Agritopics Ltd 31/01/2020 iXBRL

Agritopics Ltd 31/01/2020 iXBRL

AGRITOPICS LTD - Company Information

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Company registration number: 7129035
Agritopics Ltd
Unaudited filleted financial statements
31 January 2020
Agritopics Ltd
Statement of financial position
31 January 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 4 69 92
_______ _______
69 92
Current assets
Debtors 12,817 13,150
Cash at bank and in hand 30,412 30,661
_______ _______
43,229 43,811
Creditors: amounts falling due
within one year ( 4,579) ( 5,302)
_______ _______
Net current assets 38,650 38,509
_______ _______
Total assets less current liabilities 38,719 38,601
Provisions for liabilities ( 13) ( 17)
_______ _______
Net assets 38,706 38,584
_______ _______
Capital and reserves
Called up share capital 5 100 100
Profit and loss account 38,606 38,484
_______ _______
Shareholders funds 38,706 38,584
_______ _______
For the year ending 31 January 2020 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.
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 Section 1A of 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.
These financial statements were approved by the board of directors and authorised for issue on 25 August 2020 , and are signed on behalf of the board by:
Mr P J Mitton
Director
Company registration number: 7129035
Agritopics Ltd
Notes to the financial statements
Year ended 31 January 2020
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Belvoir House, 1 Rous Road, Newmarket, Suffolk, CB8 8DH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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:
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
4. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 February 2019 and 31 January 2020 731 731
_______ _______
Depreciation
At 1 February 2019 639 639
Charge for the year 23 23
_______ _______
At 31 January 2020 662 662
_______ _______
Carrying amount
At 31 January 2020 69 69
_______ _______
At 31 January 2019 92 92
_______ _______
5. Called up share capital
Issued, called up and fully paid
2020 2019
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
6. Related party transactions
Creditors includes a directors loan account (in credit) balance of £2,171 for the director P J Mitton.