Company registration number 01363538 (England and Wales)
AGRIMIN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
AGRIMIN LIMITED
COMPANY INFORMATION
Directors
J F McCulloch
J J Bennison
R A Jackson
T J Davies
C A H Sayer
G Stafford
(Appointed 16 December 2024)
I Hutchinson
(Appointed 16 December 2024)
T Price
(Appointed 1 February 2025)
Secretary
R A Jackson
Company number
01363538
Registered office
No. 1 Arlanda Way
Humberside Airport
Kirmington
Ulceby
North Lincolnshire
DN39 6YH
Auditor
UHY Hacker Young
14 Park Row
Nottingham
NG1 6GR
AGRIMIN LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11 - 12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 31
AGRIMIN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present the strategic report for the year ended 30 June 2024.
Review of the business
The turnover for the business, as shown in the Company’s profit and loss account was £7,291,198 for the year ending 30th June 2024 (2023: £7,922,500). Loss before taxation for the period was £256,080 (2023: profit of £553,349).
The net assets of the Company have decreased by £196,285 to £3,052,265 (2023: £3,248,550).
The directors remain confident about the future prospects for the business and continue to invest significantly in research and development, and improved efficiency and effectiveness throughout the business.
Principal risks and uncertainties
The Company considers its principal risks to be financial, operational, and strategic.
Financial risks can be further split into three areas:
Turnover: The Company is continually working to add value to the products and services it provides to its customers, and to develop close working relationships with those customers to enhance the reputation of both parties. Performance in different markets, geographical areas, and in different products is regularly analysed;
Profitability: The cost of raw materials is continually monitored and the impact this has on gross margin. Other production costs and overheads are tightly controlled and efficiencies introduced wherever possible; and
Liquidity: Cash flow and management information are regularly reviewed at the earliest opportunity to assist in better decision making. Beyond this the Company maintains a credit policy which includes checks on both new and existing customers.
Operational risks concern the health and safety of staff members as well as the safety of the products and their compliance with the various licences and product registrations held.
The Company has a health and safety policy which is reviewed annually with input from external consultants and this is supported by risk assessments. Monthly EH&S meetings are held with the minutes being circulated to the directors detailing accidents, incidents, training, audits, and preventative measures being introduced.
The factory is a Good Manufacturing Practice (“GMP”) approved facility and though not all products require GMP approval they are all made to GMP specification with the internal control procedures that requires. The production processes are regularly audited to retain GMP and FAMI-QS certification, as well as being audited both internally and by customers. Beyond that the Company also audits its suppliers.
The directors are aware of the strategic risk of technical obsolescence and invests heavily in research and development to drive both the business and the market forward.
The Company maintains and regularly reviews insurance to ensure cover is in place for all significant insurable risks to the extent that it is considered financially expedient to do so.
Key performance indicators
The Company considers its Key Performance Indicators to be turnover, gross profit and net profit. The directors also place significant importance on working capital and actions that can be taken to manage it effectively. All of these parameters are closely and regularly monitored against budgets and any variances thoroughly investigated.
AGRIMIN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
T Price
Director
18 March 2025
AGRIMIN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activities of the business continued to be that of developing, manufacturing and marketing sustained release trace element and vitamin technologies.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £29,901 (2023 - £57,610). The directors do not recommend payment of a final dividend.
Preference dividends were paid amounting to £129,829 (2023 - £104,342). The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J F McCulloch
J J Bennison
R A Jackson
T J Davies
C A H Sayer
G Stafford
(Appointed 16 December 2024)
I Hutchinson
(Appointed 16 December 2024)
T Price
(Appointed 1 February 2025)
Financial instruments
Liquidity risk
The company monitors its cash flow on a daily basis as part of its normal control procedures.
Interest rate risk
The company is exposed to interest rate risk as a result of the bank loans in place which are reviewed regularly and kept to a minimum.
