Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-3032truetruetruetruefalsetruefalse2023-10-01false34 08781405 2023-10-01 2024-09-30 08781405 2022-10-01 2023-09-30 08781405 2024-09-30 08781405 2023-09-30 08781405 2022-10-01 08781405 6 2023-10-01 2024-09-30 08781405 6 2022-10-01 2023-09-30 08781405 d:Director1 2023-10-01 2024-09-30 08781405 d:Director2 2023-10-01 2024-09-30 08781405 d:Director2 2024-09-30 08781405 d:Director3 2023-10-01 2024-09-30 08781405 d:Director4 2023-10-01 2024-09-30 08781405 d:Director4 2024-09-30 08781405 d:RegisteredOffice 2023-10-01 2024-09-30 08781405 e:Buildings 2023-10-01 2024-09-30 08781405 e:Buildings 2024-09-30 08781405 e:Buildings 2023-09-30 08781405 e:Buildings e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 08781405 e:Buildings e:LongLeaseholdAssets 2023-10-01 2024-09-30 08781405 e:Buildings e:LongLeaseholdAssets 2024-09-30 08781405 e:Buildings e:LongLeaseholdAssets 2023-09-30 08781405 e:PlantMachinery 2023-10-01 2024-09-30 08781405 e:PlantMachinery 2024-09-30 08781405 e:PlantMachinery 2023-09-30 08781405 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 08781405 e:MotorVehicles 2023-10-01 2024-09-30 08781405 e:MotorVehicles 2024-09-30 08781405 e:MotorVehicles 2023-09-30 08781405 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 08781405 e:FurnitureFittings 2023-10-01 2024-09-30 08781405 e:ComputerEquipment 2023-10-01 2024-09-30 08781405 e:ComputerEquipment 2024-09-30 08781405 e:ComputerEquipment 2023-09-30 08781405 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 08781405 e:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 08781405 e:OtherPropertyPlantEquipment 2024-09-30 08781405 e:OtherPropertyPlantEquipment 2023-09-30 08781405 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 08781405 e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 08781405 e:CurrentFinancialInstruments 2024-09-30 08781405 e:CurrentFinancialInstruments 2023-09-30 08781405 e:Non-currentFinancialInstruments 2024-09-30 08781405 e:Non-currentFinancialInstruments 2023-09-30 08781405 e:CurrentFinancialInstruments e:WithinOneYear 2024-09-30 08781405 e:CurrentFinancialInstruments e:WithinOneYear 2023-09-30 08781405 e:Non-currentFinancialInstruments e:AfterOneYear 2024-09-30 08781405 e:Non-currentFinancialInstruments e:AfterOneYear 2023-09-30 08781405 e:ReportableOperatingSegment1 2023-10-01 2024-09-30 08781405 e:ReportableOperatingSegment1 2022-10-01 2023-09-30 08781405 e:ReportableOperatingSegment7 2023-10-01 2024-09-30 08781405 e:ReportableOperatingSegment7 2022-10-01 2023-09-30 08781405 e:UKTax 2023-10-01 2024-09-30 08781405 e:UKTax 2022-10-01 2023-09-30 08781405 e:ShareCapital 2024-09-30 08781405 e:ShareCapital 2023-09-30 08781405 e:ShareCapital 2022-10-01 08781405 e:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 08781405 e:RetainedEarningsAccumulatedLosses 2024-09-30 08781405 e:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 08781405 e:RetainedEarningsAccumulatedLosses 2023-09-30 08781405 e:RetainedEarningsAccumulatedLosses 2022-10-01 08781405 d:OrdinaryShareClass1 2023-10-01 2024-09-30 08781405 d:OrdinaryShareClass1 2024-09-30 08781405 d:OrdinaryShareClass1 2023-09-30 08781405 d:FRS102 2023-10-01 2024-09-30 08781405 d:Audited 2023-10-01 2024-09-30 08781405 d:FullAccounts 2023-10-01 2024-09-30 08781405 d:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 08781405 e:Subsidiary1 2023-10-01 2024-09-30 08781405 e:Subsidiary1 1 2023-10-01 2024-09-30 08781405 e:Subsidiary2 2023-10-01 2024-09-30 08781405 e:Subsidiary2 1 2023-10-01 2024-09-30 08781405 e:Subsidiary3 2023-10-01 2024-09-30 08781405 e:Subsidiary3 1 2023-10-01 2024-09-30 08781405 e:Subsidiary5 2023-10-01 2024-09-30 08781405 e:Subsidiary5 1 2023-10-01 2024-09-30 08781405 e:Subsidiary6 2023-10-01 2024-09-30 08781405 e:Subsidiary6 1 2023-10-01 2024-09-30 08781405 e:Subsidiary7 2023-10-01 2024-09-30 08781405 e:Subsidiary7 1 2023-10-01 2024-09-30 08781405 e:HirePurchaseContracts e:WithinOneYear 2024-09-30 08781405 e:HirePurchaseContracts e:WithinOneYear 2023-09-30 08781405 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-09-30 08781405 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-09-30 08781405 e:AcceleratedTaxDepreciationDeferredTax 2024-09-30 08781405 e:AcceleratedTaxDepreciationDeferredTax 2023-09-30 08781405 2 2023-10-01 2024-09-30 08781405 6 2023-10-01 2024-09-30 08781405 e:JointVenture1 2023-10-01 2024-09-30 08781405 e:JointVenture1 1 2023-10-01 2024-09-30 08781405 e:Buildings e:LeasedAssetsHeldAsLessee 2024-09-30 08781405 e:Buildings e:LeasedAssetsHeldAsLessee 2023-09-30 08781405 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-09-30 08781405 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-09-30 08781405 e:LeasedAssetsHeldAsLessee 2024-09-30 08781405 e:LeasedAssetsHeldAsLessee 2023-09-30 08781405 f:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08781405










