false false false false false false false false false true false false false false false false false No description of principal activity 2016-10-01 Sage Accounts Production Advanced 2018 - FRS 65,828 8,442 74,270 52,545 8,894 61,439 12,831 13,283 xbrli:pure xbrli:shares iso4217:GBP 02039849 2016-10-01 2017-09-30 02039849 2017-09-30 02039849 2016-09-30 02039849 2015-10-01 2016-09-30 02039849 2016-09-30 02039849 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2016-10-01 2017-09-30 02039849 core:LandBuildings core:ShortLeaseholdAssets 2016-10-01 2017-09-30 02039849 core:FurnitureFittings 2016-10-01 2017-09-30 02039849 core:MotorVehicles 2016-10-01 2017-09-30 02039849 bus:Director1 2016-10-01 2017-09-30 02039849 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2016-09-30 02039849 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2017-09-30 02039849 core:LandBuildings 2016-09-30 02039849 core:PlantMachinery 2016-09-30 02039849 core:FurnitureFittings 2016-09-30 02039849 core:MotorVehicles 2016-09-30 02039849 core:LandBuildings 2017-09-30 02039849 core:PlantMachinery 2017-09-30 02039849 core:FurnitureFittings 2017-09-30 02039849 core:MotorVehicles 2017-09-30 02039849 core:PlantMachinery 2016-10-01 2017-09-30 02039849 core:WithinOneYear 2017-09-30 02039849 core:WithinOneYear 2016-09-30 02039849 core:AfterOneYear 2017-09-30 02039849 core:AfterOneYear 2016-09-30 02039849 core:ShareCapital 2017-09-30 02039849 core:ShareCapital 2016-09-30 02039849 core:RevaluationReserve 2017-09-30 02039849 core:RevaluationReserve 2016-09-30 02039849 core:RetainedEarningsAccumulatedLosses 2017-09-30 02039849 core:RetainedEarningsAccumulatedLosses 2016-09-30 02039849 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2016-09-30 02039849 core:PlantMachinery 2016-09-30 02039849 core:FurnitureFittings 2016-09-30 02039849 core:MotorVehicles 2016-09-30 02039849 bus:Director1 2016-09-30 02039849 bus:Director1 2017-09-30 02039849 bus:Director1 2015-09-30 02039849 bus:Director1 2016-09-30 02039849 bus:Director1 2015-10-01 2016-09-30 02039849 bus:SmallEntities 2016-10-01 2017-09-30 02039849 bus:AuditExemptWithAccountantsReport 2016-10-01 2017-09-30 02039849 bus:FullAccounts 2016-10-01 2017-09-30 02039849 bus:SmallCompaniesRegimeForAccounts 2016-10-01 2017-09-30 02039849 bus:PrivateLimitedCompanyLtd 2016-10-01 2017-09-30
COMPANY REGISTRATION NUMBER: 02039849
Agralan Limited
Filleted Unaudited Financial Statements
30 September 2017
Agralan Limited
Statement of Financial Position
30 September 2017
2017
2016
Note
£
£
£
Fixed assets
Intangible assets
5
12,831
13,283
Tangible assets
6
78,001
24,953
--------
--------
90,832
38,236
Current assets
Stocks
302,834
275,582
Debtors
7
239,012
283,957
Cash at bank and in hand
339,526
258,975
---------
---------
881,372
818,514
Creditors: amounts falling due within one year
8
460,296
394,800
---------
---------
Net current assets
421,076
423,714
---------
---------
Total assets less current liabilities
511,908
461,950
Creditors: amounts falling due after more than one year
9
64,491
36,168
Provisions
Taxation including deferred tax
4,292
4,292
---------
---------
Net assets
443,125
421,490
---------
---------
Capital and reserves
Called up share capital
85,000
85,000
Revaluation reserve
1,388
1,388
Profit and loss account
356,737
335,102
---------
---------
Shareholders funds
443,125
421,490
---------
---------
These 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 statement of comprehensive income has not been delivered.
For the year ending 30 September 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 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 financial statements .
Agralan Limited
Statement of Financial Position (continued)
30 September 2017
These financial statements were approved by the board of directors and authorised for issue on 15 June 2018 , and are signed on behalf of the board by:
Mr A J P Frost
Director
Company registration number: 02039849
Agralan Limited
Notes to the Financial Statements
Year ended 30 September 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 The Old Brickyard, Ashton Keynes, Swindon, Wiltshire, SN6 6QR.
2. Statement of compliance
These 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 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 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 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
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
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Research & development
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Leasehold property
-
10% straight line
Plant & machinery
-
12.75% and 20% straight line
Fixtures & fittings
-
6% straight line
Motor vehicles
-
25% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2016: 11 ).
5. Intangible assets
Research & development costs
£
Cost
At 1 October 2016
65,828
Additions
Additions from internal developments
8,442
--------
At 30 September 2017
74,270
--------
Amortisation
At 1 October 2016
52,545
Charge for the year
8,894
--------
At 30 September 2017
61,439
--------
Carrying amount
At 30 September 2017
12,831
--------
At 30 September 2016
13,283
--------
6. Tangible assets
Leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2016
130,860
48,519
23,813
9,090
212,282
Additions
40,747
13,907
15,257
69,911
Disposals
( 16,441)
( 4,995)
( 21,436)
---------
--------
--------
--------
---------
At 30 September 2017
130,860
72,825
37,720
19,352
260,757
---------
--------
--------
--------
---------
Depreciation
At 1 October 2016
130,860
40,477
7,938
8,054
187,329
Charge for the year
9,612
2,516
3,951
16,079
Disposals
( 16,146)
( 4,506)
( 20,652)
---------
--------
--------
--------
---------
At 30 September 2017
130,860
33,943
10,454
7,499
182,756
---------
--------
--------
--------
---------
Carrying amount
At 30 September 2017
38,882
27,266
11,853
78,001
---------
--------
--------
--------
---------
At 30 September 2016
8,042
15,875
1,036
24,953
---------
--------
--------
--------
---------
7. Debtors
2017
2016
£
£
Trade debtors
233,197
266,186
Other debtors
5,815
17,771
---------
---------
239,012
283,957
---------
---------
8. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
30,416
31,856
Trade creditors
356,592
280,623
Corporation tax
8,307
Social security and other taxes
22,739
22,709
Other creditors
434
Other creditors
50,115
51,305
---------
---------
460,296
394,800
---------
---------
9. Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
53,562
36,168
Other creditors
10,929
--------
--------
64,491
36,168
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2017
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr A J P Frost
( 38,956)
( 6,199)
( 45,155)
--------
-------
--------
2016
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr A J P Frost
( 32,381)
( 6,575)
( 38,956)
--------
-------
--------
11. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.
No transitional adjustments were required in equity or profit or loss for the year.