Company registration number 03604296 (England and Wales)
AGRILLOYD LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
AGRILLOYD LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
The detailed profit and loss account does not form part of the financial statements
Detailed profit and loss account
AGRILLOYD LTD
STATEMENT OF FINANCIAL POSITION
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
80,435
137,971
Tangible assets
5
389,851
418,384
470,286
556,355
Current assets
Stocks
545,637
451,835
Debtors
6
2,521,983
1,026,521
Cash at bank and in hand
186,679
192,786
3,254,299
1,671,142
Creditors: amounts falling due within one year
7
(2,481,246)
(1,098,831)
Net current assets
773,053
572,311
Total assets less current liabilities
1,243,339
1,128,666
Creditors: amounts falling due after more than one year
8
(32,000)
(44,057)
Net assets
1,211,339
1,084,609
Capital and reserves
Called up share capital
9
50
50
Profit and loss reserves
10
1,211,289
1,084,559
Total equity
1,211,339
1,084,609
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
Mr D A Haythornthwaite
Director
Company registration number 03604296 (England and Wales)
AGRILLOYD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Agrilloyd Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Glendower Road, Southern Avenue Industrial Estate, Leominster, Herefordshire, HR6 0RL.
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.
1.2
Going concern
The financial statements have been prepared on a going concern basis. The Company has net current assets £773,052 at 30 June 2024 (2023: £572,311). The directors have drawn up forecasts covering a period of 12 months from the date of signing the accounts and have considered the impact of market conditions on boith reneue and costs. The Company is expected to continue in a net current asset position and will receive financial support from Tangerine Holdings Limited when needed. Sensitivity analysis has been performed to consider different scenarios but has not raised any concerns. Agrilloyd Limited has received a letter of support from Tangerine Group Holdings Limited who is under the ultimate control of the same controlling shareholder, D A Haythornthwaite that they can continue to provide financial support to enable the Company to continue trading. The directors are of the opinion that the company can continue as a going concern for the foreseeable future. true
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product have been transferred to the customer.
1.4
Intangible fixed assets other than goodwill
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Development costs are being amortised evenly over their estimated useful life of ten years after becoming available for use.
AGRILLOYD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land and buildings
4% on cost with a residual value of 40%
Plant and equipment
10% - 20% on cost
Fixtures and fittings
10% - 20% on cost
Show equipment
20% - 50% on cost
Motor vehicles
20% on cost
Freehold land is not depreciated.
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.
Tangible fixed assets are initially measured at cost and subsequently measure at cost, net of depreciation and any impairment losses
1.6
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing 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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Financial assets with no stated interest rate and receivable within one year are stated at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.
1.8
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
AGRILLOYD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.9
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.10
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.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.11
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 are taken into account in arriving at the operating result.
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.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the directors opinion there are no judgements or key sources of estimation uncertainty in relation to these financial statements
AGRILLOYD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
18
17
No directors received remuneration from the Company in respect of services provided in either the current or prior year. Directors' remuneration is paid by Tangerine Holdings Limited.
4
Intangible fixed assets
Development costs
£
Cost
At 1 July 2023
143,431
Additions - internally developed
25,000
Disposals
(82,536)
At 30 June 2024
85,895
Amortisation and impairment
At 1 July 2023 and 30 June 2024
5,460
Carrying amount
At 30 June 2024
80,435
At 30 June 2023
137,971
AGRILLOYD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
5
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Show equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2023
343,236
193,484
148,960
86,235
46,423
818,338
Additions
4,739
6,148
10,118
1,806
22,811
Disposals
(28,293)
(28,293)
At 30 June 2024
343,236
198,223
155,108
96,353
19,936
812,856
Depreciation and impairment
At 1 July 2023
31,951
166,732
104,331
73,183
23,757
399,954
Depreciation charged in the year
8,276
5,512
8,421
6,438
5,689
34,336
Eliminated in respect of disposals
(11,285)
(11,285)
At 30 June 2024
40,227
172,244
112,752
79,621
18,161
423,005
Carrying amount
At 30 June 2024
303,009
25,979
42,356
16,732
1,775
389,851
At 30 June 2023
311,285
26,752
44,629
13,052
22,666
418,384
Included in the net book value of £389,851 is £79,206 (2023: £81,720) relating to assets held under hire purchase agreements. The depreciation charged to the accounts in respect of such assets amounted to £2,514 (2023: £2,514)
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
370,691
467,483
Other debtors
2,069,022
470,341
Prepayments and accrued income
33,038
39,465
2,472,751
977,289
Deferred tax asset (note )
49,232
49,232
2,521,983
1,026,521
The amounts owed by group undertakings are interest free and repayable on demand.
AGRILLOYD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
12,540
17,521
Trade creditors
101,773
215,923
Amounts owed to group undertakings
238,623
215,928
Corporation tax
20,646
54,619
Other taxation and social security
11,312
21,437
Other creditors
1,995,165
408,840
Accruals and deferred income
101,187
164,563
2,481,246
1,098,831
The amounts owed to group undertakings are interest free and repayable on demand.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obilgations under finance leases
32,000
44,057
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
50
50
50
50
10
Profit and loss reserves
This reserve reflects cumulative profits and losses net of distributions to owners.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
David Evans BA FCA
Statutory Auditor:
Bishops Audit Limited
Date of audit report:
26 June 2025
AGRILLOYD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
12
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
70,259
63,948
Between two and five years
44,767
52,182
115,026
116,130
The term of the lease is 3 years.
13
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Finacial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
During the year the Company had transactions with companies under the control of D A Haythonrthwaite.
2024
2023
£
£
Goods provided
429,876
607,732
Good purchased
657,286
650,361
At the year end the Company had net balances outstanding with companies under the control of D A Haythornthwaite.
2024
2023
£
£
Included in Other debtors/(creditors)
95,864
67,063
14
Ultimate controling party
The Company is a 100% owned subsidiary of Tangerine Agriculture Limited.
The registered office for Tangerine Agriculture Limited is Docklands, Dock Road, Lytham St. Annes, Lancashire, United Kingdom, FY8 5AQ
The Company is under the ultimate control of D A Haythornthwaite, the controlling shareholder of Tangerine Agriculture Limited.
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