REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
TSBC PROPAGATION LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
TSBC PROPAGATION LIMITED |
TSBC PROPAGATION LIMITED (REGISTERED NUMBER: 07986336) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
TSBC PROPAGATION LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
St Catherine's Court |
Berkeley Place |
Clifton |
Bristol |
BS8 1BQ |
TSBC PROPAGATION LIMITED (REGISTERED NUMBER: 07986336) |
BALANCE SHEET |
31 OCTOBER 2023 |
2023 | 2022 |
Notes | £'000 | £'000 |
CURRENT ASSETS |
Stocks | 5 |
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 | 10 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TSBC PROPAGATION LIMITED (REGISTERED NUMBER: 07986336) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
TSBC Propagation Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
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. |
Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Recoverability of intercompany debts |
At each reporting date, management consider the recoverability of intercompany debts. Where there is uncertainty over intercompany debts being recovered at their carrying amount, following the balance sheet date, the recoverable amount is calculated. If the recoverable amount is estimated to be lower than the carrying amount, then the relevant impairment is recognised in the profit and loss. |
Impairment of investments |
At each reporting date, management consider whether there are any indications that investments may have been impaired at the reporting date. Where the directors believe there may be an impairment in the value of investments, the recoverable amount is calculated and compared to the carrying amount of the investments. If the recoverable amount is lower than the carrying amount, an impairment loss is recognised within the profit and loss. The calculation of the recoverable amount by the directors involves estimation uncertainty. |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
TSBC PROPAGATION LIMITED (REGISTERED NUMBER: 07986336) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
Growing systems | - | 33% on cost and 10% on cost |
Plant and machinery | - | 50% on cost and 20% on cost |
Fixtures and fittings | - | 20% on cost |
Tractors | - | 20% on cost |
Irrigation systems | - | 10-20% on cost |
During the prior accounting period, all tangible fixed assets were fully depreciated as the directors assessed the net book value of the assets to be £Nil at the previous accounting periods balance sheet date, being 31 October 2022. |
Stocks |
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Stock includes propagation stock which is included at cost less impairment. |
Financial instruments |
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
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. |
Operating leases |
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the lease term. |
TSBC PROPAGATION LIMITED (REGISTERED NUMBER: 07986336) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Disclosure of long or short period |
The comparative figures relate to the period 25 October 2021 - 31 October 2022 which is longer than a year. Therefore, the figures are not directly comparable to the current accounting period, being the year ended 31 October 2023. |
Employees |
The company had no employees during the period. Costs of staff utilised as part of the company's trading activities were recharged from The Summer Berry Company UK. It is not possible to split the staff across each company, therefore all employees are included under The Summer Berry Company UK. |
Going concern |
These financial statements have been prepared on a going concern basis. |
The directors have undertaken a detailed going concern assessment for the company and anticipate an increase in profitability. The company continues to trade albeit with a smaller level of operations focusing on more profitable areas of the business. |
The shareholders have committed to support the company and the group for at least twelve months following the signing of these financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Growing | Plant and | and |
systems | machinery | fittings |
£'000 | £'000 | £'000 |
COST |
At 1 November 2022 |
and 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
TSBC PROPAGATION LIMITED (REGISTERED NUMBER: 07986336) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Irrigation |
Tractors | systems | Totals |
£'000 | £'000 | £'000 |
COST |
At 1 November 2022 |
and 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
5. | STOCKS |
2023 | 2022 |
£'000 | £'000 |
Stocks |
Raw materials |
Spray stock | - | 67 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£'000 | £'000 |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£'000 | £'000 |
Amounts owed to group undertakings |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£'000 | £'000 |
Within one year |
Between one and five years |
TSBC PROPAGATION LIMITED (REGISTERED NUMBER: 07986336) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
9. | SECURED DEBTS |
At the balance sheet date there was the following securities in place as a result of group lending with HSBC; |
- Fixed charge over all present freehold and leasehold property |
- First Fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future |
- First Floating charge over all assets and undertaking both present and future |
- Composite Company Unlimited Multilateral Guarantee across all companies in the group. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A shares | 1 | 200 | 200 |
Ordinary B shares | 1 | 64 | 64 |
Ordinary C shares | 1 | 60 | 60 |
324 | 324 |
The holders of Ordinary A shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All Ordinary A shares rank equally with regard to the company's residual assets. |
The holders of Ordinary B shares are entitled to receive dividends as declared from time to time however are not entitled to any votes at meetings of the company. All Ordinary B shares rank equally with regard to the company's residual assets. |
The holders of Ordinary C shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All Ordinary C shares rank equally with regard to the company's residual assets. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | ULTIMATE CONTROLLING PARTY |
The company's immediate parent company is 100% owned (indirectly) by Cibus Fund LP, Cibus Clara Fund LP and Cibus Co-Invest LP, whose General Partner is Cibus Investments Limited (all registered in Guernsey). |
The company's immediate parent company is The Summer Berry Company Holdings Limited. |
The results of TSBC Propagation Limited are consolidated into its ultimate parent company, Jerry's Berries Limited, a company registered and domiciled in England and Wales. Group financial statements are available from Jerry's Berries Limited, 4 Sloane Terrace, London, England, SW1X 9DQ. |