A G Farmer Limited 05199175 false 2022-10-01 2023-09-30 2023-09-30 The principal activity of the company is that of agricultural contracting. Digita Accounts Production Advanced 6.30.9574.0 true 05199175 2022-10-01 2023-09-30 05199175 2023-09-30 05199175 bus:OrdinaryShareClass1 2023-09-30 05199175 bus:OrdinaryShareClass2 2023-09-30 05199175 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-09-30 05199175 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-09-30 05199175 core:CurrentFinancialInstruments 2023-09-30 05199175 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 05199175 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 05199175 core:MotorVehicles 2023-09-30 05199175 core:OtherPropertyPlantEquipment 2023-09-30 05199175 bus:SmallEntities 2022-10-01 2023-09-30 05199175 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 05199175 bus:FullAccounts 2022-10-01 2023-09-30 05199175 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 05199175 bus:RegisteredOffice 2022-10-01 2023-09-30 05199175 bus:CompanySecretaryDirector2 2022-10-01 2023-09-30 05199175 bus:Director2 2022-10-01 2023-09-30 05199175 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 05199175 bus:OrdinaryShareClass2 2022-10-01 2023-09-30 05199175 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 05199175 bus:Agent1 2022-10-01 2023-09-30 05199175 core:MotorVehicles 2022-10-01 2023-09-30 05199175 core:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 05199175 core:PlantMachinery 2022-10-01 2023-09-30 05199175 countries:EnglandWales 2022-10-01 2023-09-30 05199175 2022-09-30 05199175 core:MotorVehicles 2022-09-30 05199175 core:OtherPropertyPlantEquipment 2022-09-30 05199175 2021-10-01 2022-09-30 05199175 2022-09-30 05199175 bus:OrdinaryShareClass1 2022-09-30 05199175 bus:OrdinaryShareClass2 2022-09-30 05199175 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-09-30 05199175 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-09-30 05199175 core:CurrentFinancialInstruments 2022-09-30 05199175 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-30 05199175 core:Non-currentFinancialInstruments core:AfterOneYear 2022-09-30 05199175 core:MotorVehicles 2022-09-30 05199175 core:OtherPropertyPlantEquipment 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05199175

A G Farmer Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

A G Farmer Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Approval - vertical

4

Notes to the Unaudited Financial Statements

5 to 9

 

A G Farmer Limited

Company Information

Directors

Mr Andrew George Farmer

Mr Peter Luke Farmer

Company secretary

Mr Peter Luke Farmer

Registered office

8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

Accountants

Pattinsons Business Services Ltd
Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

 

A G Farmer Limited

Directors' Report for the Year Ended 30 September 2023

The directors present their report and the financial statements for the year ended 30 September 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Andrew George Farmer

Mr Peter Luke Farmer - Company secretary and director

Principal activity

The principal activity of the company is that of agricultural contracting.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 12 April 2024 and signed on its behalf by:

.........................................
Mr Andrew George Farmer
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
A G Farmer Limited
for the Year Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of A G Farmer Limited for the year ended 30 September 2023 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of A G Farmer Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of A G Farmer Limited and state those matters that we have agreed to state to the Board of Directors of A G Farmer Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A G Farmer Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that A G Farmer Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of A G Farmer Limited. You consider that A G Farmer 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 accounts of A G Farmer 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 accounts.

......................................

Pattinsons Business Services Ltd
Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

12 April 2024

 

A G Farmer Limited

(Registration number: 05199175)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

406,780

393,214

Current assets

 

Debtors

6

34,315

98,078

Cash at bank and in hand

 

29,599

35,564

 

63,914

133,642

Creditors: Amounts falling due within one year

7

(163,049)

(156,733)

Net current liabilities

 

(99,135)

(23,091)

Total assets less current liabilities

 

307,645

370,123

Creditors: Amounts falling due after more than one year

7

(79,325)

(84,836)

Provisions for liabilities

(74,237)

(88,039)

Net assets

 

154,083

197,248

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

154,081

197,246

Shareholders' funds

 

154,083

197,248

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 12 April 2024 and signed on its behalf by:
 

.........................................
Mr Andrew George Farmer
Director

 

A G Farmer Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

These financial statements were authorised for issue by the Board on 12 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

A G Farmer Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% and 25% Reducing balance

Motor vehicles

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

A G Farmer Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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 creditors, loans from banks, other third parties and loans to related parties.

 

A G Farmer Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

3

Staff numbers

The average number of persons employed by the company during the year, was 4 (2022 - 3).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

60,484

52,516

5

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2022

32,910

565,436

598,346

Additions

-

74,050

74,050

At 30 September 2023

32,910

639,486

672,396

Depreciation

At 1 October 2022

18,827

186,305

205,132

Charge for the year

3,521

56,963

60,484

At 30 September 2023

22,348

243,268

265,616

Carrying amount

At 30 September 2023

10,562

396,218

406,780

At 30 September 2022

14,083

379,131

393,214

6

Debtors

2023
£

2022
£

Trade debtors

4,140

76,896

Prepayments

-

180

Other debtors

30,175

21,002

34,315

98,078

 

A G Farmer Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

41,511

42,766

Trade creditors

 

15,565

15,713

Taxation and social security

 

8,385

18,858

Other creditors

 

97,588

79,396

 

163,049

156,733

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

79,325

84,836

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

Ordinary A of £1 each

1

1

1

1

 

2

2

2

2

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

79,325

84,836

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

41,511

42,766