Registered number:
FOR THE YEAR ENDED 30 NOVEMBER 2024
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AGRIKING LIMITED
COMPANY INFORMATION
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AGRIKING LIMITED
CONTENTS
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AGRIKING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
The directors present their report and the financial statements for the year ended 30 November 2024.
The directors who served during the year were:
The directors are responsible for preparing 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;
∙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.
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AGRIKING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
Currently the Company remains dependent upon continuing financial support from its parent company, Agri-King, Inc. This is after a year of losses resulting in an increasing net liability position being shown at the balance sheet date. The vast majority of the liability is owed to the parent company. The directors continue to analyse the business for improvements to move Agriking Ltd to a profitable position. These areas include review of forecasts, cashflow, collections of debtors, management of inventory, and reduction of expenses. The directors of the parent company have confirmed that the parent company has the ability to and has confirmed that it will continue to provide financial support for the foreseeable future and in any case for a period of not less than 12 months form the date of the approval of this financial statements and will not seek repayment of any inter-company payables unless Agriking Limited has the cash funds to do so without jeopardising its ability to settle 3rd party creditors as they fall due. On the basis of this confirmation, the directors consider it appropriate that the financial statements are prepared under the going concern basis.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on
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AGRIKING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AGRIKING LIMITED
We have audited the financial statements of Agriking Limited (the 'Company') for the year ended 30 November 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including 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 Auditor's 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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AGRIKING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AGRIKING LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' Report has 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 Directors' Report.
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AGRIKING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AGRIKING 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 Auditor's 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:
∙Enquiries of management and those charged with governance around actual and potential litigation and claims non-compliance with applicable laws and regulations and fraud;
∙Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside of the normal course of business and reviewing accounting estimates for bias;
∙Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
∙Discussing with engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud.
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 Auditor's Report.
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AGRIKING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AGRIKING LIMITED (CONTINUED)
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 Auditor's 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
Birmingham, United Kingdom
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
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AGRIKING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024
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AGRIKING LIMITED
REGISTERED NUMBER: 03250500
BALANCE SHEET
AS AT 30 NOVEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 10 to 14 form part of these financial statements.
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AGRIKING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
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AGRIKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
Agriking Limited (the Company) is a private company limited by shares, incorporated and domiciled in England. The address of the registered office and principal place of business is House Field, Sussex Business Village, Lake Lane, Barnham, PO22 0AL.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
The following principal accounting policies have been applied:
Currently the Company remains dependent upon continuing financial support from its parent company, Agri-King, Inc. This is after a year of losses resulting in an increasing net liability position being shown at the balance sheet date. The vast majority of the liability is owed to the parent company. The directors continue to analyse the business for improvements to move Agriking Ltd to a profitable position. These areas include review of forecasts, cashflow, collections of debtors, management of inventory, and reduction of expenses. The directors of the parent company have confirmed that the parent company has the ability to and has confirmed that it will continue to provide financial support for the foreseeable future and in any case for a period of not less than 12 months form the date of the approval of this financial statements and will not seek repayment of any inter-company payables unless Agriking Limited has the cash funds to do so without jeopardising its ability to settle 3rd party creditors as they fall due. On the basis of this confirmation, the directors consider it appropriate that the financial statements are prepared under the going concern basis.
The Company's functional currencies are Sterling and Euro as the Company makes sales both in the United Kingdom and to countries in the European Union. The presentational currency is in Sterling.
Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at rates of exchange ruling at the Balance sheet date. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign currency transactions are translated into Sterling at the average rate of exchange. Exchange gains and losses are recognised in the Statement of comprehensive income.
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AGRIKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
2.Accounting policies (continued)
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AGRIKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
2.Accounting policies (continued)
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AGRIKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
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 £38,454 (2022: £27,164). Contributions totalling £4,411 (2022: £6,101) were payable to the fund at the balance sheet date and are included in creditors.
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AGRIKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
The ultimate parent undertaking and controlling party is
This is the largest and smallest group of undertakings for which group accounts are drawn up and of which the Company is a member.
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