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Registration number: 07717969

Proagri Solar Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2021

 

Proagri Solar Limited
(Registration number: 07717969)

Balance Sheet as at 30 April 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

418,252

460,630

Current assets

 

Debtors

5

320,634

317,807

Cash at bank and in hand

 

4,537

478

 

325,171

318,285

Creditors: Amounts falling due within one year

6

(249,174)

(307,244)

Net current assets

 

75,997

11,041

Total assets less current liabilities

 

494,249

471,671

Creditors: Amounts falling due after more than one year

6

(460,398)

(435,480)

Provisions for liabilities

(49,697)

(49,697)

Net liabilities

 

(15,846)

(13,506)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(15,946)

(13,606)

Shareholders' deficit

 

(15,846)

(13,506)

 

Proagri Solar Limited
(Registration number: 07717969)

Balance Sheet as at 30 April 2021

For the financial year ending 30 April 2021 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 15 January 2025 and signed on its behalf by:
 

.........................................
Mrs S Bradshaw
Director

   
     
 

Proagri Solar Limited
(Registration number: 07717969)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Gladwins Farm
Harpers Hill, Nayland
Colchester
Suffolk
CO6 4NU
England

These financial statements were authorised for issue by the Board on 15 January 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Proagri Solar Limited
(Registration number: 07717969)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021

Government grants

Grants received during the year have been recognised using the accrual model. Grants claimed were in relation to revenue and recognised in income on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses already incurred or giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

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.

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

5-33% straight line

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.

 

Proagri Solar Limited
(Registration number: 07717969)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2020 - 1).

 

Proagri Solar Limited
(Registration number: 07717969)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021

4

Tangible assets

Plant and machinery
£

Cost or valuation

At 1 May 2020

878,104

At 30 April 2021

878,104

Depreciation

At 1 May 2020

417,474

Charge for the year

42,378

At 30 April 2021

459,852

Carrying amount

At 30 April 2021

418,252

At 30 April 2020

460,630

5

Debtors

Current

2021
£

2020
£

Trade debtors

181,379

181,379

Prepayments

1,688

-

Other debtors

137,567

136,428

 

320,634

317,807

 

Proagri Solar Limited
(Registration number: 07717969)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

7

51,243

58,665

Trade creditors

 

109,887

162,794

Taxation and social security

 

34,444

33,985

Accruals and deferred income

 

3,600

1,800

Other creditors

 

50,000

50,000

 

249,174

307,244

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

7

29,300

44,921

Other non-current financial liabilities

 

431,098

390,559

 

460,398

435,480

7

Loans and borrowings

Non-current loans and borrowings

2021
£

2020
£

Bank borrowings

29,300

-

Hire purchase contracts

-

44,921

29,300

44,921

Current loans and borrowings

2021
£

2020
£

Bank borrowings

6,322

-

Hire purchase contracts

44,921

58,665

51,243

58,665