Company Registration No. SC154407 (Scotland)
ROSS AGRI SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
PAGES FOR FILING WITH REGISTRAR
ROSS AGRI SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
ROSS AGRI SERVICES LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2021
28 February 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,108,842
1,119,646
Investments
5
50
50
1,108,892
1,119,696
Current assets
Stocks
1,586,644
2,219,233
Debtors
6
1,047,155
1,352,301
Cash at bank and in hand
964,892
307,901
3,598,691
3,879,435
Creditors: amounts falling due within one year
7
(2,073,754)
(2,726,965)
Net current assets
1,524,937
1,152,470
Total assets less current liabilities
2,633,829
2,272,166
Creditors: amounts falling due after more than one year
8
(221,088)
(317,636)
Provisions for liabilities
(187,363)
(174,829)
Net assets
2,225,378
1,779,701
Capital and reserves
Called up share capital
112
112
Share premium account
199,988
199,988
Profit and loss reserves
2,025,278
1,579,601
Total equity
2,225,378
1,779,701
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2021 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.
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.
ROSS AGRI SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2021
28 February 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 23 November 2021
Mr M W Ross
Director
Company Registration No. SC154407
ROSS AGRI SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 3 -
1
Accounting policies
Company information
Ross Agri Services Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
Invergarry, St. Cyrus, Montrose, Angus, United Kingdom, DD10 0DE.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
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
.
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.
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
ROSS AGRI SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
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:
Improvements to property
No depreciation
Plant and equipment
12.5% on reducing balance
Office equipment
20% on reducing balance
Other equipment
20% on reducing balance
Motor vehicles
20% on reducing balance
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
.
1.6
Fixed asset 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
.
ROSS AGRI SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
1
Accounting policies
(Continued)
- 5 -
1.7
Impairment of fixed 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.
1.8
Stocks
Stocks 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 stocks to their present location and condition.
Stocks 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 stocks 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.
1.9
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.
1.10
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.
ROSS AGRI SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
1
Accounting policies
(Continued)
- 6 -
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 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
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.
1.11
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.
1.12
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
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ROSS AGRI SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
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
fixed 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.
1.14
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 balance sheet 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 lease
s
asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
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.
ROSS AGRI SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
1
Accounting policies
(Continued)
- 8 -
1.16
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
29
30
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2020 and 28 February 2021
122,400
Amortisation and impairment
At 1 March 2020 and 28 February 2021
122,400
Carrying amount
At 28 February 2021
At 29 February 2020
ROSS AGRI SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 9 -
4
Tangible fixed assets
Improvements to property
Plant and equipment
Office equipment
Other equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 March 2020
116,301
1,200,820
45,153
153,022
446,734
1,962,030
Additions
132,194
4,176
7,964
30,500
174,834
Disposals
(8,959)
(6,267)
(15,226)
At 28 February 2021
116,301
1,324,055
49,329
160,986
470,967
2,121,638
Depreciation and impairment
At 1 March 2020
23,370
475,001
26,670
95,616
221,727
842,384
Depreciation charged in the year
4,647
106,723
4,530
13,077
50,752
179,729
Eliminated in respect of disposals
(4,795)
(4,522)
(9,317)
At 28 February 2021
28,017
576,929
31,200
108,693
267,957
1,012,796
Carrying amount
At 28 February 2021
88,284
747,126
18,129
52,293
203,010
1,108,842
At 29 February 2020
92,931
725,819
18,483
57,406
225,007
1,119,646
5
Fixed asset investments
2021
2020
£
£
Other investments other than loans
50
50
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 March 2020 & 28 February 2021
50
Carrying amount
At 28 February 2021
50
At 29 February 2020
50
ROSS AGRI SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 10 -
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
767,664
908,492
Corporation tax recoverable
20,682
Other debtors
279,491
423,127
1,047,155
1,352,301
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
14,036
14,036
Trade creditors
311,882
782,223
Corporation tax
31,731
Other taxation and social security
112,293
106,075
Other creditors
1,603,812
1,824,631
2,073,754
2,726,965
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
51,848
66,370
Other creditors
169,240
251,266
221,088
317,636
9
Secured debts
A floating charge is held by Bank of Scotland over the bank loans of £64
,
357 (2020: £80
,4
06). Hire purchase liabilities are secured over the related assets.
