Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-3102022-11-01falseNo description of principal activity0falsetrue 05211243 2022-11-01 2023-10-31 05211243 2021-11-01 2022-10-31 05211243 2023-10-31 05211243 2022-10-31 05211243 c:CompanySecretary1 2022-11-01 2023-10-31 05211243 c:Director5 2022-11-01 2023-10-31 05211243 c:RegisteredOffice 2022-11-01 2023-10-31 05211243 d:Buildings 2023-10-31 05211243 d:Buildings 2022-10-31 05211243 d:Buildings d:LongLeaseholdAssets 2022-11-01 2023-10-31 05211243 d:CurrentFinancialInstruments 2023-10-31 05211243 d:CurrentFinancialInstruments 2022-10-31 05211243 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 05211243 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 05211243 d:ShareCapital 2023-10-31 05211243 d:ShareCapital 2022-10-31 05211243 d:SharePremium 2023-10-31 05211243 d:SharePremium 2022-10-31 05211243 d:RetainedEarningsAccumulatedLosses 2023-10-31 05211243 d:RetainedEarningsAccumulatedLosses 2022-10-31 05211243 c:FRS102 2022-11-01 2023-10-31 05211243 c:Audited 2022-11-01 2023-10-31 05211243 c:FullAccounts 2022-11-01 2023-10-31 05211243 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 05211243 d:WithinOneYear 2023-10-31 05211243 d:WithinOneYear 2022-10-31 05211243 d:BetweenOneFiveYears 2023-10-31 05211243 d:BetweenOneFiveYears 2022-10-31 05211243 d:MoreThanFiveYears 2023-10-31 05211243 d:MoreThanFiveYears 2022-10-31 05211243 c:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 05211243 6 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure
Company registration number: 05211243







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023


GLOBAL AGRICULTURE MANAGEMENT LIMITED






































img4253.png                        

 


GLOBAL AGRICULTURE MANAGEMENT LIMITED
 


 
COMPANY INFORMATION


Director
C Lilley 




Company secretary
D Lilley



Registered number
05211243



Registered office
Lynton House
7-12 Tavistock Square

London

WC1H 9LT




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


GLOBAL AGRICULTURE MANAGEMENT LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 6


 


GLOBAL AGRICULTURE MANAGEMENT LIMITED
REGISTERED NUMBER:05211243



STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 6 
31,231
31,231

Cash at bank and in hand
  
70
51

  
31,301
31,282

Creditors: amounts falling due within one year
 7 
(1,558,142)
(1,482,427)

Net current liabilities
  
 
 
(1,526,841)
 
 
(1,451,145)

Total assets less current liabilities
  
(1,526,841)
(1,451,145)

  

Net liabilities
  
(1,526,841)
(1,451,145)


Capital and reserves
  

Called up share capital 
  
147,235
147,235

Share premium account
  
12,426
12,426

Profit and loss account
  
(1,686,502)
(1,610,806)

  
(1,526,841)
(1,451,145)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
C Lilley
Director

Date: 26 July 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 


GLOBAL AGRICULTURE MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Global Agriculture Management Limited is a private company limited by shares, registered in England & Wales. The address of the principal place of business is Amersham Court, 154 Station Road, Amersham, Buckinghamshire, HP6 5DW. The registered office address is detailed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on the going concern basis. The Company incurred a net loss before tax of £75,696 (2022 - £77,922) during the year ended 31 October 2023, and at that  date, the Company's current liabilities exceeded its total assets by £1,526,841 (2022 - £1,451,145) and it had net current liabilities of £1,526,841 (2022 - £1,451,145). The company owes £1,046,533 (2022 - £993,070) to a fellow subsidiary, Andropovsk Farms Limited, and this is repayable on demand. In addition, the Company had entered into a cross guarantee with Andropovsk Farms Limited (as explained in note 8) on which the potential liability is £42,423,562 (2022 - £39,456,600) at 31 October 2023. The Directors do not have any reason to believe that the cross guarantee will be enforced. Andropovsk Farms Limited is also reliant upon loans from the parent Company, Exagris Limited, which are repayable on demand, not being required to be repaid. The Directors do not have any reason to believe that these liabilities will be required to be paid until the company is in a position to do so. The Directors have received written assurance that these loans will not be required to be repaid within 12 months from the date of signing these accounts, however this is not a guarantee.
These conditions indicate the existence of a material uncertainty which may cast doubt about the Company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Company was unable to continue as a going concern.

