ARGRAIN LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Company registration number 01223191 (England and Wales)
ARGRAIN LTD
COMPANY INFORMATION
Directors
Mr D Padgett
Mr R Padgett
(Appointed 29 June 2023)
Company number
01223191
Registered office
Mill Farm
Raskelf
Easingwold
York
YO61 3LB
Auditor
Hunter Gee Holroyd
Club Chambers
Museum Street
York
YO1 7DN
Bankers
HSBC Bank plc
13 Parliament Street
York
YO1 8XS
Solicitors
Harland & Co
18 St Saviourgate
York
YO1 8NS
ARGRAIN LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
ARGRAIN LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
The directors present the strategic report for the year ended 30 June 2023.
Review of the business
The company has enjoyed an exceptionally profitable year, driven predominantly by the higher prices and volatility caused by the Russian invasion of Ukraine. Volume of grain traded rose, due to a larger harvest in 2022, and the drying and storage operation saw a return to more normal tonnages. Although prices had subsided by the end of the period, the first quarter, which included harvest, saw significant improvement in both volume and profitability.
The increased prices were also beneficial to our own farming operation, with good yields being marketed successfully before markets declined. Whilst there was a slight reduction in the contracted area being farmed, the company will only look to take additional acreage where a sensible margin can be achieved.
Feed and fertiliser volumes remained broadly similar and made good contributions towards overall profitability. A new contract to manufacture blended feeds for a national company was won during the year, with production commencing in March 2023. It is hoped that this will better utilise existing resources outside of the harvest period and that there will be some benefits from the demands for combinable crops for the blends. No significant capital investment has been required for this diversification, with the limited costs of building alterations being absorbed in repairs.
The UK grain merchanting sector remains very competitive and the weather and political landscape give rise to significant volatility to prices. It is not foreseen that the current year's level of profitability will continue, certainly the outlook for 2024 is much reduced. The outlook for their arable farming sector appears increasingly uncertain as a result of weather, the volatile price of both crops and inputs, together with the effects of changing government policy. Therefore, the company will continue to concentrate on its existing trading relationships and will only consider organic growth opportunities.
Principal risks and uncertainties
The directors' principal concerns remain profitability at both gross and post tax levels, together with the return on capital employed. The performance against these indicators was exceptional.
The risks and uncertainties faced by the company, and all others in the sector, remain principally weather conditions throughout the world affecting the quantity and quality of the crop. This creates speculation on a world level which directly impacts on price volatility and the pattern of trading, giving rise both to downside risk and profitable trading opportunities. This risk is constantly managed using both physical and futures contracts where appropriate.
The company is exposed to some risk from trade debtors, which is reduced by insurance and active monitoring of all accounts.
The company also needs to ensure it has sufficient liquidity to meets its foreseeable requirements. The directors remain satisfied that the banking facilities in place are more than adequate to allow it to meet all its obligations and exploit any possible trading opportunities that arise.
Key performance indicators
The directors monitor the following key performance indicators.
- Gross profit percentage - 6.77% in 2023 compared to 6.36% in 2022.
- Return on capital employed - 50% in 2023 compared to 44% in 2022.
- Profit before tax - £2,855,158 in 2023 compared to £2,230,184 in 2022.
The company is not planning to move into any new markets, growth is to be achieved through increasing the market share in its existing markets.
ARGRAIN LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Mr D Padgett
Director
26 March 2024
ARGRAIN LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
The directors present their annual report and financial statements for the year ended 30 June 2023.
Principal activities
The principal activity of the company during the year remained the drying, storage, marketing and distribution of grain from Yorkshire and the surrounding counties.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £1,331,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr D Padgett
(Deceased 23 May 2023)
Mr D Padgett
Mr R Padgett
(Appointed 29 June 2023)
Financial instruments
The company holds or issues financial instruments in order to achieve three main objectives, being:
(a) to finance its operations;
(b) to manage its exposure to interest and currency risks arising from its operations and from its sources of finance; and
(c) for trading purposes.
In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations.
Transactions in financial instruments result in the company assuming or transferring to another party one or more of the financial risks described below.
Liquidity risk
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. In respect of loans, these comprise loans from directors and loans from financial institutions. The interest rate on the loans from financial institutions is variable but the monthly repayments are fixed. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments. The loans from directors are interest free and payable on demand. The directors are aware of the company's required finance and have determined that these will only be repaid, in whole or in part, when finance is available.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Credit risk
The company monitors credit risk closely and considers that its current policies of credit checks meets its objectives of managing exposure to credit risk.
