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REGISTERED NUMBER: 01390214 (England and Wales)















FARM ELECTRONICS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






FARM ELECTRONICS LIMITED (REGISTERED NUMBER: 01390214)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


FARM ELECTRONICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: D J De Visser
J D Sambridge
A R Gadsby
A S Fryer



REGISTERED OFFICE: 3 Castlegate
Grantham
Lincolnshire
NG31 6SF



REGISTERED NUMBER: 01390214 (England and Wales)



SENIOR STATUTORY AUDITOR: Theo Banos BA FCA



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
3 Castlegate
Grantham
Lincs
NG31 6SF

FARM ELECTRONICS LIMITED (REGISTERED NUMBER: 01390214)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 1,243
Property, plant and equipment 5 164,202 114,758
164,202 116,001

CURRENT ASSETS
Inventories 330,480 272,963
Debtors 6 668,415 726,912
Cash at bank 505,690 298,444
1,504,585 1,298,319
CREDITORS
Amounts falling due within one year 7 440,903 469,499
NET CURRENT ASSETS 1,063,682 828,820
TOTAL ASSETS LESS CURRENT LIABILITIES 1,227,884 944,821

PROVISIONS FOR LIABILITIES 32,702 5,000
NET ASSETS 1,195,182 939,821

CAPITAL AND RESERVES
Called up share capital 8 3,750 3,750
Capital redemption reserve 21,250 21,250
Retained earnings 1,170,182 914,821
SHAREHOLDERS' FUNDS 1,195,182 939,821

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2025 and were signed on its behalf by:





A S Fryer - Director


FARM ELECTRONICS LIMITED (REGISTERED NUMBER: 01390214)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Farm Electronics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.

Revenue
Revenue is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs is being amortised evenly over its estimated useful life of three years.

Property, plant & equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost and 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Inventories
Inventories are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


FARM ELECTRONICS LIMITED (REGISTERED NUMBER: 01390214)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leasing commitments
Rentals paid under operating leases are charged to income on a straight line basis over the term of the lease.

Pension costs and other post-retirement benefits
The company subscribes to a self-administered pension scheme on behalf of the directors. Contributions are charged to the income statement as incurred.

Amounts recoverable on contract
Revenue is recognised on contracts when the company has obtained a right to consideration. Revenue recognised in this manner is based on an assessment of the fair value of goods and services provided at the financial reporting date as a proportion of the total value of the contract. Provision is made against unbilled amounts on those contracts where the right to receive payment is contingent on factors outside the control of the company. Unbilled revenue is included in debtors.

Provisions
Provisions are made to reflect likely warranty claims after the year end on sales of goods recorded prior to the year end.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2024
and 31 December 2024 8,485
AMORTISATION
At 1 January 2024 7,242
Charge for year 1,243
At 31 December 2024 8,485
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 1,243

FARM ELECTRONICS LIMITED (REGISTERED NUMBER: 01390214)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2024 101,664 87,360 30,273 219,297
Additions 14,835 70,355 1,737 86,927
Disposals (9,987 ) (15,750 ) - (25,737 )
At 31 December 2024 106,512 141,965 32,010 280,487
DEPRECIATION
At 1 January 2024 37,259 43,574 23,706 104,539
Charge for year 10,355 18,100 2,598 31,053
Eliminated on disposal (7,295 ) (12,012 ) - (19,307 )
At 31 December 2024 40,319 49,662 26,304 116,285
NET BOOK VALUE
At 31 December 2024 66,193 92,303 5,706 164,202
At 31 December 2023 64,405 43,786 6,567 114,758

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 331,792 214,149
Amounts owed by group - 287,500
Other debtors 26,250 26,250
Prepayments and accrued income 35,373 199,013
393,415 726,912

Amounts falling due after more than one year:
Amounts owed by group 275,000 -

Aggregate amounts 668,415 726,912

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 129,048 193,096
Corporation tax 31,189 -
Other taxes and social security 35,350 26,188
VAT 102,889 13,678
Other creditors 1,986 124
Accruals and deferred income 140,441 236,413
440,903 469,499

FARM ELECTRONICS LIMITED (REGISTERED NUMBER: 01390214)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2,250 Ordinary A £1 2,250 2,250
1,500 Ordinary B £1 1,500 1,500
3,750 3,750

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Theo Banos BA FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

10. OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the financial reporting date of £297,738 (2023 - £384,790).

11. ULTIMATE PARENT COMPANY

The ultimate parent company is T-G Participaties Holdings B.V. which is incorporated in the Netherlands. The company's results are consolidated in the group accounts of T-G Participaties Holdings B.V, copies of which are available at Fabrieksweg 7, 8304 AT Emmeloord, The Netherlands.