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Registration number: 02208177

Lh Agro (Uk) Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Lh Agro (Uk) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Lh Agro (Uk) Limited

Company Information

Director

Mr R J Reed

Company secretary

Mrs R Reed

Registered office

12 The Broadway
The Broadway
St Ives
Cambridgeshire
PE27 5BN

Accountants

D A Green & Sons
Chartered Certified Accountants
12 The Broadway
The Broadway
St Ives
Cambridgeshire
PE27 5BN

 

Lh Agro (Uk) Limited

(Registration number: 02208177)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

102,907

93,070

Current assets

 

Stocks

5

341,857

298,330

Debtors

6

384,234

430,550

Cash at bank and in hand

 

75,009

96,867

 

801,100

825,747

Creditors: Amounts falling due within one year

7

(450,465)

(408,334)

Net current assets

 

350,635

417,413

Total assets less current liabilities

 

453,542

510,483

Creditors: Amounts falling due after more than one year

7

(8,225)

(15,332)

Net assets

 

445,317

495,151

Capital and reserves

 

Called up share capital

8

150,000

150,000

Retained earnings

295,317

345,151

Shareholders' funds

 

445,317

495,151

 

Lh Agro (Uk) Limited

(Registration number: 02208177)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 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 18 October 2024
 

.........................................
Mr R J Reed
Director

 

Lh Agro (Uk) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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:
12 The Broadway
The Broadway
St Ives
Cambridgeshire
PE27 5BN
England

These financial statements were authorised for issue by the director on 18 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.

 

Lh Agro (Uk) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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

25% reducing balance basis

Fixtures and fittings

25% reducing balance basis

Motor vehicles

25% reducing balance basis

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.

Trade 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.

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.

Trade 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.

 

Lh Agro (Uk) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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 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.

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 9 (2023 - 10).

 

Lh Agro (Uk) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

26,812

220,326

22,471

269,609

Additions

-

38,995

-

38,995

At 29 February 2024

26,812

259,321

22,471

308,604

Depreciation

At 1 March 2023

19,111

136,056

21,372

176,539

Charge for the year

1,259

27,625

274

29,158

At 29 February 2024

20,370

163,681

21,646

205,697

Carrying amount

At 29 February 2024

6,442

95,640

825

102,907

At 28 February 2023

26,812

65,159

1,099

93,070

5

Stocks

2024
£

2023
£

Other inventories

341,857

298,330

6

Debtors

Current

2024
£

2023
£

Trade debtors

370,240

427,473

Other debtors

13,994

3,077

 

384,234

430,550

 

Lh Agro (Uk) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

40,025

15,083

Trade creditors

 

332,240

284,323

Taxation and social security

 

76,213

107,012

Other creditors

 

1,987

1,916

 

450,465

408,334

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

8,225

15,332

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

150,000

150,000

150,000

150,000

         
 

Lh Agro (Uk) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

8,225

15,332

2024
£

2023
£

Current loans and borrowings

Bank borrowings

8,000

8,000

Hire purchase contracts

32,025

7,083

40,025

15,083

10

Related party transactions

Transactions with the director

2024

At 1 March 2023
£

Repayments by director
£

At 29 February 2024
£

Mr R J Reed

Loan (to)/from director - interest free, unsecured and repayable on demand

(3,077)

3,917

840

       
     

 

2023

At 1 March 2022
£

Repayments by director
£

At 28 February 2023
£

Mr R J Reed

Loan (to)/from director - interest free, unsecured and repayable on demand

(4,897)

1,820

(3,077)

       
     

 

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

140,000

76,545