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COMPANY REGISTRATION NUMBER: 10675386
Agrinomics Limited
Filleted Unaudited Financial Statements
30 June 2023
Agrinomics Limited
Financial Statements
Year ended 30 June 2023
Contents
Pages
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
Agrinomics Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Agrinomics Limited
Year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Agrinomics Limited for the year ended 30 June 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Agrinomics Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Agrinomics Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Agrinomics Limited and its director for our work or for this report.
It is your duty to ensure that Agrinomics Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Agrinomics Limited. You consider that Agrinomics Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Agrinomics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
4 March 2024
Agrinomics Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
39,720
Current assets
Debtors
5
39,640
31,200
Cash at bank and in hand
954
3,370
--------
--------
40,594
34,570
Creditors: amounts falling due within one year
6
18,566
1,580
--------
--------
Net current assets
22,028
32,990
--------
--------
Total assets less current liabilities
61,748
32,990
Provisions
397
--------
--------
Net assets
61,351
32,990
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
61,251
32,890
--------
--------
Shareholders funds
61,351
32,990
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Agrinomics Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 1 March 2024 , and are signed on behalf of the board by:
Mr T Atkinson
Director
Company registration number: 10675386
Agrinomics Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Deer Park Annex, Long Causeway, Thirsk, North Yorkshire, YO7 2AS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
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.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Motor vehicles
£
Cost
At 1 July 2022
Additions
40,565
--------
At 30 June 2023
40,565
--------
Depreciation
At 1 July 2022
Charge for the year
845
--------
At 30 June 2023
845
--------
Carrying amount
At 30 June 2023
39,720
--------
At 30 June 2022
--------
5. Debtors
2023
2022
£
£
Trade debtors
24,800
30,000
Other debtors
14,840
1,200
--------
--------
39,640
31,200
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
742
Corporation tax
4,824
Other creditors
13,000
1,580
--------
-------
18,566
1,580
--------
-------
7. Director's advances, credits and guarantees
At the start of the year, the company was indebted to the director to the sum of £900. As a result of credits in the year of £11,250, at the year end, the company was indebted to the director in the sum of £12,150. There is no interest or formal repayment terms on this loan.
8. Related party transactions
During the year, the company provided services amounting to £29,700 (2022: Nil) to Agriculture Limited, a company in which Mr T Atkinson is a director. A balance of £30,900, (2022 £30,000) is included within debtors at the balance sheet date.