Clwyd Agricultural Limited 05453631 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is the supply of agricultural spares and accessories and agricultural repairs. Digita Accounts Production Advanced 6.30.9574.0 true 05453631 2023-02-01 2024-01-31 05453631 2024-01-31 05453631 bus:OrdinaryShareClass1 2024-01-31 05453631 bus:OrdinaryShareClass2 2024-01-31 05453631 bus:OrdinaryShareClass3 2024-01-31 05453631 bus:OrdinaryShareClass4 2024-01-31 05453631 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-01-31 05453631 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-01-31 05453631 core:CurrentFinancialInstruments 2024-01-31 05453631 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 05453631 core:Non-currentFinancialInstruments 2024-01-31 05453631 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 05453631 core:Goodwill 2024-01-31 05453631 core:BetweenTwoFiveYears 2024-01-31 05453631 core:WithinOneYear 2024-01-31 05453631 core:FurnitureFittingsToolsEquipment 2024-01-31 05453631 core:LandBuildings 2024-01-31 05453631 core:MotorVehicles 2024-01-31 05453631 core:OtherPropertyPlantEquipment 2024-01-31 05453631 bus:SmallEntities 2023-02-01 2024-01-31 05453631 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 05453631 bus:FullAccounts 2023-02-01 2024-01-31 05453631 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 05453631 bus:RegisteredOffice 2023-02-01 2024-01-31 05453631 bus:CompanySecretaryDirector2 2023-02-01 2024-01-31 05453631 bus:Director2 2023-02-01 2024-01-31 05453631 bus:Director6 2023-02-01 2024-01-31 05453631 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 05453631 bus:OrdinaryShareClass2 2023-02-01 2024-01-31 05453631 bus:OrdinaryShareClass3 2023-02-01 2024-01-31 05453631 bus:OrdinaryShareClass4 2023-02-01 2024-01-31 05453631 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 05453631 core:Goodwill 2023-02-01 2024-01-31 05453631 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 05453631 core:LandBuildings 2023-02-01 2024-01-31 05453631 core:MotorVehicles 2023-02-01 2024-01-31 05453631 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 05453631 core:PlantMachinery 2023-02-01 2024-01-31 05453631 core:Vehicles 2023-02-01 2024-01-31 05453631 core:OtherRelatedParties 2023-02-01 2024-01-31 05453631 countries:EnglandWales 2023-02-01 2024-01-31 05453631 2023-01-31 05453631 core:Goodwill 2023-01-31 05453631 core:FurnitureFittingsToolsEquipment 2023-01-31 05453631 core:LandBuildings 2023-01-31 05453631 core:MotorVehicles 2023-01-31 05453631 core:OtherPropertyPlantEquipment 2023-01-31 05453631 2022-02-01 2023-01-31 05453631 2023-01-31 05453631 bus:OrdinaryShareClass1 2023-01-31 05453631 bus:OrdinaryShareClass2 2023-01-31 05453631 bus:OrdinaryShareClass3 2023-01-31 05453631 bus:OrdinaryShareClass4 2023-01-31 05453631 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-01-31 05453631 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-01-31 05453631 core:CurrentFinancialInstruments 2023-01-31 05453631 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 05453631 core:Non-currentFinancialInstruments 2023-01-31 05453631 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 05453631 core:Goodwill 2023-01-31 05453631 core:BetweenTwoFiveYears 2023-01-31 05453631 core:WithinOneYear 2023-01-31 05453631 core:FurnitureFittingsToolsEquipment 2023-01-31 05453631 core:LandBuildings 2023-01-31 05453631 core:MotorVehicles 2023-01-31 05453631 core:OtherPropertyPlantEquipment 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05453631

Clwyd Agricultural Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Clwyd Agricultural Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Clwyd Agricultural Limited

(Registration number: 05453631)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

4,950

9,900

Tangible assets

5

119,699

108,218

 

124,649

118,118

Current assets

 

Stocks

6

1,934,161

1,605,306

Debtors

7

206,009

262,626

Cash at bank and in hand

 

80,986

33,724

 

2,221,156

1,901,656

Creditors: Amounts falling due within one year

8

(2,008,371)