Foreign currency risk
The company is exposed to foreign exchange risk as a result of trading in foreign currencies. To mitigate this risk the company has bank accounts in currencies other than GBP.
Credit risk
The company's principal financial assets are bank balances and trade debtors. The company’s credit risk is primarily attributable to its trade debtors. The company undertakes credit checks and monitoring as appropriate and has no significant concentration of uninsured credit risk.
AGRIMIN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
Auditor
The auditor, UHY Hacker Young, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
Following the introduction of the Government's Streamline Energy and Carbon Reporting (SECR) policy from 1st April 2019, the Company has started to report carbon emissions and consider actions it can take to reduce its carbon footprint. The report currently covers Scope 1, Scope 2 and some elements of Scope 3 emissions, but only very limited information is available from suppliers at the present time.
From the data gathered total emissions were 477 tonnes for the CO2e for the year (2023 – 497 tonnes CO2e), which equates to 6.7 tonnes CO2e per employee (2023 – 7.3 tonnes CO2e) for the year ended 30 June 2024. The quoted data excludes the reduced C02e emissions from the installation of the solar panelling in the year. As a result the quoted data overstates the emissions.
The company has taken action to reduce emissions by installing solar panels and moving to a renewable tariff for the remaining electricity purchases. Further actions to reduce emissions are being considered along with developing a closer dialogue with suppliers to provide more detailed information on Scope 3 emissions.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements 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 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.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
AGRIMIN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
T Price
Director
18 March 2025
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AGRIMIN LIMITED
- 6 -
Opinion
We have audited the financial statements of Agrimin Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, 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).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its loss 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.
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 UK, including the FRC’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 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.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AGRIMIN LIMITED (CONTINUED)
- 7 -
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AGRIMIN LIMITED (CONTINUED)
- 8 -
Auditor's 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 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to acts by the Company, which were contrary to applicable laws and regulations including fraud, such as FAMI-QS and EC 183/2005 (relating to EU Feed Hygiene Regulation) and EC 1831/2003 Regulation (relating to the regulation of additives for use in animal nutrition). We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to understated revenue and overstatement of stock.
Audit procedures performed included:
review of the financial statement disclosures to underlying supporting documentation;
enquiries of management and testing of journals, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud;
inspection of stock held at the stock count, stock lines were also vouched to purchase invoices and after date sales invoices to ensure items were held at the lower of cost and net realisable value; and
testing sales invoices to ensure revenue is being recognised in accordance with the revenue recognition policy and accounting standards.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 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.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AGRIMIN LIMITED (CONTINUED)
- 9 -
Chris McKain
Senior Statutory Auditor
For and on behalf of UHY Hacker Young
18 March 2025
Chartered Accountants
Statutory Auditor
AGRIMIN LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
7,291,198
7,922,500
Cost of sales
(4,014,010)
(4,378,351)
Gross profit
3,277,188
3,544,149
Administrative expenses
(3,330,182)
(2,819,212)
Other operating income
13,871
16,405
Operating (loss)/profit
4
(39,123)
741,342
Interest receivable and similar income
7
12,378
5,133
Interest payable and similar expenses
8
(229,335)
(193,126)
(Loss)/profit before taxation
(256,080)
553,349
Tax on (loss)/profit
9
89,696
(33,970)
(Loss)/profit for the financial year
(166,384)
519,379
The profit and loss account has been prepared on the basis that all operations are continuing operations.
