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REGISTERED NUMBER: 06612313 (England and Wales)



















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

OLIVER AGRICULTURE LIMITED

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 SEPTEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


OLIVER AGRICULTURE LIMITED

COMPANY INFORMATION
for the Year Ended 30 SEPTEMBER 2023







DIRECTORS: Mr D M Jarman
Mr I P D Morton
Ms A C Barnes
Mr R S Hallam
Mr W E C Helliwell
Mr R J Hedges





REGISTERED OFFICE: Wandon End
Luton
Bedfordshire
LU2 8NY





REGISTERED NUMBER: 06612313 (England and Wales)





AUDITORS: FKCA Limited
Statutory Auditor
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

STRATEGIC REPORT
for the Year Ended 30 SEPTEMBER 2023

The directors present their strategic report for the year ended 30 September 2023.

PRINCIPAL ACTIVITY AND REVIEW OF THE BUSINESS
The principal activities of the company in the year under review were sales, service and parts for agricultural machinery and occasional short-term hire of machines, primarily direct into the agricultural market.

Key performance indicators
Management use a range of performance measures to monitor and manage the business. The key financial performance indicators are set out below:

- sales turnover;
- gross margin;
- assets employed;
- balance sheet strength; and
- shareholder asset cover.

Development and financial performance during the year
The company trades in a significant geographical area covering the counties of Bedfordshire, Hertfordshire, Buckinghamshire, Oxfordshire, Berkshire, Hampshire, Surrey, West Sussex, and the Isle of Wight.

The main suppliers tend to be market leading brands, well known in the agricultural market and their specialist market sectors, who are recognised for their high level of service support within this sector which is synonymous with our own philosophy as a family business built on good service which can trace its roots back to 1823.

The major suppliers include many global brands such as CLAAS, Horsch, Leeb, Abbey, Bunning, Dalbo, KRM, Maschio, Opico, Richard Western, Samson, and Spearhead.

There was a general improvement in demand from our customer base as agriculture continues to adapt to the new regenerative farming practices and drive towards zero carbon. The expanded area has created a more diverse mix of farming customers allowing us to increase sales of grassland and forage equipment and an increased aftersales opportunity. The factors above have given us the result of a net profit before taxation for the year of £1,411,977 which is an increase of 34% from the prior year when we posted a pre-tax profit of £1,077,353. This increase is due in part to the receipt of carryover late delivery combines. The marketplace for agricultural machinery continues to be very competitive, but we have been able to replicate our historical success across the expanded trading area, forging new customer relationships.

PRINCIPAL RISKS AND UNCERTAINTIES
There are always risks associated with running a business. These must be assessed by the management within the business and mitigated where we have an element of control. The company has continued to grow during this period. With good strategy, management, and cost control we have continued to grow the balance sheet whilst retaining a healthy level of shareholder funds in the business.

The directors identify the key business risks and uncertainties to be mainly external and these include bad weather, customer confidence in their own future profitability with increased cost of funding for our customers due to the continued Global issues and extra capital employed.

Competition will always be a factor with other retailers under pressure from their own suppliers to grow market share.

Global supply issues because of the Ukrainian conflict and continued COVID problems in China can be considered a potential problem which has included some delays in deliveries both of sold and unsold products, however by working closely with our key suppliers this risk has been minimised. We have consciously held more stock of parts and machines to mitigate this risk and ensure that our customers operations have not been adversely affected. As a result of the necessity to hold higher levels of stock for both machines and spare parts there is a general danger of overstocking in the wider industry, both at dealer and wholesale level.


OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

STRATEGIC REPORT
for the Year Ended 30 SEPTEMBER 2023

FINANCIAL POSITION AT REPORTING DATE
The Balance sheet remains very strong with closing shareholder funds of almost £5.2Mn and have maintained a consistent Profit & Loss account of just over £1.4Mn earnings before tax on 30th September 2023.


