The directors present the strategic report for the year ended 31 March 2025.
The UK Agri-Tech Centre was formed by the merger of three not-for-profit organisations, Agri-EPI Centre, CIELivestock and Crop Health and Protection Ltd. on 1 April 2024. The prime task in our first year of operation has been to complete the merger and integrate the operations and cultures of three different organisations.
During 2024/25, the UKATC has begun to establish itself as the UK's central hub for agri-tech innovation development and adoption. We have actively supported innovation by providing tailored support to agri-tech SMEs and spin-outs. Sector support and engagement have been prioritised through collaborative programmes, events and knowledge exchange mechanisms that ensure innovation aligns with commercial need. The UKATC has laid a robust foundation for delivering long-term impact by supporting a modern and resilient agricultural economy for the UK.
We actively supported 302 different businesses during 2024/25 and engaged with over 3000 small, medium and large businesses and farms.
52 businesses used the tailored incubation facilities provided by our four regional innovation hubs.
152 businesses used our 42 capabilities nationwide for prototype development, test, trial and demonstration, including 37 who used multiple capabilities. 31 business used our Farm Network.
Our consortium and bid development activities secured 35 new commercial contracts and Commercial Research & Development grant funding for 23 new projects. Including the projects already in flight at the merger, the UKATC supported 83 CR&D projects and 43 commercial projects during 2024/25.
We published four well-received market intelligence reports on sector opportunities and growth:
The Future of Agri-Tech
Livestock and Aquaculture: Shaping the Next 10 Years
Harnessing Genetic Tools for a Sustainable Future (with the Roslin Institute)
Innovation & Technology: The Farmer’s Perspective
UKATC executed 7 international projects and signed two new MOUs with partners in Spain and New Zealand.
We also submitted evidence to prominent national consultations; House of Lords inquiries on methane and engineering biology; Invest 2035; Spending Review 2025 – Phase 2; and the Industrial Strategy regarding the role and importance of agri-tech. The UKATC is establishing its position as an independent evidence-based organisation, with a role in supporting national policy development.
The UKATC has developed methodologies and processes to measure its longer term impact and will report on these Key Performance Indicators in future years.
Financial Review
Total income in the first year of operation was £16.8m. The company has a three year Grant Funding Agreement with Innovate UK which provided the majority of UKATC’s income, £12.6m in 2024/25. In addition, Collaborative Research and Development (CR&D) grants generated income of £2.8m while commercial income was £1.4m.
A net surplus for the financial year of £0.7m was generated.
The UKATC group’s consolidated reserves were £18.6m at 31 March 2025. The total reserves of the three merged organsiation at 31 March 2024 were £20.0m.
The group had cash totalling £4.5m at 31 March 2025 (2024:£3.7m).
Directors' statement of compliance with duty to promote the success of the Company
Standards of Business Conduct
The Directors of UKATC must act in accordance with a set of general duties which are detailed in section 172 of the Companies Act 2006. These duties include a duty by the Directors of UKATC to act in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of the stakeholders as a whole and, in doing so, have had regard to and recognise the importance of considering all stakeholders and other matters as set out in section 172 of the act in its decision making. These stakeholders are key to the future success of the business, providing the financial framework which aids business growth and stability.
The Board of Directors has a duty to ensure the business operates in an ethical manner, maintaining exemplary standards of business conduct. The Directors provide stakeholders with appropriate information on company strategy and performance, being honest and transparent at all times.
Business Relationships
The core objective of the UKATC is to stimulate innovation in the agri-tech sector. The Board actively promotes the fostering of strong collaborative relationships with a wide range of private and public organisations. This includes providing opportunities for SMEs to develop their technology and connect with academia, large corporate customers and relevant public bodies.
The company has entered into a three year Grant Funding Agreement with Innovate UK to provide programmes that deliver on its strategy to promote the Agri-Tech sector in line with the Government’s Industrial Strategy. The Grant Funding Agreement contains certain performance and governance obligations and the company maintains a close working relationship with Innovate UK through regular reports and meetings.
Suppliers
The company operates with limited suppliers for goods and services. Suppliers are paid promptly within their payment terms.
Employees
Engaging with employees is fundamental to enabling the UKATC to create an inclusive culture and a positive working environment. UKATC engages with employees via regular meetings. Information is shared through bi-weekly briefings based on feedback from regular senior management meetings.