The company has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments.
ARGRAIN LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
Auditor
The auditor, Hunter Gee Holroyd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditor are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr D Padgett
Director
26 March 2024
ARGRAIN LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ARGRAIN LTD
- 5 -
Opinion
We have audited the financial statements of Argrain Ltd (the 'company') for the year ended 30 June 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
ARGRAIN LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ARGRAIN LTD
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
ARGRAIN LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ARGRAIN LTD
- 7 -
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
•the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
•we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the grain sector;
•we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery and employment legislation;
•we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
•identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
•making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
•considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
To address the risk of fraud through management bias and override of controls, we:
•performed analytical procedures to identify any unusual or unexpected relationships;
•tested journal entries to identify unusual transactions;
•assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
•investigated the rationale behind significant or unusual transactions;
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
•agreeing financial statement disclosures to underlying supporting documentation;
•reading the minutes of meetings of those charged with governance; and
•enquiring of management as to actual and potential litigation and claims;
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
ARGRAIN LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ARGRAIN LTD
- 8 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Nigel Everard
Senior Statutory Auditor
For and on behalf of Hunter Gee Holroyd
27 March 2024
Chartered Accountants
Statutory Auditor
Club Chambers
Museum Street
York
YO1 7DN
ARGRAIN LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
2023
2022
Notes
£
£
Revenue
3
96,303,820
81,670,672
Cost of sales
(89,785,618)
(76,479,804)
Gross profit
6,518,202
5,190,868
Distribution costs
(708,325)
(597,373)
Administrative expenses
(3,021,414)
(2,465,212)
Other operating income
83,726
125,248
Operating profit
4
2,872,189
2,253,531
Investment income
7
94,314
20,850
Finance costs
8
(109,545)
(43,897)
Other gains and losses
9
(1,800)
(300)
Profit before taxation
2,855,158
2,230,184
Tax on profit
10
(572,054)
(414,878)
Profit for the financial year
2,283,104
1,815,306
The income statement has been prepared on the basis that all operations are continuing operations.
ARGRAIN LTD
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
30 June 2023
- 10 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
13
1,240,278
1,069,977
Investments
14
1,800
1,240,278
1,071,777
Current assets
Inventories
16
3,222,069
3,278,436
Trade and other receivables
17
11,483,880
12,376,460
Cash and cash equivalents
10,478
7,256
14,716,427
15,662,152
Creditors: amounts falling due within one year
18
(10,488,907)
(12,216,717)
Net current assets
4,227,520
3,445,435
Total assets less current liabilities
5,467,798
4,517,212
Non-current liabilities
19
(21,379)
(75,212)
Provisions for liabilities
Deferred tax liability
22
307,555
255,240
(307,555)
(255,240)
Net assets
5,138,864
4,186,760
Capital and reserves
Called up share capital
24
34,280
34,280
Share premium account
301,120
301,120
Capital redemption reserve
10,000
10,000
Retained earnings
4,793,464
3,841,360
Total equity
5,138,864
4,186,760
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true
The financial statements were approved by the board of directors and authorised for issue on 26 March 2024 and are signed on its behalf by:
Mr D Padgett
Director
Company registration number 01223191 (England and Wales)
ARGRAIN LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
Share capital
Share premium account
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 July 2021
30,380
301,120
10,000
3,065,054
3,406,554
Year ended 30 June 2022:
Profit and total comprehensive income
-
-
-
1,815,306
1,815,306
Issue of share capital
24
3,900
-
-
3,900
Dividends
11
-
-
-
(1,039,000)
(1,039,000)
Balance at 30 June 2022
34,280
301,120
10,000
3,841,360
4,186,760
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
-
2,283,104
2,283,104
Dividends
11
-
-
-
(1,331,000)
(1,331,000)
Balance at 30 June 2023
34,280
301,120
10,000
4,793,464
5,138,864
ARGRAIN LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
3,557,543
140,642
Interest paid
(109,545)
(43,897)
Income taxes paid
(427,552)
(173,794)
Net cash inflow/(outflow) from operating activities
3,020,446
(77,049)
Investing activities
Purchase of property, plant and equipment
(669,655)
(360,396)
Proceeds from disposal of property, plant and equipment
77,500
60,200
Interest received
94,314
20,850
Net cash used in investing activities
(497,841)
(279,346)
Financing activities
Proceeds from issue of shares
3,900
Payment of finance leases obligations
(71,378)
6,772
Dividends paid
(1,331,000)
(1,039,000)
Net cash used in financing activities
(1,402,378)
(1,028,328)
Net increase/(decrease) in cash and cash equivalents
1,120,227
(1,384,723)
Cash and cash equivalents at beginning of year
(1,174,293)
210,430
Cash and cash equivalents at end of year
(54,066)
(1,174,293)
Relating to:
Cash at bank and in hand
10,478
7,256
Bank overdrafts included in creditors payable within one year
(64,544)
(1,181,549)
ARGRAIN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 13 -
1
Accounting policies
Company information
Argrain Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Mill Farm, Raskelf, Easingwold, York, YO61 3LB.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and 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 the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Entitlement fees
3 years straight line
1.6
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
ARGRAIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 14 -
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
20% straight line
Fixtures fittings and equipment
20% and 33.3% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Non-current 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.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.8
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
ARGRAIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 15 -
1.9
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
ARGRAIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
ARGRAIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 income statement, 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.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Contributions to the company's defined contribution pension schemes are charged to the profit and loss account for the year they become payable to the scheme. Differences between contributions payable and contributions actually paid are shown as either accruals or prepayments at the year end.
ARGRAIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 18 -
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 leases 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.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Revenue
An analysis of the company's revenue is as follows:
2023
2022
£
£
Revenue analysed by class of business
Grain merchants
96,303,820
81,670,672
2023
2022
£
£
Other revenue
Interest income
94,314
20,850
ARGRAIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 19 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Research and development costs
40,153
-
Fees payable to the company's auditor for the audit of the company's financial statements
8,000
7,000
Depreciation of owned property, plant and equipment
428,620
400,390
Depreciation of property, plant and equipment held under finance leases
70,734
73,761
Profit on disposal of property, plant and equipment
(77,500)
(53,967)
Operating lease charges
494,233
364,143
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Number of administrative staff
30
28
Number of management staff
1
1
Total
31
29
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
1,117,489
922,343
Social security costs
112,259
78,868
Pension costs
226,565
27,289
1,456,313
1,028,500
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
7,956
7,956
Company pension contributions to defined contribution schemes
180,000
-
187,956
7,956
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).
ARGRAIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 20 -
7
Investment income
2023
2022
£
£
Interest income
Other interest income
94,314
20,850
8
Finance costs
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
81,418
40,980
Other finance costs:
Interest on finance leases and hire purchase contracts
1,258
2,917
Other interest
26,869
109,545
43,897
9
Other gains and losses
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Loss on financial assets held at fair value through profit or loss
(1,800)
(300)
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
519,739
427,552
Deferred tax
Origination and reversal of timing differences
52,315
(12,674)
Total tax charge
572,054
414,878
ARGRAIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
10
Taxation
(Continued)
- 21 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
2,855,158
2,230,184
Expected tax charge based on the standard rate of corporation tax in the UK of 20.50% (2022: 19.00%)
585,193
423,735
Tax effect of expenses that are not deductible in determining taxable profit
17,036
14,215
Permanent capital allowances in excess of depreciation
(71,791)
(10,398)
Research and development tax credit
(10,699)
Deferred tax adjustments in respect of prior years
52,315
(12,674)
Taxation charge for the year
572,054
414,878
11
Dividends
2023
2022
£
£
Final paid
1,331,000
1,039,000
12
Intangible fixed assets
Entitlement fees
£
Cost
At 1 July 2022 and 30 June 2023
19,448
Amortisation and impairment
At 1 July 2022 and 30 June 2023
19,448
Carrying amount
At 30 June 2023
At 30 June 2022
ARGRAIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 22 -
13
Property, plant and equipment
Plant and machinery
Fixtures fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2022
3,230,338
23,515
781,469
4,035,322
Additions
501,087
168,568
669,655
Disposals
(108,000)
(22,383)
(19,938)
(150,321)
At 30 June 2023
3,623,425
1,132
930,099
4,554,656
Depreciation and impairment
At 1 July 2022
2,293,593
22,761
648,991
2,965,345
Depreciation charged in the year
385,731
377
113,246
499,354
Eliminated in respect of disposals
(108,000)
(22,383)
(19,938)
(150,321)
At 30 June 2023
2,571,324
755
742,299
3,314,378
Carrying amount
At 30 June 2023
1,052,101
377
187,800
1,240,278
At 30 June 2022
936,745
754
132,478
1,069,977
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and machinery
134,017
245,049
Motor vehicles
22,500
134,017
267,549
Depreciation charge for the year in respect of leased assets
70,734
73,761
14
Fixed asset investments
2023
2022
£
£
Listed investments
1,800
ARGRAIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
14
Fixed asset investments
(Continued)
- 23 -
Movements in non-current investments
Investments other than loans
£
Cost or valuation
At 1 July 2022
1,800
Valuation changes
(1,800)
At 30 June 2023
-
Carrying amount
At 30 June 2023
-
At 30 June 2022
1,800
15
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
-
1,800
16
Inventories
2023
2022
£
£
Finished goods and goods for resale