PRINCIPAL RISKS AND UNCERTAINTIES - continued
Competitor
pressure and level
of demand
- the market in which the company operates is relatively competitive and therefore such pressure could result in the loss of sales to competitors. The directors manage this risk by providing quality products from leading market brands and maintaining strong relationships with its customers many of whom have utilised the company's products and services over family generations. The balance of supply and demand has shifted since the prior year and could result in heavier discounts becoming more prevalent.
Reliance on key
suppliers
- the company's activities could expose it to over reliance on certain suppliers. The directors manage this risk by ensuring the sale of market leading brands which include a range of suppliers who provide complimentary products to one another. The directors are constantly seeking to find potential additional suppliers to add products to our portfolio.
Loss of key
personel
- this would pose potential operational difficulties for the company. The directors manage this risk by seeking to ensure that key personnel are managed to ensure good performance is recognised and fully rewarded, along with ensuring good succession planning supported by appropriate training. This offers career progression for staff which assists to retain employees with potential to become management of the future.
Bad weather
affecting customer
confidence
- the weather can affect the ability of the company to sell agricultural machinery. The directors manage this risk by ensuring that seasonal stock levels are managed appropriately and by having an increased focus on growing the aftersales aspect of the business. The increased incidence of extreme weather events due to climate change can have an impact on our customers' risk of crop failure and subsequent reduction in funds to invest in machinery replacement.
After effects of
COVID-19
- There remains a product supply risk should an outbreak cause any supplier manufacturing facility to temporarily pause production. However, we have mitigated this risk by increasing our stock levels and placing orders with our suppliers earlier to ensure supply is not interrupted and to ensure we can continue to meet our customer's needs. This needs careful management to avoid over stocking and the added burden of increased stocking charges due to the increase in interest rates.
Post BREXIT
effects
- fluctuation in currency and interest rates, and possible increase in costs from inflation and from both tariffs and increased administration burden including phytosanitary compliance. With the phase out of EU direct farm support and the transition to the UK Government ELMS (Environmental Land Management Scheme), there is the potential for a reduction in combinable acreage which could affect sales volume in the longer term. Although investment in the innovative products that we supply can help our customers towards reducing their carbon impact and ELMS compliance.
Global unrest - disruption of supply chains due to conflict in Ukraine and the effect of increased energy costs on our operating costs and to the products we sell.


OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

STRATEGIC REPORT
for the Year Ended 30 SEPTEMBER 2023

FUTURE OUTLOOK
The outlook continues to be buoyant with a strong start to the 2024 business year. Despite the recent wet weather, our customers have remained confident with better levels of autumn drilled crops than the national average resulting in a successful early out of season order campaign.

We have taken delivery of all the prior year carry over orders as supplier despatches continued to improve. Our Budget is forecasting at least a similar outcome to the 2022-2023 trading year. We must be cognisant to the market volatility and maintain strong stock & credit control, whilst being mindful of the rise in interest and stocking charges and their impact on gross margins.

ON BEHALF OF THE BOARD:





Mr D M Jarman - Director


11 April 2024

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

REPORT OF THE DIRECTORS
for the Year Ended 30 SEPTEMBER 2023

The directors present their report with the financial statements of the company for the year ended 30 September 2023.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2023 will be £350,000.

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

Mr D M Jarman
Mr I P D Morton
Ms A C Barnes
Mr R S Hallam
Mr W E C Helliwell

Other changes in directors holding office are as follows:

Mr R J Hedges - appointed 6 April 2023

FINANCIAL INSTRUMENTS
Treasury operations and financial instruments
The company operates within the group's centralised treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company's activities.

The company's principal financial instruments include bank overdrafts, stocking finance agreements, hire purchase agreements and borrowing from the parent company, the main purpose of which are to provide working capital for the company's operations. In addition, the company has various other financial assets and liabilities such as trade receivable and trade payables arising directly from its operations.

Liquidity Risk
The group manages its cash and borrowing requirements centrally to maximise interest income and minimise interest expense, whilst ensuring that the company has sufficient liquid resources to meet the operating needs of its business.

Credit Risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

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). 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.

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

REPORT OF THE DIRECTORS
for the Year Ended 30 SEPTEMBER 2023


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.

ON BEHALF OF THE BOARD:





Ms A C Barnes - Director


11 April 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OLIVER AGRICULTURE LIMITED

Opinion
We have audited the financial statements of Oliver Agriculture Limited (the 'company') for the year ended 30 September 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 30 September 2023 and of its profit 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OLIVER AGRICULTURE LIMITED


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.

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:

- enquiry of management and those charged with governance around actual and potential litigation and claims;
- enquiry of entity staff and the board of directors to identify any instances of non-compliance with laws and regulations;
- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business; and
- auditing the risk of management override of controls, including through testing journal entries and other means.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OLIVER AGRICULTURE LIMITED


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.




