Company Registration No. 11036438 (England and Wales)
AGRITECK SOLUTIONS UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
PAGES FOR FILING WITH REGISTRAR
AGRITECK SOLUTIONS UK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
AGRITECK SOLUTIONS UK LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2020
31 October 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
479,637
639,527
Current assets
Debtors
5
67,093
1,540
Cash at bank and in hand
67,849
119,504
134,942
121,044
Creditors: amounts falling due within one year
6
(149,694)
(144,304)
Net current liabilities
(14,752)
(23,260)
Total assets less current liabilities
464,885
616,267
Creditors: amounts falling due after more than one year
7
(367,020)
(542,392)
Provisions for liabilities
(4,596)
(12,500)
Net assets
93,269
61,375
Capital and reserves
Called up share capital
8
5
5
Profit and loss reserves
93,264
61,370
Total equity
93,269
61,375
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 31 October 2020 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.
T
he 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.
AGRITECK SOLUTIONS UK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2020
31 October 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 August 2021 and are signed on its behalf by:
Mr Ivan Fomin
Director
Company Registration No. 11036438
AGRITECK SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
- 3 -
1
Accounting policies
Company information
Agriteck Solutions UK Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
57-59 Saltergate, Chesterfield, Derbyshire, S40 1UL.
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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
1.2
Turnover
Turnover 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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:
Plant and equipment
16.67% straight line
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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.
1.5
Cash at bank and in hand
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.
AGRITECK SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
1
Accounting policies
(Continued)
- 4 -
1.6
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 balance sheet 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 debtors 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.
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 creditors, bank
and other loans
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
paymen
ts 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 creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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 creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
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. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
AGRITECK SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
1
Accounting policies
(Continued)
- 5 -
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.
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
2020
2019
Number
Number
Total
3
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
17,375
Deferred tax
Origination and reversal of timing differences
(7,904)
4,915
Total tax charge
9,471
4,915
AGRITECK SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2019 and 31 October 2020
959,339
Depreciation and impairment
At 1 November 2019
319,812
Depreciation charged in the year
159,890
At 31 October 2020
479,702
Carrying amount
At 31 October 2020
479,637
At 31 October 2019
639,527
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
65,550
Other debtors
1,543
1,540
67,093
1,540
6
Creditors: amounts falling due within one year
2020
2019
£
£
Corporation tax
17,375
Other taxation and social security
10,525
10,925
Other creditors
121,794
133,379
149,694
144,304
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
367,020
542,392
The loan balances shown in other creditors are secured by a fixed and floating charge.
AGRITECK SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 7 -
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
5 Ordinary shares of £1 each
5
5
5
5
The £5 share capital is the original capital of the company.
9
Related party transactions
During the period
Agriteck Solutions UK Limited
received a loan
from MSE Systems Limited, a company under the common control of the directors.
At the balance sheet date £nil (2019: £80,000) was outstanding on the loan.
Agriteck Solutions UK Limited
has an outstanding loan
from Minimas Limited, a company under the common control of the directors. At the balance sheet date £
486,162 (2019 - £593,195)
was outstanding on the loan.