BrightAccountsProduction v1.0.0 v1.0.0 2023-10-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company during the financial year remained the distribution of animal health, veterinary and equipment products in Ireland and the UK. 27 June 2025 61 62 NI017710 2024-09-30 NI017710 2023-09-30 NI017710 2022-09-30 NI017710 2023-10-01 2024-09-30 NI017710 2022-10-01 2023-09-30 NI017710 uk-bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 NI017710 uk-curr:PoundSterling 2023-10-01 2024-09-30 NI017710 uk-bus:FullAccounts 2023-10-01 2024-09-30 NI017710 uk-bus:Director1 2023-10-01 2024-09-30 NI017710 uk-bus:CompanySecretaryDirector1 2023-10-01 2024-09-30 NI017710 uk-bus:Director3 2023-10-01 2024-09-30 NI017710 uk-bus:Director4 2023-10-01 2024-09-30 NI017710 uk-bus:Director5 2023-10-01 2024-09-30 NI017710 uk-bus:CompanySecretary1 2023-10-01 2024-09-30 NI017710 uk-bus:RegisteredOffice 2023-10-01 2024-09-30 NI017710 uk-bus:Agent1 2023-10-01 2024-09-30 NI017710 uk-bus:Audited 2023-10-01 2024-09-30 NI017710 uk-core:ShareCapital 2024-09-30 NI017710 uk-core:ShareCapital 2023-09-30 NI017710 uk-core:RevaluationReserve 2024-09-30 NI017710 uk-core:RevaluationReserve 2023-09-30 NI017710 uk-core:OtherReservesSubtotal 2024-09-30 NI017710 uk-core:OtherReservesSubtotal 2023-09-30 NI017710 uk-core:RetainedEarningsAccumulatedLosses 2024-09-30 NI017710 uk-core:RetainedEarningsAccumulatedLosses 2023-09-30 NI017710 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-09-30 NI017710 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-09-30 NI017710 uk-core:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 NI017710 uk-bus:FRS102 2023-10-01 2024-09-30 NI017710 uk-core:Goodwill 2023-10-01 2024-09-30 NI017710 uk-core:LandBuildings 2023-10-01 2024-09-30 NI017710 uk-core:PlantMachinery 2023-10-01 2024-09-30 NI017710 uk-core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 NI017710 uk-core:MotorVehicles 2023-10-01 2024-09-30 NI017710 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2023-10-01 2024-09-30 NI017710 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2022-10-01 2023-09-30 NI017710 uk-core:Goodwill 2023-10-01 2024-09-30 NI017710 uk-core:Goodwill 2022-10-01 2023-09-30 NI017710 uk-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-09-30 NI017710 uk-core:Goodwill 2023-09-30 NI017710 uk-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-10-01 2024-09-30 NI017710 uk-core:CopyrightsPatentsTrademarksServiceOperatingRights 2024-09-30 NI017710 uk-core:Goodwill 2024-09-30 NI017710 uk-core:CurrentFinancialInstruments 2024-09-30 NI017710 uk-core:CurrentFinancialInstruments 2023-09-30 NI017710 uk-core:CurrentFinancialInstruments 2024-09-30 NI017710 uk-core:CurrentFinancialInstruments 2023-09-30 NI017710 uk-core:WithinOneYear 2024-09-30 NI017710 uk-core:WithinOneYear 2023-09-30 NI017710 uk-core:EmployeeBenefits 2023-09-30 NI017710 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-09-30 NI017710 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-09-30 NI017710 uk-core:OtherDeferredTax 2024-09-30 NI017710 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-09-30 NI017710 uk-core:EmployeeBenefits 2024-09-30 NI017710 uk-bus:OrdinaryShareClass1 2023-10-01 2024-09-30 NI017710 uk-bus:OrdinaryShareClass1 2024-09-30 NI017710 uk-core:ParentEntities 2023-10-01 2024-09-30 NI017710 2023-10-01 2024-09-30 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI017710
 
 
Agrihealth (N.I.) Limited
 
Reports and Financial Statements
 
for the financial year ended 30 September 2024
Agrihealth (N.I.) Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Robert Henry Patton
Ciaran Maguire
Ciaran Cunningham
Sean Guinan
Michael Joseph McAllister
 
 
Company Secretary Ciaran Maguire
 
 
Company Registration Number NI017710
 
 
Registered Office and Business Address 9 Silverwood Industrial Area
Silverwood Road
Lurgan
Craigavon
Co Armagh
BT66 6LN
United Kingdom
 
