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Financial Statements for the Year Ended 31 March 2020 |
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Agrimetrics Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 March 2020 |
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for |
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Agrimetrics Limited |
Agrimetrics Limited (Registered number: 09626581) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Agrimetrics Limited |
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Company Information |
for the Year Ended 31 March 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Lake House |
Market Hill |
Royston |
Hertfordshire |
SG8 9JN |
Agrimetrics Limited (Registered number: 09626581) |
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Balance Sheet |
31 March 2020 |
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31.3.20 | 31.3.19 |
Notes | £'000 | £'000 | £'000 | £'000 |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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RESERVES |
Income and expenditure account | 10 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Agrimetrics Limited (Registered number: 09626581) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Agrimetrics Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Company Status |
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The company is limited by guarantee and does not have a share capital. At 31 March 2020 there were 4 members and their liability is limited to £1 each, in the event of the Company being wound up while they are members, or within one year after they cease to be a member, for payments of debts and liabilities contracted before they cease to be a member. |
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Going Concern |
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The financial statements have been prepared on the going concern basis. The balance sheet shows net current liabilities of £248k (2019: £528k) and net assets of £456k (2019: £236k). The directors believe the going concern basis to be appropriate for the following reasons. |
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The company relies on government grants to meet its commitments. The current contracts with respect to the government grants expire on 31 March 2021. |
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In the event further funding will not be achieved and the company is unable to continue as a going concern, it could have an impact on the company's ability to realise assets at their recognised values, in particular software and other intangible assets and to extinguish liabilities in the normal course of business at the amounts stated in the financial statements. No adjustment has been made in the accounts in this respect. |
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COVID-19 has meant that the company, following government advice, has had to transfer its business operations to remote working. The directors have discussed the impact of COVID-19 with Innovate UK, who contributes 90% of the company's revenue, during which, they verbally expressed a positive intent to continue to work with Agrimetrics beyond March 2021 to deliver a solution which permits Agrimetrics to operate towards shared goals. Although this is a verbal assurance without legal obligation, it fits within overall government strategy to support the economy and increase R&D spending during 2020 and beyond. |
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As a result the directors have concluded that it is appropriate for the financial statements to continue to be prepared on the going concern basis. However, as the assurance received from Innovate UK to support Agrimetrics in continuing to operating beyond March 2021 at this stage is verbal, it indicates the existence of a material uncertainty which may cast doubt about the company's ability to continue as a going concern should this financial support not be forthcoming. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern. |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions which impact on the reported amounts of assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Agrimetrics Limited (Registered number: 09626581) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
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- the amount of revenue can be measured reliably; |
- it is probable that the Company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably, and; |
- the costs incurred and the costs to complete the contract can be measured reliably. |
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Grant income is recognised in the period in which the related costs are incurred. Grants of a capital nature are deferred on the balance sheet and recognised in the income statement over the expected useful life of the assets to which it relates to. |
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Intangible assets |
Intangible assets purchased or developed for the company are recognised when the future economic benefits are probable, the company has a plan to generate those economic benefits, and the cost or value of the asset can be measured reliably. Additionally, assets developed for the company are only recognised where the technical feasibility of completing the asset has been demonstrated, and sufficient resources are available to complete the development. All development expenditure that does not meet these conditions is expensed as it is incurred. |
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Intangible assets are initially recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful economic life: |
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Development costs - Straight line over 3 to 5 years |
Data licences - in accordance with the licence term |
Computer software - Straight line over 5 years |
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The useful life of software has been assessed as the period of time that it is likely to generate economic benefits without requiring significant upgrades. |
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Amortisation starts when the assets are brought into use. |
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Intangible assets are reviewed for impairment on an annual basis. |
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Tangible fixed assets |
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Leasehold improvements | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Tangible assets are reviewed for impairment on an annual basis. |
Agrimetrics Limited (Registered number: 09626581) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
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Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
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Basic financial assets |
Basic financial assets, which include debtors, 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. |
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Basic financial liabilities |
Basic financial liabilities, including creditors and 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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Trade creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Agrimetrics Limited (Registered number: 09626581) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Data | Developed | Computer |
licences | software | software | Totals |
£'000 | £'000 | £'000 | £'000 |
COST |
At 1 April 2019 |
and 31 March 2020 |
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AMORTISATION |
At 1 April 2019 |
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Amortisation for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | and | Computer |
improvements | fittings | equipment | Totals |
£'000 | £'000 | £'000 | £'000 |
COST |
At 1 April 2019 |
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Additions |
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Disposals | ( |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£'000 | £'000 |
Trade debtors |
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Amounts due from related party | 29 | - |
Other debtors |
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Tax |
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Deferred tax asset |
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Prepayments and accrued income |
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Agrimetrics Limited (Registered number: 09626581) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£'000 | £'000 |
Trade creditors |
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Amounts due to related parties | 474 | 340 |
Tax |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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Deferred government grants |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.20 | 31.3.19 |
£'000 | £'000 |
Deferred government grants |
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Included within deferred government grants is a capital grant of £677k (2019: £1,382k). The grant is released over the expected economic life of the asset the grant was used to develop.The amount of £677k represents the amount that is expected to be released after 31 March 2021. |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.20 | 31.3.19 |
£'000 | £'000 |
Within one year |
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10. | RESERVES |
Income |
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expenditure |
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£'000 |
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At 1 April 2019 |
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Surplus for the year |
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At 31 March 2020 |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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