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REGISTERED NUMBER: 06612313 (England and Wales)



















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

OLIVER AGRICULTURE LIMITED

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 SEPTEMBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


OLIVER AGRICULTURE LIMITED

COMPANY INFORMATION
for the Year Ended 30 SEPTEMBER 2024







DIRECTORS: Mr D M Jarman
Mr I P D Morton
Ms A C Barnes
Mr R S Hallam
Mr W E C Helliwell
Mr R J Hedges





REGISTERED OFFICE: Wandon End Works
Luton
Bedfordshire
LU2 8NY





REGISTERED NUMBER: 06612313 (England and Wales)





AUDITORS: FKCA Limited
Statutory Auditor
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

STRATEGIC REPORT
for the Year Ended 30 SEPTEMBER 2024

The directors present their strategic report for the year ended 30 September 2024.

PRINCIPAL ACTIVITY AND REVIEW OF THE BUSINESS
The principal activities of the company in the year under review were sales, service and parts for agricultural machinery and occasional short-term hire of machines, primarily direct into the agricultural market.

Key performance indicators
Management use a range of performance measures to monitor and manage the business. The key financial performance indicators are set out below:

- sales turnover;
- gross margin;
- assets employed;
- balance sheet strength; and
- shareholder asset cover.

Development and financial performance during the year
The company trades in a significant geographical area covering the counties of Bedfordshire, Hertfordshire, Buckinghamshire, Oxfordshire, Berkshire, Hampshire, Surrey, West Sussex, and the Isle of Wight.

The main suppliers tend to be market leading brands, well known in the agricultural market and their specialist market sectors, who are recognised for their high level of service support within this sector which is synonymous with our own philosophy as a family business built on good service which can trace its roots back to 1823.

The major suppliers include many global brands such as CLAAS, Horsch, Leeb, Abbey, Bunning, Dalbo, KRM, Maschio, Opico, Richard Western, Samson, and Spearhead.

The marketplace for agricultural machinery continues to be very competitive and challenges have been faced in terms of high interest rates and ongoing high operating costs. There has however still been demand for our products and our previously expanded geographical area has continued to mean we service a more diverse mix of farming customers allowing us opportunities in a wider range of machinery. The factors above have meant we have maintained a profitable position in this financial year with a net profit before taxation of £529,628, however this is a reduction by 62% on the prior year where we posted a pre-tax profit of £1,411,977. This decrease is due in part to a decrease in turnover but also due to an increase in stocking charge and bank interest as well as the ongoing high operating costs. Whilst we have faced a competitive marketplace, we have been able to maintain combine and forager sales across our trading area and at year end have reduced our stock on the previous financial year by almost £1.4mn.

PRINCIPAL RISKS AND UNCERTAINTIES
There are always risks associated with running a business. These must be assessed by the management within the business and mitigated where we have an element of control. The company has continued to grow during this period. With good strategy, management, and cost control we have continued to grow the balance sheet whilst retaining a healthy level of shareholder funds in the business.

The directors identify the key business risks and uncertainties to be mainly external and these include bad weather, customer confidence in their own future profitability with increased cost of funding for our customers due to the continued Global issues and extra capital employed. The transition from the single farm payment support has also impacted customer confidence.

Competition will always be a factor with other retailers under pressure from their own suppliers to grow market share.

Global supply issues because of the Ukrainian conflict and after effects of COVID have generally now stabilised. We had consciously held more stock of parts and machines to mitigate this supply risk and ensure that our customers operations have not been adversely affected and maintain budgeted sales. As a result of this we were holding higher than optimum levels of stock for both machines and spare parts.


OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

STRATEGIC REPORT
for the Year Ended 30 SEPTEMBER 2024

FINANCIAL POSITION AT REPORTING DATE
The Balance sheet remains very strong with closing shareholder funds of over £5.3Mn and have maintained a consistent Profit & Loss account of just over £0.5Mn earnings before tax on 30th September 2024.


