Agritec Systems Limited Small abridged accounts

Statement of Consent to Prepare Abridged Financial Statements

All of the members of Agritec Systems Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 April 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 4421289

Agritec Systems Limited

Filleted Unaudited Abridged Financial Statements

30 April 2017

Agritec Systems Limited

Abridged Financial Statements

Year Ended 30 April 2017

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

Agritec Systems Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Agritec Systems Limited

Year Ended 30 April 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Agritec Systems Limited for the year ended 30 April 2017, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Agritec Systems Limited, as a body, in accordance with the terms of our engagement letter dated 6 April 2016. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Agritec Systems Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Agritec Systems Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Agritec Systems Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Agritec Systems Limited. You consider that Agritec Systems Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of Agritec Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.

MITCHELLS Chartered Accountants

91-97 Saltergate Chesterfield Derbyshire S40 1LA

7 August 2017

Agritec Systems Limited

Abridged Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Fixed Assets

Tangible assets	5		256,515	269,816

Current Assets

Stocks	23,112	–
Debtors	919,083	10,200
Cash at bank and in hand	180,730	397,769
	------------	---------
	1,122,925	407,969

Creditors: amounts falling due within one year	438,142		120,608
	------------		---------
Net Current Assets		684,783	287,361
		---------	---------
Total Assets Less Current Liabilities		941,298	557,177

Creditors: amounts falling due after more than one year	–	60,000
	---------	---------
Net Assets	941,298	497,177
	---------	---------

Agritec Systems Limited

Abridged Statement of Financial Position (continued)

30 April 2017

	2017		2016
Note	£	£	£

Capital and Reserves

Called up share capital	6	2,001	2,001
Share premium account		249,800	249,800
Profit and loss account		689,497	245,376
		---------	---------
Shareholders Funds		941,298	497,177
		---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

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

These abridged financial statements were approved by the board of directors and authorised for issue on 7 August 2017 , and are signed on behalf of the board by:

Mr R J Thornhill

Director

Company registration number: 4421289

Agritec Systems Limited

Notes to the Abridged Financial Statements

Year Ended 30 April 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 91-97 Saltergate, Chesterfield, Derbyshire, S40 1LA.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor vehicles	-	25% reducing balance
Plant & equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2016: 4 ).

5. Tangible assets

	£
Cost
At 1 May 2016	298,866
Additions	24,782
	---------
At 30 April 2017	323,648
	---------
Depreciation
At 1 May 2016	29,050
Charge for the year	38,083
	---------
At 30 April 2017	67,133
	---------
Carrying amount
At 30 April 2017	256,515
	---------
At 30 April 2016	269,816
	---------

6. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary A shares of £ 1 each	2,000	2,000	2,000	2,000
Ordinary B shares of £ 1 each	1	1	1	1
	-------	-------	-------	-------
	2,001	2,001	2,001	2,001
	-------	-------	-------	-------

7. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.

No transitional adjustments were required in equity or profit or loss for the period.