engineering, providing information and material to attract the next generation of technicians and engineers into the sector.

- Enhanced and improved social and digital media presence.


- The support of Industry led Schemes such as the Voluntary Initiative, the Amenity Forum, and the CESAR Scheme.

- The continued support and commitment of relevant European Organisations such as CEMA, EGMF ATVEA and global organisations such as Agrievolution.

- The transition and investment into British Agricultural & Garden Machinery Association (BAGMA), including:

- The appointment of a new General Manager (appointed March 2023)
- The appointment of a CRM Administrator
- The addition of Troy Global buying group to the portfolio of services
- Increased communication to members and public via marketing and social media

Results
The Company made an operating loss for the year which after taxation amounted to £22,856. At the 31 of October 2023 the company had net assets of £1,604,536. Full details of income and expenditure for the year are shown in the Financial Statements accompanying the Report. Prudent investment and the accumulation of reserves enable the company to enjoy a stable position and be positive and confident about the future.

Employment
The company is committed to ensuring that its recruitment and employment policies are executed without discrimination in the form of race, creed, gender, disability or otherwise. The objective is to recruit and retain highly qualified and motivated staff who will share in the success of the business of the Association.

Health and safety
The Board has received regular reports from the Health & Safety Committee on the safety of the premises and working conditions. No health and safety issues were reported.

On behalf of the board:





Mrs R E Bailey - Director


11 March 2024

The Agricultural Engineers Association
Company Limited by Guarantee (Registered number: 00544745)

Report of the Directors
for the Year Ended 31 October 2023


The directors present their report with the financial statements of the company for the year ended 31 October 2023.

Directors
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

Mrs R E Bailey
Mr S Groom
Mr L J Malin
Mr A J Winnett
Mr D P Withers
Mr M Hamer (President)
Mr M Earles
Miss S D Pritchard

Other changes in directors holding office are as follows:

Mr C Cooper - resigned 28 March 2023
Mr C Meacock - appointed 28 March 2023

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic report, the Report of the directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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 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.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

The Agricultural Engineers Association
Company Limited by Guarantee (Registered number: 00544745)

Report of the Directors
for the Year Ended 31 October 2023


Auditors
The auditors, Moore Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





Mrs R E Bailey - Director


11 March 2024

Report of the Independent Auditors to the Members of
The Agricultural Engineers Association
Company Limited by Guarantee


Opinion
We have audited the financial statements of The Agricultural Engineers Association Company Limited by Guarantee (the 'company') for the year ended 31 October 2023 which comprise the Statement of income and retained earnings, Statement of financial position, Statement of cash flows and Notes to the statement of cash flows, Notes to the financial statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 UK, including the FRC'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.

Conclusions relating to going concern
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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic report and the Report of the directors, but does not include the financial statements and our Report of the auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Report of the Independent Auditors to the Members of
The Agricultural Engineers Association
Company Limited by Guarantee


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic report and the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic report and the Report of the directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
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 Report of the directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of directors' responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
The Agricultural Engineers Association
Company Limited by Guarantee


Auditors' responsibilities for the audit of the financial statements
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 a Report of the auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate
competence, capabilities and skills to identify or recognise non-compliance with applicable laws and
regulations;
- we identified the laws and regulations applicable to the company through discussions with directors
and other management, and from our commercial knowledge and experience of the client company's
sector.
- we focused on specific laws and regulations which we considered may have a direct material effect
on the financial statements or the operations of the company;
- we assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team
remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journals entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias;
- investigated the rationale behind significant or unusual transactions.


In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC and the company's legal advisors.


Report of the Independent Auditors to the Members of
The Agricultural Engineers Association
Company Limited by Guarantee

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the auditors.

Use of our report
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 a Report of the auditors 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.




Hannah Butcher (Senior Statutory Auditor)
for and on behalf of Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

11 March 2024

The Agricultural Engineers Association
Company Limited by Guarantee (Registered number: 00544745)

Statement of Income and Retained Earnings
for the Year Ended 31 October 2023

2023 2022
Notes £    £   

Turnover 4 2,095,379 2,080,273

Cost of sales 190,313 337,534
Gross profit 1,905,066 1,742,739

Administrative expenses 1,926,658 1,740,119
(21,592 ) 2,620

Other operating income 5 1,109 890
Operating (loss)/profit 7 (20,483 ) 3,510

Interest receivable and similar income 7,437 665
(13,046 ) 4,175

Interest payable and similar expenses 8 (1,226 ) 5,540
Loss before taxation (11,820 ) (1,365 )

