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Registered number: 10930310










AGRI-LINC HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
AGRI-LINC HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Mr R A Martin 
Mr B Whyles 
Mr J Whyles 
Mr M G Whyles 
Mrs M Whyles (resigned 5 April 2023)
Mrs N L Whyles (resigned 5 April 2023)
Mrs R Martin (resigned 5 April 2023)
Mrs J H Whyles (resigned 5 April 2023)




Registered number
10930310



Registered office
Randalls Farm
Scottlethorpe Road

Edenham

Bourne

PE10 0LN




Independent auditors
MHA
Chartered Accountants & Statutory Auditors

1 The Forum

Minerva Business Park

Lynch Wood

Peterborough

PE2 6FT





 
AGRI-LINC HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditor's report
 
6 - 9
Consolidated statement of comprehensive income
 
10
Consolidated balance sheet
 
11 - 12
Company balance sheet
 
13
Consolidated statement of changes in equity
 
14
Company statement of changes in equity
 
15
Consolidated statement of cash flows
 
16 - 17
Consolidated analysis of net debt
 
18
Notes to the financial statements
 
19 - 41


 
AGRI-LINC HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their Strategic report on the affairs of Agri-Linc Holdings Limited for the year ended 31 December 2023.

Principal Activity, Strategy, Business Model and Future Developments
Agri-Linc Holdings Limited serves as the holding company for two primary trading subsidiaries: Agri-Linc Limited and Moore Unidrill Manufacturing Limited. Agri-Linc Limited has gained global recognition as a supplier of new and used agricultural machinery, along with associated wearing parts. In contrast, Moore Unidrill Manufacturing Limited, acquired in 2019, focuses on building Direct Drills marketed via dealerships worldwide.
The company’s headquarters are located at Randalls Farm near Bourne in Lincolnshire, a site with significant historical ties to the Whyles family since 1924. In 2019, the company also acquired the agricultural parts division of J Brock & Sons, maintaining their stores and trade counter in Thaxted, Essex.
Looking towards future growth, Agri-Linc Holdings has plans for expansion, including a new purpose-built head office in Carlby, Lincolnshire. Purchased in 2017, this site has a rich history as an agricultural machinery depot and is strategically positioned with a main road aspect. The planning consent for the new Carlby premises was granted in November 2023, and gives long-term security for the business operation, just five miles from the existing location.
Agri-Linc’s roots are deeply embedded in its farming heritage in Lincolnshire since 1924. As the company approaches its centenary in 2024, it welcomed the fifth generation of the Whyles family as shareholders into the business, bringing renewed energy and innovative ideas to support the global farming industry. The company’s core values—trust, growth mindset, and a commitment to supporting the agricultural community—remain steadfast.
From 2005 onwards, the directors and management team have participated in the Coaching and Leadership programmes that include regular Seminars, Networking events, and Professional Coaching, in view of enhancing their skills and formulating a robust business strategy. 
In July 2023, Professional Sales and Growth Strategist, Roy Newey, was contracted to assist the Team with a top-down restructure, to inject fresh sales strategy and inspiration, and to help us to create the next 5-year (2023- 2028) Business Plan. 
In summary, 2023 was a year of consolidation and investment for future growth. 
• Significant investment was made in upgrading its e-commerce website to an Adobe Commerce Magento   Pro platform, ensuring this vital sales tool can continue to grow and evolve with us on our growth journey.
• Enrolled on Roy Newey Ready-Set-Grow Coaching programme and new 5-year Plan 20 x 28 created, with  a focus on margin/profitability and building a high-performance team with an investment mindset.
• Planning Consent achieved at new Carlby premises.
• 4,500 new products were added to the range.
• Overall stock £ value was successfully reduced by smarter procurement.
• Extensive development work was carried at Moore Unidrill to create a new Dual Grain and Fertiliser Seed   Hopper, ready for a successful launch at LAMMA show in January 2024.
• Strategic merger and acquisitions proposals with smaller aligned companies were investigated for future    expansion opportunities.

Page 1

 
AGRI-LINC HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Business Review
 
For the year ending 31 December 2023, the group experienced a 8.2% decrease in turnover to £18,725,737. Gross profit dipped below 22%, from 24.1% in 2022 to 21.4% in 2023. Net assets decreased by 1.2%, standing at £4,211,685.
Positively, equity increased during the year by 1.2%, and ROCE (Return on Capital Employed) is a healthy 17.9%. With the value of the property adjusted out (non-trading fixed assets) the ROCE is 23.3%.