 
Independent Auditors Amatino Partners
Chartered Certified Accountants and Statutory Audit Firm
42 Dublin Street
H18 DX90
Republic of Ireland
 
 
Bankers Ulster Bank Limited
  14/16 Market Street
  Lurgan
  Craigavon
  Co Armagh
  United Kingdom
   
   
  Bank of Ireland
  Dawson Street
  Monaghan
  Co Monaghan
  Republic of Ireland
 
   
Solicitors Barry Healy & Co. Solicitors
  Laurel Lodge
  Hillside
  Monaghan
  Co Monaghan
  Republic of Ireland



Agrihealth (N.I.) Limited
STRATEGIC REPORT
for the financial year ended 30 September 2024

 
The directors present their strategic report on the company for the financial year ended 30 September 2024.
 
Review of the Company's Business
The directors are satisfied that the company performed strongly in the current year given the challenges posed by Brexit in the company's operating environment. Revenues increased due to the strengthening of existing customer relationships and competitive product pricing were vital factors in maintaining a strong market share. The gross profit margin has increased by 0.18% year on year from 23.10% in 2023 to 23.27% in 2024 due to supplier pricing and increased utilisation by customer of promotional pricing. Overall the company recorded an after-tax profit of £554,091(2023: £536,363).
       
Principal Risks and Uncertainties
The directors consider that the principal risks and uncertainties faced by the company are in the following categories:

Economic risk

The risk of increased interest rates and or inflation having an adverse impact on served markets.

The risk of unrealistic increases in wages or infrastructural cost impacting adversely on competitiveness of the company and its principal customers.

These are managed by innovative product sourcing and strict control of costs.

Competitor risk

The directors of the company manage competition through close attention to customer service levels and product innovation.

Financial risk

The company has budgetary and financial reporting procedures, supported by appropriate key performance indicators to manage credit, liquidity and other financial risks.
       
Financial Key Performance Indicators
The company considers the following measures to be important indicators of the underlying performance of the business:

The turnover for the year amounted to £19,637,354 (2023: £18,650,142)

The gross profit for the year amounted to £4,570,518 (2023: £4,307,521)

       
       
On behalf of the board
       
       
___________________________ ___________________________
Robert Henry Patton Ciaran Maguire
Director Director
       
27 June 2025 27 June 2025



Agrihealth (N.I.) Limited
DIRECTORS' REPORT
for the financial year ended 30 September 2024

 
The directors present their report and the audited financial statements for the financial year ended 30 September 2024.
 
Principal Activity
The principal activity of the company during the financial year remained the distribution of animal health, veterinary and equipment products in Ireland and the UK.
     
Results and Dividends
The profit for the financial year after providing for depreciation and taxation amounted to £554,091 (2023 - £536,362).
The directors do not recommend payment of a dividend.
     
Directors
The directors who served during the financial year are as follows:
     
Robert Henry Patton
Ciaran Maguire
Ciaran Cunningham
Sean Guinan
Michael Joseph McAllister
   
There were no changes in shareholdings between 30 September 2024 and the date of signing the financial statements.
     
Future Developments
The company plans to continue its present activities and current trading levels. Employees are kept as fully informed as practicable about developments within the business.
     
Events After the End of the Reporting Period
There have been no significant events affecting the company since the financial year-end.
     
Statement of Directors' Responsibilities
             
The directors are responsible for preparing the Strategic Report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 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 and 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.
                 
Disclosure of Information to Auditor
Each persons who are directors at the date of approval of this report confirms that:
In so far as the directors are aware:
■there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and
■the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
     
Auditors
Grant Thornton resigned as auditors during the financial year and the directors appointed Amatino Partners, (Chartered Certified Accountants), to fill the vacancy.
     
     
On behalf of the board
     
     
___________________________ ___________________________
Robert Henry Patton Ciaran Maguire
Director Director
     
27 June 2025 27 June 2025



INDEPENDENT AUDITOR'S REPORT
to the Members of Agrihealth (N.I.) Limited

 
Report on the audit of the financial statements
 
Opinion
We have audited the financial statements of Agrihealth (N.I.) Limited ('the company') for the financial year ended 30 September 2024 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 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 financial 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 Auditor's 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 the date 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 other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the annual report. 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.

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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Directors' Report.
 
