Registration number:
Aylsham Growers Limited
for the Year Ended 31 December 2023
Aylsham Growers Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
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 |
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Solicitors |
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Aylsham Growers Limited
(Registration number: 00949226)
Balance Sheet as at 31 December 2023
Note |
31 December |
31 December |
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Fixed assets |
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Tangible assets |
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1,013,270 |
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Investments |
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1,050 |
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1,014,320 |
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Current assets |
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Debtors |
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2,237,404 |
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Cash at bank and in hand |
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505,575 |
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2,742,979 |
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Creditors: Amounts falling due within one year |
( |
(2,357,901) |
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Net current assets |
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385,078 |
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Total assets less current liabilities |
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1,399,398 |
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Creditors: Amounts falling due after more than one year |
( |
(386,512) |
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Net assets |
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1,012,886 |
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Capital and reserves |
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Called up share capital |
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44 |
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Capital redemption reserve |
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87 |
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Profit and loss account |
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1,012,755 |
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Total equity |
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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
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Aylsham Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
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:
These accounts cover the individual entity, Aylsham Growers Limited.
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
Audit report
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
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.
Staff numbers |
The average number of persons employed by the company during the year, was
Aylsham Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Land and buildings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Investments |
31 December |
31 December |
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Investments in subsidiaries |
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Other investments |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Other investments |
£ |
Cost |
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At 1 January 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Aylsham Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Debtors |
Current |
31 December |
31 December |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
31 December |
31 December |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
20,273 |
10,587 |
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Amounts due to members |
1,526,315 |
1,412,244 |
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Creditors: amounts falling due after more than one year
Note |
31 December |
31 December |
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Due after one year |
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Finance lease liabilities |
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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
Loans and borrowings |
31 December |
31 December |
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Non-current loans and borrowings |
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Hire purchase contracts |
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31 December |
31 December |
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Current loans and borrowings |
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HP and finance leases |
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Other borrowings |
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Share capital |
Allotted, called up and fully paid shares
31 December |
31 December |
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No. |
£ |
No. |
£ |
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131 |
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131 |