Year Ended
Registration number:
M A Grigg (Agricultural) Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
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Non-statutory pages |
M A Grigg (Agricultural) Limited
Company Information
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Directors |
Ms F M K Grigg Mr M A Grigg Mrs S A Venning |
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Company secretary |
Ms F M K Grigg |
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Registered office |
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Auditors |
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M A Grigg (Agricultural) Limited
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Fair review of the business
On behalf of the board, we are pleased to report on another successful year for the business.
It is encouraging to see an increase in turnover following a couple of years where turnover has reduced (2025: £300k increase: 2024: £1.8m reduction).
The current year has seen what continue to be testing conditions and continued challenges being experienced by many in both the agricultural and retail sectors in which we operate many of which are believed to be the direct result of the cost of living crisis, continued significant competition in the sector and general uncertainty within the farming sector caused largely by the proposed changes to the Inheritance tax rules and generally what is perceived as less political support for the sector.
It is therefore pleasing to note that we have achieved with a 1.0% increase (2024: 3.0% increase) in retail sales, a 5.9% increase (2024:14.8% increase) in restaurant sales and a 8.4% (2024: 8.4% increase) in farm sales year on year. It is however worth noting that the composition of retail sales continue to change and we have seen a further 10.2% reduction (2024: 18.8% reduction) in on-line sales whilst direct shop sales have continued to grow by 11.1% (2024: 26.6% increase) which is in line with the concerted effort by the board to focus the company’s on-line activity on fewer product lines as well as focusing on the retail shop, restaurant and farming enterprise that have always served the business well, which is also evidenced by the opening of a new retail outlet in Truro
Most importantly however the board feel that our overall strategy outlined above has been largely successful and is evidenced by gross margin only decreasing slightly to 24.67% (2024: 25.13%) despite inflationary pressures and we are pleased that our gross profit has remained consistent with the prior year at £5.63m (2024: £5.66m).
As a business besides the retail outlet and restaurant we remain proud farmers ourselves and committed to the agricultural sector. We proudly continue to farm over 1,000 acres in Cornwall and it continues to give us pleasure to see some of our own products being sold through our shop.
We believe that by running the farm enterprise, this shows our commitment to the industry and aids our understanding of the ever-changing needs of our traditional core customer base.
We continue to re-invest in our core business and during the year we have invested in our retail premises and our farms as well as in plant and machinery and our fleet of vehicles as well as holding additional stock lines and IT infrastructure to ensure that expected standards are maintained and the business remains relevant.
Looking ahead despite the challenges, the Board remains as committed as ever to investing in the business, its staff and providing the quality of service, wide range of product lines and overall positive experience that our loyal customer base expects.
M A Grigg (Agricultural) Limited
Strategic Report for the Year Ended 31 March 2025
We are always looking at our business and ensuring that all our customers are fully catered for and whilst not resting on our laurels, remain confident about the future prospects of the company.
Overall the Board acknowledge that on-going aggressive competition in what remains a difficult retail market, both through the shop and on-line noting the continued turmoil of the high street and associated costs of face-to-face trading and the general price competition that has seen some competitors face financial difficulties and some fall by the wayside.
With this in mind we continue to endeavour to keep close controls on our administrative expenses and it also very encouraging that despite inflationary pressure especially in relation to wages and general employment related costs, that remain by far our largest overhead cost, that through careful management and cost control we have managed to keep these costs at a very similar level to the prior year.
Overall the Board are very pleased that the accounts show a profit before tax of £589,844 (2024 - profit of £450,685).
Principal risks and uncertainties
The Board believes that it is dealing positively with the principal risks and uncertainties of the business as outlined below.
Customer and supplier relationships
We have always looked to develop close working relationships with all of our suppliers and customers over the years and believe that this continues to play a vital part in the continued success of our family business. We note the potential risk to the business of damage to, or loss of these relationships, and the fact that with more competition in the market this could have a detrimental impact on the financial performance of the company.
On this matter we note that over the years some key suppliers have suffered from financial difficulties and that this can impact supply lines. Fortunately there has been no direct financial loss from such instances but acknowledge the potential risk and note that in order to reduce this to an acceptable level management play a direct and proactive role in liaising directly with suppliers and ensuring that credit terms are adhered to.
Customer feedback is important to us and to that extent management and staff look to listen to our customers and look to ensure that their requirements are met, by holding appropriate stock levels and providing the level of knowledgeable service that they require and have come to expect.
Investing in the opening of a new shop in Truro has seen the business exposed to a different customer base and allowed both the new customers to shop there but has also created greater awareness of the Griggs brand, our main retail premises and restaurant and our on-line opportunities, all of which are believed to be of great benefit of the company.
M A Grigg (Agricultural) Limited
Strategic Report for the Year Ended 31 March 2025
Market risk
The Board remains aware of the increased level of competition from other retailers in the sector as well as on-line and reliance on sales to the agricultural sector.
