Registration number:
Southgate Agriculture Limited
for the
Year Ended 31 March 2025
Southgate Agriculture Limited
(Registration number: 12521171)
Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed Assets |
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Tangible Assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and Reserves |
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Called up share capital |
60 |
60 |
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Retained Earnings |
29,228 |
76,490 |
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Shareholders' funds |
29,288 |
76,550 |
For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Southgate Agriculture Limited
(Registration number: 12521171)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Harvey's Farm
Ipswich Road
Ardleigh
Essex
CO7 7QS
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
Southgate Agriculture Limited
(Registration number: 12521171)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Tax
The tax expense for the period comprises current tax.
The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Tangible Assets
Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
15% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade Debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stock, which is included within direct production costs, is determined using the first-in, first-out (FIFO) method. When stock is used, the carrying value of that stock is recognised as an expense in the period in which the related revenue is recognised.
Trade Creditors
Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Southgate Agriculture Limited
(Registration number: 12521171)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Assets obtained under hire purchase contracts are capitalised as tangible fixed assets and are depreciated over their useful lives.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. Contributions to the scheme are expensed in the period to which they relate.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Southgate Agriculture Limited
(Registration number: 12521171)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Tangible Assets |
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Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2024 |
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Additions |
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At 31 March 2025 |
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Depreciation |
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At 1 April 2024 |
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Charge for the year |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
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At 31 March 2024 |
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Stocks |
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2025 |
2024 |
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Raw materials and consumables |
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Debtors |
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Current |
2025 |
2024 |
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Trade Debtors |
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Prepayments |
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Other debtors |
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Southgate Agriculture Limited
(Registration number: 12521171)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Creditors |
Creditors: amounts falling due within one year
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Note |
2025 |
2024 |
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Due within one year |
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Trade Creditors |
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Accruals and deferred income |
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Other creditors |
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Taxation and social security |
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Loans and borrowings |
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Creditors: amounts falling due after more than one year
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Note |
2025 |
2024 |
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Due after one year |
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Loans and borrowings |
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Southgate Agriculture Limited
(Registration number: 12521171)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Share capital |
Allotted, called up and not fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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20 |
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20 |
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40 |
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40 |
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60 |
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60 |
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Loans and borrowings |
Non-current loans and borrowings
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2025 |
2024 |
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Hire purchase contracts |
- |
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Other borrowings |
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Current loans and borrowings
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2025 |
2024 |
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Hire purchase contracts |
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