Stephen Mason BSc FCA (Senior Statutory Auditor)
for and on behalf of FKCA Limited
Statutory Auditor
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

11 April 2024

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   

TURNOVER 4 41,922,736 35,126,314

Cost of sales 38,330,166 32,117,688
GROSS PROFIT 3,592,570 3,008,626

Distribution costs 842,423 728,767
Administrative expenses 1,330,245 1,207,955
2,172,668 1,936,722
OPERATING PROFIT 6 1,419,902 1,071,904

Interest receivable and similar income 12,587 1,043
1,432,489 1,072,947

Interest payable and similar expenses 7 20,512 15,780
PROFIT BEFORE TAXATION 1,411,977 1,057,167

Tax on profit 8 315,681 231,781
PROFIT FOR THE FINANCIAL YEAR 1,096,296 825,386

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,096,296

825,386

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 1,023,002 1,063,216

CURRENT ASSETS
Stocks 11 11,238,237 9,099,211
Debtors 12 2,797,340 7,303,508
Cash at bank 1,940 2,446
14,037,517 16,405,165
CREDITORS
Amounts falling due within one year 13 9,319,888 12,383,665
NET CURRENT ASSETS 4,717,629 4,021,500
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,740,631

5,084,716

CREDITORS
Amounts falling due after more than one
year

14

(288,753

)

(370,055

)

PROVISIONS FOR LIABILITIES 18 (253,943 ) (263,022 )
NET ASSETS 5,197,935 4,451,639

CAPITAL AND RESERVES
Called up share capital 19 400,000 400,000
Retained earnings 4,797,935 4,051,639
SHAREHOLDERS' FUNDS 5,197,935 4,451,639

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





Mr D M Jarman - Director


OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 SEPTEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2021 400,000 3,226,253 3,626,253

Changes in equity
Total comprehensive income - 825,386 825,386
Balance at 30 September 2022 400,000 4,051,639 4,451,639

Changes in equity
Dividends - (350,000 ) (350,000 )
Total comprehensive income - 1,096,296 1,096,296
Balance at 30 September 2023 400,000 4,797,935 5,197,935

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 SEPTEMBER 2023

1. STATUTORY INFORMATION

Oliver Agriculture 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.

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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c).

In taking advantage of these exemptions as a subsidiary undertaking the company has provided details of its parent undertaking in Note 21.

Significant judgements and estimates
The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from the estimated outcomes.

In the course of preparing the financial statements, management has made a judgement in respect of determining the net realisable value of stock held by the company at the balance sheet date. Factors that have been considered when calculating the value include (but are not restricted to) the selling environment, stock condition and amount of time stock items are held by the company.

Due to the nature of the industry items of stock held by the company at the balance sheet date may be held for a significant amount of time and so increase the level of judgement required by management to value that stock.

Turnover
Turnover is measured at the fair value of consideration received (or receivable), net of discounts and value
added taxes.

Turnover from the sale of agricultural and groundcare machinery is recognised in full at the time of delivery to the customer, when it is considered significant rights and obligations of ownership have been transferred.

In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced at the year end, which is determined by reference to the stage of completion.

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

3. ACCOUNTING POLICIES - continued

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.
Long leasehold - Over the term of the lease
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 25% on cost and 10% on reducing balance
Motor vehicles - 20% on cost

All fixed assets are initially recognised at cost.

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

Financial instruments
The company has chosen to adopt Section 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets and liabilities, including trade and other debtors, bank balances, trade and other creditors are recognised at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. 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 equity.

Current or deferred taxation assets and liabilities are not discounted.

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

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences arising from the movement in foreign currency exchange rate between the date of the transaction and payment are taken into account in the operating result.

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

3. ACCOUNTING POLICIES - continued

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.

4. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Sale of goods 38,949,304 32,943,976
Rendering of services 2,973,432 2,182,338
41,922,736 35,126,314

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 39,529,183 33,621,317
Europe 2,302,060 936,473
Rest of world 91,493 568,524
41,922,736 35,126,314

5. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 30 September 2023 nor for the year ended 30 September 2022.

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

2023 2022
£    £   
Directors' remuneration - -

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 170,100 183,171
Depreciation - owned assets 94,010 84,766
Depreciation - assets on hire purchase contracts 176,555 148,243
Profit on disposal of fixed assets (6,916 ) (32,494 )
Auditors' remuneration 16,800 16,000

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Hire purchase 20,512 15,780

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 324,760 97,970

Deferred tax (9,079 ) 133,811
Tax on profit 315,681 231,781

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

2023 2022
£    £   
Profit before tax 1,411,977 1,057,167
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

352,994

200,862

Effects of:
Capital allowances in excess of depreciation - (32,206 )
Depreciation in excess of capital allowances 15,913 -
Effect of change in tax rate (53,226 ) 63,125
Total tax charge 315,681 231,781

From 1 April 2023 the effective rate of corporation tax was increased to 25%.