We remain committed to supporting and working with our loyal farmer customer base whenever possible, and as farmers will look to seek ways to improve efficiencies and if necessary amend our farming practices to maintain income levels.
The Board has looked to manage market risk by providing high quality products and services to our customers and now stocks a wide range of products that reaches well beyond the agricultural sector alone. In particular the Board believe that the restaurant, the introduction of new product lines and the on-line presence has grown the customer base with many new customers enjoying the “Griggs” experience and this has helped to mitigate this risk.
The Board remains aware of the significant number of people who shop online. To that extent we have invested heavily, both financially and in terms of time and effort in our own website and on-line offering. We remain encouraged by the amount of website traffic, on-line sales and the business we do in this area.
Financial instruments
The company’s principal financial instruments comprise of bank balances, stock, trade debtors and trade creditors, with the main purpose of these instruments being to raise funds to finance the company’s on-going operations. There is no bank borrowing at the balance sheet date.
Liquidity risk
Due to the nature of the financial instruments used by the company there is no exposure to price risk.
The company has a mix of cash sales and on-account sales. All account customers are subject to internal credit verification procedures and limits and these debtors are constantly monitored, with provision made for doubtful debts where necessary.
The company manages its cash and borrowing requirements to maximise interest income and minimise interest expense, whilst ensuring that the company has sufficient liquid resources to meet the day to day operating needs of the business.
Approved and authorised by the
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M A Grigg (Agricultural) Limited
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors of the company
The directors who held office during the year were as follows:
Going concern
The directors’ have considered the company’s business, its financial plans and the facilities available to finance the business and have a reasonable expectation that the company has adequate resources to continue its operational existence of a period of at least twelve months from the date of approval of these financial statements.
The current forecast financial position of the company, its cash flows and liquidity position have been considered by the directors who are confident that the current level of retained reserves, as well as potential funding facilities available if needed provide sufficient headroom to meet the expected cash requirements having considered additional requirements that would be contingent on a downturn in activity over the same period.
As such, the directors consider that it is appropriate to prepare the financial statements on a going concern basis.
Other Matters
Please refer to the Strategic Report for consideration of financial instruments, principal risks and uncertainties and discussion of future developments.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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M A Grigg (Agricultural) Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
M A Grigg (Agricultural) Limited
Independent Auditor's Report to the Members of M A Grigg (Agricultural) Limited
Opinion
We have audited the financial statements of M A Grigg (Agricultural) Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
M A Grigg (Agricultural) Limited
Independent Auditor's Report to the Members of M A Grigg (Agricultural) Limited
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
M A Grigg (Agricultural) Limited
Independent Auditor's Report to the Members of M A Grigg (Agricultural) Limited
During our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the business and the industry in which it operates to identify the key laws and regulations affecting the company. As part of this, we reviewed the company’s website for indication of any regulations and certification in place and discussed these with the relevant individuals responsible for compliance. The key laws and regulations we identified were health and safety regulations, food standards, employment laws and The General Data Protection Regulation (GDPR). We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and relevant tax laws.
We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the company complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the company’s ability to continue trading and the risk of material misstatement to the accounts.
We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements. The key incentive identified is to meet the expectations of the shareholders and we determined that the principal risks were related to the overstatement of profit, either through overstating revenue, understating expenditure or management bias in accounting estimates.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries, we also discussed with management whether there have been any known instances of fraud of which there were none.
• Reviewing correspondence including documentation relating to any compliance visits from regulators during the year.
• Reviewing employee payroll documentation in order to identify any cases of non-compliance with employment laws.
• Reviewing the company’s GDPR policy and enquiring with the Data Protection Officer as to the occurrence and outcome of any reportable breaches.
• Undertaking a detailed review of legal and professional cost codes to identify any possible non-compliance with laws and regulations.
• Auditing the risk of management override of controls, including through testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
• Reviewing estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.
