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Registration number: 03877827

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2024

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5 to 6

Statement of Directors' Responsibilities

7

Independent Auditor's Report

8 to 10

Consolidated Profit and Loss Account

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 35

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

Company Information

Directors

W J McArthur

S S McArthur

Company secretary

J E McArthur

Registered office

Bellwin Drive
Flixborough Industrial Estate
Flixborough
Scunthorpe
DN15 8SN

Auditors

Forrester Boyd Robson Limited
Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the group is the design and manufacture of grain handling, storage and processing equipment for its agriculture and industry customers across the UK.

Fair review of the business

The group has continued to successfully design and supply solutions by focusing on providing quality, innovative and effective solutions that are cost effective and meet the needs as agreed with customers.

The group has seen its business follow the contraction in the agricultural market this year resulting in reduction in turnover to £13.2m (2023 - £15.9m). Our view is this is in line if not a better performance that the average across the agri-food sector, where the Inheritance Tax and SFI funding streams when combined with existing industry challenges intensified the barriers to investment for many.

The group’s measures taken in 2023 in terms of expertise investment, efficiency improvements, evolving our customer proposition alongside tight cost control has seen the margin improve to 28.3% (2023 - 25.1%).

This business recognises that the sector will continue to be a challenging market and will continue to drive improved efficiency and operational capability to ensure we remain competitive and offer our customers value- based solutions that deliver for them.

After the balance sheet date, as part of efforts to streamline our operation we have completed a hive up process, whereby all assets and liabilities of BDC Systems Ltd have been acquired by McArthur Agriculture Ltd (t/a McArthur BDC).

Environmental risks and opportunities

The group recognises that it has a responsibility to take all reasonable measures to ensure designers consider the latest and evolving environmental requirements when designing and delivering solutions for customers. As the agriculture sector is at the forefront of the transition to a net zero future, the group recognises this as an opportunity for growth alongside the chance to play a positive role in re-imaging the agricultural supply chain.

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

Strategic Report for the Year Ended 31 December 2024

Principal risks and uncertainties

Financial risk management

Risk management is an area where increased resources have been applied during the growth of the group. The Directors monitor this risk through embedded business planning, project control and progress monitoring and control procedures throughout the organization.

An annual risk assessment is undertaken that considers operational and financial risks, with additional analysis of the impact and risks resulting from the cyclical nature of the business.

Legal risk

The group has undertaken a number of significant projects over recent years and has appropriate insurance cover in place that recognises risks that exist in the normal operation of the business. One project has been the subject of an ongoing claim. The group is confident it does not bear liability. We have deemed it prudent make a provision with respect to this claim.

Price risk

In line with industry standards, pricing of parts and equipment are confirmed with suppliers and customers at key points within the sales process with scope and reflect variations in chargeable amounts limiting the exposure to price risk on sales and purchases.

Foreign currency risk

Some imports are traded in foreign currencies, the group where necessary enters forward currency contracts to mitigate this risk.

Liquidity risk

The group utilises a combination of bank and lease purchase debt, along with effective working capital management to ensure sufficient funds are in place to support the current and future needs of the business.

Interest risk

The group has interest bearing liabilities and cash balances that apply interest at a variable rate based on the Bank of England base rate plus a margin.

Operational risk

The group regularly assesses the risk that impacts the business and has a strong commitment to Health and Safety proactively working with employees to ensure every process is developed with “safety ingrained”. This area is a top priority for all managers across the organization including the continual implementation of best practice and improvements.

Through a shared commitment to quality across every aspect of the business, the management team proactively improves controls, processes and regularly undertake risk assessments related to health and safety across all areas of the business.

Customer credit exposure

Standard project phased payment policies ensure this risk is limited on the significant credit levels, whilst ongoing support credit is controlled by strong and on-going customer and industry relationships.

Information security risk

Any disruption to the IT capability of the business would significantly impact on the ability to operate and fulfill customer commitments. The group has a dedicated IT support service harnessing Cloud technology to ensure data is securely stored with cyber security measures in place to restrict the impact of any attempted cyber-attacks.

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

Strategic Report for the Year Ended 31 December 2024

Commodity price risk

With an agricultural customer base, the impact on commodity prices can impact the appetite for investment within the marketplace. The impacts that drive these fluctuations are global in nature driven by weather, war harvests and the ever-increasing demand driven by population growth. Price fluctuations are monitored through engagement with customers and the wider sector.