PRINCIPAL RISKS AND UNCERTAINTIES - continued
Competitor
pressure and level
of demand
- the market in which the company operates is relatively competitive and therefore such pressure could result in the loss of sales to competitors. The directors manage this risk by providing quality products from leading market brands and maintaining strong relationships with its customers many of whom have utilised the company's products and services over family generations. The balance of supply and demand has shifted since the prior year and could result in heavier discounts becoming more prevalent putting pressure on margin retention. Reduced farm profitability will lead to reduced demand which has already seen some of our competitors withdraw from the market in the past year.
Reliance on key
suppliers
- Reliance on key suppliers - the company's activities could expose it to over reliance on certain suppliers. The directors manage this risk by ensuring the sale of market leading brands which include a range of suppliers who provide complimentary products to one another. The directors are constantly seeking to find potential additional suppliers to add products to our portfolio.
Loss of key
personnel
- Loss of key personnel - this would pose potential operational difficulties for the company. The directors manage this risk by seeking to ensure that key personnel are managed to ensure good performance is recognised and fully rewarded, along with ensuring good succession planning supported by appropriate training. This offers career progression for staff which assists to retain employees with potential to become management of the future.
Bad weather
affecting customer
confidence
- the weather can affect the ability of the company to sell agricultural machinery. The directors manage this risk by ensuring that seasonal stock levels are managed appropriately and by having an increased focus on growing the aftersales aspect of the business. The increased incidence of extreme weather events due to climate change can have an impact on our customers' risk of crop failure and subsequent reduction in funds to invest in machinery replacement.
Post BREXIT
effects
- fluctuation in currency and interest rates, and possible increase in costs from inflation and from both tariffs and increased administration burden including phytosanitary compliance. With the phase out of EU direct farm support and the accelerated transition by the UK Government ELMS (Environmental Land Management Scheme) and SFI Sustainable Farming Incentives, there is the potential for a reduction in combinable acreage which could affect sales volume in the longer term. Although investment in the innovative products that we supply can help our customers towards reducing their carbon impact and ELMS compliance.
Global unrest - disruption of supply chains due to potential closure of shipping routes, continued conflict in Ukraine and the effect of increased energy costs on our operating costs and to the products we sell. Potential Global currency volatility with the risk of tariff impositions by the USA disrupting stock market confidence. Risks from unfavourable trade agreements


OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

STRATEGIC REPORT
for the Year Ended 30 SEPTEMBER 2024

FUTURE OUTLOOK
The outlook continues to be buoyant with a strong start to the 2025 business year. Despite the recent wet weather, our customers have remained confident with better levels of autumn drilled crops than the national average resulting in a successful early out of season order campaign. Despite a national downturn in farm profitability, especially in the cereal sector, the livestock sector has been less affected and despite a reduction in the tractor market we are seeing an increase in sales.

The machinery supply lead-times have returned back to pre-Pandemic levels. Our Budget is forecasting at least a similar outcome to the 2023-2024 trading year. We must be cognisant to the market volatility and maintain strong stock & credit control, whilst being mindful of the rise in interest and stocking charges and their impact on gross margins. We continue to actively work at reducing new and used stock levels in line with the current market.

ON BEHALF OF THE BOARD:





Mr D M Jarman - Director


16 April 2025

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

REPORT OF THE DIRECTORS
for the Year Ended 30 SEPTEMBER 2024

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2024 will be £250,000.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

Mr D M Jarman
Mr I P D Morton
Ms A C Barnes
Mr R S Hallam
Mr W E C Helliwell
Mr R J Hedges

FINANCIAL INSTRUMENTS
Treasury operations and financial instruments
The company operates within the group's centralised treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company's activities.

The company's principal financial instruments include bank overdrafts, stocking finance agreements, hire purchase agreements and borrowing from the parent company, the main purpose of which are to provide working capital for the company's operations. In addition, the company has various other financial assets and liabilities such as trade receivable and trade payables arising directly from its operations.

Liquidity Risk
The group manages its cash and borrowing requirements centrally to maximise interest income and minimise interest expense, whilst ensuring that the company has sufficient liquid resources to meet the operating needs of its business.

Credit Risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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.

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

REPORT OF THE DIRECTORS
for the Year Ended 30 SEPTEMBER 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Ms A C Barnes - Director


16 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OLIVER AGRICULTURE LIMITED

Opinion
We have audited the financial statements of Oliver Agriculture Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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 September 2024 and of its 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OLIVER AGRICULTURE LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 directors' 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 Statement of Directors' Responsibilities set out on page five, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OLIVER AGRICULTURE LIMITED


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 a Report of the Auditors 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:

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. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud was as follows:

- Enquiry of management and those charged with governance around actual and potential litigation and claims.
- Enquiry of entity staff and the board of directors to identify any instances of non-compliance with laws and regulations; and
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition and the override of controls by management.

To address the risk, including fraud, in relation to revenue recognition, we:

- Performed detailed substantive testing to address completeness and accuracy of income.
- Assessed the appropriateness and application of the accounting policy concerning income recognition; and
- Performed detailed cut-off testing either side of the balance sheet date.

To address the risk fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships.
- Tested journal entries to identify unusual transactions.
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.
- Investigated the rationale behind significant or unusual transactions.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OLIVER AGRICULTURE LIMITED


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 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 a Report of the Auditors 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.




