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Filleted

Registration number: 7912802

Agri Trader Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Agri Trader Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Agri Trader Limited

Company Information

Director

Mr C W Davies

Registered office

Blue Bell Offices
Church Lane
Newcastle Emlyn
SA38 9AA

 

Agri Trader Limited

(Registration number: 7912802)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

120,893

79,775

Other financial assets

6

8,000

8,000

 

128,893

87,775

Current assets

 

Debtors

7

144,150

117,652

Cash at bank and in hand

 

38,937

24,430

 

183,087

142,082

Creditors: Amounts falling due within one year

8

(190,559)

(136,602)

Net current (liabilities)/assets

 

(7,472)

5,480

Total assets less current liabilities

 

121,421

93,255

Creditors: Amounts falling due after more than one year

8

(104,165)

(83,833)

Net assets

 

17,256

9,422

Capital and reserves

 

Called up share capital

2

100

Profit and loss account

17,254

9,322

Total equity

 

17,256

9,422

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

Approved and authorised by the director on 26 July 2024
 

.........................................
Mr C W Davies
Director

   
     
 

Agri Trader Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Blue Bell Offices
Church Lane
Newcastle Emlyn
SA38 9AA

These financial statements were authorised for issue by the director on ........... .

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Agri Trader Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet 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

15% reducing balance

Fixtures and Fittings

20% reducing balance

Motor Vehicles

20% reducing balance

Office Equipment

25% reducing balance

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Agri Trader Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

16,801

17,983

 

Agri Trader Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

12,083

30,403

36,063

79,691

158,240

Additions

14,788

-

1,649

84,060

100,497

Disposals

-

(341)

-

(71,995)

(72,336)

At 31 March 2024

26,871

30,062

37,712

91,756

186,401

Depreciation

At 1 April 2023

3,801

13,700

27,613

33,351

78,465

Charge for the year

4,101

2,554

2,321

7,825

16,801

Eliminated on disposal

-

-

-

(29,758)

(29,758)

At 31 March 2024

7,902

16,254

29,934

11,418

65,508

Carrying amount

At 31 March 2024

18,969

13,808

7,778

80,338

120,893

At 31 March 2023

8,282

16,703

8,450

46,340

79,775

 

Agri Trader Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

8,000

8,000

At 31 March 2024

8,000

8,000

Impairment

Carrying amount

At 31 March 2024

8,000

8,000

7

Debtors

2024
£

2023
£

Trade debtors

133,961

107,173

Prepayments

10,189

10,479

144,150

117,652

 

Agri Trader Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

32,777

18,512

Taxation and social security

 

37,860

35,047

Other related parties

 

12,348

10,593

Corporation tax liability

 

11,319

14,478

Other creditors

 

96,255

57,972

 

190,559

136,602

Due after one year

 

Loans and borrowings

10

104,165

83,833

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

104,165

83,833

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share of £0.01 (2023 - £1) each

95

1.00

95

95

Ordinary A share of £0.20 (2023 - £1) each

5

1.00

5

5

 

100

2

100

100

 

Agri Trader Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

21,667

31,667

HP and finance lease liabilities

82,498

52,166

104,165

83,833

11

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Other payments made to company by director
£

At 31 March 2024
£

Mr C W Davies

Interest free loan repayable on demand

(1,983)

(1,785)

(3,768)

       
     

 

2023

At 1 April 2022
£

Other payments made to company by director
£

At 31 March 2023
£

Mr C W Davies

Interest free loan repayable on demand

11,120

(13,103)

(1,983)

       
     

 

Summary of transactions with other related parties

Trading Post Magazines Ltd
 At the balance sheet date £8,580 (2022: £8.610) was owed to Trading Post Magazines Ltd.