Company Registration No. 04317735 (England and Wales)
AGRI-SEEDS (UK) LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2017
PAGES FOR FILING WITH REGISTRAR
AGRI-SEEDS (UK) LIMITED
COMPANY INFORMATION
Directors
J M Rowson
M E Digby
A Mueller
Secretary
Mrs Gwendolyn Rowson
Company number
04317735
Registered office
6 Forest Road
Loughborough
Leicestershire
LE11 3NP
Accountants
Newby Castleman
6 Forest Road
Loughborough
Leicestershire
LE11 3NP
AGRI-SEEDS (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
AGRI-SEEDS (UK) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2017
30 September 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,933
14,722
Current assets
Stocks
87,428
101,858
Debtors
4
83,161
54,336
Cash at bank and in hand
165,747
186,007
336,336
342,201
Creditors: amounts falling due within one year
5
(68,248)
(107,192)
Net current assets
268,088
235,009
Total assets less current liabilities
279,021
249,731
Creditors: amounts falling due after more than one year
6
(95,000)
(95,000)
Provisions for liabilities
(1,859)
(2,650)
Net assets
182,162
152,081
Capital and reserves
Called up share capital
7
200
200
Share premium account
800
800
Profit and loss reserves
181,162
151,081
Total equity
182,162
152,081

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

AGRI-SEEDS (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2017
30 September 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on
20 December 2017
20 December 2017
and are signed on its behalf by:
2017-12-20
M E Digby
Director
Company Registration No. 04317735
AGRI-SEEDS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 3 -
1
Accounting policies
Company information

Agri-Seeds (UK) Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office and place of business is given in the company information page of these financial statements.

1.1
Basis of preparation

These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The 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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

These financial statements for the year ended 30 September 2017 are the first financial statements of Agri-Seeds (UK) Limited prepared in accordance with FRS 102, The date of transition to FRS 102 was 1 October 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Property improvements
10 years straight line basis
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
20% reducing balance or 3 years straight line
Motor vehicles
25% reducing balance
AGRI-SEEDS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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, or the asset's cash generating unit is estimated and compared to the carrying amount in order to determine the extent of the impairment loss (if any). Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is 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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

1.6
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

AGRI-SEEDS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 5 -
Deferred tax

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.

1.9
Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 4 (2016 - 4).

AGRI-SEEDS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2016
3,300
20,464
23,764
Additions
-
181
181
At 30 September 2017
3,300
20,645
23,945
Depreciation and impairment
At 1 October 2016
3,300
5,742
9,042
Depreciation charged in the year
-
3,970
3,970
At 30 September 2017
3,300
9,712
13,012
Carrying amount
At 30 September 2017
-
10,933
10,933
At 30 September 2016
-
14,722
14,722
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
81,312
49,099
Other debtors
1,849
5,237
83,161
54,336
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
55,168
75,374
Corporation tax
10,074
28,802
Other taxation and social security
-
10
Other creditors
3,006
3,006
68,248
107,192
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
95,000
95,000
AGRI-SEEDS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
6
Creditors: amounts falling due after more than one year
(Continued)
- 7 -

 

7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
200 Ordinary shares of £1 each
200
200
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