Company registration number 11429051 (England and Wales)
INNOVATIVE SOLUTIONS FOR DECISION AGRICULTURE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
INNOVATIVE SOLUTIONS FOR DECISION AGRICULTURE LTD
COMPANY INFORMATION
Directors
Professor R A Dobermann
Mr B Vanlauwe
Mr G J Davies
Ms M J S Turpin
Mr R Sears
(Appointed 27 June 2024)
Company number
11429051
Registered office
2-4 Packhorse Road
Gerrards Cross
Buckinghamshire
SL9 7QE
Auditor
Nunn Hayward LLP
2-4 Packhorse Road
Gerrards Cross
Buckinghamshire
SL9 7QE
INNOVATIVE SOLUTIONS FOR DECISION AGRICULTURE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
INNOVATIVE SOLUTIONS FOR DECISION AGRICULTURE LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
$
$
$
$
Current assets
Debtors
3
133,131
136,815
Cash at bank and in hand
5,528,104
4,352,565
5,661,235
4,489,380
Creditors: amounts falling due within one year
4
(5,661,235)
(4,489,380)
Net current assets
Reserves
5
-
-
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
Mr G J Davies
Director
Company Registration No. 11429051
INNOVATIVE SOLUTIONS FOR DECISION AGRICULTURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Innovative Solutions for Decision Agriculture Ltd is a private company limited by guarantee, incorporated in England and Wales. The registered office is 2-4 Packhorse Road, Gerrards Cross, England, SL9 7QE.
The company is set up to be run as a Not-For-Profit organisation with any surpluses reinvested in its activities. On any future winding up the surplus assets are to be transferred to a similar organisation.
The company, since inception, is an entity that will carry forward the legacy of The Africa Soil Information Service. The ongoing project combines historic data with remote sensing information incorporating new field sampling techniques to create the first ever digital soil map of Africa. The company was established to build and develop a sustainable, long term operating model that mixes open innovation with a variety of income sources. The company over time will develop scalable agronomy products and services that build on the open core of the Africa Soil Information Service.
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 US Dollars ($), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest Dollar.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements contain information about Innovative Solutions for Decision Agriculture Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 ("the Act") from the requirements to prepare consolidated financial statements as both the company and the group headed by it qualify as small as set out in section 383 of the Act and the group is not ineligible as set out in section 384 of the Act.
1.2
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future and are confident that the company can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements.true
1.3
Income and expenditure
Grants - grant income is recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. It is recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable
Advice to Farmers - revenue from advice to farmers is recognised when services have been provided and is based on the number of recommendations generated from iSDA Virtual Agronomist app.
1.4
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.
INNOVATIVE SOLUTIONS FOR DECISION AGRICULTURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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.
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, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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.
1.6
Taxation
The company is not carrying on a business for the purpose of making a profit and company is exempt from corporation tax in relation to grant income.
Trading income is taxable and tax is recognised in the Income Statement. 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.
INNOVATIVE SOLUTIONS FOR DECISION AGRICULTURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Government grants
Government grants are recognised at the fair value of the asset received 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.
1.10
Foreign exchange
Transactions in currencies other than US Dollars 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 other 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:
2023
2022
Number
Number
Total
18
13
3
Debtors
2023
2022
Amounts falling due within one year:
$
$
Corporation tax recoverable
122,895
79,568
Amounts owed by group undertakings
4,500
4,500
Other debtors
5,736
52,747
133,131
136,815
INNOVATIVE SOLUTIONS FOR DECISION AGRICULTURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Creditors: amounts falling due within one year
2023
2022
$
$
Trade creditors
6,827
25,730
Other creditors
5,654,408
4,463,650
5,661,235
4,489,380
At the balance sheet date, pension contributions amounting to $14,100 (2022: $21,683) were payable and included in other creditors.
5
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jonathan Hemmings FCA
Statutory Auditor:
Nunn Hayward LLP
Date of audit report:
30 July 2024
7
Financial commitments, guarantees and contingent liabilities
Contingent Liabilities
Should the Board of Directors decide to activate Innovative Solutions For Decision Agriculture Ghana Limited, the company would be liable to pay an amount of $500,000 to Solutions For Decision Agriculture Ghana Limited to meet the minimum equity investment requirements for foreign owned companies incorporated in Ghana.
8
Events after the reporting date
There has been no significant event since the balance sheet date.