Principal Risks and Uncertainties
 
The directors have identified the following principal risks and uncertainties affecting the Group:
Market Risk: Supply continues to be a key area for the company. With the agricultural industry, ensuring that we have the right stock in at the right price is critical.
Rapid advancements in automation and fluctuations in global commodity prices, such as raw materials, foodstuffs, fertilizers, energy, and labour, pose significant challenges to suppliers’ costings.
The supply chain challenges of 2022, coupled with rapid inflation, and interest rate increases driving up costs, had all led to continuous price increases – the situation changed in 2023 with the supply versus demand switching around, and a general over-supply meaning prices started to reduce on some commodities. The over-supply situation has given end-users/buyers more choice and we are having to be more aggressive in our marketing strategy, to ensure we still grow market share.
Seasonal Risk: The agricultural industry’s dependency on weather and seasons makes predicting customer requirements difficult, potentially leading to stock availability issues.
Government Bodies Risk: Importing and exporting complexities post-Brexit require ongoing investment in training to ensure efficient trade. Additionally, the timing and eligibility of agricultural grants can impact sales, necessitating that products meet specific grant qualifications. In 2023 the late release of the FETF Grant scheme severely impacted Moore Unidrill Sales in Q1 and Q2, as many potential orders held back awaiting the grant release. Ultimately then, many of them then deferred their spend until 2024 as they had missed the 2023 planting dates.

Key Performance Indicators
 
Agri-Linc measures performance through several KPIs, including:
• 
Sales Targets: Monitored via daily, weekly, and monthly reports.
• 
Customer Contacts: Targets for daily, weekly, and monthly interactions.
• 
Customer Service: Aim to maintain picking, packing, and delivery errors below 0.5%.
• 
Product Innovation: Target of twenty new or improved products per week.
• 
Productivity: Target of a four times productivity factor by 2024.
• 
Stock Turns: Aim to reduce stock days to ninety-two.
• 
EBITDA: Target set at 12.97%.
These KPIs guide the company towards efficiency and goal achievement, with continuous reviews ensuring their relevance.

Page 2

 
AGRI-LINC HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Closing Statement

Despite the identified risks, the agricultural industry remains a vibrant and crucial sector, contributing £120 billion annually to the UK economy. The directors are confident in Agri-Linc’s ability to expand its market share and continue serving the global agricultural market through a diverse product range and a steadfast commitment to customer needs.
Agri-Linc Holdings Limited, through its strategic initiatives and strong business model, is well-positioned to thrive in the dynamic agricultural sector, continuing to uphold its legacy and drive future growth.


This report was approved by the board and signed on its behalf.



................................................
Mr B Whyles
Director

Date: 18 February 2025

Page 3

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £529,638 (2022: £1,427,737).

Dividends declared during the year totalled £580,800 (2022: £515,700).

Directors

The directors who served during the year were:

Mr R A Martin 
Mr B Whyles 
Mr J Whyles 
Mr M G Whyles 
Mrs M Whyles (resigned 5 April 2023)
Mrs N L Whyles (resigned 5 April 2023)
Mrs R Martin (resigned 5 April 2023)
Mrs J H Whyles (resigned 5 April 2023)

Matters covered in the Group strategic report

Details concerning principal activities, business review, future developments, principal risks and uncertainties, financial risk management objectives and policies and financial key performance indicators (KPIs) can be found in the Group Strategic Report.

Page 4

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

This report was approved by the board and signed on its behalf.
 





................................................
Mr B Whyles
Director

Date: 18 February 2025

Page 5

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGRI-LINC HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Agri-Linc Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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.


Conclusions relating to going concern


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 Group's or the parent 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.


Page 6

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGRI-LINC HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 7

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGRI-LINC HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

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 Auditors' 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 Group 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:

• Enquiry of management and those charged with governance around actual and potential litigation and    claims;
• Enquiry of entity staff to identify any instances of non-compliance with laws and regulations;
• Performing audit work over the risk of management override of controls, including testing of journal entries  and other adjustments for appropriateness, and reviewing accounting estimates for bias;
• Reviewing minutes of meetings of those charged with governance;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance   with applicable laws and regulations.


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 Auditors' report.


Page 8

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGRI-LINC HOLDINGS LIMITED (CONTINUED)


Use of our report
 

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 2006Our 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 Auditors' 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.