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
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 for the financial statements
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 they 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 has no realistic alternative but to do so.
 
Auditor's 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 Auditor's 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:
 
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 Auditor's Report.
 
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 an auditor's 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.
 
 
 
__________________________________
Geoff Foster (Senior Statutory Auditor)
for and on behalf of
AMATINO PARTNERS
Chartered Certified Accountants and Statutory Audit Firm
42 Dublin Street
H18 DX90
Republic of Ireland
 
27 June 2025



Agrihealth (N.I.) Limited
INCOME STATEMENT
for the financial year ended 30 September 2024
2024 2023
Notes £ £

Turnover 4 19,637,354 18,650,142
 
Cost of sales (15,066,836) (14,342,621)
───────── ─────────
Gross profit 4,570,518 4,307,521
 
Distribution costs (714,434) (677,300)
Administrative expenses (3,105,730) (2,941,202)
───────── ─────────
Operating profit 5 750,354 689,019
 
Interest receivable and similar income 6 - 48
───────── ─────────
Profit before taxation 750,354 689,067
 
Tax on profit 8 (196,263) (152,705)
───────── ─────────
Profit for the financial year 554,091 536,362
───────── ─────────
Total comprehensive income 554,091 536,362
    ═════════   ═════════



Agrihealth (N.I.) Limited
Company Registration Number: NI017710
STATEMENT OF FINANCIAL POSITION
as at 30 September 2024

2024 2023
Notes £ £
 
Fixed Assets
Intangible assets 9 31,368 5,851
Tangible assets 10 1,489,516 1,532,897
───────── ─────────
Fixed Assets 1,520,884 1,538,748
───────── ─────────
 
Current Assets
Stocks 11 4,878,748 4,508,116
Debtors 12 3,275,689 3,548,496
Cash and cash equivalents 13 1,793,188 2,451,765
───────── ─────────
9,947,625 10,508,377
───────── ─────────
Creditors: amounts falling due within one year 14 (2,378,911) (3,511,618)
───────── ─────────
Net Current Assets 7,568,714 6,996,759
───────── ─────────
Total Assets less Current Liabilities 9,089,598 8,535,507
 
Provisions for liabilities 16 (62,000) (62,000)
───────── ─────────
Net Assets 9,027,598 8,473,507
═════════ ═════════
 
Capital and Reserves
Called up share capital 18 2 2
Revaluation reserve 19 591,966 591,966
Other reserves including the fair value reserve 19 4,774,061 4,774,061
Retained earnings 3,661,569 3,107,478
───────── ─────────
Equity attributable to owners of the company 9,027,598 8,473,507
═════════ ═════════
 
           
Approved by the Board and authorised for issue on 27 June 2025 and signed on its behalf by
           
           
________________________________     ________________________________
Robert Henry Patton     Ciaran Maguire
Director     Director
           



Agrihealth (N.I.) Limited
STATEMENT OF CHANGES IN EQUITY
as at 30 September 2024

Called up Revaluation Retained Capital Total
share reserve earnings contribution
capital reserve
£ £ £ £ £
 
At 1 October 2022 2 591,966 2,571,116 4,774,061 7,937,145
───────── ───────── ───────── ───────── ─────────
Profit for the financial year - - 536,362 - 536,362
───────── ───────── ───────── ───────── ─────────
At 30 September 2023 2 591,966 3,107,478 4,774,061 8,473,507
  ───────── ───────── ───────── ───────── ─────────
Profit for the financial year - - 554,091 - 554,091
  ───────── ───────── ───────── ───────── ─────────
At 30 September 2024 2 591,966 3,661,569 4,774,061 9,027,598
  ═════════ ═════════ ═════════ ═════════ ═════════



Agrihealth (N.I.) Limited
STATEMENT OF CASH FLOWS
for the financial year ended 30 September 2024
2024 2023
Notes £ £