UKATC has a commitment to equality, diversity, inclusion and human rights, reflected in its policies.
Risk Management
The execution of UKATC strategy and the management and operation of the business are all subject to a number of risks. These are assessed and monitored by the Board and the Finance, Audit and Risk Committee and mitigations implemented.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 March 2025.
The results for the year are set out on page 9.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
BHP LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
We have audited the financial statements of UK Agri-Tech Centre Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for 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 and 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.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
we identified the laws and regulations applicable to the group and company through discussions with directors and from our commercial knowledge and experience of the sector; and
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and company, including the Companies Act 2006, taxation, employment, and health and safety legislation.
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 considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non
compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation; and
reading the minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.
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 is available on the Financial Reporting Council’s website at: https://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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by s408 Companies Act 2006, the company has not presented its own income and expenditure accounts and related notes. The company’s surplus for the year was £532,653.
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
UK Agri-Tech Centre Limited (“the company”) is a private company limited by guarantee incorporated in England and Wales. The registered office is Innovation Centre York Science Park, Heslington, York, United Kingdom, YO10 5DG.
The group consists of UK Agri-Tech Centre Limited and all of its subsidiaries.
The group constitutes a public benefit entity as defined by FRS 102. These financial statements have been
prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic
of Ireland” (“FRS 102”) including the provisions applicable to public benefit entities and the requirements of
the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention modified to include certain
financial instruments at fair value. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and surplus or deficit of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income.
The company has taken advantage of the exemption conferred by section 33.11 of FRS 102 allowing it not to disclose transactions and balance within its group, on the grounds that those entities are related by virtue of having the same control as defined in 33.11(b).
The consolidated group financial statements consist of the financial statements of the parent company UK Agri-Tech Centre Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
The Directors/members have considered all factors, including in the wider economy, as part of their assessment of going concern. On 1 April 2024, the business, operations, staff, assets (excluding grant funded fixed assets) and liabilities, net of cash balances, of Crop Health and Protection Limited. CIELivestock Limited and Agri-EPI Centre Limited were all transferred to UK Agri-Tech Centre Limited as part of a merger. The legacy centres now retain fixed assets which are managed by UK Agri-Tech Centre Limited who collect and pass on rent to this entity.
Therefore, the directors believe, on balance, that they have sufficient resources to enable the group and company to continue for a period of at least twelve months from the date of approval of the financial statements, on the basis of the information currently available to them as al the point of approval. Accordingly, these financial statements have been prepared on the going concern basis.
Income is recognised at the fair value consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
Commercial income is recognised in the period of which the related services are provided or delivered.
As disclosed in note 1.18, funding is received for certain operating expenditure and is recognised to match the expenditure incurred.
Assets under the course of construction are note depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the Income and Expenditure Account.
Equity investments are measured at fair value through income or expenditure, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
The service potential of an asset will also consider where an asset is primarily held for the furtherance of the companies not for profit/social purpose, opposed to simply commercial income and cash generation or operational use, as these are considered to be social benefit assets. On this basis a depreciated/impaired cost is used to reflect the fair value of such social benefit assets.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Other reserves - Funding reserve
Funding has been provided by the government as one of the nations four Centres for Agricultural Innovation. These are a key component of the government's current Agri-Tech Strategy. Funding has been credited to the balance sheet according to conditions attaching to the funding.
Where funding is given for capital projects and the probability of clawback by the funder is considered remote it is credited to a funding reserve, on these capital projects any depreciation, impairment or profit or loss on disposal arising is charged against the funding reserve. Where funding is for operational expenditure it is credited to a deferred income account and released to the income statement as grant income to match the expenditure incurred.
Residual amounts held within the funding reserve are to be retained until such time as any terms and conditions of the funding have been met and funds become freely available for use by the company at which point the appropriate balance would be transferred to the income and expenditure account.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
In preparing these financial statements, the Directors have made a key judgement regarding the nature of the control exercised before and after the demerger, and concluded that there has been no change. They have further determined that merger accounting represents the most faithful representation of a true and fair view when perceived with the combining entities.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Depreciation policies have been set according to management's experience and judgment of the useful lives of the assets in each category, something which is reviewed annually. As fixed assets form a significant element of the balance sheet, are based on cutting edge agricultural technology and are of a specific and niche nature this estimate is critical and highly uncertain. This is due to the useful economic lives of the assets being hard to ascertain due to a lack of comparable assets to benchmark owing to their unique nature. Management base estimates on technical and expert knowledge of the staff using those assets and by reviewing against similar assets where applicable to obtain a reliable estimate based.