Government tax matters

The group recognises that its core purpose is to operate an effective business that operates on a commercial rationale. The group does not engage in any aggressive tax planning measures and operates in full compliance with all matters regarding rules, regulations disclosures or payments and ensures that it only uses suitably trained employees and external advisors as appropriate to look after its tax affairs.

Non-financial information

Company employees

The group employed an average of 59 (2023 - 63) employees during the year.

The group has stabilized its output operational and design capacity, which along with an increased support function strengthens design function to further enhance our customer offering and the business control department to ensure the continued smooth operation of the business.

The group recognises the need for clear and two-way communication between all employees. This is especially important during periods of change. Employees are kept informed, consulted and proactively encouraged to express their views in areas which will impact their experience as an employee of the company.

It is the policy of the group to consider all applications for employment by less abled persons. Should existing employees encounter changes in circumstances that affect their health the group looks to implement reasonable adjustments where practicable to ensure they can continue their employment.

The development of individuals and teams is a core priority for the group, and so every member of the team is supported personally and professionally to develop them as people and broaden their opportunities for career development.

Approved and authorised by the Board on 23 May 2025 and signed on its behalf by:
 

.........................................
W J McArthur
Director

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the for the year ended 31 December 2024.

Directors of the group

The directors who held office during the year were as follows:

W J McArthur

S S McArthur

Dividends

The results for the year are set out on page 10. The directors proposed dividends to be paid of £136,192 (2023 - £136,192)

Information included in the Strategic Report

Information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Report) Regulations 2008 has been included in the Strategic Report.

Financial instruments

Objectives and policies

The Group uses basic financial instruments, comprising cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Group's operations.

Price risk, credit risk, liquidity risk and cash flow risk

The Group's principal financial instruments comprise of bank balances and loan agreements, trade debtors and trade creditors.

The liquidity risk is managed by maintaining a balance between the need for continuity of funding and flexibility through the use of loan facilities. All business cash balances are held in such a way that achieves a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to business customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the consolidated balance sheet are net of allowances for trade debtors.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Future developments

The Directors anticipate that demand for agricultural processing equipment in the UK will continue to grow and that the group is well placed to seize opportunities for growth and deliver enhanced profitability in the future.

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

Directors' Report for the Year Ended 31 December 2024

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 23 May 2025 and signed on its behalf by:
 

.........................................
W J McArthur
Director

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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). 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 group and the company and of the profit or loss of the group 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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

Independent Auditor's Report to the Members of McArthur Agriculture (t/a McArthur BDC) Ltd

Opinion

We have audited the financial statements of McArthur Agriculture (t/a McArthur BDC) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 group's and the parent company's affairs as at 31 December 2024 and of the group's 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

Independent Auditor's Report to the Members of McArthur Agriculture (t/a McArthur BDC) Ltd

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made.

we have not received all the information and explnations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 7], 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.

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

Independent Auditor's Report to the Members of McArthur Agriculture (t/a McArthur BDC) Ltd

Auditor 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.

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

Discussions with management, including consideration of known or suspected instances of non-compliance held.

Challenging assumptions and judgements made within significant accounting estimates and judgements.

Identification of laws and regulations relevant to the operations and review of compliance with such laws.

Testing of journal entries and other potential areas of management override of the systems.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatment in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available 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.

......................................
Carrie Jensen ACA (Senior Statutory Auditor)
For and on behalf of Forrester Boyd Robson Limited, Statutory Auditor

Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

23 May 2025

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

Consolidated Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

13,188,004

15,943,156

Cost of sales

 

(9,451,089)

(11,938,604)

Gross profit

 

3,736,915

4,004,552

Administrative expenses

 

(3,453,822)

(3,634,708)

Exceptional expense

 

(300,000)

-

Other operating income

4

61,326

82,367

Operating profit

5

44,419

452,211

Other interest receivable and similar income

6

77,363

26,916

Interest payable and similar expenses

7

(54,157)

(62,092)

   

23,206

(35,176)

Profit before tax

 

67,625

417,035

Tax on profit

11

(36,245)

(118,038)

Profit for the financial year

 

31,380

298,997

Profit/(loss) attributable to:

 

Owners of the company

 

31,380

298,997

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

(Registration number: 03877827)
Consolidated Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