Cash flows from operating activities
Profit for the financial year 554,091 536,362
Adjustments for:
Interest receivable and similar income - (48)
Tax on profit on ordinary activities 196,263 152,705
Depreciation 120,537 131,785
Amortisation of intangibles 3,000 -
Profit/loss on disposal of tangible assets 433 -
───────── ─────────
874,324 820,804
Movements in working capital:
Movement in stocks (370,632) (281,030)
Movement in debtors 279,601 (144,025)
Movement in creditors 21,164 105,485
───────── ─────────
Cash generated from operations 804,457 501,234
Tax paid (240,662) -
───────── ─────────
Net cash generated from operating activities 563,795 501,234
───────── ─────────
Cash flows from investing activities
Interest received   - 48
Payments to acquire intangible assets   (28,517) -
Payments to acquire tangible assets   (85,089) (26,009)
Receipts from sales of tangible assets   7,500 4,599
    ───────── ─────────
Net cash used in investment activities   (106,106) (21,362)
    ───────── ─────────
Cash flows from financing activities
Advances to subsidiaries/group companies   (6,794) (1,567)
Movement in funding from subsidiaries/group companies   (1,109,472) 229,969
    ───────── ─────────
Net cash (used in)/generated from financing activities   (1,116,266) 228,402
    ───────── ─────────
       
Net (decrease)/increase in cash and cash equivalents   (658,577) 708,274
Cash and cash equivalents at beginning of financial year   2,451,765 1,743,491
    ───────── ─────────
Cash and cash equivalents at end of financial year 13 1,793,188 2,451,765
    ═════════ ═════════



Agrihealth (N.I.) Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 September 2024

   
1. General Information
 
Agrihealth (N.I.) Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI017710. The registered office of the company is 9 Silverwood Industrial Area, Silverwood Road, Lurgan, Craigavon, Co Armagh, BT66 6LN, United Kingdom which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 30 September 2024 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
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 discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

  -the company has transferred the significant risks and rewards of ownership to the buyer;
  -the company retains neither continuing managerial involvement to the degree usually associated with
   ownership nor effective control over the goods sold;
  -the amount of turnover can be measured reliably;
  -it is probable that the company will receive the consideration due under the transaction; and
  -the costs incurred or to be incurred in respect of the transaction can be measured reliably.
 
Intangible assets
 
Trademarks
Trademarks are valued at cost less accumulated amortisation.
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of 8.33 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

 
  Land and buildings freehold - 2% Straight line
  Plant and machinery - 10% Straight line
  Fixtures, fittings and equipment - 10%/20% Straight line
  Motor vehicles - 25% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Revaluation

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of financial position date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
 
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost is based on normal levels of cost and comprises the cost of purchase, i.e. suppliers' invoice price with the addition of charges such as freight or duty where appropriate. Cost is calculated on an average cost basis for stock on hand.

Net realisable value comprises the actual or estimated selling price less all further costs to be incurred in marketing, selling and distribution.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Statement of Financial Position bank overdrafts are shown within Creditors.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Related parties
For the purposes of these financial statements a party is considered to be related to the company if:
 
the party has the ability, directly or indirectly, through one or more intermediaries to control the company or exercise significant influence over the company in making financial and operating policy decisions or has joint control over the company;
the company and the party are subject to common control;
the party is an associate of the company or forms part of a joint venture with the company;
the party is a member of key management personnel of the company or the company's parent, or a close family member of such as an individual, or is an entity under the control, joint control or significant influence of such individuals;
the party is a close family member of a party referred to above or is an entity under the control or significant influence of such individuals; or
the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.
 
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the company.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Pensions
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.
 
Financial Instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Significant accounting judgements and key sources of estimation uncertainty
 
When preparing the financial statements, management undertakes a number of judgments, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses.

Assessing the value of freehold property

Section 16 of FRS 102 prescribes that under the revaluation model, an item of property, plant and equipment whose fair value can be measured reliably shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The company's freehold property was professionally valued at £1,250,000 by Robert Wilson Estate Agency Group, Valuation Surveyors, in August 2015. The directors have reviewed the assumptions of the valuation and have concluded that there has not been a material change to the value of the freehold property between date of valuation and year end date. The net book value of the freehold property as at 30 September 2024 is £1,113,659 (2023: £1,133,325).

Useful lives of depreciable assets

Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utilisation of the assets. Uncertainties in these estimates relate to technical and physical obsolescence that may change the utilisation of certain property, plant and equipment.

Inventories

Management estimates the net realisable values of inventories, taking into account the most reliable evidence available at each reporting date. The future realisation of these inventories may be affected by future technology or other market-driven changes that may reduce future selling prices.

Impairment of trade and other receivables

The company reviews its trade and other receivables to assess whether impairment should be recorded in the Statement of comprehensive income. In particular management is required to estimate the amount and timing of future cash flows in order to determine the amount of impairment required. Such estimates are based on assumptions about a number of factors and therefore actual impairment losses may differ.