AGRICULTURE INVESTMENTS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
AGRICULTURE INVESTMENTS LIMITED
 
 
COMPANY INFORMATION


Directors
P Beaumont 
D Moore 
K Sands 




Registered number
08781405



Registered office
14th Floor
33 Cavendish Square

London

W1G 0PW




Independent auditors
Old Mill Audit Limited

Unit 2, Greenways Business Park

Bellinger Close

Chippenham

Wiltshire

England

SN15 1BN





 
AGRICULTURE INVESTMENTS LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 26


 
AGRICULTURE INVESTMENTS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present their strategic report, which is followed by the directors' report, together with the audited financial statements for the year ended 30 September 2024.

Business review
 
Agriculture Investments Limited continues to focus on the long-term strategy of customer focussed fruit production in the northern & southern hemispheres. We have invested in three key sectors of berries, stone fruit and organic apples. Each of these investments are at the cutting edge of innovation through seasonal timing, market creation or innovative growing techniques. The Company continues to invest in long term systems and techniques to reduce the impact of climate change on these cropping locations. This has delivered improvements in crop yield and resource efficiency, providing an improved balance sheet position.

Principal risks and uncertainties
 
The directors consider the principal risk to the company to be the impact on the supply chain due to climate change.
The Company's financial instruments principally comprise of trade debtors, cash at bank, trade creditors and intercompany loan facilities, the main purpose of which is to finance the company's operations. In addition, the Company has various other financial assets and liabilities arising directly from operations. It is, and has been throughout the year under review, the Company's policy that no trading in financial instruments shall be undertaken.
The main risks arising from the Company's financial instruments are liquidity, credit and foreign currency risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. These policies have remained unchanged throughout the period.
Liquidity risk
The Company manages its cash requirements to ensure the company has sufficient liquid resources to meet the operating needs of the business.
Credit risk
All debtors are subject to credit verification procedures by the Board. Debtors are reviewed on a regular basis and provisions are made for doubtful debts when necessary.
Foreign currency risk
The Company is exposed to exchange rate fluctuations particularly where goods are purchased in Euros. This is largely managed through hedging via use of currency forward contracts.

Page 1

 
AGRICULTURE INVESTMENTS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Financial key performance indicators
 
The key performance indicators of the Company are turnover, gross profit, profit before tax and net assets. A brief analysis of these is shown below:


2024
2023
        £
        £
Turnover



2,045,034
 
1,513,581
 
Profit/(Loss) before tax



1,880,304
 
(687,349)
 
Net (liabilities)/assets



1,651,966
 
221,662
 


This report was approved by the board on 26 June 2025 and signed on its behalf.