525,763

598,046

Tangible assets

13

675,659

800,228

 

1,201,422

1,398,274

Current assets

 

Stocks

15

975,744

1,244,099

Debtors

16

745,852

1,134,225

Cash at bank and in hand

 

1,436,223

1,650,537

 

3,157,819

4,028,861

Creditors: Amounts falling due within one year

18

(2,005,185)

(2,802,429)

Net current assets

 

1,152,634

1,226,432

Total assets less current liabilities

 

2,354,056

2,624,706

Creditors: Amounts falling due after more than one year

18

(188,153)

(322,953)

Provisions for liabilities

19

(167,289)

(198,327)

Net assets

 

1,998,614

2,103,426

Capital and reserves

 

Called up share capital

21

100

100

Retained earnings

22

1,998,514

2,103,326

Equity attributable to owners of the company

 

1,998,614

2,103,426

Shareholders' funds

 

1,998,614

2,103,426

Approved and authorised by the Board on 23 May 2025 and signed on its behalf by:
 

.........................................
W J McArthur
Director

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

(Registration number: 03877827)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

13

675,659

668,691

Investments

14

-

2,295,553

 

675,659

2,964,244

Current assets

 

Stocks

15

975,744

793,682

Debtors

16

1,173,393

520,969

Cash at bank and in hand

 

744,105

814,531

 

2,893,242

2,129,182

Creditors: Amounts falling due within one year

18

(1,759,823)

(2,584,775)

Net current assets/(liabilities)

 

1,133,419

(455,593)

Total assets less current liabilities

 

1,809,078

2,508,651

Creditors: Amounts falling due after more than one year

18

(188,153)

(278,649)

Provisions for liabilities

19

(167,289)

(165,442)

Net assets

 

1,453,636

2,064,560

Capital and reserves

 

Called up share capital

21

100

100

Retained earnings

1,453,536

2,064,460

Shareholders' funds

 

1,453,636

2,064,560

As pemitted under section 408 of the Companies Act 2006, no separate company Profit and Loss Account and related notes has been prepared. The company made a loss after tax for the financial year of £474,732 (2023 - profit of £556,007).

Approved and authorised by the Board on 23 May 2025 and signed on its behalf by:
 

.........................................
W J McArthur
Director

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 January 2024

100

2,103,326

2,103,426

2,103,426

Profit for the year

-

31,380

31,380

31,380

Dividends

-

(136,192)

(136,192)

(136,192)

At 31 December 2024

100

1,998,514

1,998,614

1,998,614

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 January 2023

100

1,940,521

1,940,621

1,940,621

Profit for the year

-

298,997

298,997

298,997

Dividends

-

(136,192)

(136,192)

(136,192)

At 31 December 2023

100

2,103,326

2,103,426

2,103,426

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Retained earnings
£

Total
£

At 1 January 2024

100

2,064,460

2,064,560

Loss for the year

-

(474,732)

(474,732)

Dividends

-

(136,192)

(136,192)

At 31 December 2024

100

1,453,536

1,453,636

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100

1,644,645

1,644,745

Profit for the year

-

556,007

556,007

Dividends

-

(136,192)

(136,192)

At 31 December 2023

100

2,064,460

2,064,560

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

31,380

298,997

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

220,311

223,881

(Profit)/loss on disposal of tangible assets

(10,515)

6,805

Finance income

6

(77,363)

(26,916)

Finance costs

7

63,360

62,749

Income tax expense

11

36,245

118,038

 

263,418

683,554

Working capital adjustments

 

Decrease in stocks

15

268,355

39,219

Decrease in trade debtors

16

262,048

421,673

Decrease in trade creditors

18

(24,893)

(1,016,730)

Cash generated from operations

 

768,928

127,716

Income taxes received/(paid)

11

66,862

(538,847)

Net cash flow from operating activities

 

835,790

(411,131)

Cash flows from investing activities

 

Interest received

77,363

26,916

Acquisitions of tangible assets

(22,652)

(149,221)

Proceeds from sale of tangible assets

 

65,201

16,897

Net cash flows from investing activities

 

119,912

(105,408)

Cash flows from financing activities

 

Interest paid

7

(63,360)

(62,749)

Repayment of bank borrowing

 

(100,000)

(100,000)

Repayment of other borrowing

 

(722,023)

(711,087)

Payments to finance lease creditors

 

(148,441)

(144,310)

Dividends paid

(136,192)

(136,192)

Net cash flows from financing activities

 

(1,170,016)

(1,154,338)

Net decrease in cash and cash equivalents

 

(214,314)

(1,670,877)

Cash and cash equivalents at 1 January

 

1,650,537

3,321,414

Cash and cash equivalents at 31 December

 

1,436,223

1,650,537

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

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

1

General information

The company is a private company limited by share capital incorporated in England and the company registration number is 03877827.