Distinguishing operating and finance leases

The company has entered into a number of lease agreements. Critical judgment was exercised by management to distinguish each lease agreement as either an operating or a finance lease by looking at the transfer or retention of significant risk and rewards of ownership of the properties covered by the agreements. Failure to make the right judgment will result in either overstatement or understatement of assets and liabilities.

       
4. Turnover
 
The whole of the company's turnover is attributable to its market in the United Kingdom and is derived from the principal activity of the distribution of animal health, veterinary and equipment products
       
5. Operating profit 2024 2023
  £ £
Operating profit is stated after charging/(crediting):
Depreciation of tangible assets 120,537 131,785
Amortisation of goodwill 3,000 -
Loss/(profit) on disposal of tangible assets 433 -
Profit on foreign currencies (270,853) (231,421)
Auditor's remuneration
- audit services 17,682 15,034
  ═════════ ═════════
       
6. Interest receivable and similar income 2024 2023
  £ £
 
Bank interest - 48
  ═════════ ═════════
       
7. Employees and remuneration
 
Number of employees
The average number of persons employed (including executive directors) during the financial year was as follows:
 
  2024 2023
  Number Number
 
Administrative and distribution staff 61 62
  ═════════ ═════════
 
The staff costs comprise: 2024 2023
  £ £
 
Wages and salaries 1,693,260 1,724,944
Social security costs 175,115 177,521
Pension costs 196,405 102,209
  ───────── ─────────
  2,064,780 2,004,674
  ═════════ ═════════
 
No directors' remuneration was paid or accrued for the current or previous year.
       
8. Tax on profit
  2024 2023
  £ £
(a)     Analysis of charge in the financial year
 
Current tax:
Corporation tax at 25.00% (2023 - 22.00%) (Note 8 (b)) 196,263 152,705
  ═════════ ═════════
 
(b)     Factors affecting tax charge for the financial year
 
The tax assessed for the financial year differs from the standard rate of corporation tax in the United Kingdom 25.00% (2023 - 22.00%). The differences are explained below:
  2024 2023
  £ £
 
Profit taxable at 25.00% 750,354 689,067
  ═════════ ═════════
Profit before tax
multiplied by the standard rate of corporation tax
in the United Kingdom at 25.00% (2023 - 22.00%) 187,589 151,595
Effects of:
Expenses not deductible for tax purposes 498 461
Depreciation in excess of capital allowances for period 8,068 26,369
Utilisation of tax losses - (25,777)
Impact of changes in tax rates - 57
(Profit)/loss on disposal of fixed assets 108 -
  ───────── ─────────
Total tax charge for the financial year (Note 8 (a)) 196,263 152,705
  ═════════ ═════════
 
         
9. Intangible assets
       
  Trademarks Goodwill Total
  £ £ £
Cost
At 1 October 2023 9,441 750,000 759,441
Additions - 28,517 28,517
  ───────── ───────── ─────────
At 30 September 2024 9,441 778,517 787,958
  ───────── ───────── ─────────
Amortisation
At 1 October 2023 3,590 750,000 753,590
Charge for financial year - 3,000 3,000
  ───────── ───────── ─────────
At 30 September 2024 3,590 753,000 756,590
  ───────── ───────── ─────────
Net book value
At 30 September 2024 5,851 25,517 31,368
  ═════════ ═════════ ═════════
At 30 September 2023 5,851 - 5,851
  ═════════ ═════════ ═════════
             
10. Tangible assets
  Land and Plant and Fixtures, Motor Total
  buildings machinery fittings and vehicles  
  freehold   equipment    
  £ £ £ £ £
Cost or Valuation
At 1 October 2023 1,301,142 228,456 1,874,956 53,354 3,457,908
Additions - 16,645 65,911 2,533 85,089
Disposals - - - (10,266) (10,266)
  ───────── ───────── ───────── ───────── ─────────
At 30 September 2024 1,301,142 245,101 1,940,867 45,621 3,532,731
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 October 2023 167,817 124,326 1,599,021 33,847 1,925,011
Charge for the financial year 19,666 17,588 78,714 4,569 120,537
On disposals - - - (2,333) (2,333)
  ───────── ───────── ───────── ───────── ─────────
At 30 September 2024 187,483 141,914 1,677,735 36,083 2,043,215
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 30 September 2024 1,113,659 103,187 263,132 9,538 1,489,516
  ═════════ ═════════ ═════════ ═════════ ═════════
At 30 September 2023 1,133,325 104,130 275,935 19,507 1,532,897
  ═════════ ═════════ ═════════ ═════════ ═════════
       