M A Grigg (Agricultural) Limited
Independent Auditor's Report to the Members of M A Grigg (Agricultural) Limited
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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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Lowin House
Tregolls Road
Cornwall
TR1 2NA
M A Grigg (Agricultural) Limited
Profit and Loss Account
Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Fair value gains on investment properties |
190,015 |
- |
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Other interest receivable and similar income |
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292,441 |
65,325 |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
M A Grigg (Agricultural) Limited
Statement of Comprehensive Income
Year Ended 31 March 2025
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2025 |
2024 |
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Profit for the year |
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Total comprehensive income for the year |
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M A Grigg (Agricultural) Limited
Balance Sheet
31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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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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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account - non distributable |
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Profit and loss account |
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Total equity |
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Approved and authorised by the
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Company Registration Number: 01593065
M A Grigg (Agricultural) Limited
Statement of Changes in Equity
Year Ended 31 March 2025
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Share capital |
Share premium |
Profit and loss account - non distributable |
Profit and loss account |
Total |
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At 1 April 2024 |
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Profit for the year |
- |
- |
- |
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Total comprehensive income |
- |
- |
- |
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Transfers |
- |
- |
145,206 |
(145,206) |
- |
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At 31 March 2025 |
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Share capital |
Share premium |
Profit and loss account - non distributable |
Profit and loss account |
Total |
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At 1 April 2023 |
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Profit for the year |
- |
- |
- |
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Total comprehensive income |
- |
- |
- |
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At 31 March 2024 |
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M A Grigg (Agricultural) Limited
Statement of Cash Flows
Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Changes in fair value of investment property |
(190,015) |
- |
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Profit on disposal of tangible assets |
( |
( |
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Finance income |
( |
( |
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Tax |
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Working capital adjustments |
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(Increase)/decrease in stocks |
( |
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(Increase)/decrease in trade debtors |
( |
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Increase/(decrease) in trade creditors |
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( |
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Increase in deferred income, including government grants |
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- |
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Cash generated from operations |
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Corporation tax (paid)/received |
( |
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Net cash flow from operating activities |
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Cash flows from investing activities |
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Interest received |
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
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Net cash flows from investing activities |
( |
( |
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Net (decrease)/increase in cash and cash equivalents |
( |
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Cash and cash equivalents at 1 April |
2,543,019 |
2,005,760 |
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Cash and cash equivalents at 31 March |
2,184,147 |
2,543,019 |
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M A Grigg (Agricultural) Limited
Notes to the Financial Statements
Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The directors’ have considered the company’s business, its financial plans and the facilities available to finance the business and have a reasonable expectation that the company has adequate resources to continue its operational existence of a period of at least twelve months from the date of approval of these financial statements.
The current forecast financial position of the company, its cash flows and liquidity position have been considered by the directors who are confident that the current level of retained reserves, as well as potential funding facilities available if needed provide sufficient headroom to meet the expected cash requirements having considered additional requirements that would be contingent on a downturn in activity over the same period.
As such, the directors consider that it is appropriate to prepare the financial statements on a going concern basis.
M A Grigg (Agricultural) Limited
Notes to the Financial Statements
Year Ended 31 March 2025
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, returns, rebates and discounts and after eliminating sales within the company.
The Company recognises revenue when legal title in the goods has passed to the buyer, the amount
of revenue can be reliably measured, and it is probable that future economic benefits will flow to the
entity. In the case of internet sales, revenue is recognised when goods are delivered to the buyer.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Freehold land |
Nil |
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Freehold buildings |
2% straight line |
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Plant and machinery |
15% reducing balance |
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Fixtures and fittings |
15% reducing balance and 5% straight line for solar panels |
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Motor vehicles |
25% reducing balance |
Investment property
M A Grigg (Agricultural) Limited
Notes to the Financial Statements
Year Ended 31 March 2025
Goodwill
Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Land entitlement assets acquired are recognised at fair value at the acquisition date.
Such assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Entitlements |
5 years straight line |
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Goodwill |
10 years straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
M A Grigg (Agricultural) Limited
Notes to the Financial Statements
Year Ended 31 March 2025
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
M A Grigg (Agricultural) Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Revenue |
The analysis of the company's turnover for the year by class of business is as follows:
|
2025 |
2024 |
|
|
Retail |
|
|
|
Restaurant |
|
|
|
Farm |
|
|
|
|
|
During the year 100% of the company's turnover for the year was undertaken in the UK.
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Rental income |
|
|
|
Miscellaneous other operating income |
|
|
|
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Gain/loss on disposal of property, plant and equipment |
|
|
|
Fair value gains on investment properties |
190,015 |
- |
|
192,230 |
125,254 |
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
M A Grigg (Agricultural) Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Other departments |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditor's remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
M A Grigg (Agricultural) Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the profit and loss account |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax credit from unrecognised temporary difference from a prior period |
( |
- |
|
Total tax charge |
|
|
M A Grigg (Agricultural) Limited
Notes to the Financial Statements
Year Ended 31 March 2025
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Capital allowances in excess of depreciation |
- |
|
|
Deferred tax due on investment property fair value movement |
- |
|
|
- |
|
|
2024 |
Asset |
Liability |
|
Capital allowances in excess of depreciation |
- |
|
|
Deferred tax due on investment property fair value movement |
- |
|
|
- |
|
|
Intangible assets |
|
Goodwill |
Entitlements |
Total |
|
|
Cost or valuation |
|||
|
At 1 April 2024 |
|
|
|
|
At 31 March 2025 |
|
|
|
|
Amortisation |
|||
|
At 1 April 2024 |
|
|
|
|
Amortisation charge |
|
- |
|
|
At 31 March 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 March 2025 |
|
- |
|
|
At 31 March 2024 |
|
- |
|
M A Grigg (Agricultural) Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Tangible assets |
|
Freehold land and buildings |
Fixtures and fittings |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
|||||
|
At 1 April 2024 |
|
|
|
|
|
|
Additions |
|
- |
|
|
|
|
Disposals |
- |
- |
( |
- |
( |
|
At 31 March 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 April 2024 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
|
At 31 March 2025 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 March 2025 |
|
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
|
M A Grigg (Agricultural) Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Investment properties |
|
2025 |
|
|
At 1 April 2024 |
|
|
Fair value adjustments |
|
|
At 31 March 2025 |
|
The fair value of investment properties is considered annually. No depreciation is provided in respect of the investment properties as they are held for their investment potential. Investment property whose fair value can be measured reliably without undue cost or effort is measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
The fair value of the investment properties is based on valuations carried out by independent valuers, Lodge & Thomas in 2025.
