REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
REDAG CROP PROTECTION LTD |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
BANKERS: |
38 Market Place |
Wigan |
WN1 1PJ |
SOLICITORS: |
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 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
DEPRECIATION |
At 1 April 2021 |
and 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
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: | £ | £ |
Ordinary | 1p | 120,343 | 28,982 |
(2021 - 2,898,207 ) |
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 |
Deficit for the year | ( |
) | ( |
) |
Cash share issue | - | 1,050,650 | 1,050,650 |
Transfer | 1,050,650 | (1,050,650 | ) | - |
At 31 March 2022 | 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. |
for and on behalf of |
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. |