10.1. Tangible assets continued
 
Tangible assets included at a valuation would have been included on a historical cost basis at:
 
  2024 2023
  £ £
 
Cost 860,110 860,110
Depreciation (195,839) (185,518)
  ───────── ─────────
Net book value 664,271 674,592
  ═════════ ═════════
 
The company's property was revalued by Robert Wilson Estate Agency Group, Valuation Surveyors, in August 2015. The company's Land and Buildings were valued at £1,250,000 on an open market value basis. It is the judgement of the Directors' that this valuation remains reasonable based on current market conditions.

       
11. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 4,878,748 4,508,116
  ═════════ ═════════
 
In the opinion of the directors there are no material differences between the replacement cost of stock and the Statement of financial position.

Stock provision at year end was £72,608 (2023: £47,608)
       
12. Debtors 2024 2023
  £ £
 
Trade debtors 3,165,500 3,418,785
Amounts owed by group undertakings 24,839 18,045
Other debtors - 3,601
Prepayments and accrued income 85,350 108,065
  ───────── ─────────
  3,275,689 3,548,496
  ═════════ ═════════
 
Trade debtors are shown net of an impairment losses provision of £27,795 (2023: £33,491).

Amounts owed by group companies are unsecured, interest free and are repayable on demand.
       
13. Cash and cash equivalents 2024 2023
  £ £
 
Cash and bank balances 1,788,283 2,446,925
Cash equivalents 4,905 4,840
  ───────── ─────────
  1,793,188 2,451,765
  ═════════ ═════════
       
14. Creditors 2024 2023
Amounts falling due within one year £ £
 
Trade creditors 1,488,814 1,592,958
Amounts owed to group undertakings 73,689 1,183,161
Taxation  (Note 15) 642,724 580,961
Accruals 173,684 154,538
  ───────── ─────────
  2,378,911 3,511,618
  ═════════ ═════════
 
Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms.

Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.

Amounts owed to fellow subsidiary companies are unsecured, interest free and are repayable on demand.
       
15. Taxation 2024 2023
  £ £
 
Creditors:
VAT 498,426 389,083
Corporation tax 108,306 152,705
PAYE / NI 35,992 39,173
  ───────── ─────────
  642,724 580,961
  ═════════ ═════════
         
16. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Other Total Total
  differences    
       
    2024 2023
  £ £ £
 
At financial year start 62,000 62,000 62,000
  ───────── ───────── ─────────
At financial year end 62,000 62,000 62,000
  ═════════ ═════════ ═════════
   
17. Pension costs - defined contribution
 
The company operates a defined contribution pension scheme.  The assets of the scheme are held separately from those of the company in an independently administered fund.  Pension costs amounted to £196,405 (2023 - £102,209).
           
18. Share capital     2024 2023
      £ £
Description Number of shares Value of units    
 
Allotted, called up and fully paid
£1 Ordinary Shares 2 £1.00 each 2 2
 
      ═════════ ═════════
           
The directors' interests in the share capital of other group companies are as follows:
 
    Class of Number Held At
Name Company Shares 30/09/24 01/10/23
 
Holdings in Parent Company
Robert Henry Patton Agri Health Limited Non-voting Redeemable Preference shares of €1 each 522,000 522,000
    Ordinary Shares of €1.30 each 102,804 102,804
      ═════════ ═════════
   
19. Reserves
 
Revaluation Reserve
 
Includes all cumulative revaluation gains and offset losses.
 
Capital Contribution Reserve
 
The capital contribution reserve comprises an unconditional capital contribution from the company's parent
undertaking.
       
20. Capital commitments
 
The company had no material capital commitments at the financial year-ended 30 September 2024.
           
21. Related party transactions
The company has availed of the exemption under FRS 102 in relation to the disclosure of transactions with group undertakings.
   
22. Parent company
 
The company regards Agri Health Limited as its parent company.
 
The parent of the largest group in which the results are consolidated is Agri Health Limited.
Agri Health Limited is registered in Republic of Ireland.
 
   
23. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.
       
24. Commitments under operating leases
 
At 30 September 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
 
  2024 2023
  £ £
 
Not later than one year 47,609 -
Later than one year and not later than five years 88,123 -
  ───────── ─────────
  135,732 -
  ═════════ ═════════