Tax on loss 9 11,036 (23,700 )
(Loss)/profit for the financial year (22,856 ) 22,335

Retained earnings at beginning of year 1,627,392 1,605,057

Retained earnings at end of year 1,604,536 1,627,392

The Agricultural Engineers Association
Company Limited by Guarantee (Registered number: 00544745)

Statement of Financial Position
31 October 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 10 292,617 335,881
Tangible assets 11 903,793 877,837
Investments 12 102 102
1,196,512 1,213,820

Current assets
Debtors 13 279,784 260,271
Investments 14 41,470 39,225
Cash at bank 592,031 629,058
913,285 928,554
Creditors
Amounts falling due within one year 15 495,651 514,982
Net current assets 417,634 413,572
Total assets less current liabilities 1,614,146 1,627,392

Provisions for liabilities 17 9,610 -
Net assets 1,604,536 1,627,392

Reserves
Retained earnings 18 1,604,536 1,627,392
1,604,536 1,627,392

The financial statements were approved by the Board of Directors and authorised for issue on 11 March 2024 and were signed on its behalf by:





Mr M Hamer (President) - Director


The Agricultural Engineers Association
Company Limited by Guarantee (Registered number: 00544745)

Statement of Cash Flows
for the Year Ended 31 October 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 39,197 172,498
Interest paid 1,226 (5,540 )
Tax paid (658 ) (20,637 )
Net cash from operating activities 39,765 146,321

Cash flows from investing activities
Purchase of intangible fixed assets - (16,860 )
Purchase of tangible fixed assets (84,229 ) (51,189 )
Interest received 7,437 665
Net cash from investing activities (76,792 ) (67,384 )

(Decrease)/increase in cash and cash equivalents (37,027 ) 78,937
Cash and cash equivalents at
beginning of year

2

629,058

550,121

Cash and cash equivalents at end of
year

2

592,031

629,058

The Agricultural Engineers Association
Company Limited by Guarantee (Registered number: 00544745)

Notes to the Statement of Cash Flows
for the Year Ended 31 October 2023


1. Reconciliation of loss before taxation to cash generated from operations
2023 2022
£    £   
Loss before taxation (11,820 ) (1,365 )
Depreciation charges 101,537 95,167
(Gain)/loss on revaluation of investment (2,245 ) 4,736
Finance costs (1,226 ) 5,540
Finance income (7,437 ) (665 )
78,809 103,413
Increase in trade and other debtors (20,939 ) (3,480 )
(Decrease)/increase in trade and other creditors (18,673 ) 72,565
Cash generated from operations 39,197 172,498

2. Cash and cash equivalents

The amounts disclosed on the Statement of cash flows in respect of cash and cash equivalents are in respect of these Statement of financial position amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 592,031 629,058
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 629,058 550,121


3. Analysis of changes in net funds

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank 629,058 (37,027 ) 592,031
629,058 (37,027 ) 592,031

Liquid resources
Current asset investments 39,225 2,245 41,470
39,225 2,245 41,470
Total 668,283 (34,782 ) 633,501

The Agricultural Engineers Association
Company Limited by Guarantee (Registered number: 00544745)

Notes to the Financial Statements
for the Year Ended 31 October 2023


1. Statutory information

The Agricultural Engineers Association Company Limited by Guarantee is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about The Agricultural Engineers Association Company Limited by Guarantee as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition
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.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten 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.

Intangible fixed assets are being amortised evenly over their estimated useful life of four years.

The Agricultural Engineers Association
Company Limited by Guarantee (Registered number: 00544745)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


3. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land-Not depreciated
Freehold property and car park-50 / 25 / 5 years straight line
Fixtures and fittings-4 years straight line
Office furniture-4 years straight line

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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 as a finance cost in profit or loss in the period in which it arises.

The Agricultural Engineers Association
Company Limited by Guarantee (Registered number: 00544745)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


3. Accounting policies - continued

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 as a finance cost in profit or loss in the period it arises.

Impairment of fixed assets
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.

For the purposes of impairment testing, 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.

Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

4. Turnover

The turnover and loss before taxation are attributable to the one principal activity of the company.