The company was formerly known as McArthur Agriculture Ltd.

The address of its registered office is:
Bellwin Drive
Flixborough Industrial Estate
Flixborough
Scunthorpe
DN15 8SN

These financial statements were authorised for issue by the Board on 23 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Summary of disclosure exemptions

The Parent Company has taken advantage of the reduced disclosure exemption from preparing a cash flow statement as described in section 1.12 of FRS 102.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

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

These financial statements cover a group of entities, made of of McArthur Agriculture Ltd and B D C Systems Limited.

The financial statements are presented in sterling which is the functional currency of the Group and are rounded to the nearest pound.

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

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

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Key sources of estimation uncertainty

The directors make estimates and assumptions about the future. These estimates and assumptions impact recognised assets and liabilities, as well as revenue and expenses and other disclosures. Estimates are based on historical experience and on various assumptions considered reasonable under prevailing conditions. The actual outcome may diverge from these estimates if other assumptions are made, or other condition s arise. The estimates and assumptions that may have a significant effect on the amounts of assets and liabilities within each financial year include:

Useful economic lives of intangible and tangible fixed assets:

Intangible and tangible fixed assets are recognised at cost less accumulated depreciation, amortisation and any impairment. Depreciation and amortisation write down the value of an asset to its assessed residual value over the estimated useful lives of assets. The carrying amount of fixed assets is tested as soon as changed conditions show that a need for impairment has arisen.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the Group.

The Group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Group's activities.

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account.

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

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Depreciation

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

Asset class

Depreciation method and rate

Furniture, fittings and equipment

10%, 20% and 33% straight line

Motor vehicles

10% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

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

Trade debtors

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

Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of income and retained earnings over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Group's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

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

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

13,188,004

15,943,156

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Government grants

45,028

75,691

Miscellaneous other operating income

16,298

6,676

61,326

82,367

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

148,028

151,598

Amortisation expense

72,283

72,283

Write-down of stocks to net realisable value

(26,720)

6,969

Operating lease expense - property

153,412

133,000

Operating lease expense - plant and machinery

19,659

-

(Profit)/loss on disposal of property, plant and equipment

(10,515)

6,805

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

68,110

26,916

Other finance income

9,253

-

77,363

26,916

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

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

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

43,006

48,242

Interest on obligations under finance leases and hire purchase contracts

20,194

14,507

Interest expense on other finance liabilities

160

-

Foreign exchange losses

(9,203)

(657)

54,157

62,092

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,499,133

2,455,877

Social security costs

282,714

258,346

Other short-term employee benefits

14,660

18,615

Pension costs, defined contribution scheme

135,886

215,543

Other employee expense

-

516

2,932,393

2,948,897

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

21

20

Administration and support

38

43

59

63

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

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

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

38,783

39,239

Contributions paid to money purchase schemes

70,000

120,000

108,783

159,239

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

2

2

10

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

10,750

9,650


 

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

67,283

99,106

Deferred taxation

Arising from origination and reversal of timing differences

(31,038)

18,932

Tax expense in the income statement

36,245

118,038

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

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

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 23.52%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

67,625

417,035

Corporation tax at standard rate

16,906

98,089

Tax decrease from effect of capital allowances and depreciation

-

(410)

Decrease from effect of different UK tax rates on some earnings

(407)

-

Effect of expense not deductible in determining taxable profit (tax loss)

19,746

19,238

Deferred tax expense relating to changes in tax rates or laws

-

1,121

Total tax charge

36,245

118,038

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

167,289

167,289

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

198,327

198,327

The amount of the net reversal of deferred tax liabilities expected to occur during the year beginning after the reporting period is £40,000 (2023 - £43,000). The reversal is expected due to the unwinding of depreciation in excess of capital allowances on assets owned as at 31 December.