AGRIMIN LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
12,998
14,504
Tangible assets
12
1,965,217
1,874,709
Investments
13
1,147
1,147
1,979,362
1,890,360
Current assets
Stocks
15
1,770,053
1,808,754
Debtors
16
1,186,636
1,593,722
Cash at bank and in hand
515,743
707,484
3,472,432
4,109,960
Creditors: amounts falling due within one year
17
(1,514,420)
(1,906,330)
Net current assets
1,958,012
2,203,630
Total assets less current liabilities
3,937,374
4,093,990
Creditors: amounts falling due after more than one year
18
(598,999)
(536,160)
Provisions for liabilities
Deferred tax liability
20
286,110
309,280
(286,110)
(309,280)
Net assets
3,052,265
3,248,550
Capital and reserves
Called up share capital
23
1,026
1,026
Capital redemption reserve
24
783
783
Profit and loss reserves
24
3,050,456
3,246,741
Total equity
3,052,265
3,248,550
AGRIMIN LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 12 -
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 18 March 2025 and are signed on its behalf by:
C A H Sayer
Director
Company registration number 01363538 (England and Wales)
AGRIMIN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
1,026
783
2,784,972
2,786,781
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
519,379
519,379
Dividends
10
-
-
(57,610)
(57,610)
Balance at 30 June 2023
1,026
783
3,246,741
3,248,550
Year ended 30 June 2024:
Loss and total comprehensive income
-
-
(166,384)
(166,384)
Dividends
10
-
-
(29,901)
(29,901)
Balance at 30 June 2024
1,026
783
3,050,456
3,052,265
AGRIMIN LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
564,273
1,140,371
Interest paid
(229,335)
(193,126)
Corporation tax paid
(67,997)
(6,882)
Net cash inflow from operating activities
266,941
940,363
Investing activities
Purchase of intangible assets
(1,330)
Purchase of tangible fixed assets
(324,051)
(233,556)
Proceeds from disposal of tangible fixed assets
48,131
31,876
Interest received
12,378
5,133
Net cash used in investing activities
(264,872)
(196,547)
Financing activities
Repayment of bank loans
(193,810)
(187,271)
Net cash used in financing activities
(193,810)
(187,271)
Net (decrease)/increase in cash and cash equivalents
(191,741)
556,545
Cash and cash equivalents at beginning of year
707,484
150,939
Cash and cash equivalents at end of year
515,743
707,484
AGRIMIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
1
Accounting policies
Company information
Agrimin Limited is a private company limited by shares incorporated in England and Wales. The registered office is No. 1 Arlanda Way, Humberside Airport, Kirmington, Ulceby, North Lincolnshire, DN39 6YH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received on despatch of goods or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
20% reducing balance
AGRIMIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
7% straight line
Plant and machinery
20% reducing balance
Fixtures and fittings
20% reducing balance
Motor vehicles
30% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
AGRIMIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at transaction price.
1.12
Equity instruments
Share capital issued by the company is recorded at the proceeds received, net of transaction costs. Dividends payable on share capital are recognised as liabilities once they are no longer at the discretion of the company.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
AGRIMIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.16
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
In the opinion of the Directors, there are no special disclosures required in respect of judgements and estimation uncertainty.
3
Turnover and other revenue
The whole of turnover is attributable to the company's principal activity.
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
3,957,496
4,220,225
Europe
1,208,018
1,268,160
Rest of the world
2,125,684
2,434,115
7,291,198
7,922,500
AGRIMIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Other revenue
Interest income
12,378
5,133
Grants received
13,871
16,405
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange losses
1,222
11,126
Research and development costs
279,184
256,562
Government grants
(13,871)
(16,405)
Fees payable to the company's auditor for the audit of the company's financial statements
10,900
10,250
Depreciation of owned tangible fixed assets
250,451
273,540
Depreciation of tangible fixed assets held under finance leases
137,329
119,249
Profit on disposal of tangible fixed assets
(8,148)
(13,152)
Amortisation of intangible assets
2,836
3,241
Operating lease charges
120,000
119,720
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production
43
42
Technical
12
11
Sales
8
7
Administration
8
8
Total
71
68
AGRIMIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,387,765
1,999,555
Social security costs
239,802
201,675
Pension costs
239,336
131,000
2,866,903
2,332,230
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
348,078
254,101