10
Related party transactions
At the year end, William Ross, a shareholder in the company, owed the company £86
,
281 (2020: £91,435).
ROSS AGRI SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 11 -
11
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr M W Ross - Loan
-
(11,372)
69,491
(45,580)
12,539
(11,372)
69,491
(45,580)
12,539
12
Ultimate controlling party
The ultimate controlling party is Martin Ross.
2021-02-28
2020-03-01
false
23 November 2021
CCH Software
CCH Accounts Production 2021.300
No description of principal activity
Mr M W Ross
Mr M W Ross
SC154407
2020-03-01
2021-02-28
SC154407
2021-02-28
SC154407
2020-02-29
SC154407
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-02-28
SC154407
core:PlantMachinery
2021-02-28
SC154407
core:FurnitureFittings
2021-02-28
SC154407
core:ComputerEquipment
2021-02-28
SC154407
core:MotorVehicles
2021-02-28
SC154407
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-02-29
SC154407
core:PlantMachinery
2020-02-29
SC154407
core:FurnitureFittings
2020-02-29
SC154407
core:ComputerEquipment
2020-02-29
SC154407
core:MotorVehicles
2020-02-29
SC154407
core:CurrentFinancialInstruments
core:WithinOneYear
2021-02-28
SC154407
core:CurrentFinancialInstruments
core:WithinOneYear
2020-02-29
SC154407
core:Non-currentFinancialInstruments
core:AfterOneYear
2021-02-28
SC154407
core:Non-currentFinancialInstruments
core:AfterOneYear
2020-02-29
SC154407
core:CurrentFinancialInstruments
2021-02-28
SC154407
core:CurrentFinancialInstruments
2020-02-29
SC154407
core:Non-currentFinancialInstruments
2021-02-28
SC154407
core:Non-currentFinancialInstruments
2020-02-29
SC154407
core:ShareCapital
2021-02-28
SC154407
core:ShareCapital
2020-02-29
SC154407
core:SharePremium
2021-02-28
SC154407
core:SharePremium
2020-02-29
SC154407
core:RetainedEarningsAccumulatedLosses
2021-02-28
SC154407
core:RetainedEarningsAccumulatedLosses
2020-02-29
SC154407
bus:CompanySecretaryDirector1
2020-03-01
2021-02-28
SC154407
core:Goodwill
2020-03-01
2021-02-28
SC154407
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-03-01
2021-02-28
SC154407
core:PlantMachinery
2020-03-01
2021-02-28
SC154407
core:FurnitureFittings
2020-03-01
2021-02-28
SC154407
core:ComputerEquipment
2020-03-01
2021-02-28
SC154407
core:MotorVehicles
2020-03-01
2021-02-28
SC154407
2019-03-01
2020-02-29
SC154407
core:NetGoodwill
2020-02-29
SC154407
core:NetGoodwill
2021-02-28
SC154407
core:NetGoodwill
2020-02-29
SC154407
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-02-29
SC154407
core:PlantMachinery
2020-02-29
SC154407
core:FurnitureFittings
2020-02-29
SC154407
core:ComputerEquipment
2020-02-29
SC154407
core:MotorVehicles
2020-02-29
SC154407
2020-02-29
SC154407
core:WithinOneYear
2021-02-28
SC154407
core:WithinOneYear
2020-02-29
SC154407
core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl
2020-03-01
2021-02-28
SC154407
bus:Director1
2020-03-01
2021-02-28
SC154407
bus:Director1
2020-02-29
SC154407
bus:Director1
2021-02-28
SC154407
bus:PrivateLimitedCompanyLtd
2020-03-01
2021-02-28
SC154407
bus:SmallCompaniesRegimeForAccounts
2020-03-01
2021-02-28
SC154407
bus:FRS102
2020-03-01
2021-02-28
SC154407
bus:AuditExemptWithAccountantsReport
2020-03-01
2021-02-28
SC154407
bus:CompanySecretary1
2020-03-01
2021-02-28
SC154407
bus:FullAccounts
2020-03-01
2021-02-28
xbrli:pure
xbrli:shares
iso4217:GBP