ACCOUNTS - Final Accounts

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

Registered number: 01416372

AGRIPOWER HOLDINGS LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

AGRIPOWER HOLDINGS LIMITED

COMPANY INFORMATION

Directors	R D Longdin
	G A Longdin
	G C Plummer


Registered number	01416372


Registered office	Broomfield Farm
	Rignall Road
	Great Missenden
	Buckinghamshire
	HP16 9PE


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditors
	3 Brook Business Centre
	Cowley Mill Road
	Uxbridge
	Middlesex
	UB8 2FX

AGRIPOWER HOLDINGS LIMITED

CONTENTS

	Page
Directors' report	1 - 2
Independent auditors' report	3 - 7
Consolidated statement of comprehensive income	8
Consolidated balance sheet	9
Company balance sheet	10 - 11
Consolidated statement of changes in equity	12 - 13
Company statement of changes in equity	14
Notes to the financial statements	15 - 29

AGRIPOWER HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group 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 for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the year were:

R D Longdin

G A Longdin

G C Plummer

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

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

Auditors

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.

Page 1

AGRIPOWER HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 30 September 2025 and signed on its behalf.

R D Longdin

Director

Page 2

AGRIPOWER HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGRIPOWER HOLDINGS LIMITED

Opinion

We have audited the financial statements of Agripower Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 of 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 Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 3

AGRIPOWER HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGRIPOWER HOLDINGS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept 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; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Group strategic report.

Page 4

AGRIPOWER HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGRIPOWER HOLDINGS LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 1, 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 Group's and the Parent 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:

∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

∙We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;

∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows;

°Companies Act 2006

°FRS102

°Employment legislation

°Health and Safety legislation

°Tax legislation

∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing board minutes; and

∙Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of noncompliance throughout the audit.

∙As auditors of group companies, we were able to cover the above matters at a group and component level
and thereby ensure the audit team were aware of the above matters across group companies.

Page 5

AGRIPOWER HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGRIPOWER HOLDINGS LIMITED (CONTINUED)

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

∙Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;

∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

∙Reviewing the financial statements and testing the disclosures against supporting documentation;

∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

∙Inspecting and testing journal entries to identify unusual or unexpected transactions;

∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and

∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.

The areas that we identified as being susceptible to misstatement through fraud were:

∙Management bias in the estimates and judgements made;

∙Management override of controls; and

∙Posting of unusual journals or transactions.

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 misstatement 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 occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 6

AGRIPOWER HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AGRIPOWER HOLDINGS LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Nigel Goodman (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX

30 September 2025

Page 7

AGRIPOWER HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
	£	£


Turnover	6,776,058	5,196,838
Cost of sales	(4,671,912)	(3,650,568)
Gross profit	2,104,146	1,546,270
Administrative expenses	(1,073,026)	(1,018,098)
Operating profit	1,031,120	528,172
Interest receivable and similar income	16,160	8,714
Interest payable and similar expenses	(57)	(2,202)
Profit before taxation	1,047,223	534,684
Tax on profit	(266,389)	(125,887)
Profit for the financial year	780,834	408,797


Total comprehensive income for the year		780,834	408,797

The notes on pages 15 to 29 form part of these financial statements.

Page 8

AGRIPOWER HOLDINGS LIMITED

REGISTERED NUMBER: 01416372

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	6		1,933,883		1,903,510
Current assets
Stocks	9	184,187		91,033
Debtors: amounts falling due within one year	10	1,059,858		596,622
Cash at bank and in hand	11	1,390,243		1,203,558
		2,634,288		1,891,213
Creditors: amounts falling due within one year	12	(1,121,058)		(859,573)
Net current assets			1,513,230		1,031,640
Total assets less current liabilities			3,447,113		2,935,150
Provisions for liabilities
Deferred taxation	14		(562,580)		(549,484)
Net assets			2,884,533		2,385,666

Capital and reserves
Called up share capital	15	9,874	9,874
Share premium account	16	110,854	110,854
Revaluation reserve	16	240,188	258,378
Capital redemption reserve	16	1,107	1,107
Profit and loss account	16	2,522,510	2,005,453
		2,884,533	2,385,666

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2025.

R D Longdin

Director

The notes on pages 15 to 29 form part of these financial statements.

