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Registered number: 03637934
Crop Systems Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
GLX Advisory Limited
Chartered Accountants
69-75 Thorpe Road
Norwich
NR1 1UA
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Company Information
Directors Mr R Cook
Mr R Andrews
Company Number 03637934
Registered Office The Works, Whimpwell Green
Happisburgh
Norwich
NR12 0AJ
Accountants GLX Advisory Limited
Chartered Accountants
69-75 Thorpe Road
Norwich
NR1 1UA
Page 1
Page 2
Balance Sheet
Registered number: 03637934
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 484,690 505,989
484,690 505,989
CURRENT ASSETS
Stocks 5 225,000 215,000
Debtors 6 127,743 418,114
352,743 633,114
Creditors: Amounts Falling Due Within One Year 7 (416,926 ) (707,367 )
NET CURRENT ASSETS (LIABILITIES) (64,183 ) (74,253 )
TOTAL ASSETS LESS CURRENT LIABILITIES 420,507 431,736
Creditors: Amounts Falling Due After More Than One Year 8 (221,646 ) (274,935 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,100 ) (8,079 )
NET ASSETS 192,761 148,722
CAPITAL AND RESERVES
Called up share capital 9 110 110
Share premium account 2,617 2,617
Profit and Loss Account 190,034 145,995
SHAREHOLDERS' FUNDS 192,761 148,722
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr R Andrews
Director
24/07/2024
The notes on pages 4 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Crop Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03637934 . The registered office is The Works, Whimpwell Green, Happisburgh, Norwich, NR12 0AJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 33% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2022: 15)
13 15
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 481,987 183,724 184,093 46,194 895,998
Additions - - - 833 833
As at 31 December 2023 481,987 183,724 184,093 47,027 896,831
Depreciation
As at 1 January 2023 39,341 147,657 156,817 46,194 390,009
Provided during the period 9,640 5,397 6,820 275 22,132
As at 31 December 2023 48,981 153,054 163,637 46,469 412,141
Net Book Value
As at 31 December 2023 433,006 30,670 20,456 558 484,690
As at 1 January 2023 442,646 36,067 27,276 - 505,989
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5. Stocks
2023 2022
£ £
Materials 225,000 215,000
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 114,958 405,963
Other debtors 12,785 12,151
127,743 418,114
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 141,970 308,594
Bank loans and overdrafts 117,334 117,494
Other creditors 61,739 112,002
Taxation and social security 95,883 169,277
416,926 707,367
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 221,646 274,935
Amounts shown within bank loans are secured against the company's freehold property. 
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 110 110
10. Related Party Transactions
Included with in other creditors is a loan from a company related by virtue of common control of £9,000. (2022: £8,000).  This loan is unsecured,  interest free and repayable on demand. 
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