2023-01-012023-12-312023-12-31false07500049Agrex 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Agrex Limited

Registered Number
07500049
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Agrex Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

G Cocking
L D Cocking
E A Coultan
T H Coultan
N Mudrachenko
G Mullen
M Smith

Registered Address

21a Newland
Lincoln
LN1 1XP

Place of Business

Red Barn Offices

Langworth Road

Scothern

Lincolnshire

LN2 2UP


Registered Number

07500049 (England and Wales)
Agrex Limited
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets51,441,4811,239,676
1,441,4811,239,676
Current assets
Stocks7194,61579,831
Debtors81,296,4641,207,548
Cash at bank and on hand2,86594,924
1,493,9441,382,303
Creditors amounts falling due within one year9(1,950,071)(1,569,638)
Net current assets (liabilities)(456,127)(187,335)
Total assets less current liabilities985,3541,052,341
Creditors amounts falling due after one year10(632,267)(661,229)
Provisions for liabilities12(170,984)(158,251)
Net assets182,103232,861
Capital and reserves
Called up share capital15,00015,000
Share premium4,8704,870
Profit and loss account162,233212,991
Shareholders' funds182,103232,861
The financial statements were approved and authorised for issue by the Board of Directors on 21 August 2024, and are signed on its behalf by:
T H Coultan
Director
Registered Company No. 07500049
Agrex Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery20
Vehicles25
Office Equipment15
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
4.Employee information

20232022
Average number of employees during the year8179
5.Property, plant and equipment

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 January 231,350,457786,65511,0382,148,150
Additions349,18335,91212,841397,936
Disposals(54,890)--(54,890)
At 31 December 231,644,750822,56723,8792,491,196
Depreciation and impairment
At 01 January 23699,269205,0754,130908,474
Charge for year83,22692,6321,083176,941
On disposals(35,700)--(35,700)
At 31 December 23746,795297,7075,2131,049,715
Net book value
At 31 December 23897,955524,86018,6661,441,481
At 31 December 22651,188581,5806,9081,239,676
6.Description of nature of transactions and balances with related parties
A loan account exists between the company and its holding company. At the period end date, the balance due to Agrex Holdings Limited was £239,302 (2022 - £174,846)
7.Stocks

2023

2022

££
Other stocks194,61579,831
Total194,61579,831
8.Debtors

2023

2022

££
Trade debtors / trade receivables1,185,7301,180,156
Other debtors25,68214,995
Prepayments and accrued income85,05212,397
Total1,296,4641,207,548
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables328,220187,208
Bank borrowings and overdrafts1,034,987763,777
Taxation and social security256,000245,073
Finance lease and HP contracts260,398241,250
Other creditors20,45911,466
Accrued liabilities and deferred income50,007120,864
Total1,950,0711,569,638
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. The finance lease liabilities are secured on the assets to which they relate. The bank borrowings and overdrafts are also secured creditors.
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts15,83325,833
Amounts owed to related parties239,302174,846
Other creditors377,132460,550
Total632,267661,229
The other creditors are finance lease liabilities which are secured on the assets to which they relate. The bank borrowings and overdrafts are also secured creditors.
11.Finance lease and HP contracts after one year

2023

2022

££
Finance lease and HP contracts377,131460,550
12.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)170,984158,251
Total170,984158,251