P Beaumont
Director

Page 2

 
AGRICULTURE INVESTMENTS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the company continued to be that of investment in farm land.

Results and dividends

The profit for the year, after taxation, amounted to £1,430,304 (2023 - £12,651).

The directors did not propose or pay a dividend in the current or prior year.
The directors have highlighted in the strategic report on pages 1 - 2, a review of the current year results, future outlook expectations, risks and key performance indicators for the Company.

Directors

The directors who served during the year were:

P Beaumont 
D Price (resigned 16 September 2024)
D Moore 
K Sands (appointed 22 April 2024)


Page 3

 
AGRICULTURE INVESTMENTS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

During the year, the company appointed Old Mill Audit Limited as auditors, who will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 June 2025 and signed on its behalf.
 





P Beaumont
Director

Page 4

 
AGRICULTURE INVESTMENTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGRICULTURE INVESTMENTS LIMITED
 

Opinion


We have audited the financial statements of Agriculture Investments Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 United Kingdom, including the Financial Reporting Council'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.


Page 5

 
AGRICULTURE INVESTMENTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGRICULTURE INVESTMENTS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 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 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 Directors' Responsibilities Statement set out on page 3, 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.


Page 6

 
AGRICULTURE INVESTMENTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGRICULTURE INVESTMENTS LIMITED (CONTINUED)


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 an Auditors' 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.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. 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. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
 


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 Auditors' Report.


Page 7

 
AGRICULTURE INVESTMENTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGRICULTURE INVESTMENTS LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





David Jones MSc FCA 
Senior Statutory Auditor
for and on behalf of
Old Mill Audit Limited
Statutory Auditor
 
Unit 2, Greenways Business Park
Bellinger Close
Chippenham
Wiltshire
England
SN15 1BN

26 June 2025
Page 8

 
AGRICULTURE INVESTMENTS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024
2023
Note
£
£

  

Turnover
 4 
2,045,034
1,513,581

Gross profit
  
2,045,034
1,513,581

Administrative expenses
  
(2,156,797)
(2,180,907)

Other operating income
 5 
2,100,000
-

Operating profit/(loss)
 6 
1,988,237
(667,326)

Interest receivable and similar income
 10 
89,003
72,666

Interest payable and similar expenses
 11 
(196,936)
(92,689)

Profit/(loss) before tax
  
1,880,304
(687,349)

Tax on profit/(loss)
 12 
(450,000)
700,000

Profit for the year
  
1,430,304
12,651

The notes on pages 12 to 26 form part of these financial statements.

Page 9

 
AGRICULTURE INVESTMENTS LIMITED
REGISTERED NUMBER: 08781405

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
6,392,879
6,384,599

Investments
 14 
861,587
861,587

  
7,254,466
7,246,186

Current assets
  

Debtors: amounts falling due within one year
 15 
13,085,462
4,427,069

Cash at bank and in hand
  
45,714
45,394

  
13,131,176
4,472,463

Creditors: amounts falling due within one year
 16 
(15,906,456)
(6,853,756)

Net current liabilities
  
 
 
(2,775,280)
 
 
(2,381,293)

Total assets less current liabilities
  
4,479,186
4,864,893

Creditors: amounts falling due after more than one year
 17 
(1,777,220)
(3,593,231)

Provisions for liabilities
  

Deferred tax
 19 
(1,050,000)
(1,050,000)

  
 
 
(1,050,000)
 
 
(1,050,000)

Net assets
  
1,651,966
221,662


Capital and reserves
  

Called up share capital 
 20 
300,100
300,100

Profit and loss account
 21 
1,351,866
(78,438)

  
1,651,966
221,662


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 June 2025.


P Beaumont
Director

The notes on pages 12 to 26 form part of these financial statements.

Page 10

 
AGRICULTURE INVESTMENTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 October 2022
300,100
(91,089)
209,011



Profit for the year
-
12,651
12,651


At 1 October 2023
300,100
(78,438)
221,662



Profit for the year
-
1,430,304
1,430,304


At 30 September 2024
300,100
1,351,866
1,651,966


The notes on pages 12 to 26 form part of these financial statements.

