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REGISTERED NUMBER: 08880387 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

REDAG CROP PROTECTION LTD

REDAG CROP PROTECTION LTD (REGISTERED NUMBER: 08880387)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


REDAG CROP PROTECTION LTD

COMPANY INFORMATION
for the Year Ended 31 March 2022







DIRECTORS: N Molyneux FCMA
W Thompson
Dr D J Keith
A Field



SECRETARY: P J Molyneux



REGISTERED OFFICE: 2nd Floor
CT3 Wigan Investment Centre
Waterside Drive
Wigan
WN3 5BA



REGISTERED NUMBER: 08880387 (England and Wales)



AUDITORS: Fairhurst
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: Royal Bank of Scotland
38 Market Place
Wigan
WN1 1PJ



SOLICITORS: Slater Heelis
86 Deansgate
Manchester
M3 2ER

REDAG CROP PROTECTION LTD (REGISTERED NUMBER: 08880387)

STATEMENT OF FINANCIAL POSITION
31 March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investments 5 1 1
1 1

CURRENT ASSETS
Debtors 6 199,221 179,855
Cash at bank 643,312 374,448
842,533 554,303
CREDITORS
Amounts falling due within one year 7 109,722 64,551
NET CURRENT ASSETS 732,811 489,752
TOTAL ASSETS LESS CURRENT
LIABILITIES

732,812

489,753

CAPITAL AND RESERVES
Called up share capital 8 125,455 34,094
Retained earnings 9 607,357 455,659
SHAREHOLDERS' FUNDS 732,812 489,753

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2022 and were signed on its behalf by:





W Thompson - Director


REDAG CROP PROTECTION LTD (REGISTERED NUMBER: 08880387)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

Redag Crop Protection Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
After making enquiries and considering current trade, future plans and forecasts, the directors have a reasonable expectation that the company will have adequate resources, both financial and management, to continue in operational existence for the foreseeable future. On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation and impairment.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Laboratory equipment- 33% on cost
Fixtures and fittings- 33% on cost
Computer equipment- 33% on cost

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due. Other financial assets and liabilities shall be measured at amortised cost using the effective interest rate.

Share-based payments are recognised at fair value with the expense charged to the profit or loss account in the relevant expense category, when material.


REDAG CROP PROTECTION LTD (REGISTERED NUMBER: 08880387)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2022

2. ACCOUNTING POLICIES - continued
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.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Short term employee benefits

Short-term employee benefits are recognised as an expense in the period in which they are incurred.

The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the income statement.

Patents and licences
Patents and licence costs are expensed to the profit and loss account in the period in which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

REDAG CROP PROTECTION LTD (REGISTERED NUMBER: 08880387)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2022

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2021
and 31 March 2022 1,236
DEPRECIATION
At 1 April 2021
and 31 March 2022 1,236
NET BOOK VALUE
At 31 March 2022 -

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2021
and 31 March 2022 1
NET BOOK VALUE
At 31 March 2022 1
At 31 March 2021 1

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors 199,221 179,855

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 76,805 34,278
Taxation and social security 6,498 6,856
Other creditors 26,419 23,417
109,722 64,551

REDAG CROP PROTECTION LTD (REGISTERED NUMBER: 08880387)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2022

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
12,034,298 Ordinary 1p 120,343 28,982
(2021 -
2,898,207 )
511,161 A Ordinary 1p 5,112 5,112
125,455 34,094

During the year the company issued 9,136,091 £0.01 Ordinary shares for proceeds of £0.125 per share.

9. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2021 455,659 - 455,659
Deficit for the year (898,952 ) (898,952 )
Cash share issue - 1,050,650 1,050,650
Transfer 1,050,650 (1,050,650 ) -
At 31 March 2022 607,357 - 607,357

During the year the share premium of the company was cancelled by special resolution which resulted in a credit to distributable profit and loss reserves.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John B S Fairhurst BA(Hons) FCA (Senior Statutory Auditor)
for and on behalf of Fairhurst

11. GUARANTEES AND OTHER FINANCIAL COMMITMENTS

The company operates a defined contribution pension scheme for certain directors, management and employees. The pension cost for the period represents contributions payable by the company to the fund and amounted to £6,400 (2021: £39,900). As at the year end £Nil (2021: £Nil) remained outstanding.

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year the company entered into related party transactions with a company who has a common director with Redag Crop Protection Limited, and incurred costs for: fundraising commission; corporate financial advisory; non-executive director fees; accountancy services and company secretarial fees to the value of £123,163 (2021: £72,016). The balance owed by the company at the year end is £6,074 (2021 : £6,000).

13. POST BALANCE SHEET EVENTS

Following the year end 12,034,298 Ordinary shares of £0.01 were subdivided into 120,342,980 Ordinary shares of £0.001 each and 511,161 A Ordinary shares of £0.01 into 5,111,610 A Ordinary shares of £0.001 each.

REDAG CROP PROTECTION LTD (REGISTERED NUMBER: 08880387)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2022

14. SHARE-BASED PAYMENT TRANSACTIONS

In accordance with the terms and conditions of the Redag Crop Protection Limited EMI Share Option Plan, an option to purchase 71,000 and 50,641 £0.01 Ordinary shares at £1.27 was granted on 24 April 2015 to William Thompson, a director of the company. The shares can be exercised until 24 April 2025, no options were exercised in the year.

Further options to purchase 37,310 £0.01 Ordinary shares at £1.27 and 96,450 £0.01 Ordinary shares at £2.76 was granted on 17 August 2016 to William Thompson. A director of the company. The shares can be exercised until 17 August 2026, no options were exercised in the year.

Under the provisions of FRS 102 Section 1A the fair value of the vested shares has been calculated using the Black Scholes valuation methodology, and the resulting amount has been deemed by the directors to be immaterial for the purposes of these accounts.