Company

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

167,289

167,289

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

165,442

165,442

The amount of the net reversal of deferred tax liabilities expected to occur during the year beginning after the reporting period is £40,000 (2023 - £38,000). The reversal is expected due to the unwinding of depreciation in excess of capital allowances on assets owned as at 31 December.

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

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

12

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

722,829

722,829

At 31 December 2024

722,829

722,829

Amortisation

At 1 January 2024

124,783

124,783

Amortisation charge

72,283

72,283

At 31 December 2024

197,066

197,066

Carrying amount

At 31 December 2024

525,763

525,763

At 31 December 2023

598,046

598,046

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

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

13

Tangible assets

Group

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

595,099

818,424

1,413,523

Additions

16,757

61,388

78,145

Disposals

(194,840)

(172,939)

(367,779)

At 31 December 2024

417,016

706,873

1,123,889

Depreciation

At 1 January 2024

264,868

348,427

613,295

Charge for the year

75,657

72,371

148,028

Eliminated on disposal

(183,834)

(129,259)

(313,093)

At 31 December 2024

156,691

291,539

448,230

Carrying amount

At 31 December 2024

260,325

415,334

675,659

At 31 December 2023

330,231

469,997

800,228

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Motor vehicles

154,304

295,727

   
 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

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

Company

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

586,938

633,310

1,220,248

Additions

16,757

138,043

154,800

Disposals

(48,037)

(109,477)

(157,514)

At 31 December 2024

555,658

661,876

1,217,534

Depreciation

At 1 January 2024

259,434

292,123

551,557

Charge for the year

74,229

57,881

132,110

Eliminated on disposal

(38,330)

(103,462)

(141,792)

At 31 December 2024

295,333

246,542

541,875

Carrying amount

At 31 December 2024

260,325

415,334

675,659

At 31 December 2023

327,504

341,187

668,691

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Motor vehicles

154,304

198,556

   
 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

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

14

Investments

Company

2024
£

2023
£

Investments in subsidiaries

-

2,295,553

Subsidiaries

£

Cost or valuation

At 1 January 2024

2,295,553

Provision

Provision

2,295,553

Carrying amount

At 31 December 2024

-

At 31 December 2023

2,295,553

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

B D C Systems Limited

Grafton Road, Burbage, Marlborough, Wiltshire, SN8 3BA

England

Ordinary

100%

100%

15

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Work in progress

119,292

91,652

119,292

91,652

Finished goods and goods for resale

856,452

1,152,447

856,452

702,030

975,744

1,244,099

975,744

793,682

Stocks are stated after provisions for impairment of £17,249 (2023 - £43,969).

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

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

16

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

555,937

736,807

340,794

266,436

Amounts owed by related parties

27

-

-

642,684

-

Other debtors

 

76,694

92,021

76,694

92,021

Prepayments

 

113,221

179,072

113,221

162,512

Income tax asset

11

-

126,325

-

-

   

745,852

1,134,225

1,173,393

520,969

Trade debtors are stated after provisions for impairment of £71,278 (2023 - £63,603).

17

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

619

435

613

429

Cash at bank

1,435,604

1,650,102

743,492

814,102

1,436,223

1,650,537

744,105

814,531

18

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

23

150,011

930,182

150,011

890,243

Trade creditors

 

352,909

506,146

266,576

283,640

Amounts due to related parties

27

-

-

-

230,038

Social security and other taxes

 

377,530

310,365

253,342

139,138

Outstanding defined contribution pension costs

 

12,609

18,672

11,686

16,778

Other payables

 

93,202

70,224

93,202

70,224

Accruals

 

334,913

56,789

324,113

44,663

Income tax liability

11

67,283

59,463

44,165

59,463

Gross amount due to customers for contract work

 

616,728

850,588

616,728

850,588

 

2,005,185

2,802,429

1,759,823

2,584,775

Due after one year

 

Loans and borrowings

23

188,153

322,953

188,153

278,649

19

Provisions for liabilities

Group

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

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

Deferred tax
£

Total
£

At 1 January 2024

198,327

198,327

Increase / (decrease) in existing provisions

(31,038)

(31,038)

At 31 December 2024

167,289

167,289

Company

Deferred tax
£

Total
£

At 1 January 2024

165,442

165,442

Increase / (decrease) in existing provisions

1,847

1,847

At 31 December 2024

167,289

167,289

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £135,886 (2023 - £215,543).