(1,599,232)

Net current assets

 

212,785

302,424

Total assets less current liabilities

 

337,434

420,542

Creditors: Amounts falling due after more than one year

8

(92,102)

(148,922)

Net assets

 

245,332

271,620

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

244,332

270,620

Shareholders' funds

 

245,332

271,620

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

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 October 2024 and signed on its behalf by:
 

 

Clwyd Agricultural Limited

(Registration number: 05453631)
Balance Sheet as at 31 January 2024

.........................................
E A Gruffydd
Company secretary and director

.........................................
P L Gruffydd
Director

.........................................
G W Davies
Director

 

Clwyd Agricultural Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
Terfyn Buildings
Caerwys Road
Cwm, Dyserth
Rhyl
LL18 6HT

These financial statements were authorised for issue by the Board on 1 October 2024.

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.

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.

 

Clwyd Agricultural Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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

20% straight line

Motor vehicles

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Clwyd Agricultural Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

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 directors) during the year, was 18 (2023 - 16).

 

Clwyd Agricultural Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

90,000

90,000

At 31 January 2024

90,000

90,000

Amortisation

At 1 February 2023

80,100

80,100

Amortisation charge

4,950

4,950

At 31 January 2024

85,050

85,050

Carrying amount

At 31 January 2024

4,950

4,950

At 31 January 2023

9,900

9,900

 

Clwyd Agricultural Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

24,857

49,801

69,177

23,120

166,955

Additions

-

770

54,344

5,458

60,572

Disposals

-

-

(12,815)

-

(12,815)

At 31 January 2024

24,857

50,571

110,706

28,578

214,712

Depreciation

At 1 February 2023

-

20,272

27,704

10,761

58,737

Charge for the year

-

10,069

21,950

4,789

36,808

Eliminated on disposal

-

-

(532)

-

(532)

At 31 January 2024

-

30,341

49,122

15,550

95,013

Carrying amount

At 31 January 2024

24,857

20,230

61,584

13,028

119,699

At 31 January 2023

24,857

29,529

41,473

12,359

108,218

Included within the net book value of land and buildings above is £24,857 (2023 - £24,857) in respect of freehold land and buildings.
 

 

Clwyd Agricultural Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Stocks

2024
£

2023
£

Work in progress

18,001

11,614

Other inventories

1,916,160

1,593,692

1,934,161

1,605,306

7

Debtors

Current

2024
£

2023
£

Trade debtors

87,374

135,154

Prepayments

20,272

14,102

Other debtors

98,363

113,370

 

206,009

262,626

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

64,744

83,346

Trade creditors

 

1,730,468

1,382,409

Taxation and social security

 

47,284

38,056

Accruals and deferred income

 

20,385

21,405

Other creditors

 

145,490

74,016

 

2,008,371

1,599,232

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £83,346 (2022 - £60,059).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

92,102

148,922

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £148,922 (2022 - £177,704).

 

Clwyd Agricultural Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0 each

-

-

-

-

A Ordinary shares of £1 each

375

375

375

375

B Ordinary shares of £1 each

375

375

375

375

C Ordinary shares of £1 each

250

250

250

250

 

1,000

1,000

1,000

1,000

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

66,667

116,667

Hire purchase contracts

25,435

32,255

92,102

148,922

2024
£

2023
£

Current loans and borrowings

Bank borrowings

50,000

50,000

Hire purchase contracts

14,744

33,346

64,744

83,346

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

526

5,820

Later than one year and not later than five years

-

526

526

6,346

The amount of non-cancellable operating lease payments recognised as an expense during the year was £5,820 (2023 - £6,708).

 

Clwyd Agricultural Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

12

Related party transactions

During the year the company sold goods to two of the director's in exchange for a loan made to the company in the previous year. The value of these transactions in the year was £22,500.

Summary of transactions with other related parties

Pension fund
 
During the year the company paid rent amounting to £27,500 (2023: £16,919) to the pension fund of one of the director's for the use of the buildings in which the company operates.

 The amount owed to the company at the balance sheet date by the pension fund is £8,884 (2023: £852), in respect of works carried out to the building.