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Registration number: 12172919

Agri Giveaways Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Agri Giveaways Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Agri Giveaways Ltd

(Registration number: 12172919)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

75,650

103,252

Current assets

 

Stocks

5

335,950

289,899

Debtors

6

44,357

33,581

Cash at bank and in hand

 

63,940

66,207

 

444,247

389,687

Creditors: Amounts falling due within one year

7

(354,294)

(327,001)

Net current assets

 

89,953

62,686

Total assets less current liabilities

 

165,603

165,938

Creditors: Amounts falling due after more than one year

7

(30,988)

(57,663)

Net assets

 

134,615

108,275

Capital and reserves

 

Called up share capital

102

102

Retained earnings

134,513

108,173

Shareholders' funds

 

134,615

108,275

For the financial year ending 31 August 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 December 2024
 

 

Agri Giveaways Ltd

(Registration number: 12172919)
Balance Sheet as at 31 August 2024

.........................................
S R Baggs
Director

 

Agri Giveaways Ltd

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

1

General information

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

The address of its registered office is:
Whitbourne Farm
Corsley
Warminster
Wiltshire
BA12 7QJ
England

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.

 

Agri Giveaways Ltd

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

Furniture and fittings

25% reducing balance

Computer equipment

25% straight line

Motor vehicles

25% reducing balance

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.

Borrowings

 

Agri Giveaways Ltd

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Agri Giveaways Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

14,538

134,100

148,638

At 31 August 2024

14,538

134,100

148,638

Depreciation

At 1 September 2023

10,056

35,330

45,386

Charge for the year

2,716

24,886

27,602

At 31 August 2024

12,772

60,216

72,988

Net book value

At 31 August 2024

1,766

73,884

75,650

At 31 August 2023

4,482

98,770

103,252

5

Stocks

2024
£

2023
£

Stock

335,950

289,899

6

Debtors

2024
£

2023
£

Other debtors

44,357

33,581

44,357

33,581

 

Agri Giveaways Ltd

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

7

Creditors

Amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

26,674

24,817

Trade creditors

 

41,691

57,134

Taxation and social security

 

43,191

24,163

Other creditors

 

242,738

220,887

 

354,294

327,001

Amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

30,988

57,663

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

30,988

57,663

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

26,674

24,817

 

Agri Giveaways Ltd

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

9

Related party transactions

During the year the company paid rent to the director on commercial terms totalling £18,000 (2023: £15,000).

Also during the year the company loaned SRB Property Rentals Ltd, a company in which the director is the sole director and shareholder, £0 (2023: £24,088). At the Balance Sheet date the company was owed £8,000 (2023: £8,000).

In addition to the above the company loaned HireIt-Today Ltd, a company in which the director is sole director and shareholder, £3,659 (2023: £16,981). At the Balance Sheet date the company was owed £20,640 (2023: £16,981).

Also, during the year, the company loaned Agri-Prestige Ltd, a company in which the director is sole director and shareholder, £4,534 (2023: £683). At the Balance Sheet date the company was owed £5,217 (2023: £683).