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Final 350,000 -

10. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2022 28,649 347,443 376,248 1,360,448 2,112,788
Additions 28,973 7,794 23,395 184,524 244,686
Disposals - - - (37,277 ) (37,277 )
At 30 September 2023 57,622 355,237 399,643 1,507,695 2,320,197
DEPRECIATION
At 1 October 2022 19,280 162,856 295,383 572,053 1,049,572
Charge for year 4,833 19,023 17,779 228,930 270,565
Eliminated on disposal - - - (22,942 ) (22,942 )
At 30 September 2023 24,113 181,879 313,162 778,041 1,297,195
NET BOOK VALUE
At 30 September 2023 33,509 173,358 86,481 729,654 1,023,002
At 30 September 2022 9,369 184,587 80,865 788,395 1,063,216

The net book value of tangible fixed assets includes £ 644,825 (2022 - £ 663,138 ) in respect of assets held under hire purchase contracts.

11. STOCKS
2023 2022
£    £   
Parts stock 1,455,885 1,305,876
Wholegoods stock 9,782,352 7,793,335
11,238,237 9,099,211

An impairment loss of £17,639 was recognised in cost of sales against stock during the year (2022 - £346,997).

The net book value of stock includes £3,871,437 in respect of assets held under stocking plan contracts (2022 - £4,046,443).

12. DEBTORS LESS THAN ONE YEAR
2023 2022
£    £   
Trade debtors 2,433,974 3,555,073
Amounts owed by group undertakings 107,655 87,657
Amounts recoverable on contract 198,332 139,416
Prepayments and accrued income 57,379 3,521,362
2,797,340 7,303,508

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 15) 395,246 24,052
Hire purchase contracts (see note 16) 210,315 198,922
Trade creditors 7,108,078 6,651,835
Amounts owed to group undertakings 898,277 483,398
Corporation tax 190,010 97,970
Accruals and deferred income 517,962 4,927,488
9,319,888 12,383,665

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 16) 288,753 370,055

15. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 395,246 24,052

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 210,315 198,922
Between one and five years 288,753 370,055
499,068 568,977

Minimum lease payments under non-cancellable operating leases fall due as follows:

Non-cancellable operating leases
2023 2022
£    £   
Within one year 85,000 85,000
Between one and five years 212,500 255,000
In more than five years 212,500 212,500
510,000 552,500

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

17. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 395,246 24,052
Hire purchase contracts 499,068 568,977
Trade creditors 4,402,492 5,022,687
5,296,806 5,615,716

The hire purchase contracts are secured over the assets to which they relate. The trade creditors are secured on stock. The bank overdraft is secured against land held by the ultimate parent company, ATO Holdings Limited.

18. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 253,943 263,022

Deferred
tax
£   
Balance at 1 October 2022 263,022
Credit to Statement of Comprehensive Income during year (9,079 )
Balance at 30 September 2023 253,943

The deferred tax liability expected to reverse next year is £74,000 relating to the reversal of existing timing differences on capital allowances.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
400,000 Ordinary £1 400,000 400,000

Ordinary shares have full voting rights and full entitlement to participate in dividends and capital distributions.

20. CONTINGENT LIABILITIES

The company has entered into a Memorandum Accounts Statement System (MASS) agreement with Barclays Bank Plc for bank facility purposes with the ultimate parent undertaking ATO Holdings Limited and Oliver Landpower Limited, such that each participant is jointly and severally liable as a principal debtor for all indebtedness owing to the bank on the MASS account.

21. RELATED PARTY DISCLOSURES

Oliver AG 2010 Limited is the parent company. ATO Holdings Limited is the ultimate parent company of the group in whose consolidated financial statements the financial statements of this company are consolidated. The address of the registered office of ATO Holdings Limited is Wandon End Works, Wandon End, Luton, Beds, LU2 8NY. Group accounts can be obtained from this address.


OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

RELATED PARTY DISCLOSURES - continued

Entities with control, joint control or significant influence over the entity
2023 2022
£    £   
Management charge 115,798 102,247
Rent 60,000 60,000
Amount due to related party 372,768 22,967

Other related parties
2023 2022
£    £   
Sales 53,512 181,454
Purchases 188,813 349,822
Labour costs 3,924,582 3,608,860
Amount due from related party 107,655 87,657
Amount due to related party 525,508 460,431

The related party involved with the sales and purchases transactions have not recognised any profit or loss on the transaction.

The balances between related parties are due on demand and not secured.

During the year, a total of key management personnel compensation of £ 761,306 (2022 - £ 658,218 ) was paid.

The directors are considered to be key management and are paid by other group undertakings which is recharged to the company.