Contributions totalling £12,609 (2023 - £18,672) were payable to the scheme at the end of the year and are included in creditors.

21

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

20

20

20

20

Ordinary B shares of £1 each

20

20

20

20

Ordinary C shares of £1 each

30

30

30

30

Ordinary D shares of £1 each

30

30

30

30

100

100

100

100

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Full voting and participation rights with no restriction on distribution of dividends or repayment of capital.

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

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

22

Reserves

Group

Share capital

Share capital comprises of the value of issued share capital at par in the parent company.

Retained earnings

The retained earnings consists of profits made by the group attributable to the shareholders of the parent company.

Company

Share capital

Share capital comprises of the value of issued share capital at par.

Retained earnings

The retained earnings consists of profits made by the company attributable to the shareholders.

23

Loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

150,000

250,000

150,000

250,000

Hire purchase contracts

38,153

72,953

38,153

28,649

188,153

322,953

188,153

278,649

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Current loans and borrowings

Bank borrowings

100,000

100,000

100,000

100,000

Hire purchase contracts

50,011

108,159

50,011

68,426

Other borrowings

-

722,023

-

721,817

150,011

930,182

150,011

890,243

Group

Bank borrowings

Bank borrowings is denominated in sterling with a nominal interest rate of 5% over the Bank of England base rate %, and the final instalment is due on 1 June 2027. The carrying amount at year end is £250,000 (2023 - £350,000).

Bank borrowings are secured by fixed and floating charges over company assets with a cross guarantee and debenture between the company and its subsidiary undertaking.

Secured creditors

Hire purchase contracts are secured against the assets to which they relate.

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

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

Company

Bank borrowings

Bank Borrowings is denominated in sterling with a nominal interest rate of 5% over the Bank of England base rate %, and the final instalment is due on 1 June 2027. The carrying amount at year end is £250,000 (2023 - £350,000).

Bank borrowings are secured by fixed and floating charges over company assets with a cross guarantee and debenture between the company and its subsidiary undertaking.

Secured creditors

Hire purchase contracts are secured against the assets to which they relate.

24

Obligations under leases and hire purchase contracts

Group

Hire purchase contracts

The total of future minimum payments is as follows:

2024
£

2023
£

Not later than one year

50,011

108,159

Later than one year and not later than five years

38,153

72,953

88,164

181,112

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

188,851

142,244

Later than one year and not later than five years

494,815

549,717

Later than five years

-

35,333

683,666

727,294

The amount of non-cancellable operating lease payments recognised as an expense during the year was £173,071 (2023 - £133,000).

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

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

Company

Hire purchase contracts

The total of future minimum payments is as follows:

2024
£

2023
£

Not later than one year

50,011

68,426

Later than one year and not later than five years

38,153

28,649

88,164

97,075

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

188,851

34,244

Later than one year and not later than five years

494,815

117,717

Later than five years

-

8,333

683,666

160,294

The amount of non-cancellable operating lease payments recognised as an expense during the year was £65,071 (2023 - £25,000).

25

Commitments

Group

Capital commitments

The total amount contracted for but not provided in the financial statements was £Nil (2023 - £33,942).

Company

Capital commitments

The total amount contracted for but not provided in the financial statements was £Nil (2023 - £33,942).

 

McArthur Agriculture (t/a McArthur BDC) Ltd
(formerly McArthur Agriculture Ltd)

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

26

Analysis of changes in net debt

Group

At 1 January 2024
£

Cash flows
£

New hire purchase contracts
£

Other non-cash changes
£

At 31 December 2024
£

Cash and cash equivalents

Cash

1,650,537

(214,150)

-

-

1,436,387

Borrowings

Long term borrowings

(250,000)

-

-

100,000

(150,000)

Short term borrowings

(822,023)

822,023

-

(100,000)

(100,000)

Hire purchase contracts

(181,112)

148,441

(55,493)

-

(88,164)

(1,253,135)

970,464

(55,493)

-

(338,164)

 

397,402

756,314

(55,493)

-

1,098,223

27

Related party transactions

Group

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

108,783

159,239

Other transactions with directors

The directors have provided a limited guarantee in respect of the loans.

28

Parent and ultimate parent undertaking

The ultimate controlling party is the directors who own 100% of the called up share capital.