Stephen Mason BSc FCA (Senior Statutory Auditor)
for and on behalf of FKCA Limited
Statutory Auditor
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

16 April 2025

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 30 SEPTEMBER 2024

2024 2023
Notes £    £    £   

TURNOVER 4 39,589,120 41,922,736

Cost of sales 36,752,168 38,330,166
GROSS PROFIT 2,836,952 3,592,570

Distribution costs 830,139 842,423
Administrative expenses 1,448,731 1,330,245
2,278,870 2,172,668
OPERATING PROFIT 6 558,082 1,419,902

Interest receivable and similar income - 12,587
558,082 1,432,489

Interest payable and similar expenses 7 28,454 20,512
PROFIT BEFORE TAXATION 529,628 1,411,977

Tax on profit 8 129,330 315,681
PROFIT FOR THE FINANCIAL YEAR 400,298 1,096,296

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

400,298

1,096,296

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 1,042,299 1,023,002

CURRENT ASSETS
Stocks 11 9,865,564 11,238,237
Debtors 12 3,529,933 2,797,340
Cash at bank 3,908 1,940
13,399,405 14,037,517
CREDITORS
Amounts falling due within one year 13 8,672,721 9,319,888
NET CURRENT ASSETS 4,726,684 4,717,629
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,768,983

5,740,631

CREDITORS
Amounts falling due after more than one
year

14

(170,159

)

(288,753

)

PROVISIONS FOR LIABILITIES 18 (250,591 ) (253,943 )
NET ASSETS 5,348,233 5,197,935

CAPITAL AND RESERVES
Called up share capital 19 400,000 400,000
Retained earnings 4,948,233 4,797,935
SHAREHOLDERS' FUNDS 5,348,233 5,197,935

The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2025 and were signed on its behalf by:





Mr D M Jarman - Director


OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 SEPTEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 400,000 4,051,639 4,451,639

Changes in equity
Dividends - (350,000 ) (350,000 )
Total comprehensive income - 1,096,296 1,096,296
Balance at 30 September 2023 400,000 4,797,935 5,197,935

Changes in equity
Dividends - (250,000 ) (250,000 )
Total comprehensive income - 400,298 400,298
Balance at 30 September 2024 400,000 4,948,233 5,348,233

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Oliver Agriculture 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. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c).

In taking advantage of these exemptions as a subsidiary undertaking the company has provided details of its parent undertaking in Note 20.

Significant judgements and estimates
The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from the estimated outcomes.

In the course of preparing the financial statements, management has made a judgement in respect of determining the net realisable value of stock held by the company at the balance sheet date. Factors that have been considered when calculating the value include (but are not restricted to) the selling environment, stock condition and amount of time stock items are held by the company.

Due to the nature of the industry items of stock held by the company at the balance sheet date may be held for a significant amount of time and so increase the level of judgement required by management to value that stock.

Turnover
Turnover is measured at the fair value of consideration received (or receivable), net of discounts and value added taxes.

Turnover from the sale of agricultural and groundcare machinery is recognised in full at the time of delivery to the customer, when it is considered significant rights and obligations of ownership have been transferred.

In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced at the year end, which is determined by reference to the stage of completion.

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - Over the term of the lease
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 25% on cost and 10% on reducing balance
Motor vehicles - 20% on cost

All fixed assets are initially recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt Section 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets and liabilities, including trade and other debtors, bank balances, trade and other creditors are recognised at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 as the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences arising from the movement in foreign currency exchange rate between the date of the transaction and payment are taken into account in the operating result.

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

4. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods 36,364,250 38,949,304
Rendering of services 3,224,870 2,973,432
39,589,120 41,922,736

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 38,257,345 39,529,183
Europe 1,246,367 2,302,060
Rest of world 85,408 91,493
39,589,120 41,922,736

5. EMPLOYEES AND DIRECTORS

All staff are employed by a group company, labour costs recharged are disclosed within the Related Party Disclosure note.

2024 2023
£    £   
Directors' remuneration - -

During the year, the average number of employees were nil (2023: nil).

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2024

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 182,210 170,100
Depreciation - owned assets 136,733 94,010
Depreciation - assets on hire purchase contracts 184,423 176,555
Profit on disposal of fixed assets (23,088 ) (6,916 )
Auditors' remuneration 17,640 16,800

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase 28,454 20,512

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 132,682 324,760

Deferred tax (3,352 ) (9,079 )
Tax on profit 129,330 315,681

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 529,628 1,411,977
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

132,407

352,994

Effects of:
Expenses not deductible for tax purposes 1,861 -
Capital allowances in excess of depreciation (5,854 ) -
Depreciation in excess of capital allowances - 15,913
Adjustments to tax charge in respect of previous periods 916 -
Effect of change in tax rate - (53,226 )
Total tax charge 129,330 315,681

