Registered number:
FOR THE YEAR ENDED 30 JUNE 2024
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AGRICULTURAL CENTRAL TRADING LIMITED
COMPANY INFORMATION
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AGRICULTURAL CENTRAL TRADING LIMITED
CONTENTS
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AGRICULTURAL CENTRAL TRADING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The directors present the strategic report for the year ended 30 June 2024.
The turnover of the company for the year amounted to £122.2m (2023 - £153.8m). This resulted in a profit before tax and members' bonus of £1,657,375 (2023 - £2,382,101) from which is deducted a bonus of £894,442 (2023 - £1,013,954) paid to members.
The company's main objective is to benefit its members. This is measured through the key performance indicators set out below. These indicators show the company continues to deliver significant benefits to its members. *Defined as members that have traded within the financial year. The bonus paid to members for the year to 30 June 2024 was calculated at a rate of £8.75 (2023 - £8.75) per £1,000 of their purchases from the company during the financial year plus 6% (2023 - 6%) p.a. interest on their shareholding at 30 June 2024, with a minimum payment of £25 (2023 - £25). A small number of members who own less than 40 (2023 - 40) shares received a reduced rate of bonus. Accounting convention requires that the two elements of bonus (trading and interest) be treated separately in the statement of comprehensive income. The profit before taxation of £762,933 (2023 - £1,368,146) showing in the statement of comprehensive income is after the trading element of the bonus. The gross profit of £6,638,480 (2023 - £7,155,262) was 5.4% of revenue (2023 - 4.6%). At 30 June 2024 total equity increased to £17.6m (2023 - £17.1m). The value of stock at 30 June 2024 was £1,203,070 (2023 - £1,276,503). The total value of debtors over 60 days old and with an account value of more than £2,000 at 30 June 2024 was £1.1m (2023 - £1.9m). The main activities of the company continue to be related to the timely supply of competitively priced inputs to farmers. The principal inputs are animal feeds and fertiliser as well as other items used by livestock and arable farmers.
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AGRICULTURAL CENTRAL TRADING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
The external environment
Fertiliser and feed products remain fundamental to the company’s activity and value generation. During the year the company has continued to expand the product range within our existing core products. The company has continued to drive sales across the entire product portfolio. This has allowed the business to sustain recent financial performance and improve diversification. Although the company has faced increased borrowing costs which are expected to remain in place for the coming financial year, the company has not required as much borrowing as previous years, contributing to the company’s ability to generate more value for members. Price volatility reduced and prices were reasonably stable through the financial year. Current geopolitical tension at the time of this report has seen some upwards movement in oil and gas prices both of which were the catalyst for price volatility and increases seen over the previous financial years. ACT, along with customers and members, continues to operate in a challenging market and as such manages working capital closely. To safeguard the company’s financial future, the directors have invested in our credit control function, increasing resources allowing the company to support more customers with their business. As a result of the support of all the stakeholders during the year the company was able to hold the trading bonus rate at £8.75 per thousand pounds of turnover, allowing the business to retain some profits within the business to maintain the required level of working capital and giving the company the ability to invest for the future when suitable opportunities present themselves. The level of internal credit extended by the business will remain under tight control. The business has good relationships with external credit providers and therefore members requiring more credit than the business can provide have the option to access this through ACT’s relationship with external providers.
Credit risk: Management has credit control policies in place to monitor risk on an ongoing basis. Credit evaluations are performed on customers requiring credit.
Interest rate risk: The company has variable rate working capital facilities and deposit accounts which are exposed to changes in interest rates. Market risk: Market risk is constantly monitored through the monitoring of industry data and our positioning in relation to our competitors. As detailed above, the risk from market fluctuations in price is reduced by low stock holding levels and selected purchases of consignment stock. Liquidity risk: The company monitors its liquidity to ensure it can meet its liabilities as they fall due. This includes ensuring banking lines are available to fund working capital requirements.
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AGRICULTURAL CENTRAL TRADING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
The strategic objectives of the company are:
• to provide competitively priced inputs and agricultural advice to its customers; • to trade profitably in order to return value to its members; • to invest profits to ensure a continuing future for the company and its members; • to operate in a sustainable manner, complying with all environmental and community standards to ensure the long-term future for the markets in which the company operates. In furtherance of this strategy during the year the company: • Procured a brand new CRM system • Continue to develop the upgraded ERP system. • optimised its investment in inventory through partnerships with its suppliers who deliver bespoke and standard products direct to the customer; • maintained close relationships with key suppliers and used resources to ensure any adverse impact of products sold on the environment is minimised or mitigated; • used its resources to offer credit to selected customers in order to maintain and grow the business; • maintained close relationships with customers in order to meet their changing input demands and ensure their ongoing viability; • continued to train and develop its employees to meet the needs of the business, maintain close relationships with suppliers and meet the regulatory regime within the agricultural sector.
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AGRICULTURAL CENTRAL TRADING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
The Board of Directors, in accordance with their duties in law, act in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members whilst having regard to the specific matters set out in section 172(1) (a) to (f) of the Companies Act 2006.
