REGISTERED NUMBER: 02020706 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2017

for

AGRIHIRE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr T Hubert

SECRETARY:

Mrs D R Hubert

REGISTERED OFFICE:

Fidgeons Farm

Bullen Lane

Bramford

Ipswich

Suffolk

IP8 4JJ

REGISTERED NUMBER:

02020706 (England and Wales)

ACCOUNTANTS:

Turner & Ellerby

Chartered Certified Accountants

5 Church Street

Framlingham

Woodbridge

Suffolk

IP13 9BQ

FIXED ASSETS

Tangible assets

4

739,701

605,943

CURRENT ASSETS

Stocks

480,376

505,379

Debtors

5

279,190

198,071

Cash at bank and in hand

8,978

36,504

768,544

739,954

CREDITORS

Amounts falling due within one year

6

523,794

542,417

NET CURRENT ASSETS

244,750

197,537

TOTAL ASSETS LESS CURRENT LIABILITIES

984,451

803,480

CREDITORS

Amounts falling due after more than one year

7

(146,048

)

(95,414

)

PROVISIONS FOR LIABILITIES

9

(132,055

)

(114,831

)

NET ASSETS

706,348

593,235

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

706,048

592,935

SHAREHOLDERS' FUNDS

706,348

593,235

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 12 March 2018 and were signed by:

Mr T Hubert - Director

1.	STATUTORY INFORMATION

AGRIHIRE LIMITED is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

15% on cost

Plant and machinery

-

at varying rates on cost

Fixtures and fittings

-

15% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Grants

Grants received in respect of capital items are recognised in the financial statements over a deferred

period in line with the estimated useful economic life of the assets.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2016 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 July 2016

87,063

1,053,815

21,693

1,162,571

Additions

24,110

422,525

1,529

448,164

Disposals

-

(221,417

)

-

(221,417

)

At 30 June 2017

111,173

1,254,923

23,222

1,389,318

DEPRECIATION

At 1 July 2016

55,274

484,164

17,190

556,628

Charge for year

11,224

120,657

1,440

133,321

Eliminated on disposal

-

(40,332

)

-

(40,332

)

At 30 June 2017

66,498

564,489

18,630

649,617

NET BOOK VALUE

At 30 June 2017

44,675

690,434

4,592

739,701

At 30 June 2016

31,789

569,651

4,503

605,943

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 July 2016

329,051

Additions

114,404

Transfer to ownership

(47,030

)

At 30 June 2017

396,425

DEPRECIATION

At 1 July 2016

54,359

Charge for year

45,839

Transfer to ownership

(5,926

)

At 30 June 2017

94,272

NET BOOK VALUE

At 30 June 2017

302,153

At 30 June 2016

274,692

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

227,338

161,694

VAT

1,795

-

Prepayments

50,057

36,377

279,190

198,071

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

97,735

73,063

Trade creditors

305,947

366,701

Tax

26,798

10,185

Social security and other taxes

10,282

7,229

VAT

-

10,197

Deferred capital grant

16,000

20,000

Directors' current accounts

26

124

Accruals and deferred income

67,006

54,918

523,794

542,417

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

146,048

95,414

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

243,783

168,477

Amounts owing under finance leases and hire purchase contracts are secured on the assets to which

they relate.

9.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

132,055

114,831

Deferred

tax

£

Balance at 1 July 2016

114,831

Movement in year

17,224

Balance at 30 June 2017

132,055

10.	CONTINGENT LIABILITIES

Under the terms of the grant funding, should the Company breach any of the conditions, the whole or

part of the grant may be repayable.

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by Mr T & Mrs D R Hubert by virtue of their 100% shareholding.

12.	FIRST YEAR ADOPTION

The policies applied under the entities previous accounting framework are not materially different to

FRS 102 Section 1a and have not impacted on equity or profit.