Page 9

AGRIPOWER HOLDINGS LIMITED

REGISTERED NUMBER: 01416372

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	6		1,393,908		1,205,884
Investments	7		91		91
Investment property	8		700,000		700,000
			2,093,999		1,905,975
Current assets
Debtors: amounts falling due within one year	10	30,441		40,707
Cash at bank and in hand	11	213,328		372,800
		243,769		413,507
Creditors: amounts falling due within one year	12	(187,892)		(214,322)
Net current assets			55,877		199,185
Total assets less current liabilities			2,149,876		2,105,160

Provisions for liabilities
Deferred taxation	14		(471,931)		(422,582)
Net assets			1,677,945		1,682,578

Capital and reserves
Called up share capital	15		9,874		9,874
Share premium account	16		110,854		110,854
Capital redemption reserve	16		1,097		1,097
Profit and loss account brought forward		1,560,753		1,545,787
Profit for the year		277,334		262,747
Other changes in the profit and loss account		(281,967)		(247,781)
Profit and loss account carried forward			1,556,120		1,560,753
			1,677,945		1,682,578

Page 10

AGRIPOWER HOLDINGS LIMITED

REGISTERED NUMBER: 01416372

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2025.

R D Longdin

Director

The notes on pages 15 to 29 form part of these financial statements.

Page 11


		AGRIPOWER HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Capital redemption reserve	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£	£	£
At 1 January 2024	9,874	110,854	1,107	258,378	2,005,453	2,385,666
Comprehensive income for the year
Profit for the year	-	-	-	-	780,834	780,834
Other comprehensive income for the year	-	-	-	-	-	-
Total comprehensive income for the year	-	-	-	-	780,834	780,834
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	-	(281,967)	(281,967)
Difference between a historical cost depreciation charge and the actual depreciation charge for the year calculated on the deemed cost amount	-	-	-	(18,190)	18,190	-
Total transactions with owners	-	-	-	(18,190)	(263,777)	(281,967)
At 31 December 2024	9,874	110,854	1,107	240,188	2,522,510	2,884,533

The notes on pages 15 to 29 form part of these financial statements.

Page 12


		AGRIPOWER HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Share premium account	Capital redemption reserve	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£	£	£
At 1 January 2023	9,874	110,854	1,107	276,568	1,826,247	2,224,650
Comprehensive income for the year
Profit for the year	-	-	-	-	408,797	408,797
Other comprehensive income for the year	-	-	-	-	-	-
Total comprehensive income for the year	-	-	-	-	408,797	408,797
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	-	(247,781)	(247,781)
Difference between a historical cost depreciation charge and the actual depreciation charge for the year calculated on the deemed cost amount	-	-	-	(18,190)	18,190	-
Total transactions with owners	-	-	-	(18,190)	(229,591)	(247,781)
At 31 December 2023	9,874	110,854	1,107	258,378	2,005,453	2,385,666

The notes on pages 15 to 29 form part of these financial statements.

Page 13

AGRIPOWER HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2023	9,874	110,854	1,097	1,545,787	1,667,612
Comprehensive income for the year
Profit for the year	-	-	-	262,747	262,747
Other comprehensive income for the year	-	-	-	-	-
Total comprehensive income for the year	-	-	-	262,747	262,747
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(247,781)	(247,781)
Total transactions with owners	-	-	-	(247,781)	(247,781)

At 1 January 2024	9,874	110,854	1,097	1,560,753	1,682,578
Comprehensive income for the year
Profit for the year	-	-	-	277,334	277,334
Other comprehensive income for the year	-	-	-	-	-
Total comprehensive income for the year	-	-	-	277,334	277,334
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(281,967)	(281,967)
Total transactions with owners	-	-	-	(281,967)	(281,967)
At 31 December 2024	9,874	110,854	1,097	1,556,120	1,677,945

The notes on pages 15 to 29 form part of these financial statements.

Page 14

AGRIPOWER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Agripower Holdings Limited is a company limited by shares and incorporated in England and Wales. The address of the registered office is Broomfield Farm, Rignall Road, Great Missenden, Buckinghamshire, HP16 9PE.
The principal activity of the Group is agricultural, landscape and sports turf contracting as well as arable farming. The principal activity of the Company is that of a holding company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Group (its subsidiaries). Control is achieved where the group 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 total comprehensive income from the effective date of acquisition and up to the effective date of the disposal as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balances, income and expenses are eliminated in full consolidation.

2.3

Going concern

The directors have taken consideration of the impact of inflationary pressures and increased costs on the business and note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from date of signing of the financial statements. As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

Page 15

AGRIPOWER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover in relation to agricultural, landscape and sports turf contracting is recognised evenly over the course of the contract.
Turnover in relation to farming is recognised when the goods have been transferred.