Page 11

 
AGRICULTURE INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The company is a private company limited by shares, and is incorporated in England and Wales. The address of its registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW. The principal trading address is Ford Lane, Ford, Arundel, West Sussex, BN18 0DF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Terradace Holdings Limited as at 30 September 2024 and these financial statements may be obtained from 14th Floor, 33 Cavendish Square, London, W1G 0PW.

 
2.3

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.4

Going concern

The directors have prepared the accounts on a going concern basis. The directors note the current
liabilities position of the company and have reviewed likely future developments. They remain of the
opinion that the company will not have to cease trading as a result of inadequate financial resources,
or any other foreseeable event, within a period of at least 12 months from the date of the approval of
these accounts. This basis is considered appropriate as the ultimate parent company has confirmed
that it will provide support to enable to company to meet their forecast liabilities as they fall due.

Page 12

 
AGRICULTURE INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.6

Turnover

Rental income
Turnover represents rental income from land owned by the company. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax.
Rendering of services
Turnover from management fees is recognised in the period in which the services are provided to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 13

 
AGRICULTURE INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Freehold property
-
50 years
Long-term Leasehold property
-
20 years
Plant and machinery
-
10 years
Motor vehicles
-
3 years
Fixtures and fittings
-
5 years
Computer equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 90 days.

 
2.11

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 instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Page 14

 
AGRICULTURE INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.


 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15

 
AGRICULTURE INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.13

Foreign currency translation

Functional and presentation currency

The financial statements are prepared in GBP, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.14

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.15

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.16

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 16

 
AGRICULTURE INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. Actual results may differ from these estimates. 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.
The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Tangible fixed asset depreciation
The company depreciates its tangible fixed assets over their estimated useful lives, to an estimated residual value. Management use their knowledge of market conditions, historic experience and estimates of future market conditions to asses the expected useful lives and residual values of their assets.

Page 17

 
AGRICULTURE INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Rent receivable
299,422
154,706

Management fees receivable
1,745,612
1,358,875

2,045,034
1,513,581


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Intellectual property sale
2,100,000
-



6.


Operating profit/(loss)

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

2024
2023
£
£

Depreciation charged on owned assets
26,397
6,512

Depreciation charged on leased assets
223,915
101,876

Foreign Exchange differences
(23,155)
178,459

Loss on disposal
-
58,500


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
8,000
4,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 18

 
AGRICULTURE INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,448,970
1,364,898

Social security costs
188,182
166,651

Cost of defined contribution scheme
116,148
72,126

1,753,300
1,603,675


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Management and administration
9
8



Agricultural staff
25
24

34
32


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
276,975
145,775

Company contributions to defined contribution pension schemes
10,265
8,747

287,240
154,522


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £276,975 (2023 - £145,775).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,265 (2023 - £8,747).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
89,003
72,666

Page 19

 
AGRICULTURE INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
196,936
92,689


12.


Taxation


2024
2023
£
£


Group taxation relief
450,000
(1,150,000)

Deferred tax


Origination and reversal of timing differences
-
450,000


Tax on profit/(loss)
450,000
(700,000)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the applicable rate of corporation tax in the UK of25% (2023 -22%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
1,880,304
(687,349)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
470,076
(151,217)

Effects of:


Expenses not deductible for tax purposes
1,596
340

Capital allowances for year in excess of depreciation
62,068
31,108

Short-term timing difference leading to an increase (decrease) in taxation
(17,439)
(17,416)

Group losses (received)/surrendered
(516,301)
587,185

Group relief receipt
450,000
(1,150,000)

Total tax charge for the year
450,000
(700,000)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20
 


 
AGRICULTURE INVESTMENTS LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


13.


Tangible fixed assets






Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Computer equipment
Other fixed assets
Total

£
£
£
£
£
£
£



Cost


At 1 October 2023
2,174,123
3,750,163
528,263
22,739
19,301
28,724
6,523,313


Additions
-
258,592
-
-
-
-
258,592



At 30 September 2024

2,174,123
4,008,755
528,263
22,739
19,301
28,724
6,781,905



Depreciation


At 1 October 2023
-
82,676
19,278
22,739
14,021
-
138,714


Charge for the year on owned assets
-
198,764
46,268
-
5,280
-
250,312



At 30 September 2024

-
281,440
65,546
22,739
19,301
-
389,026



Net book value



At 30 September 2024
2,174,123
3,727,315
462,717
-
-
28,724
6,392,879



At 30 September 2023
2,174,123
3,667,487
508,985
-
5,280
28,724
6,384,599

Freehold property is land of £2,174,123 (2023 - £2,174,123) which is not depreciated.