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2024

9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final 250,000 350,000

10. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2023 57,622 355,237 399,643 1,507,695 2,320,197
Additions 17,166 18,526 27,135 282,484 345,311
Disposals - - - (42,493 ) (42,493 )
At 30 September 2024 74,788 373,763 426,778 1,747,686 2,623,015
DEPRECIATION
At 1 October 2023 24,113 181,879 313,162 778,041 1,297,195
Charge for year 8,101 18,959 19,747 274,349 321,156
Eliminated on disposal - - - (37,635 ) (37,635 )
At 30 September 2024 32,214 200,838 332,909 1,014,755 1,580,716
NET BOOK VALUE
At 30 September 2024 42,574 172,925 93,869 732,931 1,042,299
At 30 September 2023 33,509 173,358 86,481 729,654 1,023,002

The net book value of tangible fixed assets includes £ 589,504 (2023 - £ 644,825 ) in respect of assets held under hire purchase contracts.

11. STOCKS
2024 2023
£    £   
Parts stock 1,212,825 1,455,885
Wholegoods stock 8,652,739 9,782,352
9,865,564 11,238,237

An impairment loss of £41,488 was recognised in cost of sales against stock during the year (2023 - £17,639).

The net book value of stock includes £4,172,128 in respect of assets held under stocking plan contracts (2023 - £3,871,437).

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2024

12. DEBTORS LESS THAN ONE YEAR
2024 2023
£    £   
Trade debtors 2,193,704 2,433,974
Amounts owed by group undertakings 1,142,623 107,655
Amounts recoverable on contract 112,945 198,332
Corporation Tax 25,111 -
Prepayments and accrued income 55,550 57,379
3,529,933 2,797,340

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 262,196 395,246
Hire purchase contracts (see note 16) 225,950 210,315
Trade creditors 6,926,717 7,108,078
Amounts owed to group undertakings 272,768 898,277
Corporation tax - 190,010
VAT 415,755 -
Accruals and deferred income 569,335 517,962
8,672,721 9,319,888

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 16) 170,159 288,753

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 262,196 395,246

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 225,950 210,315
Between one and five years 170,159 288,753
396,109 499,068

Minimum lease payments under non-cancellable operating leases fall due as follows:

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2024

16. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 85,000 85,000
Between one and five years 170,000 212,500
In more than five years 170,000 212,500
425,000 510,000

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 262,196 395,246
Hire purchase contracts 396,109 499,068
Trade creditors 5,785,355 4,402,492
6,443,660 5,296,806

The hire purchase contracts are secured over the assets to which they relate. The trade creditors are secured on stock. The bank overdraft is secured against land held by the ultimate parent company, ATO Holdings Limited.

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 250,591 253,943

Deferred
tax
£   
Balance at 1 October 2023 253,943
Provided during year (3,352 )
Balance at 30 September 2024 250,591

The deferred tax liability expected to reverse next year is £84,000 relating to the reversal of existing timing differences on capital allowances.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
400,000 Ordinary £1 400,000 400,000

Ordinary shares have full voting rights and full entitlement to participate in dividends and capital distributions.

OLIVER AGRICULTURE LIMITED (REGISTERED NUMBER: 06612313)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2024

20. RELATED PARTY DISCLOSURES

Oliver AG 2010 Limited is the parent company. ATO Holdings Limited is the ultimate parent company of the group in whose consolidated financial statements the financial statements of this company are consolidated. The address of the registered office of ATO Holdings Limited is Wandon End Works, Wandon End, Luton, Beds, LU2 8NY. Group accounts can be obtained from this address.

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Management charge 122,678 115,798
Rent 60,000 60,000
Amount due to related party 272,767 372,768

ATO Holdings Limited has provided guarantees to various creditors in respect of the company's credit facilities. At 30 September 2024, the amount owed by Oliver Agriculture Limited under this guarantee was £6,117,041 (2023: £4,901,558). The maximum liability in respect of this guarantee is £10,500,000 (2023: £6,700,000).

Other related parties
2024 2023
£    £   
Sales 26,037 53,512
Purchases 138,624 188,813
Labour costs 3,948,143 3,924,582
Amount due from related party 1,142,625 107,655
Amount due to related party - 525,508

The related party involved with the sales and purchases transactions have not recognised any profit or loss on the transaction.

The balances between related parties are due on demand and not secured.

During the year, a total of key management personnel compensation of £ 656,152 (2023 - £ 761,306 ) was paid.

The directors are considered to be key management and are paid by other group undertakings which is recharged to the company.

21. POST BALANCE SHEET EVENTS

In November 2024, the company entered into a lease agreement for a premises with a term of 10 years, including a break clause after 5 years. The total future minimum lease payments under the agreement amount to £800,000, with £80,000 due within one year, £320,000 due between two and five years, and £400,000 due after five years.