Specific Matters Section 172 (a) At every Board meeting the directors consider the likely consequences of any decision in the long term; each year the level of trading bonus payable is set bearing in mind the need to retain funds to invest in the people and assets of the business for the future viability of the company. The decision to increase the proportion of profit returned to members as trading bonus, was taken by the board to benefit members following strong financial performance by the business over the last 3 financial years. (b) The interests of the company's employees were considered in the continuing investment in training and development for all with needs established through a well-established appraisal system. (c) The need to foster business relationships with suppliers is recognised and reflected in the long and close relationships the company has with its major suppliers, the continual development of products specific to ACT and suppliers' continued recognition of the company’s success in delivering their products to market. The company’s relationship with its customers is close; over 75% of turnover during the year arose from members who therefore have an interest in the company’s continued sustainability. (d) The impact of the existence of the company owned by its customers on the community is tangible as it allows smaller customers to harness the purchasing power of the business and so retains vital activity in rural areas. The impact of the company’s operations on the environment is mitigated through payment of duties, taxes and levies as required by the regulatory authorities. (e) The directors ensure the maintenance of high standards of business conduct through ongoing training and professional development programmes for employees together with membership of relevant industry bodies governing the sale of agricultural inputs. (f) The directors demonstrate fairness in their treatment of members by following the rules laid out in the Articles of Association, specifically in relation to payment of the trading bonus which relates to members' purchases from the company.
This report was approved by the board and signed on its behalf.
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AGRICULTURAL CENTRAL TRADING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The directors present their report and the financial statements for the year ended 30 June 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK 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 to 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.
The profit for the year, after taxation, amounted to £590,173 (2023 - £1,078,186).
The company declared dividends totalling £nil (2023 - £nil) during the year.
The results for the year are set out on page 12. Particulars of the members' bonus - interest on shares proposed - are detailed in note 5 to the financial statements.
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AGRICULTURAL CENTRAL TRADING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
The directors who served during the year were:
The directors aim to ensure that the company will continue to react to prevailing market conditions and aim to improve sales and profitability in the forthcoming year.
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AGRICULTURAL CENTRAL TRADING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Methodology used to calculate energy consumed and CO2 emissions
Gas: We have recorded the kWh which are supplied on our gas bills using a conversion factor to CO2 sourced from Carbon Trust. Transport: We have used information from our single supplier of fuel for motor vehicles during the financial year. We have estimated the CO2 from each litre of motor fuel based on the Carbon Trust conversion factor. Electricity: We have recorded the kWh which are supplied on our electricity bills using a conversion factor to CO2 sourced from Carbon Trust.
Energy efficiency measures taken during the year
The company continues to encourage staff to engage with customers using telephone and IT using video calling to reduce the emissions from transport. The company continues to rely on around 60% of the workforce working from home and visiting customers at their premises to conduct business and continued this traditional operating model of in-person visits to customers throughout the financial year. Due to the nature of the business the company operates a fleet of vehicles mostly comprising of cars. The company continues to support employees offering several vehicle options to enable them to select the lowest carbon producing vehicle available that is suitable for their needs. We are pleased to report for another year that the number of hybrid vehicles in the fleet has increased, now totaling eleven. The company continues to operate two fully electric vehicles as part of the vehicle fleet. In total electric and hybrid vehicles now make up 25% of the company’s vehicle fleet; this further increase has again resulted in reduced emissions from transport, when compared to the previous year. During the financial year the company has made the cycle to work scheme available to employees. Some employees have been able to make use of the scheme, and we will continue to promote the scheme to employees to try and encourage uptake.
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AGRICULTURAL CENTRAL TRADING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) regulations 2013 the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 has been set out in the company's strategic report. This includes information that would have been included in the business review and the principal risks and uncertainties.
There have been no significant events affecting the company since the year end.
The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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AGRICULTURAL CENTRAL TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGRICULTURAL CENTRAL TRADING LIMITED
We have audited the financial statements of Agricultural Central Trading Limited (the 'company') for the year ended 30 June 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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AGRICULTURAL CENTRAL TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGRICULTURAL CENTRAL TRADING LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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AGRICULTURAL CENTRAL TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGRICULTURAL CENTRAL TRADING LIMITED (CONTINUED)
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 an Auditors' report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). We understood how the company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.
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AGRICULTURAL CENTRAL TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGRICULTURAL CENTRAL TRADING LIMITED (CONTINUED)
Because of 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 become 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 Auditors' 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 an Auditors' report 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Belmont House
Shrewsbury Business Park
Shropshire
SY2 6LG
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AGRICULTURAL CENTRAL TRADING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
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AGRICULTURAL CENTRAL TRADING LIMITED
REGISTERED NUMBER: 00713606
BALANCE SHEET
AS AT 30 JUNE 2024
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AGRICULTURAL CENTRAL TRADING LIMITED
REGISTERED NUMBER: 00713606
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 36 form part of these financial statements.
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AGRICULTURAL CENTRAL TRADING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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AGRICULTURAL CENTRAL TRADING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
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AGRICULTURAL CENTRAL TRADING LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Agricultural Central Trading Limited (company number 00713606) is a private company, limited by shares, incorporated in England and Wales and domiciled in the United Kingdom. Its registered office and principal place of business is 28 Atcham Business Park, Atcham, Shrewsbury, Shropshire, SY4 4UG.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.
The company's forecasts and projections, taking account of reasonable possible changes in trading performance, show that the company is expected to operate within the levels of its current facilities.
After making enquiries, the Directors have a reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Useful economic life of intangible assets The annual amortisation charge is sensitive to any changes in the estimated useful life and residual values of the intangible assets. The useful economic lives and residual value is assessed on an annual basis and are amended only when evidence shows a change in the estimated useful lives or residual value. Criteria used to assess the economic life and residual value includes technological advancement, economic utilisation, condition of the asset and future investments.
The whole of the turnover is attributable to the principal activity of the company.
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
During the year the company issued 57 ordinary £1 shares for £163.
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Share premium account
Profit and loss account
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £540,407 (2023: £423,527). Contributions totalling £26,915 (2023: £24,242) were payable to the fund at the balance sheet date and are included in creditors.
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AGRICULTURAL CENTRAL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The company continues to satisfy requirements of the Department for Environment, Food and Rural Affairs regarding the volume of sales to members.
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