Robert John Butler FCA (Senior statutory auditor)
for and on behalf of MHA, Statutory Auditor
Peterborough, United Kingdom

18 February 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
Page 9

 
AGRI-LINC HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

  

Turnover
 4 
18,725,737
20,393,482

Cost of sales
  
(14,718,829)
(15,470,634)

Gross profit
  
4,006,908
4,922,848

Distribution costs
  
(648,574)
(675,262)

Administrative expenses
  
(2,587,036)
(2,548,282)

Other operating income
 5 
11,814
92,598

Operating profit
 6 
783,112
1,791,902

Interest receivable and similar income
 10 
2,122
-

Interest payable and similar expenses
 11 
(31,414)
(39,611)

Profit before taxation
  
753,820
1,752,291

Tax on profit
 12 
(224,182)
(324,554)

Profit for the financial year
  
529,638
1,427,737

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).
All amounts included relate to continuing activities.

The notes on pages 19 to 41 form part of these financial statements.

Page 10

 
AGRI-LINC HOLDINGS LIMITED
REGISTERED NUMBER: 10930310

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 15 
127,886
90,167

Tangible assets
 16 
1,536,193
1,491,832

  
1,664,079
1,581,999

Current assets
  

Stocks
 18 
5,184,602
6,357,139

Debtors: amounts falling due within one year
 19 
945,925
942,160

Cash at bank and in hand
 20 
428,876
727,971

  
6,559,403
8,027,270

Creditors: amounts falling due within one year
 21 
(3,858,415)
(5,189,460)

Net current assets
  
 
 
2,700,988
 
 
2,837,810

Total assets less current liabilities
  
4,365,067
4,419,809

Creditors: amounts falling due after more than one year
 22 
(63,091)
(133,534)

Provisions for liabilities
  

Deferred taxation
 24 
(90,291)
(23,428)

Net assets
  
4,211,685
4,262,847


Capital and reserves
  

Called up share capital 
 25 
2,100
2,100

Profit and loss account
 26 
3,109,585
3,160,747

Non-controlling interests
 26 
1,100,000
1,100,000

  
4,211,685
4,262,847


Page 11

 
AGRI-LINC HOLDINGS LIMITED
REGISTERED NUMBER: 10930310
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr B Whyles
Director

Date: 18 February 2025

The notes on pages 19 to 41 form part of these financial statements.

Page 12

 
AGRI-LINC HOLDINGS LIMITED
REGISTERED NUMBER: 10930310

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 16 
1,003,201
1,024,091

Investments
 17 
1,300
1,300

  
1,004,501
1,025,391

Current assets
  

Debtors: amounts falling due within one year
 19 
50,201
145,300

Bank and cash balances
 20 
279,096
435,700

  
329,297
581,000

Creditors: amounts falling due within one year
 21 
(968,094)
(1,167,162)

Net current liabilities
  
 
 
(638,797)
 
 
(586,162)

Total assets less current liabilities
  
365,704
439,229

Net assets
  
365,704
439,229


Capital and reserves
  

Called up share capital 
 25 
2,100
2,100

Profit and loss account brought forward
  
437,129
444,066

Profit for the year
  
506,975
509,063

Dividends declared

  

(580,500)
(516,000)

Profit and loss account carried forward
  
363,604
437,129

  
365,704
439,229


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr B Whyles
Director

Date: 18 February 2025

The notes on pages 19 to 41 form part of these financial statements.

Page 13

 
AGRI-LINC HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Non-controlling interests
Total equity

£
£
£
£


At 1 January 2022
2,100
2,248,710
1,100,000
3,350,810


Comprehensive income for the year

Profit for the year
-
1,427,737
-
1,427,737


Contributions by and distributions to owners

Dividends: Declared on ordinary shares
-
(515,700)
-
(515,700)



At 1 January 2023 (as previously stated)
2,100
3,181,633
1,100,000
4,283,733

Prior year adjustment - see note 27
-
(20,886)
-
(20,886)


At 1 January 2023 (as restated)
2,100
3,160,747
1,100,000
4,262,847


Comprehensive income for the year

Profit for the year
-
529,638
-
529,638


Contributions by and distributions to owners

Dividends: Declared on ordinary shares
-
(580,800)
-
(580,800)


At 31 December 2023
2,100
3,109,585
1,100,000
4,211,685


The notes on pages 19 to 41 form part of these financial statements.