Page 21
 
AGRICULTURE INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

           13.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Long-term leasehold property
3,469,262
3,667,563

Plant and machinery
462,717
508,985

3,931,979
4,176,548


14.


Fixed asset investments





Investments in subsidiary companies
Investment in joint ventures
Total

£
£
£



Cost


At 1 October 2023
400,646
460,941
861,587



At 30 September 2024
400,646
460,941
861,587





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Agriculture Espana Limited
Dormant
Ordinary
100%
Domum Agrum Limited
Growers and wholesalers of fruit
Ordinary
100%
Plum Growers Limited
Dormant
Ordinary
100%
Cherry Growers Limited
Dormant
Ordinary
100%
Berry Farming Limited
Growers and wholesalers of fruit
Ordinary
100%
Rudford Farm Limited
Growers and wholesalers of fruit
Ordinary
100%

The registered office of the subsidiaries is the same as the Company.

Page 22

 
AGRICULTURE INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Joint venture


The following was a joint venture of the Company:


Name

Registered office

Principal activity

Holding

Capricot Proprietary Limited
Verdun Farm, Prince Alfred Hamlet, Western Cape, 6835
Growers and wholesalers of fruit
50%




15.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
10,825,517
2,842,109

Amounts owed by joint ventures
2,151,773
1,404,530

Other debtors
51,348
43,062

Prepayments and accrued income
56,824
137,368

13,085,462
4,427,069



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
49,594

Trade creditors
40,499
57,129

Amounts owed to group undertakings
14,346,436
5,232,195

Other taxation and social security
40,661
38,263

Obligations under finance lease and hire purchase contracts
1,066,332
1,066,332

Other creditors
10,362
7,651

Accruals and deferred income
402,166
402,592

15,906,456
6,853,756


For detail of bank loan security see note 17.
Net obligations under finance leases and hire purchase contracts are secured on the assets they relate
to.

Page 23

 
AGRICULTURE INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
660,817

Net obligations under finance leases and hire purchase contracts
1,777,220
2,932,414

1,777,220
3,593,231


Secured loans
During the year the bank loan was re-financed and the security released.
Net obligations under finance leases and hire purchase contracts are secured on the assets they relate
to.


18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
1,212,909
1,212,909

Between 1-5 years
2,021,516
3,335,500

3,234,425
4,548,409


19.


Deferred taxation




2024
2023


£

£






At beginning of year
1,050,000
600,000


Charged to profit or loss
-
450,000



At end of year
1,050,000
1,050,000

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
1,050,000
1,050,000

Page 24

 
AGRICULTURE INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



300,100 (2023 - 300,100) Ordinary shares of £1.00 each
300,100
300,100

There is a single class of Ordinary shares. There are no restrictions on distribution of dividends and the repayment of capital. 



21.


Reserves

Profit and loss account

This comprises profits available for distribution. 


22.


Financial guarantee

At the balance sheet date the company had entered into group bank cross guarantees in respect of loans and overdrafts. At the balance sheet date the total group facility amounted to £28,110,643 (2023 -
£21,654,893). 


23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £116,148 (2023 - £72,126). Contributions totalling £10,362 (2023 - £7,651) were payable to the fund at the balance sheet date and are included in creditors.


24.


Related party transactions

During the year the company received interest of £87,697 (2023 - £71,156) on a loan due from a joint venture.
During the year the company sold intellectual property to a company under common control for £2,100,000 (2023 - £Nil).
Management fees of £10,000 (2023 - £Nil) were charged to a company under common control during the year.

Page 25

 
AGRICULTURE INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

25.


Controlling party

Terradace Holdings Limited is considered to be the company's immediate and ultimate parent undertaking in both the current and prior years. 
P Beaumont is considered to be the ultimate controlling party by virtue of his shareholding in Terradace Holdings Limited during current and prior years. 
The results of the company are included within the consolidated accounts of Terradace Holdings Limited which are available to public and may be obtained from 14th Floor, 33 Cavendish Square, London, W1G 0PW. 

 
Page 26