Company pension contributions to defined contribution schemes
181,059
86,874
529,137
340,975
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
128,469
75,611
Company pension contributions to defined contribution schemes
7,085
40,255
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
12,378
5,133
AGRIMIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7
Interest receivable and similar income
(Continued)
- 21 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
12,378
5,133
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
17,659
17,936
Dividends on redeemable preference shares not classified as equity
129,829
104,342
147,488
122,278
Other finance costs:
Interest on Directors' loans
81,847
70,848
229,335
193,126
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
67,014
Adjustments in respect of prior periods
(66,526)
155
Total current tax
(66,526)
67,169
Deferred tax
Origination and reversal of timing differences
(23,170)
(33,199)
Total tax (credit)/charge
(89,696)
33,970
AGRIMIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Taxation
(Continued)
- 22 -
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(256,080)
553,349
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
(64,020)
113,437
Tax effect of expenses that are not deductible in determining taxable profit
37,475
21,523
Adjustments in respect of prior years
(66,451)
155
Effect of change in corporation tax rate
(6,198)
Depreciation on assets not qualifying for tax allowances
4,110
3,380
Research and development tax credit
(91,375)
(96,275)
Losses carried back
68,601
Deferred tax prior year adjustment
21,964
Super-deduction
(2,052)
Taxation (credit)/charge for the year
(89,696)
33,970
10
Dividends
2024
2023
£
£
Interim paid
29,901
57,610
AGRIMIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
11
Intangible fixed assets
Patents & licences
£
Cost
At 1 July 2023
85,597
Additions
1,330
At 30 June 2024
86,927
Amortisation and impairment
At 1 July 2023
71,093
Amortisation charged for the year
2,836
At 30 June 2024
73,929
Carrying amount
At 30 June 2024
12,998
At 30 June 2023
14,504
12
Tangible fixed assets
Leasehold land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
243,376
3,782,588
218,616
257,648
4,502,228
Additions
383,882
18,957
115,432
518,271
Disposals
(79,269)
(79,269)
At 30 June 2024
243,376
4,166,470
237,573
293,811
4,941,230
Depreciation and impairment
At 1 July 2023
20,304
2,352,226
160,106
94,883
2,627,519
Depreciation charged in the year
16,439
303,063
12,443
55,835
387,780
Eliminated in respect of disposals
(39,286)
(39,286)
At 30 June 2024
36,743
2,655,289
172,549
111,432
2,976,013
Carrying amount
At 30 June 2024
206,633
1,511,181
65,024
182,379
1,965,217
At 30 June 2023
223,072
1,430,362
58,510
162,765
1,874,709
AGRIMIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12
Tangible fixed assets
(Continued)
- 24 -
The net carrying value of tangible fixed assets includes the following in respect of assets acquired using bank loans to finance equipment.
2024
2023
£
£
Plant and machinery
618,596
549,103
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
1,147
1,147
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2023 & 30 June 2024
1,147
Carrying amount
At 30 June 2024
1,147
At 30 June 2023
1,147
14
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Agrimin New Zealand Limited
New Zealand
Dormant
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Agrimin New Zealand Limited
66,458
AGRIMIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
14
Subsidiaries
(Continued)
- 25 -
Agrimin New Zealand Limited is a 100% owned subsidiary of the company.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
15
Stocks
2024
2023
£
£
Raw materials and packaging
647,873
907,411
Finished goods and engineering spares
1,122,180
901,343
1,770,053
1,808,754
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
870,060
1,249,841
Corporation tax recoverable
68,072
Other debtors
107,704
150,681
Prepayments and accrued income
140,800
193,200
1,186,636
1,593,722
AGRIMIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
19
121,121
194,809
Trade creditors
373,851
582,123
Amounts owed to group undertakings
735
735
Corporation tax
66,451
Other taxation and social security
82,830
83,134
Government grants
21
13,864
16,476
Preference dividends payable
49,637
41,589
Other creditors
728,453
797,562
Accruals and deferred income
143,929
123,451
1,514,420
1,906,330
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
160,102
86,004
Redeemable preference shares
19
390,691
390,691
Government grants
21
48,206
59,465
598,999
536,160
AGRIMIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
19
Loans and overdrafts
2024
2023
£
£
Bank loans
281,223
280,813
Preference shares
390,691
390,691
671,914
671,504
Payable within one year
121,121
194,809
Payable after one year
550,793
476,695
The long-term loans are secured by way of a fixed charge over book debts and a floating charge over all assets of the company.
