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REGISTERED NUMBER: 00199317 (England and Wales)
















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR


SHARMANS AGRICULTURAL LIMITED


SHARMANS AGRICULTURAL LIMITED (REGISTERED NUMBER: 00199317)







CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023





Page



Company Information  

1



Strategic Report  

2



Report of the Directors  

4



Report of the Independent Auditors  

5



Statement of Comprehensive Income

7



Balance Sheet  

8



Statement of Changes in Equity  

9



Cash Flow Statement  

10



Notes to the Cash Flow Statement  

11



Notes to the Financial Statements

12




SHARMANS AGRICULTURAL LIMITED


COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2023









DIRECTORS:

S Barclay


F Disney


S A Hazard


J Madge







SECRETARY:

S A Hazard







REGISTERED OFFICE:

College Farm


Gonerby Moor


Grantham


NG32 2AB







REGISTERED NUMBER:

00199317 (England and Wales)







AUDITORS:

Clement Millar


Statutory Auditors


Spiersbridge House


1 Spiersbridge Way


Glasgow


G46 8NG


SHARMANS AGRICULTURAL LIMITED (REGISTERED NUMBER: 00199317)


STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.


REVIEW OF BUSINESS

Operating review

The company's trading performance during the year has been in line with the directors expectations. Turnover has   increased by 18% on the previous year, Gross margins have increased by 0.7% on last year.


The figures are reflective of industry performance in the year.  Overhead expenses have been a key area that the company continuously and consistently keep under tight control, with close monitoring of key areas throughout the business being fundamental to its success.


PRINCIPAL RISKS AND UNCERTAINTIES

Financial Risk Management

The company monitors working capital management strictly. Financial management risk is largely negated due to the net worth and financial viability of the company.


Competitive Risk Assessment

The company operates in a competitive environment, however, the directors believe that the company through continued focus on cost reduction and continued investment in new products is well placed to continue developing its market share.


DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE SUCCESS OF THE COMPANY

We have a legal responsibility under Section 172 of the Companies Act 2006 to act in good faith to promote the company success and have regard to the long-term effect our decisions have on the company and its stakeholders.

The principle business is the supply and aftersales service of new and used agricultural tractors and farm equipment to the farming industry.The company continues to strive to provide the highest levels of customer service and satisfaction, together with providing stable employment, training and financial reward for its employees and acting as a valued business partner for its suppliers and customers.We have established over many years long -term relationships with our customers and aim to continue efficient practices at every opportunity based on strong communication and close understanding of customers' requirements. Strategic decisions are based on long-term objectives, including investment in premises and facilities, training and software systems bespoke to our industry and fully integrated with our suppliers.

Our key stakeholders and engagement with them are as follows-

Employees

The strong work ethic and motivated attitude of our team, staff retention, training and personal career development provide an advantage to our customers in trading with our business.

Suppliers

We form mutually beneficial partnerships with our suppliers to provide best market share and financial performance to enhance customer experience in the relationship with our business.

Customers

We form a friendly, fair, professional and transparent relationship with our customers, establishing efficient working practice, adopting the latest in innovation and technology to best support their needs. We aim to provide market leading products and appropriate solutions to enhance business and increase profitability for our customers.

Environment

We are an equal opportunity and ethical employer and act in a responsible manner to our environment, adopting environmentally friendly practices wherever possible.


KEY PERFORMANCE INDICATORS (KPI'S)

Financial KPI's

The directors use Financial Key Performance Indicators to measure gross and net profit margins as well as Return On Capital Employed (ROCE), Return on Investment (ROI) and current ratio's to review the company's development and performance during the year and position at year end.


The KPI's assessed were in line with management expectations.


Non Financial KPI's

Non Financial Key Performance Indicators are also used by the directors and include statistical information relating to staff hours and service levels. The directors believe that monitoring non financial KPI's contributes substantially in assessing non-financial business performance which inevitably leads to increased customer satisfaction and an increase in profitability.



SHARMANS AGRICULTURAL LIMITED (REGISTERED NUMBER: 00199317)


STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023


FUTURE PROSPECTS

The company's operations have generated healthy cash flows and the balance sheet remains strong. The continued investment in cost management and efficiencies should ensure that the company maintains and continues to improve its performance and customer service levels going forward.


Opportunities for growth give the directors confidence that the company is well placed to continue its strong position going forward.


ON BEHALF OF THE BOARD:






S A Hazard - Secretary



23 September 2024


SHARMANS AGRICULTURAL LIMITED (REGISTERED NUMBER: 00199317)


REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.


DIVIDENDS

No dividends will be distributed for the year ended 31 December 2023.


DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.


S Barclay

F Disney

S A Hazard

J Madge


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the
financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors,  Clement Millar, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:




S A Hazard - Secretary



23 September 2024


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SHARMANS AGRICULTURAL LIMITED


Opinion

We have audited the financial statements of Sharmans Agricultural Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SHARMANS AGRICULTURAL LIMITED



Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


Enquiry of management and those charged with governance, including consideration of known or suspected

  instances of non-compliance with laws, regulations and fraud.

