AGRILINE_PRODUCTS_HOLDING - Accounts


Company Registration No. 08279694 (England and Wales)
AGRILINE PRODUCTS HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
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 Lane
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 - 7
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 2017
- 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 2017 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
8 December 2017
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
AGRILINE PRODUCTS HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2017
30 April 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
110,062
112,308
Investment properties
4
497,617
238,780
Investments
5
2,513,983
2,514,083
3,121,662
2,865,171
Current assets
Debtors
6
12,589
21,542
Cash at bank and in hand
342
145,356
12,931
166,898
Creditors: amounts falling due within one year
7
(1,486,256)
(1,957,265)
Net current liabilities
(1,473,325)
(1,790,367)
Total assets less current liabilities
1,648,337
1,074,804
Creditors: amounts falling due after more than one year
8
(84,765)
-
Provisions for liabilities
(17,335)
-
Net assets
1,546,237
1,074,804
Capital and reserves
Called up share capital
10
800
800
Profit and loss reserves
1,545,437
1,074,004
Total equity
1,546,237
1,074,804

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 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act 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 2017
30 April 2017
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 8 December 2017 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 2017
- 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 Lane, 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.

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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

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 the profit and loss account.

 

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

Fixed asset investments are stated at cost.

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 2017
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).

3
Tangible fixed assets
Leasehold improvements
£
Cost
At 1 May 2016 and 30 April 2017
115,000
Depreciation and impairment
At 1 May 2016
2,692
Depreciation charged in the year
2,246
At 30 April 2017
4,938
Carrying amount
At 30 April 2017
110,062
At 30 April 2016
112,308
AGRILINE PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 6 -
4
Investment property
2017
£
Fair value
At 1 May 2016
238,780
Additions
258,837
At 30 April 2017
497,617
5
Fixed asset investments
2017
2016
£
£
Investments
2,513,983
2,514,083
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2016
2,514,083
Disposals
(100)
At 30 April 2017
2,513,983
Carrying amount
At 30 April 2017
2,513,983
At 30 April 2016
2,514,083
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
7,740
Corporation tax recoverable
-
27
Other debtors
12,589
13,775
12,589
21,542
AGRILINE PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 7 -
7
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
10,275
-
Trade creditors
70,427
92,737
Amounts due to group undertakings
446,826
788,697
Corporation tax
61,188
42,854
Other taxation and social security
26,480
30,451
Other creditors
871,060
1,002,526
1,486,256
1,957,265
8
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
84,765
-
9
Secured debts
The following secured debts are included within creditors:
2017
2016
£
£
Bank loans
95,040
-

Bank loans are secured by way of a fixed and floating charge over all assets of Agriline Products Holdings Limited and its subsidiary undertaking Agriline Products Limited.

10
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
500 Ordinary A of £1 each
500
500
100 Ordinary B of £1 each
100
100
100 Ordinary C of £1 each
100
100
100 Ordinary D of £1 each
100
100
800
800
11
Ultimate controlling party

There is no ultimate controlling party.

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