The bank loans are repayable over a period of 60 months. The interest rate on the loans is the base rate plus 1.8%, 1.9% and 2.5% per annum.
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
352,745
309,838
Tax losses
(61,675)
-
Short term timing differences
(4,960)
(558)
286,110
309,280
2024
Movements in the year:
£
Liability at 1 July 2023
309,280
Credit to profit or loss
(23,170)
Liability at 30 June 2024
286,110
AGRIMIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
21
Government grants
2024
2023
£
£
Government grants
62,070
75,941
Deferred income is included in the financial statements as follows:
Current liabilities
13,864
16,476
Non-current liabilities
48,206
59,465
62,070
75,941
The company has multiple capital grants which are amortised over the life of the assets to which they relate.
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
239,336
131,000
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Included within other creditors are pension scheme contributions due of £19,843 (2023 - £23,138).
AGRIMIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,026
1,026
1,026
1,026
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
390,000
390,000
390,000
390,000
New preference shares of £1 each
691
691
691
691
390,691
390,691
390,691
390,691
Preference shares classified as liabilities
390,691
390,691
The Preference shares of £390,000 are entitled to dividends only when sufficient funds are available. They are redeemable at par at the option of the company any time after the fourth anniversary and on or before the tenth anniversary of the date of issue. On a winding up of the company, they have preference over the Ordinary shares in the distribution of any surplus of net assets. The New Preference Shares have no redemption date.
24
Reserves
Capital redemption reserve
This is a non-distributable reserve which was created on the purchase of the company's own shares out of distributable profits.
Profit and loss reserves
This reserve represents all current and prior period retained profit and losses less dividends paid.
AGRIMIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
25
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
120,000
120,000
Between two and five years
480,000
480,000
In over five years
900,000
1,020,000
1,500,000
1,620,000
26
Related party transactions
During the year, the company paid rent of £120,000 (2023 - £119,720) to the Agrimin Limited Retirement Benefit Scheme. The beneficiaries of the retirement benefit scheme are some of the current directors.
27
Directors' transactions
Dividends totalling £159,730 (2023 - £139,248) were paid in the year in respect of shares held by the company's directors and members of their close families.
The interest rate is charged at 6.5% above the Bank of England base rate.
The directors have granted the following loan to the company as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan to the company
6.50
774,424
35,542
65,478
(166,834)
708,610
774,424
35,542
65,478
(166,834)
708,610
The loan to the company is included within other creditors.
AGRIMIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 31 -
28
Cash generated from operations
2024
2023
£
£
(Loss)/profit for the year after tax
(166,384)
519,379
Adjustments for:
Taxation (credited)/charged
(89,696)
33,970
Finance costs
229,335
193,126
Investment income
(12,378)
(5,133)
Gain on disposal of tangible fixed assets
(8,148)
(13,152)
Amortisation and impairment of intangible assets
2,836
3,241
Depreciation and impairment of tangible fixed assets
387,780
392,789
Movements in working capital:
Decrease in stocks
38,701
143,057
Decrease/(increase) in debtors
475,158
(89,297)
Decrease in creditors
(279,060)
(21,204)
Decrease in deferred income
(13,871)
(16,405)
Cash generated from operations
564,273
1,140,371
29
Analysis of changes in net funds/(debt)
1 July 2023
Cash flows
New loan finance
30 June 2024
£
£
£
£
Cash at bank and in hand
707,484
(191,741)
-
515,743
Borrowings excluding overdrafts
(671,504)
193,810
(194,220)
(671,914)
35,980
2,069
(194,220)
(156,171)
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