Page 14

 
AGRI-LINC HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
2,100
444,066
446,166


Comprehensive income for the year

Profit for the year
-
509,063
509,063


Contributions by and distributions to owners

Dividends: Declared on ordinary shares
-
(516,000)
(516,000)



At 1 January 2023 (as previously stated)
2,100
458,015
460,115

Prior year adjustment - see note 27
-
(20,886)
(20,886)


At 1 January 2023 (as restated)
2,100
437,129
439,229


Comprehensive income for the year

Profit for the year
-
506,975
506,975


Contributions by and distributions to owners

Dividends: Declared on ordinary shares
-
(580,500)
(580,500)


At 31 December 2023
2,100
363,604
365,704


The notes on pages 19 to 41 form part of these financial statements.

Page 15

 
AGRI-LINC HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

As restated
2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
529,638
1,427,737

Adjustments for:

Amortisation of intangible assets
14,749
13,000

Depreciation of tangible assets
111,052
96,553

Profit on disposal of tangible assets
(18,161)
(992)

Interest paid
31,414
39,611

Interest received
(2,122)
-

Taxation charge
224,182
324,554

Decrease/(increase) in stocks
1,172,537
(1,614,037)

(Increase) in debtors
(3,765)
(38,271)

(Decrease)/increase in creditors
(490,664)
681,419

Corporation tax paid
(430,906)
(194,440)

Net cash generated from operating activities

1,137,954
735,134


Cash flows from investing activities

Purchase of intangible fixed assets
(52,468)
-

Purchase of tangible fixed assets
(159,202)
(184,479)

Proceeds from sale of tangible fixed assets
21,950
1,167

Interest received
2,122
-

Net cash from investing activities

(187,598)
(183,312)
Page 16

 
AGRI-LINC HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

As restated

2023
2022

£
£



Cash flows from financing activities

Other new loans
-
587,505

Repayment of other loans
(667,586)
-

New finance leases
30,349
-

Repayment of finance leases
-
(44,994)

Dividends paid
(580,800)
(515,700)

Interest paid
(28,359)
(37,839)

HP interest paid
(3,055)
(1,772)

Net cash used in financing activities
(1,249,451)
(12,800)

Net (decrease)/increase in cash and cash equivalents
(299,095)
539,022

Cash and cash equivalents at beginning of year
727,971
188,949

Cash and cash equivalents at the end of year
428,876
727,971


Cash and cash equivalents at the end of year comprise:

Bank and cash balances
428,876
727,971

428,876
727,971


The notes on pages 19 to 41 form part of these financial statements.

Page 17

 
AGRI-LINC HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
New finance leases
At 31 December 2023
£

£

£

£

Cash at bank and in hand

727,971

(299,095)

-

428,876

Debt due after 1 year

(131,643)

87,323

-

(44,320)

Debt due within 1 year

(1,199,557)

580,263

-

(619,294)

Finance leases

(12,477)

18,541

(48,890)

(42,826)


(615,706)
387,032
(48,890)
(277,564)

The notes on pages 19 to 41 form part of these financial statements.

Page 18

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Agri-Linc Holdings Limited ("the Company") is a private company limited by shares, incorporated in England and Wales under the Companies Act.
The registered number and address of the registered office are given in the company information page.
The functional and presentation currency of the Company is pounds sterling (£) and rounded to the nearest whole pound.
The nature of the Company's operations and its principal activities are set out in the Strategic report on page 1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

  
2.3

Subsidiary Guarantee

The Company, Agri-Linc Holdings Limited, with registered office Randalls Farm, Scottlethorpe Road, Edenham, Bourne, England, PE10 0LN, United Kingdom shall fully guarantee for all the liabilities of one subsidiary company:
Moore Unidrill Manufacturing Limited with registered office Randalls Farm, Scottlethorpe Road, Edenham, Bourne, England, PE10 0LN, United Kingdom, company number 12311695.
The subsidiary Moore Unidrill Manufacturing Limited is therefore exempt from audit obligations in accordance with section 479A of the Companies Act.

Page 19

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Going concern

The financial statements have been prepared on a going concern basis which assumes that the group will continue in operational existence for the foreseeable future. The Directors have considered relevant information, including the annual budget, forecast cash flows and the impact of subsequent events in making their assessment. 
 
The company has continued to trade profitably in the year to 31 December 2024 with results improving on the year ended 31 December 2023. Furthermore January 2025 has been a record month for the Group when compared to previous January’s due to an increased stock offering. 
 
