Company registration number SC394138 (Scotland)
AP AGRI LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
AP AGRI LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
AP AGRI LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,455
4,455
Tangible assets
4
969,783
764,139
Investments
5
347,513
347,513
1,321,751
1,116,107
Current assets
Stocks
14,247
10,656
Debtors
6
223,151
136,153
Cash at bank and in hand
21,327
10,204
258,725
157,013
Creditors: amounts falling due within one year
7
(687,255)
(344,318)
Net current liabilities
(428,530)
(187,305)
Total assets less current liabilities
893,221
928,802
Creditors: amounts falling due after more than one year
8
(360,166)
(433,904)
Provisions for liabilities
(15,645)
(13,483)
Net assets
517,410
481,415
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
517,310
481,315
Total equity
517,410
481,415
AP AGRI LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2025
28 February 2025
- 2 -
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 26 May 2025
Mr A Peacock
Director
Company Registration No. SC394138
AP AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
1
Accounting policies
Company information
AP Agri Limited is a private company limited by shares incorporated in Scotland. The registered office is Low Bargenoch, COYLTON, Ayrshire, KA6 6HE.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.
1.3
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.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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:
Entitlements
No amortisation in year
1.4
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:
Freehold land and buildings
No depreciation
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computers
33% on reducing balance
Motor vehicles
25% on reducing balance
AP AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
3
3
AP AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 5 -
3
Intangible fixed assets
Total
£
Cost
At 1 March 2024 and 28 February 2025
4,455
Amortisation and impairment
At 1 March 2024 and 28 February 2025
Carrying amount
At 28 February 2025
4,455
At 29 February 2024
4,455
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 March 2024
695,478
28,850
770
3,795
80,845
809,739
Additions
188,000
15,932
38,313
242,245
Disposals
(29,500)
(29,500)
At 28 February 2025
883,478
44,782
770
3,796
89,658
1,022,484
Depreciation and impairment
At 1 March 2024
15,436
726
1,481
27,956
45,599
Depreciation charged in the year
3,733
11
763
16,193
20,700
Eliminated in respect of disposals
(13,598)
(13,598)
At 28 February 2025
19,169
737
2,244
30,551
52,701
Carrying amount
At 28 February 2025
883,478
25,613
33
1,552
59,107
969,783
At 29 February 2024
695,478
13,414
44
2,314
52,889
764,139
5
Fixed asset investments
2025
2024
£
£
Other investments other than loans
347,513
347,513
AP AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 6 -
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
9,151
2,153
Other debtors
214,000
134,000
223,151
136,153
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
9
14,952
15,261
Obligations under finance leases
18,859
11,227
Other borrowings
9
534,997
300,496
Trade creditors
66,762
348
Corporation tax
20,499
Other taxation and social security
31,186
16,986
687,255
344,318
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
9
343,702
415,191
Obligations under finance leases
16,464
18,713
360,166
433,904
9
Loans and overdrafts
2025
2024
£
£
Bank loans
358,654
430,452
Other loans
534,997
300,496
893,651
730,948
Payable within one year
549,949
315,757
Payable after one year
343,702
415,191
Clydesdale Bank PLC hold a floating charge over the property owned by the company.
The Agricultural Mortgage Corporation PLC hold a Standard Security over the ground at Bargenoch Farm.
AP AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100