 
2.3

Foreign currencies

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

Revenue represents income receivable from land rental during the period. Rental income is recognised in line
with rental agreements, with income charged annually in arrears.

Page 2

 


GLOBAL AGRICULTURE MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.5

Operating lease agreements

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either the straight line method.

Long-term leasehold property
-
None provided

No depreciation is provided on leasehold properties as they relate solely to land and the directors consider the market value to be greater than current carrying value.  All leasehold properties are held for use in operating leases.

 
2.7

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans
to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2022 - 0).

Page 3

 


GLOBAL AGRICULTURE MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Tangible fixed assets





Land and Buildings leasehold

£



Cost or valuation


At 1 November 2022
262,804



At 31 October 2023

262,804



Depreciation


At 1 November 2022
262,804



At 31 October 2023

262,804



Net book value



At 31 October 2023
-



At 31 October 2022
-


5.


Investments





Loans to group undertakings

£



Cost or valuation


At 1 November 2022
161,578



At 31 October 2023

161,578



Impairment


At 1 November 2022
161,578



At 31 October 2023

161,578



Net book value



At 31 October 2023
-



At 31 October 2022
-

Page 4

 


GLOBAL AGRICULTURE MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Debtors

2023
2022
£
£


Other debtors
31,231
31,231

31,231
31,231



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
1,104,969
1,026,674

Other creditors
438,393
438,393

Accruals and deferred income
14,780
17,360

1,558,142
1,482,427


A fixed and floating charge is held over the assets of the Company in regards to the amounts owed to group undertakings and other creditors.
Amounts owed to group undertakings are secured over the Company's assets.


8.


Contingencies

The Company is subject to a cross guarantee in respect of borrowings by Andropovsk Farms Limited a fellow group company. This is secured by way of debenture over all assets of the Company. At 31 October 2023 the extent of the borrowings secured was £42,423,562 (2022 - £39,456,600).


9.


Commitments under operating leases

At 31 October 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
34,050
49,341

Later than 1 year and not later than 5 years
136,200
197,364

Later than 5 years
810,961
1,224,484

981,211
1,471,189

Page 5

 


GLOBAL AGRICULTURE MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


Controlling party

The parent company is Exagris Limited, a company incorporated in England & Wales. 
The results of the company are included in Exagris Limited consolidated financial statements, and this is the largest and smallest group for which group accounts are drawn up. The registered office of Exagris Limited is Amersham Court, 154 Station Road, Amersham, Buckinghamshire, United Kingdom, HP6 5DW.


11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 October 2023 was unqualified.

In their report, the auditor emphasised the following matter without qualifying their report:

The audit report accompanying the full version of these accounts is unqualified however the auditor drew attention to a material uncertainty related to going concern, the excerpt from the full audit report is below:
We draw attention to note 2.2 in the financial statements, which indicates that the Company incurred a net loss before tax of £75,696 (2022 - £77,922) during the year ended 31 October 2023, and at that date, the Company's current liabilities exceeded its total assets by £1,526,841 (2022 - £1,451,145) and it had net current liabilities of £1,526,841 (2022 - £1,451,145). In addition, the Company had entered into a cross guarantee with Andropovsk Farms Limited as explained in note 8, which is repayable on demand. The Directors do not have any reason to believe that the cross guarantee will be enforced and Andropovsk Farms Limited continues to make repayments on the parent company loans as cash flow allows. The Directors have received written assurance that these loans will not be required to be repaid within 12 months from the date of signing these accounts, however this is not a guarantee.
As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a
material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 30 July 2024 by Andrew Wooding FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 6