5. Other operating income
2023 2022
£    £   
Dividends receivable 1,109 890

6. Employees and directors
2023 2022
£    £   
Wages and salaries 778,445 735,636
Social security costs 84,786 81,623
Other pension costs 208,996 178,242
1,072,227 995,501

The Agricultural Engineers Association
Company Limited by Guarantee (Registered number: 00544745)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


6. Employees and directors - continued

The average number of employees during the year was as follows:
2023 2022

Management staff 7 5
Other staff 11 13
18 18

2023 2022
£    £   
Directors' remuneration 94,396 89,576
Directors' pension contributions to money purchase schemes 26,792 23,757

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

7. Operating (loss)/profit

The operating loss (2022 - operating profit) is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 32,910 26,828
Depreciation - owned assets 58,273 53,038
Goodwill amortisation 36,250 36,251
Intangible fixed assets amortisation 7,014 5,878
Auditors remuneration 10,180 9,600

8. Interest payable and similar expenses
2023 2022
£    £   
(Profit) / loss on fair value
adjustment (1,226 ) 5,540
(1,226 ) 5,540

The Agricultural Engineers Association
Company Limited by Guarantee (Registered number: 00544745)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


9. Taxation

Analysis of the tax charge/(credit)
The tax charge/(credit) on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax - 658
PY tax adj - (2,526 )
Total current tax - (1,868 )

Deferred tax 11,036 (21,832 )
Tax on loss 11,036 (23,700 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Loss before tax (11,820 ) (1,365 )
Loss multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

(2,955

)

(259

)

Effects of:
Income not taxable for tax purposes (152 ) (74 )
Capital allowances in excess of depreciation - (61 )
Depreciation in excess of capital allowances 1,535 -
Adjustments to tax charge in respect of previous periods - (2,526 )
Deferred taxation 11,036 (21,832 )
Fair value adjustment on financial assets (307 ) 1,052

Tax loss carried forward 1,879 -
Total tax charge/(credit) 11,036 (23,700 )

The Agricultural Engineers Association
Company Limited by Guarantee (Registered number: 00544745)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


10. Intangible fixed assets
Intangible
fixed
Goodwill assets Totals
£    £    £   
Cost
At 1 November 2022
and 31 October 2023 362,500 53,160 415,660
Amortisation
At 1 November 2022 48,334 31,445 79,779
Amortisation for year 36,250 7,014 43,264
At 31 October 2023 84,584 38,459 123,043
Net book value
At 31 October 2023 277,916 14,701 292,617
At 31 October 2022 314,166 21,715 335,881

11. Tangible fixed assets
Freehold
property Fixtures
and car Office and
park furniture fittings Totals
£    £    £    £   
Cost
At 1 November 2022 1,042,552 42,933 213,525 1,299,010
Additions - - 84,229 84,229
At 31 October 2023 1,042,552 42,933 297,754 1,383,239
Depreciation
At 1 November 2022 243,152 42,933 135,088 421,173
Charge for year 18,658 - 39,615 58,273
At 31 October 2023 261,810 42,933 174,703 479,446
Net book value
At 31 October 2023 780,742 - 123,051 903,793
At 31 October 2022 799,400 - 78,437 877,837

12. Investments

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Other investments 102 102

The Agricultural Engineers Association
Company Limited by Guarantee (Registered number: 00544745)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


12. Investments - continued

The company owns a 100% shareholding in Outdoor Power Equipment Limited at 31 October 2023, a company incorporated in the UK of which is dormant.

The company owns a 100% shareholding in Samuelson Shows Limited at 31 October 2023, a company incorporated in the UK which is dormant.

13. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 187,515 178,437
Other debtors 324 33
Deferred tax asset - 1,426
Prepayments and accrued income 91,945 80,375
279,784 260,271

Deferred tax asset
2022
£   
Additions 21,832
Deferred tax (20,406 )
1,426

14. Current asset investments
2023 2022
£    £   
Other investments 41,470 39,225

15. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 13,758 83,352
Corporation tax - 658
Social security and other taxes 30,959 34,372
VAT 25,337 5,203
Other creditors 20,203 11,667
Accruals and deferred income 405,394 379,730
495,651 514,982

The Agricultural Engineers Association
Company Limited by Guarantee (Registered number: 00544745)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


16. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 38,276 34,258
Between one and five years 41,630 33,827
79,906 68,085

17. Provisions for liabilities
2023
£   
Deferred tax
Deferred tax 9,610

Deferred
tax
£   
Balance at 1 November 2022 (1,426 )
Provided during year 11,036
Balance at 31 October 2023 9,610

18. Reserves
Retained
earnings
£   

At 1 November 2022 1,627,392
Deficit for the year (22,856 )
At 31 October 2023 1,604,536

19. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £208,996 (2022: £178,242).