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Registered number: 08724252
Agri Spar Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Mill Accountancy Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08724252
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 1,050
Tangible Assets 5 2,516 1,066
2,516 2,116
CURRENT ASSETS
Stocks 6 69,746 34,898
Debtors 7 37,556 47,189
Cash at bank and in hand 106,821 54,090
214,123 136,177
Creditors: Amounts Falling Due Within One Year 8 (101,850 ) (76,177 )
NET CURRENT ASSETS (LIABILITIES) 112,273 60,000
TOTAL ASSETS LESS CURRENT LIABILITIES 114,789 62,116
NET ASSETS 114,789 62,116
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 114,788 62,115
SHAREHOLDERS' FUNDS 114,789 62,116
Page 1
Page 2
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jonathon Jones
Director
29/07/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Agri Spar Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08724252 . The registered office is 5 Amelia Court, Retford, Nottinghamshire, DN22 7HJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 25% on reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 November 2022 10,500
As at 31 October 2023 10,500
Amortisation
As at 1 November 2022 9,450
Provided during the period 1,050
As at 31 October 2023 10,500
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2022 775 10,750 - 1,344 12,869
Additions 2,000 - - - 2,000
As at 31 October 2023 2,775 10,750 - 1,344 14,869
Depreciation
As at 1 November 2022 617 10,148 - 1,038 11,803
Provided during the period 323 150 - 77 550
As at 31 October 2023 940 10,298 - 1,115 12,353
Net Book Value
As at 31 October 2023 1,835 452 - 229 2,516
As at 1 November 2022 158 602 - 306 1,066
6. Stocks
2023 2022
£ £
Stock 69,746 34,898
Page 4
Page 5
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 36,857 47,189
Net wages 699 -
37,556 47,189
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 14,904 12,040
Corporation tax 19,151 5,628
Other taxes and social security 458 46
VAT 3,938 1,244
Other creditors 50,000 50,000
Accruals and deferred income 900 900
Director's loan account 87,194 81,039
Amounts owed to associates (74,695 ) (74,720 )
101,850 76,177
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
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