3,222,069
3,278,436
17
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
9,706,080
11,569,058
Other receivables
1,712,650
730,358
Prepayments and accrued income
65,150
77,044
11,483,880
12,376,460
ARGRAIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 24 -
18
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
20
64,544
1,181,549
Obligations under finance leases
21
53,834
71,379
Trade payables
7,637,085
8,598,747
Amounts owed to group undertakings
1,391,756
949,922
Corporation tax
519,739
427,552
Other taxation and social security
39,734
30,545
Other payables
433,891
479,678
Accruals and deferred income
348,324
477,345
10,488,907
12,216,717
19
Non-current liabilities
2023
2022
Notes
£
£
Obligations under finance leases
21
21,379
75,212
20
Borrowings
2023
2022
£
£
Bank overdrafts
64,544
1,181,549
Payable within one year
64,544
1,181,549
Bank loans and overdrafts are secured by the following charges:
1. Debenture comprising fixed and floating charges over all the assets and undertaking of
Argrain Limited including all present and future freehold and leasehold property, book
and other debts, chattels, goodwill and uncalled capital, both present and future.
2. Debenture comprising fixed and floating charges over all the assets and undertaking of
Argrain Holdings Limited including all present and future freehold and leasehold
property, book and other debts, chattels, goodwill and uncalled capital, both present and
future.
3. Unlimited composite company guarantee to be given by Argrain Limited and Argrain
Holdings Limited to secure all liabilities of each other.
Net obligations under finance leases and hire purchase contracts are secured on the assets of the company.
ARGRAIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 25 -
21
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
53,834
71,379
In two to five years
21,379
75,212
75,213
146,591
22
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
307,555
255,240
2023
Movements in the year:
£
Liability at 1 July 2022
255,240
Charge to profit or loss
52,315
Liability at 30 June 2023
307,555
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
226,565
27,289
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
ARGRAIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 26 -
24
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
15,380
15,380
15,380
15,380
Ordinary B shares of £1 each
15,000
15,000
15,000
15,000
Ordinary C shares of £1 each
3,900
3,900
3,900
3,900
34,280
34,280
34,280
34,280
25
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
79,000
79,000
26
Related party transactions
H W Cowling Builders Limited a business in which Mr David Padgett has an interest provided goods and services to the value of £576 (2022 - £2,263). H W Cowling Builders Limited are owed £1,411 (2022 - £1,411) at the year end.
Kyle Farming Limited a company in which the directors have an interest received goods and services to the value of £32,654 (2022 - £62,616). Debtors include £27,966 (2022 - £37,478) owed by Kyle Farming Limited.
Howardian Developments Limited a company in which Mr David Padgett has a material interest has been loaned £1,518,888 (2022 - £546,464) by Argrain Limited. Interest paid on the loan was £87,126.
27
Ultimate controlling party
The parent company of Argrain Ltd is Argrain Holdings Ltd and its registered office is Mill Farm, Raskelf, Easingwold, York YO61 3LB.
ARGRAIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 27 -
28
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
2,283,104
1,815,306
Adjustments for:
Taxation charged
572,054
414,878
Finance costs
109,545
43,897
Investment income
(94,314)
(20,850)
Gain on disposal of property, plant and equipment
(77,500)
(53,967)
Depreciation and impairment of property, plant and equipment
499,354
474,151
Other gains and losses
1,800
300
Movements in working capital:
Decrease/(increase) in inventories
56,367
(1,680,375)
Decrease/(increase) in trade and other receivables
892,580
(5,094,311)
(Decrease)/increase in trade and other payables
(685,447)
4,241,613
Cash generated from operations
3,557,543
140,642
29
Analysis of changes in net debt
1 July 2022
Cash flows
30 June 2023
£
£
£
Cash at bank and in hand
7,256
3,222
10,478
Bank overdrafts
(1,181,549)
1,117,005
(64,544)
(1,174,293)
1,120,227
(54,066)
Obligations under finance leases
(146,591)
71,378
(75,213)
(1,320,884)
1,191,605
(129,279)
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