Unfortunately the annual financial statements for the year ended 31 December 2023 have been filed late. This has led to the Groups credit rating falling. The Directors are confident that once the financial statements for the year ended 31 December 2023 are filed at Companies House that the credit rating will increase and funding will be more readily available. In any case the Directors and their close family members have supported the Group where necessary and have indicated their willingness to continue supporting the Group in the short term should it be needed.
 
Looking ahead, the Directors are planning on further growth in the year to 31 December 2025 and are confident that the Group will continue to trade profitably and be cash generative. The forecasts for the year to 31 December 2025 plan for further EBITDA growth which will be achieved through increased sales.
 
Based on these assessments and having regards to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. 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.

Page 20

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

  
2.7

Warranty work

No provision is recognised in the financial statements in relation to the warranty provided to its customers. This is due to the warranty cost being immaterial to the Group as the majority of new products are supplied with Original Equipment Manufacturer (OEM) warranty. The Group does manufacture and supply warranty on a minority proportion of new products, but historically the value of warranty claims on these products is of small value and therefore the provision is immaterial to the accounts. The sale of used machinery is sold and seen with no contractual warranty.

 
2.8

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

  
2.9

Research and development

All research and development costs are recognised within expenditure in the period they are incurred as it is not possible to distinguish between the research phase and the development phase.

Page 21

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 22

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 23

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
10
years
Goodwill
-
10
years

 
2.16

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 24

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.


Freehold property
-
2%
straight line
Plant and machinery
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance
Property improvements
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.18

Stocks

Stocks are stated at the lower of the average cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.  
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.19

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

  
2.20

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.21

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 25

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.22

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

Page 26

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.22
Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.23

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 27

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The following are the critical estimations that the Directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Key source of estimation uncertainty – Determining residual values and useful economic lives of property, plant and equipment
The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of the assets is based on historical performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value, management aim to assess the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices. 


4.


Turnover (as restated)

The whole of the turnover is attributable to the principal activities of the Group.

All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Net rents receivable
8,400
76,810

Sundry income
3,414
15,788

11,814
92,598



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Research & development charged as an expense
50,210
42,752

Exchange differences
13,872
13,978

Operating lease charges
42,452
62,677

Profit on disposal of tangible assets
(18,161)
(992)

Page 28

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
29,500
25,000

Corporation tax
1,050
2,200

Other
11,500
40,225


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£



Wages and salaries
1,928,926
1,746,420

Social security costs
116,802
173,593

Cost of defined contribution scheme
8,655
14,861

2,054,383
1,934,874



The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Finance and administration
25
21
4
8



Operations
22
13
-
-

47
34
4
8


9.


Directors' remuneration

No directors received remuneration from the entity during the year (2022: £nil). 




Page 29

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest receivable

2023
2022
£
£


Other interest receivable
2,122
-


11.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
24,537
37,839

Finance leases and hire purchase contracts
3,055
1,772

Other interest payable
3,822
-

31,414
39,611


12.


Taxation


As restated
2023
2022
£
£

Corporation tax


Current tax on profits for the year
163,801
329,423

Adjustments in respect of previous periods
(6,482)
522


Total current tax
157,319
329,945

Deferred tax


Origination and reversal of timing differences
66,863
(5,391)

Total deferred tax
66,863
(5,391)


Taxation on profit on ordinary activities
224,182
324,554
Page 30

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

As restated
2023
2022
£
£


Profit on ordinary activities before tax
753,820
1,752,291


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
177,148
332,935

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
17,932
10,146

Capital allowances for year in excess of depreciation
(15,311)
(20,199)

Adjustments to tax charge in respect of prior periods
(6,482)
522

Unrelieved tax losses carried forward
473
-

Origination and reversal of timing differences
66,863
(5,391)

Other differences leading to an increase in the tax charge
(16,584)
6,541

Changes in rate of tax charge
143
-

Total tax charge for the year
224,182
324,554


13.


Dividends

2023
2022
£
£


Dividends declared
580,800
515,700


14.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £506,975 (2022 - £509,063).

