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Registration number: 00949226

Aylsham Growers Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Aylsham Growers Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Aylsham Growers Limited

Company Information

Directors

P W Mutimer

J W Van Poortvliet

R P Corfield

T J Dye

W A Gribbon

Company secretary

British Growers Association Limited

Registered office

BGA House
Nottingham Road
Louth
Lincolnshire
LN11 0WB

Solicitors

Mills & Reeve
Francis House
3-7 Redwell Street
Norwich
Norfolk
NR2 4TJ

 

Aylsham Growers Limited

(Registration number: 00949226)
Balance Sheet as at 31 December 2023

Note

31 December
2023
£

31 December
2022
£

Fixed assets

 

Tangible assets

4

1,519,073

1,013,270

Investments

5

1,050

1,050

 

1,520,123

1,014,320

Current assets

 

Debtors

6

2,727,952

2,237,404

Cash at bank and in hand

 

121,060

505,575

 

2,849,012

2,742,979

Creditors: Amounts falling due within one year

7

(2,819,525)

(2,357,901)

Net current assets

 

29,487

385,078

Total assets less current liabilities

 

1,549,610

1,399,398

Creditors: Amounts falling due after more than one year

7

(472,727)

(386,512)

Net assets

 

1,076,883

1,012,886

Capital and reserves

 

Called up share capital

9

44

44

Capital redemption reserve

87

87

Profit and loss account

1,076,752

1,012,755

Total equity

 

1,076,883

1,012,886

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 March 2024 and signed on its behalf by:
 

.........................................
J W Van Poortvliet
Director

 

Aylsham Growers Limited

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

1

General information

The company is a private company limited by share capital incorporated in England and Wales, registration number 02721798.

The address of its registered office is:
BGA House
Nottingham Road
Louth
Lincolnshire
LN11 0WB

These accounts cover the individual entity, Aylsham Growers Limited.

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 were prepared in accordance with Financial Reporting Standard 102 including Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and the Companies Act 2006 subject to the departure detected below.

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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Departure from requirements of FRS 102

Interest on hire purchase agreements has been charged on a straight line basis over the length of the agreements in order to spread the cost evenly over the growing seasons. Under FRS102 interest should be charged using the effective interest rate method. Management have concluded that this does not prevent the accounts from showing a true and fair view. Apart from this departure the company has complied with the relevant accounting standards and legislation.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 March 2024 was Adam Millson ACA, who signed for and on behalf of Forrester Boyd.

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.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments.

 

Aylsham Growers Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current 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.

The company has been declared a mutual company by HM Revenue & Customs in accordance with the provisions of the Income and Corporation Taxes Act 1988.

Corporation tax is only payable on investment income, capital gains and transactions with non-members.

Tangible assets

Tangible assets are stated in the statement of financial position 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

0.6% and 13.9% reducing balance 20% and 50% straight line basis

Freehold buildings

2% straight line basis

Motor vehicles

50% straight line basis

Land

No depreciation

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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 at the transaction price, 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.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

 

Aylsham Growers Limited

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

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 at the transaction price.

 

Aylsham Growers Limited

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

Winter overhaul expenditure

Winter overhaul expenditure incurred before the year end in respect of the pea commodity is included in prepayments at the balance sheet date. The costs are carried forward into the next accounting period and offset against future vining income. Winter overhaul expenditure after the year end in respect of the bean commodity is included in accruals at the balance sheet date. The costs are offset against the previous season's harvest income.

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.

3

Staff numbers

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

 

Aylsham Growers Limited

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

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

237,493

2,717,596

2,955,089

At 31 December 2023

237,493

2,717,596

2,955,089

Depreciation

At 1 January 2023

102,950

1,333,066

1,436,016

At 31 December 2023

102,950

1,333,066

1,436,016

Carrying amount

At 31 December 2023

134,543

1,384,530

1,519,073

At 31 December 2022

129,564

883,706

1,013,270

5

Investments

31 December
2023
£

31 December
2022
£

Investments in subsidiaries

999

999

Other investments

51

51

1,050

1,050

Subsidiaries

£

Cost or valuation

At 1 January 2023

999

Carrying amount

At 31 December 2023

999

At 31 December 2022

999

Other investments

£

Cost

At 1 January 2023

51

Carrying amount

At 31 December 2023

51

At 31 December 2022

51

 

Aylsham Growers Limited

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

6

Debtors

Current

31 December
2023
£

31 December
2022
£

Trade debtors

2,384,047

1,957,478

Prepayments

98,460

119,818

Other debtors

245,445

160,108

 

2,727,952

2,237,404

7

Creditors

Creditors: amounts falling due within one year

Note

31 December
2023
£

31 December
2022
£

Due within one year

 

Trade creditors

 

78,158

15,265

Amounts owed to group undertakings and undertakings in which the company has a participating interest

455,762

382,728

Taxation and social security

 

7,229

6,041

Other creditors

 

731,788

531,036

Accruals and deferred income

 

20,273

10,587

Amounts due to members

 

1,526,315

1,412,244

 

2,819,525

2,357,901

Creditors: amounts falling due after more than one year

Note

31 December
2023
£

31 December
2022
£

Due after one year

 

Finance lease liabilities

8

472,727

386,512

Creditor amounts falling due within one year on which security has been given includes hire purchase liabilities of £399,933 (2022 - £195,026).

Creditor amounts falling due after one year on which security has been given includes hire purchase liabilities of £474,021 (2022 - £386,512).

The hire purchase liabilities are secured on the assets to which they relate to.

 

Aylsham Growers Limited

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

8

Loans and borrowings

31 December
2023
£

31 December
2022
£

Non-current loans and borrowings

Hire purchase contracts

472,727

386,512

31 December
2023
£

31 December
2022
£

Current loans and borrowings

HP and finance leases

398,898

195,026

Other borrowings

331,022

334,142

729,920

529,168

9

Share capital

Allotted, called up and fully paid shares

 

31 December
2023

31 December
2022

 

No.

£

No.

£

Ordinary shares of £1 each

131

131

131

131