Company registration number SC108257 (Scotland)
Agricultural Communications Limited
Unaudited financial statements
for the year ended 31 March 2023
Pages for filing with registrar
Agricultural Communications Limited
Chartered Accountants' report to the director on the preparation of the
unaudited statutory financial statements of Agricultural Communications Limited
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 Agricultural Communications Limited for the year ended 31 March 2023 which comprise, the statement of financial position 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 ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the Board of Directors of Agricultural Communications Limited, as a body, in accordance with the terms of our engagement letter dated 20 October 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Agricultural Communications Limited and state those matters that we have agreed to state to the Board of Directors of Agricultural Communications Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Agricultural Communications Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Agricultural Communications 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 Agricultural Communications Limited. You consider that Agricultural Communications 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 Agricultural Communications 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.
James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
20 December 2023
Agricultural Communications Limited
Statement of financial position
as at 31 March 2023
31 March 2023
2
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
135
Current assets
Debtors
15,567
10,812
Cash at bank and in hand
7,963
5,281
23,530
16,093
Creditors: amounts falling due within one year
(76,196)
(82,518)
Net current liabilities
(52,666)
(66,425)
Net liabilities
(52,666)
(66,290)
Capital and reserves
Called up share capital
70,000
70,000
Profit and loss reserves
(122,666)
(136,290)
Total equity
(52,666)
(66,290)
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
Agricultural Communications Limited
Statement of financial position (continued)
as at 31 March 2023
31 March 2023
3
The financial statements were approved and signed by the director and authorised for issue on 19 December 2023
Edwin J. Gillanders
Director
Company Registration No. SC108257
Agricultural Communications Limited
Notes to the financial statements
for the year ended 31 March 2023
4
1
Accounting policies
Company information
Agricultural Communications Limited is a private company limited by shares incorporated in Scotland. The registered office is 11 Sunnyside Gardens, Drumoak, Banchory, AB31 5EZ.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has net liabilities of £52,666 (2022: £66,290), due in part to a loan received from the director. The director has confirmed he will not seek repayment of the loan to the detriment of the company and will continue to support the company financially ensuring all liabilities are met. The director therefore considers it to be appropriate for the accounts to be prepared on a going concern basis.true
1.3
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.
1.4
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:
Fixtures and fittings
3 years straight line basis
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.
1.5
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Agricultural Communications Limited
Notes to the financial statements (continued)
for the year ended 31 March 2023
5
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Total
£
Cost
At 1 April 2022 and 31 March 2023
1,393
Depreciation and impairment
At 1 April 2022
1,258
Depreciation charged in the year
135
At 31 March 2023
1,393
Carrying amount
At 31 March 2023
At 31 March 2022
135
4
Directors' transactions
Description
Opening balance (credit)
Amounts advanced
Amounts repaid
Closing balance (credit)
£
£
£
£
Edwin J. Gillanders - Director's account
-
51,663
312
(7,872)
44,103
51,663
312
(7,872)
44,103