AGRILINE_PRODUCTS_HOLDING - Accounts


Company Registration No. 08279694 (England and Wales)
AGRILINE PRODUCTS HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
PAGES FOR FILING WITH REGISTRAR
AGRILINE PRODUCTS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr N R Rands
Mr O G Stiley
Company number
08279694
Registered office
Grasmere Cottage
Lower Bentley
Bromsgrove
Worcestershire
B60 4JB
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
Haydon House
Alcester Road
Studley
Warwickshire
B80 7AN
AGRILINE PRODUCTS HOLDINGS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
AGRILINE PRODUCTS HOLDINGS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AGRILINE PRODUCTS HOLDINGS LIMITED FOR THE YEAR ENDED 30 APRIL 2019
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Agriline Products Holdings Limited for the year ended 30 April 2019 which comprise, the balance sheet 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 http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Agriline Products Holdings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Agriline Products Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Agriline Products Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Agriline Products Holdings Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Agriline Products Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Agriline Products Holdings Limited. You consider that Agriline Products Holdings 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 financial statements of Agriline Products Holdings 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 financial statements.

Ormerod Rutter Limited
11 December 2019
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
AGRILINE PRODUCTS HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2019
30 April 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
105,704
107,861
Investment properties
4
952,730
708,336
Investments
5
2,513,983
2,513,983
3,572,417
3,330,180
Current assets
Debtors
6
323,360
11,950
Cash at bank and in hand
505
430
323,865
12,380
Creditors: amounts falling due within one year
7
(1,214,452)
(1,249,106)
Net current liabilities
(890,587)
(1,236,726)
Total assets less current liabilities
2,681,830
2,093,454
Creditors: amounts falling due after more than one year
8
(123,962)
(32,205)
Provisions for liabilities
10
(16,649)
(16,988)
Net assets
2,541,219
2,044,261
Capital and reserves
Called up share capital
11
800
800
Profit and loss reserves
2,540,419
2,043,461
Total equity
2,541,219
2,044,261

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 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.

AGRILINE PRODUCTS HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2019
30 April 2019
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 11 December 2019 and are signed on its behalf by:
Mr N R Rands
Mr O G Stiley
Director
Director
Company Registration No. 08279694
AGRILINE PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
- 4 -
1
Accounting policies
Company information

Agriline Products Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Grasmere Cottage, Lower Bentley, Bromsgrove, Worcestershire, B60 4JB.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

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

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

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:

Leasehold improvements
2% on reducing balance
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Taxation

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

AGRILINE PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 2).

AGRILINE PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 6 -
3
Tangible fixed assets
Leasehold improvements
£
Cost
At 1 May 2018 and 30 April 2019
115,000
Depreciation and impairment
At 1 May 2018
7,139
Depreciation charged in the year
2,157
At 30 April 2019
9,296
Carrying amount
At 30 April 2019
105,704
At 30 April 2018
107,861
4
Investment property
2019
£
Fair value
At 1 May 2018
708,337
Additions
244,393
At 30 April 2019
952,730

It is in the opinion of the directors that the market value of investment property is not considered to be significantly different from the carrying value held at historical cost.

5
Fixed asset investments
2019
2018
£
£
Investments
2,513,983
2,513,983
AGRILINE PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2018 & 30 April 2019
2,513,983
Carrying amount
At 30 April 2019
2,513,983
At 30 April 2018
2,513,983
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
323,360
11,950
7
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
14,033
4,442
Trade creditors
29,814
50,621
Amounts owed to group undertakings
955,921
794,794
Corporation tax
58,857
60,099
Other taxation and social security
-
28,558
Other creditors
155,827
310,592
1,214,452
1,249,106
8
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
123,962
32,205
AGRILINE PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 8 -
9
Secured debts
The following secured debts are included within creditors:
2019
2018
£
£
Bank loans
137,995
36,647
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
Security has also been given by way of a fixed and floating charge over the assets of the Agriline Products Limited in respect of the bank loan.
10
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
16,649
16,988
11
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
500Ordinary A of £1 each
500
500
100Ordinary B of £1 each
100
100
100Ordinary C of £1 each
100
100
100Ordinary D of £1 each
100
100
800
800
12
Ultimate controlling party

There is no ultimate controlling party.

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