Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-31The principal activity of the company during the year was that of a holding company. The subsidiary provides agricultural service activities in the Russian Federation.12022-11-01false1truetrue 05509492 2022-11-01 2023-10-31 05509492 2021-11-01 2022-10-31 05509492 2023-10-31 05509492 2022-10-31 05509492 c:Director1 2022-11-01 2023-10-31 05509492 c:Director2 2022-11-01 2023-10-31 05509492 c:Director3 2022-11-01 2023-10-31 05509492 c:Director3 2023-10-31 05509492 c:RegisteredOffice 2022-11-01 2023-10-31 05509492 d:PlantMachinery 2022-11-01 2023-10-31 05509492 d:OfficeEquipment 2023-10-31 05509492 d:OfficeEquipment 2022-10-31 05509492 d:CurrentFinancialInstruments 2023-10-31 05509492 d:CurrentFinancialInstruments 2022-10-31 05509492 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 05509492 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 05509492 d:ShareCapital 2023-10-31 05509492 d:ShareCapital 2022-10-31 05509492 d:SharePremium 2023-10-31 05509492 d:SharePremium 2022-10-31 05509492 d:RetainedEarningsAccumulatedLosses 2023-10-31 05509492 d:RetainedEarningsAccumulatedLosses 2022-10-31 05509492 c:FRS102 2022-11-01 2023-10-31 05509492 c:Audited 2022-11-01 2023-10-31 05509492 c:FullAccounts 2022-11-01 2023-10-31 05509492 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 05509492 c:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 05509492 4 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure
Company registration number: 05509492







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023


ANDROPOVSK FARMS LIMITED






































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ANDROPOVSK FARMS LIMITED
 


 
COMPANY INFORMATION


Directors
D Lilley 
C Lilley 
A Macdonald (appointed 5 January 2024)




Registered number
05509492



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





 


ANDROPOVSK FARMS LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 7


 


ANDROPOVSK FARMS LIMITED
REGISTERED NUMBER:05509492



STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 6 
8,547
11,209

Cash at bank and in hand
  
15
5,819

  
8,562
17,028

Creditors: amounts falling due within one year
 7 
(42,726,217)
(39,772,390)

Net current liabilities
  
 
 
(42,717,655)
 
 
(39,755,362)

Total assets less current liabilities
  
(42,717,655)
(39,755,362)

  

Net liabilities
  
(42,717,655)
(39,755,362)


Capital and reserves
  

Called up share capital 
  
1,643,324
1,643,324

Share premium account
  
2,918,732
2,918,732

Profit and loss account
  
(47,279,711)
(44,317,418)

  
(42,717,655)
(39,755,362)


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 on 26 July 2024.




................................................
D Lilley
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 


ANDROPOVSK FARMS LIMITED
 


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

1.


General information

Andropovsk Farms Limited is a private company limited by shares incorporated in England and Wales. The address of the principal place of business is Amersham Court, 154 Station Road, Amersham, Buckinghamshire, HP6 5DW. The address of the registered office 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 £3,000,740 (2022: £9,708,043) during the year ended 31 October 2023 and, at that date, the company's current liabilities exceeded its total assets by £42,717,655 (2022: £39,755,362) and it had net current liabilities of £42,717,655 (2022: £39,755,362). The company owes £42,423,563 (2022: £39,456,600) to its parent company Exagris Limited and the amount is repayable on demand. The Directors do not have any reason to believe that these loans will be required to be repaid 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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

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.

Page 2

 


ANDROPOVSK FARMS LIMITED
 


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

2.Accounting policies (continued)


2.4
Fixed assets (continued)

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

Depreciation is provided on the following basis:

Plant and machinery
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

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.

 
2.6

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.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 3

 


ANDROPOVSK FARMS LIMITED
 


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

3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 November 2022
7,655



At 31 October 2023

7,655



Depreciation


At 1 November 2022
7,655



At 31 October 2023

7,655



Net book value



At 31 October 2023
-



At 31 October 2022
-

Page 4

 


ANDROPOVSK FARMS LIMITED
 


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

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2022
198



At 31 October 2023

198



Impairment


At 1 November 2022
198



At 31 October 2023

198



Net book value



At 31 October 2023
-



At 31 October 2022
-

Page 5

 


ANDROPOVSK FARMS LIMITED
 


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

6.


Debtors

2023
2022
£
£


Other debtors
8,547
8,547

Tax recoverable
-
2,662

8,547
11,209



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,480
10,506

Amounts owed to group undertakings
42,697,376
39,739,861

Corporation tax
58
58

Other creditors
3,665
3,665

Accruals and deferred income
23,638
18,300

42,726,217
39,772,390


Amounts owed to group undertakings are secured over the company's assets.


8.


Contingent liabilities

The Company is subject to a cross guarantee in respect of borrowings by Global Agriculture Management 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 £58,436 (2022 - £33,604).


9.


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 smallest group for which group accounts are drawn up. The registered office of Exagris Limited is Amersham Court, 154 Station Road, Amersham, Bucks, United Kingdom, HP6 5DW.

Page 6

 


ANDROPOVSK FARMS LIMITED
 


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

10.


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 £3,000,740 (2022 - £9,708,043) during the year ended 31 October 2023 and, at that date, the company's current liabilities exceeded its total assets by £42,717,655 (2022 - £39,755,362) and it had net current liabilities of £42,717,655 (2022 - £39,755,362). The company owes £42,423,563 (2022 - £39,456,600) to its parent company Exagris Limited and the amount is repayable on demand. The Directors do not have any reason to believe that these loans will be required to be repaid until the company is in a position to do so and it 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 7