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Company No: 04961074 (England and Wales)

AGRICULTURAL SALES AND SERVICE LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2024
Pages for filing with the registrar

AGRICULTURAL SALES AND SERVICE LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

AGRICULTURAL SALES AND SERVICE LIMITED

BALANCE SHEET

As at 30 November 2024
AGRICULTURAL SALES AND SERVICE LIMITED

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 168,207 195,564
168,207 195,564
Current assets
Stocks 5 131,781 153,209
Debtors 6 116,188 91,945
Cash at bank and in hand 7 286,676 194,276
534,645 439,430
Creditors: amounts falling due within one year 8 ( 480,199) ( 389,553)
Net current assets 54,446 49,877
Total assets less current liabilities 222,653 245,441
Provision for liabilities ( 28,936) ( 35,775)
Net assets 193,717 209,666
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 193,617 209,566
Total shareholders' funds 193,717 209,666

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Agricultural Sales and Service Limited (registered number: 04961074) were approved and authorised for issue by the Board of Directors on 09 February 2025. They were signed on its behalf by:

Mr J R Lutey
Director
AGRICULTURAL SALES AND SERVICE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
AGRICULTURAL SALES AND SERVICE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Agricultural Sales and Service Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is:
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA
United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 December 2023 20,000 20,000
At 30 November 2024 20,000 20,000
Accumulated amortisation
At 01 December 2023 20,000 20,000
At 30 November 2024 20,000 20,000
Net book value
At 30 November 2024 0 0
At 30 November 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 December 2023 59,217 122,577 109,362 5,509 296,665
Additions 0 1,134 0 192 1,326
Disposals 0 ( 3,671) ( 22,500) 0 ( 26,171)
At 30 November 2024 59,217 120,040 86,862 5,701 271,820
Accumulated depreciation
At 01 December 2023 0 52,683 43,942 4,476 101,101
Charge for the financial year 0 10,596 15,933 298 26,827
Disposals 0 ( 3,504) ( 20,811) 0 ( 24,315)
At 30 November 2024 0 59,775 39,064 4,774 103,613
Net book value
At 30 November 2024 59,217 60,265 47,798 927 168,207
At 30 November 2023 59,217 69,894 65,420 1,033 195,564

5. Stocks

2024 2023
£ £
Stocks 131,781 153,209

6. Debtors

2024 2023
£ £
Trade debtors 115,125 90,242
Other debtors 1,063 1,703
116,188 91,945

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 286,676 194,276

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 195,536 105,447
Taxation and social security 50,503 36,164
Other creditors 234,160 247,942
480,199 389,553

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100