- Reviewing minutes of meetings of those charged with governance.

- Review of legal expenditure in the year to identify non-compliance with laws, regulations and fraud.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with

  applicable laws and regulations.

- Performing audit work over the risk of management override of controls, including testing of journal entries and

  other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the

  normal course of business and reviewing accounting estimates for bias. In particular the calculation of stock

  related provisions and regulations.


Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements as we will be less likely to be aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.


Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Scott Millar (Senior Statutory Auditor)

for and on behalf of Clement Millar

Statutory Auditors

Spiersbridge House

1 Spiersbridge Way

Glasgow

G46 8NG


23 September 2024


SHARMANS AGRICULTURAL LIMITED (REGISTERED NUMBER: 00199317)


STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2023



2023


2022


Notes

£   

£   



TURNOVER

3

63,372,436


53,667,881




Cost of sales

56,096,074


47,890,476



GROSS PROFIT

7,276,362


5,777,405




Administrative expenses

4,575,941


3,472,833



2,700,421


2,304,572




Other operating income

10,791


16,109



OPERATING PROFIT

5

2,711,212


2,320,681




Interest receivable and similar income

198,930


134,794



2,910,142


2,455,475




Interest payable and similar expenses

6

28,835


4,781



PROFIT BEFORE TAXATION

2,881,307


2,450,694




Tax on profit

7

213,530


471,816



PROFIT FOR THE FINANCIAL YEAR

2,667,777


1,978,878




OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME FOR

THE YEAR

2,667,777


1,978,878




SHARMANS AGRICULTURAL LIMITED (REGISTERED NUMBER: 00199317)


BALANCE SHEET

31 DECEMBER 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

8

11,315,066


8,198,325




CURRENT ASSETS

Stocks

9

29,900,747


20,773,957



Debtors

10

6,948,359


3,387,414



Cash at bank

2,830,475


5,308,079



39,679,581


29,469,450



CREDITORS

Amounts falling due within one year

11

16,830,471


5,952,146



NET CURRENT ASSETS

22,849,110


23,517,304



TOTAL ASSETS LESS CURRENT

LIABILITIES

34,164,176


31,715,629




PROVISIONS FOR LIABILITIES

12

536,062


755,292



NET ASSETS

33,628,114


30,960,337




CAPITAL AND RESERVES

Called up share capital

13

1,775


1,775



Capital redemption reserve

14

28,750


28,750



Retained earnings

14

33,597,589


30,929,812



SHAREHOLDERS' FUNDS

33,628,114


30,960,337




The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:






S Barclay - Director



SHARMANS AGRICULTURAL LIMITED (REGISTERED NUMBER: 00199317)


STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023



Called up


Capital



share


Retained


redemption


Total


capital


earnings


reserve


equity

£   

£   

£   

£   


Balance at 1 January 2022

1,775


28,950,934


28,750


28,981,459




Changes in equity

Total comprehensive income

-


1,978,878


-


1,978,878



Balance at 31 December 2022

1,775


30,929,812


28,750


30,960,337




Changes in equity

Total comprehensive income

-


2,667,777


-


2,667,777



Balance at 31 December 2023

1,775


33,597,589


28,750


33,628,114




SHARMANS AGRICULTURAL LIMITED (REGISTERED NUMBER: 00199317)


CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023



2023


2022


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

1,225,128


(4,337,384

)


Interest paid

(28,835

)

(4,781

)


Tax paid

(652,351

)

(520,990

)


Net cash from operating activities

543,942


(4,863,155

)



Cash flows from investing activities

Purchase of tangible fixed assets

(8,332,145

)

(4,893,270

)


Sale of tangible fixed assets

5,111,669


5,341,562



Interest received

198,930


134,794



Net cash from investing activities

(3,021,546

)

583,086




Decrease in cash and cash equivalents

(2,477,604

)

(4,280,069

)


Cash and cash equivalents at beginning of year

2

5,308,079


9,588,148




Cash and cash equivalents at end of year

2

2,830,475


5,308,079




SHARMANS AGRICULTURAL LIMITED (REGISTERED NUMBER: 00199317)


NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023


1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS


2023


2022

£   

£   



Profit before taxation

2,881,307


2,450,694




Depreciation charges

823,662


672,454




Profit on disposal of fixed assets

(719,927

)

(1,049,961

)



Finance costs

28,835


4,781




Finance income

(198,930

)

(134,794

)


2,814,947


1,943,174




Increase in stocks

(9,126,790

)

(6,448,531

)



Increase in trade and other debtors

(3,560,945

)

(164,032

)



Increase in trade and other creditors

11,097,916


332,005




Cash generated from operations

1,225,128


(4,337,384

)



2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:



Year ended 31 December 2023


31.12.23


1.1.23

£   

£   



Cash and cash equivalents

2,830,475


5,308,079




Year ended 31 December 2022


31.12.22


1.1.22

£   

£   



Cash and cash equivalents

5,308,079


9,588,148





3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.1.23

Cash flow

At 31.12.23

£   

£   

£   



Net cash



Cash at bank

5,308,079


(2,477,604

)

2,830,475



5,308,079


(2,477,604

)

2,830,475




Total

5,308,079


(2,477,604

)

2,830,475




SHARMANS AGRICULTURAL LIMITED (REGISTERED NUMBER: 00199317)


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


1.