Page 31

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Intangible assets

Group 





Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
-
130,000
130,000


Additions
52,468
-
52,468



At 31 December 2023

52,468
130,000
182,468



Amortisation


At 1 January 2023
-
39,833
39,833


Charge for the year on owned assets
1,749
13,000
14,749



At 31 December 2023

1,749
52,833
54,582



Net book value



At 31 December 2023
50,719
77,167
127,886



At 31 December 2022
-
90,167
90,167



Page 32

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Tangible fixed assets

Group






Property improvements
Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£
£



Cost


At 1 January 2023 (as previously stated)
60,012
-
630,971
117,056
808,039


Prior year adjustment
-
1,044,977
-
-
1,044,977


At 1 January 2023 (as restated)
60,012
1,044,977
630,971
117,056
1,853,016


Additions
21,779
-
98,248
39,175
159,202


Disposals
-
-
(11,695)
-
(11,695)



At 31 December 2023

81,791
1,044,977
717,524
156,231
2,000,523



Depreciation


At 1 January 2023 (as previously stated)
3,549
-
262,336
74,413
340,298


Prior year adjustment
-
20,886
-
-
20,886


At 1 January 2023 (as restated)
3,549
20,886
262,336
74,413
361,184


Charge for the year on owned assets
11,260
20,890
56,955
12,917
102,022


Charge for the year on financed assets
-
-
4,510
4,520
9,030


Disposals
-
-
(7,906)
-
(7,906)



At 31 December 2023

14,809
41,776
315,895
91,850
464,330



Net book value



At 31 December 2023
66,982
1,003,201
401,629
64,381
1,536,193



At 31 December 2022 (as restated)
56,463
1,024,091
368,635
42,643
1,491,832

Page 33

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           16.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
53,555
58,515

Motor vehicles
16,533
9,163

70,088
67,678


Company






Freehold property

£

Cost


Prior year adjustment

1,044,977


At 1 January 2023 (as restated)
1,044,977



At 31 December 2023

1,044,977



Depreciation


Prior year adjustment

20,886


At 1 January 2023 (as restated)
20,886


Charge for the year on owned assets
20,890



At 31 December 2023

41,776



Net book value



At 31 December 2023
1,003,201



At 31 December 2022 (as restated)
1,024,091






Page 34

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 January 2023
1,300



At 31 December 2023
1,300





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Agri-Linc Limited
Randalls Farm, Scottlethorpe Road, Edenham, Bourne, PE10 0LN
Ordinary
100%
Moore Unidrill Manufacturing Limited
Randalls Farm, Scottlethorpe Road, Edenham, Bourne, PE10 0LN
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Agri-Linc Limited
2,980,121
480,504

Moore Unidrill Manufacturing Limited
866,960
122,359

Page 35

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Stocks

Group
Group
2023
2022
£
£

Finished goods
5,184,602
6,357,139


The difference between purchase price or production cost of stocks and their replacement cost is not material.


19.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
533,346
608,661
-
-

Amounts owed by group undertakings
-
-
-
66,300

Other debtors
156,497
102,449
1,497
3,859

Called up share capital not paid
2,100
2,100
2,100
2,100

Prepayments and accrued income
253,982
228,500
46,604
73,041

Tax recoverable
-
450
-
-

945,925
942,160
50,201
145,300


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


20.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
428,876
727,971
279,096
435,700


Page 36

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Other loans
619,294
1,199,557
-
-

Trade creditors
1,927,382
2,396,425
1,559
56,030

Amounts owed to group undertakings
-
-
628,460
687,980

Corporation tax
43,359
316,946
-
-

Other taxation and social security
147,505
109,210
-
-

Obligations under finance lease and hire purchase contracts
24,055
10,586
-
-

Other creditors
449,296
662,522
325,000
400,000

Accruals and deferred income
647,524
494,214
13,075
23,152

3,858,415
5,189,460
968,094
1,167,162


Other loans includes a stocking plan loan with a balance of £443,330 (2022: £692,246). This balance is secured against assets held within the group and is repayable within 28 days if demanded. 
Amounts owed to the group undertakings are unsecured, interest free and repayable on demand.
Obligations under finance lease and hire purchase cotnracts of £24,055 (2022: £10,586), are secured against the assets to which they relate.


22.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Other loans
44,320
131,643

Net obligations under finance leases and hire purchase contracts
18,771
1,891

63,091
133,534


Obligations under finance leases and hire purchase contracts of £18,771 (2022: £1,891), are secured against the asset to which they relate.



