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Registration number: 01562933

Agrimar (U.K.) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Agrimar (U.K.) Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 11

 

Agrimar (U.K.) Limited

(Registration number: 01562933)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,544,542

3,554,229

Investments

5

140

140

 

2,544,682

3,554,369

Current assets

 

Stocks

6

5,515

5,515

Debtors

7

934,095

1,476,314

Cash at bank and in hand

 

31,232

117,988

 

970,842

1,599,817

Creditors: Amounts falling due within one year

8

(1,234,594)

(1,610,078)

Net current liabilities

 

(263,752)

(10,261)

Total assets less current liabilities

 

2,280,930

3,544,108

Creditors: Amounts falling due after more than one year

8

(1,798,946)

(1,856,071)

Provisions for liabilities

151,562

(60,538)

Net assets

 

633,546

1,627,499

Capital and reserves

 

Called up share capital

100,000

100,000

Retained earnings

533,546

1,527,499

Shareholders' funds

 

633,546

1,627,499

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 20 January 2025
 

M Murphy
Director

   
     
 

Agrimar (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Suite 106
Boston House
69-75 Boston Manor Road
Brentford
Middlesex
United Kingdom
TW8 9JJ

These financial statements were authorised for issue by the director on 20 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

Whilst the cost of living crisis is not expected to have significant impact on future trading performance, the company's balance sheet at 31 December 2023 continues to show that current liabilities exceed current assets by £263,752 (2022: £10,261). The director has reviewed budgets to assist with the planning and operations over the forthcoming months, and together with support provided by the Parent company, the director does not consider that this will significantly impact on the company's ability to continue as a going concern.

Furthermore, the director has reviewed the company's supply chains, key customers and capital resources. Given the cash reserves held by the company and continued support from the Parent company, the director considers that the company has adequate resources in place to continue trading for the foreseeable future, being twelve months from the date of approval of the financial statements. Therefore the going concern basis continues to be applied in the preparation of the financial statements.

 

Agrimar (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 22 January 2025 was Sarah Jenkins, who signed for and on behalf of ML Audit LLP.

Key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period in which the estimate 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.

The estimates and assumptions which are considered to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities arise in respect of the valuation of investment properties, for which management are of the opinion require no impairment. The carrying amounts are detailed in Note 4.

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 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;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- all of the significant risks and rewards of ownership have been transferred to the customer; and
- specific criteria have been met for each of the company's activities.

Other operating income

Other operating income is recognised on rental receipts on an accruals basis in line with the overall revenue recognition policy.

Finance income and costs policy

Finance income and expenses are recognised using the effective interest method.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non- monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. All exchange differences are included in the profit and loss account.

 

Agrimar (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred 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 group operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws thats have been enacted or substantively enacted at the reporting date.

The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recoverd based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Mixed use properties are separated between investment property and land and buildings based on the number of floors occupied by the company and its tenants.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Tangible assets held at valuation are revalued with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using fair values at the balance sheet date.

Any revaluation increase arising on the revaluation is credited to the revaluation reserve, except to the extent that it reverses a revaluation decrease for the same asset previously recognised as an expense, in which case the increase is credited to the profit and loss account to the extent of the decrease previously expensed. A decrease in carrying amount arising on the revaluation is charged as an expense to the extend that it exceeds the balance, if any, held in the properties revaluation reserve relating to a previous revaluation of that asset.

On the subsequent sale or scrappage of a revalued property, the attributable revaluation surplus remaining in the properties revaluation reserve is transferred directly to retained earnings.

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, fittings and equipment

10% Straight line

Investment property

Investment properties owned by the company are stated at their open market value at the balance sheet date and any aggregate surplus or deficit is recognised through the profit and loss account. No depreciation is charged on these assets.

 

Agrimar (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold 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 stocks 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group 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.

 

Agrimar (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 group 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 4 (2022 - 4).

 

Agrimar (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Investment properties
 £

Furniture, fittings and equipment
£

Total
£

Cost or valuation

At 1 January 2023

3,550,000

6,028

3,556,028

Revaluations

(1,010,000)

-

(1,010,000)

Additions

-

987

987

At 31 December 2023

2,540,000

7,015

2,547,015

Depreciation

At 1 January 2023

-

1,799

1,799

Charge for the year

-

674

674

At 31 December 2023

-

2,473

2,473

Carrying amount

At 31 December 2023

2,540,000

4,542

2,544,542

At 31 December 2022

3,550,000

4,229

3,554,229

Revaluation

The fair value of the company's investment properties was revalued on 31 December 2023 by an independent valuer. The basis of this valuation was fair value as defined by FRS 102, being existing use market value. The name and qualification of the independent valuer are Vokins Chartered Surveyors. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £2,383,135 (2022 - £2,383,135).

 

Agrimar (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

140

140

Subsidiaries

£

Cost or valuation

At 1 January 2023

140

Provision

Carrying amount

At 31 December 2023

140

At 31 December 2022

140

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Brentford Management Company Limited

Unit 1 Canal Court
High Street
Brentford
England
TW8 8JA

Ordinary

85%

85%

Subsidiary undertakings

Brentford Management Company Limited

The principal activity of Brentford Management Company Limited is Dormant.

6

Stocks

2023
£

2022
£

Stocks

5,515

5,515

 

Agrimar (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Debtors


 

2023
£

2022
£

Trade debtors

827,822

1,426,012

Other debtors

47,728

38,069

Prepayments

15,313

12,233

Accrued income

43,232

-

934,095

1,476,314

8

Creditors

Due within one year

2023
£

2022
£

Loans and borrowings

9,718

-

Trade creditors

805,586

737,644

Amounts due to related parties

33,947

-

Social security and other taxes

5,985

18,817

Other creditors

18,935

20,428

Accruals

359,106

829,387

Corporation tax liability

1,317

3,802

1,234,594

1,610,078

Due after one year

Amounts due to related party

1,798,946

1,856,071

The amounts due to related party is denominated in GBP and is due in more than one year. The carrying amount at the year end is £1,832,893 (2022 - £1,856,071). The company has given security on the amounts due to related party in respect of the company's assets.

 

Agrimar (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Related party transactions

Key management compensation

2023
£

2022
£

Salaries and other short term employee benefits

87,388

85,317

Post-employment benefits

2,893

2,097

90,281

87,414

Summary of transactions with parent

Agrimatco Limited
 The company has taken advantage of the exemption under FRS 102 paragraph 33.1A from disclosing transactions with other members of the group.
 

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

15,934

15,934

Advanced

50,128

50,128

Repaid

(46,148)

(46,148)

Interest transactions

701

701

At end of period

20,615

20,615

2022

Other related parties
£

Total
£

At start of period

44,020

44,020

Advanced

104,091

104,091

Repaid

(133,600)

(133,600)

Interest transactions

1,423

1,423

At end of period

15,934

15,934

Terms of loans to related parties

During the year loans have been advanced to and repaid by shareholders. These loans are repayable on demand and have had interest charged at 2%.

 

Agrimar (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

10

Parent and ultimate parent undertaking

Agrimatco Limited is the 100% shareholder in Agrimar (UK) Limited.

 The company's immediate parent is Agrimatco Limited, incorporated in Cyprus.

 The ultimate parent is Agrimatco Limited, incorporated in Cyprus.

  These financial statements are available upon request from Agrimatco Limited
114, Gladstonos Street
Oasis Center
P.O. Box 57078
CY-3312 Limassol
Cyprus