STATUTORY INFORMATION



Sharmans Agricultural Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


2.

ACCOUNTING POLICIES



BASIS OF PREPARING THE FINANCIAL STATEMENTS


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.  



TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.


TANGIBLE FIXED ASSETS


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold property

-

at varying rates on cost


Improvements to property

-

at varying rates on cost


Plant and machinery

-

20% on cost


Motor vehicles

-

at varying rates on cost



STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.


PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.


LEASING AND HIRE PURCHASE COMMITMENTS


Assets held under finance leases or hire purchase contracts are capitalised under tangible fixed assets in the balance sheet and depreciated over their useful economic lives.  The capital element of the future payments is treated as a liability and the interest element charged to the profit and loss account.



Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the term of the agreement.


3.

TURNOVER


Turnover represents the amounts derived from the provision of goods and services which fall within the company's ordinary activities.


SHARMANS AGRICULTURAL LIMITED (REGISTERED NUMBER: 00199317)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023


4.

EMPLOYEES AND DIRECTORS


2023


2022

£   

£   



Wages and salaries

2,930,789


2,567,474




Other pension costs

202,977


171,540



3,133,766


2,739,014





The average number of employees during the year was as follows:


2023


2022



Full-time

120


115





2023


2022

£   

£   



Directors' remuneration

242,500


211,468





Information regarding the highest paid director is as follows:


2023


2022

£   

£   



Emoluments etc

89,167


78,968




5.

OPERATING PROFIT



The operating profit is stated after charging/(crediting):



2023


2022

£   

£   



Depreciation - owned assets

823,662


672,454




Profit on disposal of fixed assets

(719,927

)

(1,049,961

)



Auditors' remuneration

6,250


6,250




6.

INTEREST PAYABLE AND SIMILAR EXPENSES



2023


2022

£   

£   



Bank charges

28,835


4,781




7.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


2023


2022

£   

£   



Current tax:


UK corporation tax

432,760


554,031





Deferred tax

(219,230

)

(82,215

)



Tax on profit

213,530


471,816





UK corporation tax has been charged at 25% (2022 - 19%).


SHARMANS AGRICULTURAL LIMITED (REGISTERED NUMBER: 00199317)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023


8.

TANGIBLE FIXED ASSETS


Improvements



Freehold


to


Plant and


property


property


machinery

£   

£   

£   



COST


At 1 January 2023

4,943,390


365,821


311,027




Additions

105,841


146,400


86,077




Disposals

-


-


-




At 31 December 2023

5,049,231


512,221


397,104




DEPRECIATION


At 1 January 2023

1,125,535


135,317


244,638




Charge for year

85,514


9,740


34,168




Eliminated on disposal

-


-


-




At 31 December 2023

1,211,049


145,057


278,806




NET BOOK VALUE


At 31 December 2023

3,838,182


367,164


118,298




At 31 December 2022

3,817,855


230,504


66,389





Solar


Motor



panels


vehicles


Totals

£   

£   

£   



COST


At 1 January 2023

142,000


5,452,618


11,214,856




Additions

-


7,993,827


8,332,145




Disposals

-


(4,808,085

)

(4,808,085

)



At 31 December 2023

142,000


8,638,360


14,738,916




DEPRECIATION


At 1 January 2023

71,006


1,440,035


3,016,531




Charge for year

7,097


687,143


823,662




Eliminated on disposal

-


(416,343

)

(416,343

)



At 31 December 2023

78,103


1,710,835


3,423,850




NET BOOK VALUE


At 31 December 2023

63,897


6,927,525


11,315,066




At 31 December 2022

70,994


4,012,583


8,198,325




9.

STOCKS

2023

2022


£   

£   



Stocks

29,900,747


20,773,957




SHARMANS AGRICULTURAL LIMITED (REGISTERED NUMBER: 00199317)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023


10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade debtors

5,907,356


2,362,783




VAT

566,110


465,360




Prepayments and accrued income

474,893


559,271



6,948,359


3,387,414




11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade creditors

16,362,715


5,493,115




Tax

234,440


454,031




Accrued expenses

233,316


5,000



16,830,471


5,952,146




12.

PROVISIONS FOR LIABILITIES

2023

2022


£   

£   



Deferred tax

536,062


755,292





Deferred



tax


£   



Balance at 1 January 2023

755,292




Provided during year

(219,230

)



Balance at 31 December 2023

536,062




13.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022



value:

£   

£   



1,775

Ordinary

£1

1,775


1,775




14.

RESERVES


Capital



Retained


redemption



earnings


reserve


Totals

£   

£   

£   




At 1 January 2023

30,929,812


28,750


30,958,562




Profit for the year

2,667,777


2,667,777




At 31 December 2023

33,597,589


28,750


33,626,339