Elite Farmers Trading Co Limited 07418321 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is Agricultural input agents Digita Accounts Production Advanced 6.30.9574.0 true 07418321 2024-01-01 2024-12-31 07418321 2024-12-31 07418321 core:CurrentFinancialInstruments 2024-12-31 07418321 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 07418321 core:FurnitureFittingsToolsEquipment 2024-12-31 07418321 bus:SmallEntities 2024-01-01 2024-12-31 07418321 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 07418321 bus:FilletedAccounts 2024-01-01 2024-12-31 07418321 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 07418321 bus:RegisteredOffice 2024-01-01 2024-12-31 07418321 bus:Director1 2024-01-01 2024-12-31 07418321 bus:Director3 2024-01-01 2024-12-31 07418321 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07418321 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 07418321 countries:EnglandWales 2024-01-01 2024-12-31 07418321 2023-12-31 07418321 core:FurnitureFittingsToolsEquipment 2023-12-31 07418321 2023-01-01 2023-12-31 07418321 2023-12-31 07418321 core:CurrentFinancialInstruments 2023-12-31 07418321 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07418321 core:FurnitureFittingsToolsEquipment 2023-12-31 iso4217:GBP xbrli:pure

Registration number: 07418321

Elite Farmers Trading Co Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Elite Farmers Trading Co Limited
(Registration number: 07418321)

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Elite Farmers Trading Co Limited
(Registration number: 07418321)

Company Information

Directors

Mr Ian Watson

Mr Jonathan Dennis

Registered office

Agriculture House
Willie Snaith Road
Newmarket
Suffolk
CB8 7SN

Registered number

07418321

 

Elite Farmers Trading Co Limited
(Registration number: 07418321)

Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

49

73

Current assets

 

Debtors

5

56,860

53,321

Cash at bank and in hand

 

102,796

90,725

 

159,656

144,046

Creditors: Amounts falling due within one year

6

(63,235)

(51,603)

Net current assets

 

96,421

92,443

Net assets

 

96,470

92,516

Capital and Reserves

 

Called up share capital

5,000

5,000

Retained Earnings

91,470

87,516

Shareholders' funds

 

96,470

92,516

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 May 2025 and signed on its behalf by:
 

.........................................
Mr Ian Watson
Director

 

Elite Farmers Trading Co Limited
(Registration number: 07418321)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Agriculture House
Willie Snaith Road
Newmarket
Suffolk
CB8 7SN

These financial statements were authorised for issue by the Board on 16 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Elite Farmers Trading Co Limited
(Registration number: 07418321)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade Creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Elite Farmers Trading Co Limited
(Registration number: 07418321)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible Assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

14,045

14,045

At 31 December 2024

14,045

14,045

Depreciation

At 1 January 2024

13,972

13,972

Charge for the year

24

24

At 31 December 2024

13,996

13,996

Carrying amount

At 31 December 2024

49

49

At 31 December 2023

73

73

5

Debtors

The directors have reviewed trade debtors for impairment and consider the impairment losses to be provided for the year are £Nil (2023 - £Nil)

All amounts are due within one year.

Current

2024
£

2023
£

Trade Debtors

35,757

52,748

Prepayments

448

573

Other debtors

20,655

-

 

56,860

53,321

 

Elite Farmers Trading Co Limited
(Registration number: 07418321)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade Creditors

9,630

-

Taxation and social security

41,235

48,114

Accruals and deferred income

12,370

3,489

63,235

51,603