Due to the specific and niche nature of the companies fixed assets and due to the assets being held for both future commercial cash flows and future service potential in line with the companies objectives, there is the risk of uncertainty over the carrying value of the assets, and requirement for an impairment. At each year end management review the fixed assets of the company for impairment based on both historic and future looking data, looking at both its commercial use to 3rd parties and its service use to internal and government projects, as well as any potential disposal value. In the year an impairment of £48,818 (2024 - £nil) was incurred upon managements review owing to material uncertainty around economic viability. Impairment losses are charged to the funding reserve in accordance with the accounting policy at 1.18.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
During the year, the company undertook a review which resulted in some roles being made redundant. The total cost of termination benefits, including redundancy payments and related employer national insurance contributions is stated above.
These costs have been recognised in the income statement within administrative expenses. The termination benefits relate to 6 employees (2024: nil), and all amounts were either paid during the year or are expected to be paid within 12 months of the reporting date.
In the year, key management remuneration amounted to £1,134,216, which is classed as the Directors and the Executive Leadership Team. This covers 12 employees in the year.
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1.
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1.
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
The impairment losses in respect of financial assets are recognised in other gains and losses in the income and expenditure account.
More information on impairment movements in the year is given in note 11.
Expenditure of £484,420 (2024 - £nil) has been incurred in the period on assets purchased using funding capital included in the other reserve. Amortisation of £81,148 (2024 - £69,367) and impairment of £48,818 (2024 - £nil) has been charged to the other reserve in respect of these assets.
Expenditure of £352,572 (2024 - £670,204) has been incurred in the period on assets purchased using funding capital included in the other reserve. Depreciation of £2,298,842 (2024 - £2,368,704) and impairment of £nil (2024 - £nil) has been charged to the other reserve in respect of these assets.
Assets under construction are not depreciated.
Details of the company's subsidiaries at 31 March 2025 are as follows:
Registered office addresses (all UK unless otherwise indicated):
The company holds a 100% indirect investment in Agritech Investment Advisory Ltd which is non trading and held by Agri-EPI Centre Limited.
The provision relates to SDLT for other leasehold sites due to be paid as a result of the wording on the development agreements. The SDLT if due, would relate to 2016 and 2018 respectively. No final determination has been made on the extent of the liability and the provision represents the directors best estimate of the maximum potential liability.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
At the year end £137,449 (2024 - £173,602) of pension contributions were accrued but unpaid.
One of the assets owned by the group is located on land which is leased, the lease makes provision for make good of the land should the lease not be renewed and the asset removed. Should this happen the cost to clear the asset and restore the land is likely to be significant although there is no materially fair estimate of the actual cost. To date there has been no trigger which could crystalise this liability.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
In accordance with FRS 102, Section 33 Related Party Disclosures, the Company discloses the following related party transactions that occurred during the year. These transactions were undertaken in the ordinary course of business and on normal commercial terms, unless otherwise stated.
The Company has engaged in transactions with entities where there are common directors and/or trustees, and these parties are therefore considered related parties under FRS 102.
Rental and asset rental income from Central Plains Group Limited of £44,465.
Purchases from The Farmers Club of £8,864. Amounts due to The Farmers Club of £438 were outstanding at the year end and included in Trade Creditors.
Purchases from PBS International Limited of £11,410. Amounts due to PBS International Limited of £4,092 were outstanding at the year end and included in Trade Creditors.
As stated in accounting policy note 1.18 the group and company operate a funding reserve which represents capital funding received.
Movements in the year of £2,112,709 (2024: £2,084,015) represents depreciation charged on assets funded by this capitalised funding and additions/disposals in the period.
The company is limited by guarantee, not having a share and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
On wind up members have no right to the residual assets, assets are to be transferred to an entity with similar objects to the company or entities with charitable objects where members also have no right to residual assets on wind up.
The members of the company are the Directors.
The group and company have no debt in either period.