2.5

Operating leases: the Group as lessor

Rental income from operating leases is credited to the Consolidated statement of comprehensive income on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

2.6

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.7

Interest income

Interest income is recognised in the Consolidated statement of comprehensive income using the effective interest method.

2.8

Finance costs

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

2.9

Borrowing costs

All borrowing costs are recognised in the Consolidated statement of comprehensive income in the year in which they are incurred.

Page 16

AGRIPOWER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Pensions

Defined contribution pension plan

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

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

2.11

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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

2.12

Tangible fixed assets

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

Page 17

AGRIPOWER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Freehold property	-	4%	straight line
Plant and machinery	-	20%	reducing balance
Motor vehicles	-	25%	reducing balance
Office equipment	-	20%	reducing balance

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in Consolidated statement of comprehensive income.

2.13

Revaluation of tangible fixed assets

The freehold property was revalued in the past and on the transition to FRS102 the directors took the opportunity to carry the property at deemed cost and therefore avoid the need for further revaluations.

2.14

Investment property

Investment properties are held to earn rentals or for capital appreciation, or both. Investment properties are initially measured at cost. At each Statement of financial position date, properties are measured at fair value with changes in fair value recognised in the Statement of comprehensive income.

2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.
Work in progress and finished goods include labour and attributable overheads. Work in progress is calculated to recognise the value of work performed to date on contracts in progress at the year end.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Consolidated statement of comprehensive income.

2.17

Debtors

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

Page 18

AGRIPOWER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.19

Creditors

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

2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Director's remuneration
		2024	2023
		£	£


Directors' emoluments	24,000	24,000
Group contributions to defined contribution pension schemes	346	843
	24,346	24,843

During the year, there were pensions accruing to 2 (2023 - 2) directors.

Page 19

AGRIPOWER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


Administration and management	6	6
Operatives	19	20
	25	26

5.	Dividends
		2024	2023
		£	£

	Dividends paid	281,967	247,781
		281,967	247,781

The directors had an interest in dividends of £281,967 (2023 - £247,781).

Page 20

AGRIPOWER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	Tangible fixed assets
	Group

	Freehold property	Plant and machinery	Motor vehicles	Office equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024	700,000	5,319,165	692,312	125,850	6,837,327
Additions	-	431,095	81,060	1,943	514,098
Disposals	-	(138,700)	(55,121)	-	(193,821)
At 31 December 2024	700,000	5,611,560	718,251	127,793	7,157,604
Depreciation
At 1 January 2024	273,000	4,118,740	445,580	96,497	4,933,817
Charge for the year	21,000	318,217	75,142	5,937	420,296
Disposals	-	(87,066)	(43,326)	-	(130,392)
At 31 December 2024	294,000	4,349,891	477,396	102,434	5,223,721
Net book value
At 31 December 2024	406,000	1,261,669	240,855	25,359	1,933,883
At 31 December 2023	427,000	1,200,425	246,732	29,353	1,903,510

Page 21

AGRIPOWER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2024	2023
	£	£


Plant and machinery	26,778	33,473
	26,778	33,473

Cost or valuation at 31 December 2024 is as follows:

			Land and buildings
			£

		At cost	85,152
		At valuation:
		31 December 2010	614,848

			700,000

Group
Cost	85,152	85,152
Accumulated depreciation	(39,341)	(36,531)
Net book value	45,811	48,621

Page 22

AGRIPOWER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.Tangible fixed assets (continued)

	Company

	Plant and machinery	Motor vehicles	Office equipment	Total
	£	£	£	£
Cost
At 1 January 2024	1,868,251	277,108	9,895	2,155,254
Additions	412,357	81,060	-	493,417
Disposals	(40,700)	(20,421)	-	(61,121)
At 31 December 2024	2,239,908	337,747	9,895	2,587,550
Depreciation
At 1 January 2024	852,034	97,171	165	949,370
Charge for the year	223,540	55,649	1,946	281,135
Disposals	(22,047)	(14,816)	-	(36,863)
At 31 December 2024	1,053,527	138,004	2,111	1,193,642
Net book value
At 31 December 2024	1,186,381	199,743	7,784	1,393,908
At 31 December 2023	1,016,217	179,937	9,730	1,205,884

Page 23

AGRIPOWER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost and net book value
	At 1 January 2024	91
	At 31 December 2024	91

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Principal activity	Class of shares	Holding

	Agripower Limited	Broomfield Farm, Rignall Road, Gt Missenden, Bucks, HP16 9PE	Agricultural, landscape and sports turf contracting	Ordinary	100%
	Trustees of Agripower EBT Limited	Broomfield Farm, Rignall Road, Great Missenden, Buckinghamshire, HP16 9PE	The company is dormant	Ordinary	100%

Participating interests
Name Principal activity Holding
Powergrass UK Limited The company is dormant 25%

The address of the registered office is 3 Brook Business Centre, Cowley Mill Road, Cowley, Uxbridge, England, UB8 2FX.
The class of shares are Ordinary.