|
Stocks |
|
2025 |
2024 |
|
|
Stock for resale |
3,576,785 |
2,853,664 |
|
Biological assets |
303,060 |
301,790 |
|
Other stock |
43,354 |
42,345 |
|
|
|
Impairment of stocks
The amount of impairment loss included in profit or loss is £77,515 (2024 - £(58,485)).
M A Grigg (Agricultural) Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
- |
|
Prepayments |
|
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
|
Bank overdrafts |
( |
( |
|
Cash and cash equivalents in statement of cash flows |
2,184,147 |
2,543,019 |
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Social security and other taxes |
- |
|
|
|
Other creditors |
|
|
|
|
Accruals |
|
|
|
|
Corporation tax |
118,578 |
71,016 |
|
|
Deferred income |
|
- |
|
|
|
|
The bank overdraft is secured by fixed and floating charges over the assets of the company.
The bank also holds security by way of a debenture granted by the company in favour of Barclays Bank PLC and a first legal charge over the property at Bodrean Manor Farm.
M A Grigg (Agricultural) Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Loans and borrowings |
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank overdrafts |
|
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 April 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 March 2025 |
|
|
|
|
||
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
2,640,458 |
|
2,640,458 |
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Related party transactions |
Key management personnel
Directors
Summary of transactions with key management
M A Grigg (Agricultural) Limited
iXBRL Detailed Profit and Loss Account for the Year Ended 31 March 2025
|
2025 |
2024 |
|
|
Turnover/revenue |
|
|
|
Cost of sales |
||
|
Opening raw materials |
( |
( |
|
Purchase of raw materials and consumables |
( |
( |
|
Closing work in progress |
|
|
|
Gross profit |
5,634,857 |
5,663,201 |
|
Distribution costs |
||
|
Administrative expenses |
||
|
Audit and accountancy audit costs |
( |
( |
|
Audit and accountancy other services |
( |
( |
|
Audit and accountancy costs |
( |
( |
|
Advertising, promotions and marketing costs |
( |
( |
|
Rent, rates and services costs |
( |
( |
|
Utilities costs |
( |
( |
|
Other repairs and maintenance costs |
( |
( |
|
Depreciation of property, plant and equipment |
( |
( |
|
Amortisation of intangible assets |
( |
( |
|
Vehicle costs |
( |
( |
|
Wages and salaries excluding directors |
( |
( |
|
Social security costs excluding directors |
( |
( |
|
Pension costs defined contribution schemes excluding directors |
( |
( |
|
Staff costs excluding directors |
( |
( |
|
Salaries and fees, directors |
( |
( |
|
Subcontractor costs |
( |
( |
|
Legal and professional costs |
( |
( |
|
Bad debts and impairment losses |
( |
- |
|
Bank charges |
( |
( |
|
Insurance costs |
( |
( |
|
IT and computing |
( |
( |
|
Telecommunications |
( |
( |
|
Printing, postage and stationery |
( |
( |
|
Other operational and administration costs |
( |
( |
|
Other operating income |
||
|
Other operating income |
|
|
|
Other items |
||
|
Gain from disposal of property, plant and equipment |
|
|
M A Grigg (Agricultural) Limited
iXBRL Detailed Profit and Loss Account for the Year Ended 31 March 2025
|
2025 |
2024 |
|
|
Operating profit |
297,403 |
385,360 |
|
Gain from fair value adjustment, investment property recognised in profit or loss |
|
- |
|
Profit on ordinary activities before finance charges and interest |
487,418 |
385,360 |
|
Bank interest and similar income receivable |
|
|
|
Non-bank interest and similar income receivable |
- |
|
|
Profit on ordinary activities before taxation |
|
|
|
Tax on profit or loss on ordinary activities |
( |
( |
|
Profit for the financial year |
|
|