REGISTERED NUMBER: 06822277 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Glover Agricultural Contractors Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

Fixed assets

Intangible assets

5

-

960

Tangible assets

6

3,960,038

2,518,581

3,960,038

2,519,541

Current assets

Stocks

23,231

79,515

Debtors

7

531,804

645,674

Cash at bank

177,333

280,733

732,368

1,005,922

Creditors

Amounts falling due within one year

8

(1,672,303

)

(1,239,168

)

Net current liabilities

(939,935

)

(233,246

)

Total assets less current liabilities

3,020,103

2,286,295

Creditors

Amounts falling due after more than one year

9

(727,111

)

(168,930

)

Provisions for liabilities

(361,108

)

(316,551

)

Net assets

1,931,884

1,800,814

Capital and reserves

Called up share capital

1,000

1,000

Retained earnings

1,930,884

1,799,814

1,931,884

1,800,814

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2025 and were signed on its behalf by:

Mr T J B Glover - Director

1.	Statutory information

Glover Agricultural Contractors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

06822277

Registered office:

Hill House Farm

Bath Road

West Dereham

King's Lynn

Norfolk

PE33 9TP

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

15% p.a. reducing balance

Motor vehicles

-

25% p.a. reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	Employees and directors

The average number of employees during the year was 17 (2024 - 13 ) .

5.	Intangible fixed assets

Goodwill

£

Cost

At 1 April 2024

and 31 March 2025

9,600

Amortisation

At 1 April 2024

8,640

Amortisation for year

960

At 31 March 2025

9,600

Net book value

At 31 March 2025

-

At 31 March 2024

960

6.	Tangible fixed assets

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

Cost

At 1 April 2024

221,614

3,415,925

77,875

3,715,414

Additions

287,788

2,075,681

12,500

2,375,969

Disposals

-

(638,200

)

-

(638,200

)

At 31 March 2025

509,402

4,853,406

90,375

5,453,183

Depreciation

At 1 April 2024

-

1,183,047

13,786

1,196,833

Charge for year

-

520,495

16,543

537,038

Eliminated on disposal

-

(240,726

)

-

(240,726

)

At 31 March 2025

-

1,462,816

30,329

1,493,145

Net book value

At 31 March 2025

509,402

3,390,590

60,046

3,960,038

At 31 March 2024

221,614

2,232,878

64,089

2,518,581

7.

Debtors: amounts falling due within one year

31.3.25

31.3.24

£

£

Trade debtors

162,025

429,153

Amounts owed by group undertakings

208,813

153,970

Other debtors

160,966

62,551

531,804

645,674

8.

Creditors: amounts falling due within one year

31.3.25

31.3.24

£

£

Hire purchase contracts

642,750

383,652

Trade creditors

168,143

80,073

Amounts owed to group undertakings

38,679

367

Taxation and social security

78,231

103,988

Other creditors

744,500

671,088

1,672,303

1,239,168

9.

Creditors: amounts falling due after more than one year

31.3.25

31.3.24

£

£

Hire purchase contracts

727,111

168,930

10.	Secured debts

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Hire purchase contracts

1,369,861

552,582

Hire purchase agreements are secured on the assets to which they relate.

HSBC Bank PLC holds a fixed and floating charge over all assets. The floating charge covers the property and undertaking of the company.

11.	Related party disclosures

During the year the company received loans totalling £41,434 from Marliemothams Limited, a company controlled by T Glover and J Glover, directors of the company and directors and shareholders of Glover Group (EA) Limited, which owns the share capital of Glover Agricultural Contractors Limited. The loan is interest free and repayable on demand. At the balance sheet date the company owed Marliemothams Limited £640034 (2024 - £598,600)

The company also have a loan from Glover Farming (West Dereham) Limited. T Glover and S Glover, directors of the company, are also directors and shareholders of Glover Farming (West Dereham) Limited.

At the balance sheet date the company owed Glover Farming (West Dereham) Limited £25,500 (2024 - £25,500).

The company has taken advantage of the exemption provided in FRS102 Section 1A from disclosing transactions with members of the group which are wholly owned.

No further transactions with related parties were undertaken such as are required to be disclosed under FRS102 Section 1A.

12.	Ultimate controlling party

The ultimate controlling party is Glover Group(EA)Limited.