Page 24

AGRIPOWER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Investment property
	Group

There is no investment property on a consolidated group basis.

	Company

		Freehold investment property
		£
	Valuation
	At 1 January 2024	700,000
	At 31 December 2024	700,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.

9.	Stocks
		Group	Group
		2024	2023
		£	£

Work in progress	150,670	36,873
Farm stock	33,517	54,160
	184,187	91,033

10.

Debtors

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Trade debtors	826,786	326,970	-	-
Amounts owed by group undertakings	-	-	-	40,357
Other debtors	189,867	222,650	30,441	350
Prepayments and accrued income	43,205	47,002	-	-
	1,059,858	596,622	30,441	40,707

Page 25

AGRIPOWER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Cash and cash equivalents
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Cash at bank and in hand	1,390,243	1,203,558	213,328	372,800
Less: bank overdrafts	-	(32,863)	-	-
	1,390,243	1,170,695	213,328	372,800

12.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Bank overdrafts	-	32,863	-	-
Trade creditors	236,388	198,156	-	30,000
Amounts owed to group undertakings	-	-	4,004	1
Corporation tax	253,294	154,699	-	-
Other taxation and social security	313,700	133,915	-	1,924
Obligations under finance lease and hire purchase contracts	-	2,236	-	-
Other creditors	190,016	188,753	183,888	182,397
Accruals and deferred income	127,660	148,951	-	-
	1,121,058	859,573	187,892	214,322

The hire purchase contracts of £Nil (2023 - £2,236) are secured over the assets concerned.
Any credit balances arising owed to HSBC Bank plc are secured by a fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future.

13.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2024	2023
		£	£

	Within one year	-	2,236
		-	2,236

Page 26

AGRIPOWER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Deferred taxation
	Group

	2024	2023
	£	£

At beginning of year	549,484	579,854
Charged/(credited) to the Statement of comprehensive income	13,096	(30,370)
At end of year	562,580	549,484

Company

	2024	2023
	£	£

At beginning of year	422,582	413,397
Charged to the Statement of comprehensive income	49,349	9,185
At end of year	471,931	422,582

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£

Accelerated capital allowances	413,509	400,413	322,860	273,511
Potential capital gains tax	149,071	149,071	149,071	149,071
	562,580	549,484	471,931	422,582

Page 27

AGRIPOWER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

8,228 Ordinary A shares of £1 each	8,228	8,228
1,097 Ordinary B shares of £1 each	1,097	1,097
549 Ordinary C shares of £1 each	549	549

	9,874	9,874

The Ordinary 'A', 'B', and 'C' shares rank pari passu in all respects except for the purpose of the declaration of dividends.

16.

Reserves

Share premium account

The share premium account represents the amount received by the Company on the issue of shares in excess of their nominal value.

Revaluation reserve

The revaluation reserve represents the cumulative increase in the fair value of freehold property over its historical cost.

Capital redemption reserve

The capital redemption reserve arose on the redemption or purchase of the Company’s own shares out of distributable profits.

Profit and loss account

The profit and loss account represents cumulative retained earnings and losses net of dividends paid and other adjustments.

17.	Pension commitments

The Group operated a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independent administered fund. The pension costs charge represents the contribution payable by the Group to the fund and amounted to £25,176 (2023 - £23,787).

Page 28

AGRIPOWER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

18.	Commitments under operating leases
	At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2024	2023
		£	£

	Not later than 1 year	52,489	55,248
		52,489	55,248

19.	Transactions with directors

Included in debtors is an amount of £Nil (2023 - £37,505) due from a director.

20.	Related party transactions
	The company has taken advantage of the exemption conferred by FRS 102 and not disclosed transactions and balances with other wholly owned members of the group. Included in other creditors is an amount payable to directors of £183,888 (2023 - £182,397).

21.	Post balance sheet events

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

22.	Controlling party

The ultimate controlling party is by virtue of his shareholding.

Page 29