Company registration number SC394138 (Scotland)
AP AGRI LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
AP AGRI LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
AP AGRI LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,455
4,455
Tangible assets
4
764,139
291,142
Investments
5
347,513
347,513
1,116,107
643,110
Current assets
Stocks
10,656
12,637
Debtors
6
136,153
114,902
Cash at bank and in hand
10,204
13,531
157,013
141,070
Creditors: amounts falling due within one year
7
(344,318)
(269,841)
Net current liabilities
(187,305)
(128,771)
Total assets less current liabilities
928,802
514,339
Creditors: amounts falling due after more than one year
8
(433,904)
(55,243)
Provisions for liabilities
(13,483)
(23,353)
Net assets
481,415
435,743
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
481,315
435,643
Total equity
481,415
435,743
AP AGRI LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 10 April 2024
Mr A Peacock
Director
Company Registration No. SC394138
AP AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

AP Agri Limited is a private company limited by shares incorporated in Scotland. The registered office is 22 Highpark Road, COYLTON, Ayr, Ayrshire, United Kingdom, KA6 6QL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Entitlements
No amortisation in year
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
No depreciation
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computers
33% on reducing balance
Motor vehicles
25% on reducing balance
AP AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

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

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
4
AP AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
3
Intangible fixed assets
Total
£
Cost
At 1 March 2023 and 29 February 2024
4,455
Amortisation and impairment
At 1 March 2023 and 29 February 2024
-
0
Carrying amount
At 29 February 2024
4,455
At 28 February 2023
4,455
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 March 2023
208,780
24,600
770
3,256
80,845
318,252
Additions
486,698
4,250
-
0
1,770
-
0
492,718
Disposals
-
0
-
0
-
0
(1,232)
-
0
(1,232)
At 29 February 2024
695,478
28,850
770
3,795
80,845
809,738
Depreciation and impairment
At 1 March 2023
-
0
11,666
712
1,349
13,382
27,109
Depreciation charged in the year
-
0
3,770
14
673
14,574
19,031
Eliminated in respect of disposals
-
0
-
0
-
0
(541)
-
0
(541)
At 29 February 2024
-
0
15,436
726
1,481
27,956
45,599
Carrying amount
At 29 February 2024
695,478
13,414
44
2,314
52,889
764,139
At 28 February 2023
208,780
12,934
58
1,907
67,463
291,142
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
347,513
347,513
AP AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,153
8,702
Other debtors
134,000
106,200
136,153
114,902
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
15,261
20,905
Obligations under finance leases
11,227
12,885
Other borrowings
300,496
192,238
Trade creditors
348
127
Corporation tax
-
0
23,568
Other taxation and social security
16,986
20,118
344,318
269,841
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
415,191
25,303
Obligations under finance leases
18,713
29,940
433,904
55,243
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
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