AGRIMEK LTD - Filleted accounts

Registered number

04835602

AGRIMEK LTD

Filleted Accounts

31 July 2017

AGRIMEK LTD
Registered number:		04835602
Balance Sheet
as at 31 July 2017

Notes			2017			2016
£				£
Fixed assets
Intangible assets	3		5,000			5,000
Tangible assets	4		319,130			365,711
			324,130			370,711

Current assets
Stocks		345,091			314,917
Debtors	5	22,639			19,790
Cash at bank and in hand		2,772			6,575
		370,502			341,282

Creditors: amounts falling due within one year	6	(420,585)			(380,372)

Net current liabilities			(50,083)			(39,090)

Total assets less current liabilities			274,047			331,621

Creditors: amounts falling due after more than one year	7		(58,695)			(128,299)

Provisions for liabilities			(53,871)			(62,342)


Net assets			161,481			140,980

Capital and reserves
Share premium			100			100
Profit and loss account			161,381			140,880

Shareholders' funds			161,481			140,980

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Mr G Porter
Director
Approved by the board on 21 December 2017

AGRIMEK LTD
Notes to the Accounts
for the year ended 31 July 2017


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery			20% reducing balance method
	Office equipment			20% reducing balance method
	Motor vehicles			20% reducing balance method

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees					2017		2016
Number							Number

	Average number of persons employed by the company					10		11


3	Intangible fixed assets							£
	Goodwill:

	Cost
	At 1 August 2016							5,000
	At 31 July 2017							5,000

	Amortisation
	At 31 July 2017							-

	Net book value
	At 31 July 2017							5,000
	At 31 July 2016							5,000


4	Tangible fixed assets
		Office equipment		Plant and machinery		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 August 2016	7,533		509,842		34,034		551,409
	Additions	1,802		4,199		-		6,001
	Disposals	-		-		(20,106)		(20,106)
	At 31 July 2017	9,335		514,041		13,928		537,304

	Depreciation
	At 1 August 2016	4,904		161,276		19,518		185,698
	Charge for the year	831		43,577		(4,926)		39,482
	On disposals	-		-		(7,006)		(7,006)
	At 31 July 2017	5,735		204,853		7,586		218,174

	Net book value
	At 31 July 2017	3,600		309,188		6,342		319,130
	At 31 July 2016	2,629		348,566		14,516		365,711


5	Debtors					2017		2016
£							£

	Trade debtors					22,639		19,790


6	Creditors: amounts falling due within one year					2017		2016
£							£

	Bank loans and overdrafts					62,708		90,549
	Obligations under finance lease and hire purchase contracts					74,386		79,170
	Trade creditors					136,261		119,774
	Directors account					23,213		162
	Taxation and social security costs					122,853		89,553
	Other creditors					1,164		1,164
						420,585		380,372


7	Creditors: amounts falling due after one year					2017		2016
£							£

	Obligations under finance lease and hire purchase contracts					58,695		128,299


8	Other information

	AGRIMEK LTD is a private company limited by shares and incorporated in England. Its registered office is:
	Hafod Wennol Farm
	Rhydyfro
	Pontardawe
	Swansea
	SA8 4RU