Page 37

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within 1 year

Other loans
619,294
1,199,557

Amounts falling due 1-2 years

Other loans
44,320
131,643



663,614
1,331,200



24.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
23,428
28,819


Charged to profit or loss
66,174
(3,591)


Utilised in year
689
(1,800)



At end of year
90,291
23,428







Group
Group
2023
2022
£
£

Accelerated capital allowances
90,291
23,428

90,291
23,428

Page 38

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2,100 (2022 - 2,100) Ordinary shares of £1.00 each
2,100
2,100

The Company has one class of ordinary shares. Each ordinary share has equal voting and distribution
rights, including repayment of capital in the event of winding up.



26.


Reserves

Non-controlling interests

Non controlling interests – in the consolidated balance sheet relates to preference shares owned by the shareholders of the Group but in a personal capacity directly in their own names. 

Profit and loss account

The profit and loss account represents cumulative profits or losses net of dividends paid and other adjustments. 

Page 39

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

27.


Prior year adjustment

Prior year adjustment 1 - Property
Agri-Linc Holdings Limited owns a property which it leases to one of its trading subsidiaries. The financial statements for the year ended 31 December 2022 incorrectly classified the property as an investment property. The property was shown on the balance sheet at cost of £1,044,977 with no valuation gains/losses recognised. As the property is leased by a trading subsidiary it should have been shown as a freehold property shown under the cost and depreciation model. The comparative to these financial statements for the year ended 31 December 2022 have been restated to reclassify the property from investment property to freehold property which is shown at cost of £1,044,977 less depreciation of £20,866. This is a restatement of both the consolidated balance sheet, company balance sheet and consolidated statement of comprehensive income. The effect of the restatement on the consolidated statement of comprehensive income is an increase in administrative expenses of £20,886 to reflect the depreciation charge.
The effect of the restatement on the consolidated statement of comprehensive income is an increase in administrative expenses of £20,886 to reflect the depreciation charge. The effect on the consolidated balance sheet is a reduction in investment property from £1,044,977 to £nil, an increase in tangible fixed assets from £467,741 to £1,491,832 and a reduction in the retained earnings of the group from £3,181,633 to £3,160,747. The overall effect on the consolidated balance sheet is a reduction in net assets from £4,283,733 to £4,262,847. 
The effect of the restatement on the company balance sheet is an reduction in investment property from £1,044,977 to £nil, an increase in tangible fixed assets from £nil to £1,024,091 and a reduction in the retained earnings of the company and profit for the year ended 31 December 2022 of £20,886. The overall effect on the company balance sheet is a reduction in net assets from £460,115 to £439,229. 
Prior year adjustment 2 - Intercompany trade
The financial statements for the year ended 31 December 2022 did not eliminate intercompany trade in the Consolidated Statement of Comprehensive Income. Intercompany sales in the year to 31 December 2022 were £1,035,354. The comparative to these financial statements has been restated to correctly net down both revenue and cost of sales by this amount. The adjustment has no effect on the profit for the year or the net assets as at 31 December 2022.
Prior year adjustment 3 - Agency revenue
The financial statements for the year ended 31 December 2022 incorrectly recognised certain sales in the Consolidated Statement of Comprehensive Income as principal revenue rather than that of agency. The comparative to these financial statements has been restated to show these revenues inline with agency revenue per FRS102. As a result both revenue and cost of sales has been reduced £736,495. The adjustment has no effect on the profit for the year or the net assets as at 31 December 2022.


28.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £6,757 (2022: £14,861).
Contributions totalling £2,701 (2022: £2,656) were payable to the fund at the reporting date and are included in other creditors.

Page 40

 
AGRI-LINC HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

29.


Commitments under operating leases

At 31 December 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
93,990
91,340

30.


Related party transactions

The Company has taken advantage of the exemption contained in FRS 102 section 33.1A Related Party Disclosures not to disclose transactions or balances with wholly owned entities which form part of the group it is included within.
Included within other creditors falling due within one year is a balance due to a director of the company of £1,000 (2022: £1,312). 
Also included within other creditors falling due within one year is a balance due to another director of the company of £8,823 (2022: £9,568).
Included within other creditors falling due within one year is a balance due to another director of the company of £6,767 (2022: £8,114). 
Included within other creditors is a balance due to Agri-Linc, a partnership, of which the directors and shareholders of Agri-Linc Ltd are partners, totalling £325,000 (2022: £400,000). This amount is interest free and repayable on demand.
All balances are unsecured, interest free and repayable on demand. 
During the year dividends of £580,800 (2022: £515,700) were paid to the directors.


31.


Controlling party

In the opinion of the directors there is no ultimate controlling party.

 
Page 41