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REGISTERED NUMBER: 01003444 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2023

FOR

CHICORY CROPS LIMITED

CHICORY CROPS LIMITED (REGISTERED NUMBER: 01003444)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


CHICORY CROPS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







Directors: J Simpson
R Simpson





Secretary: Mrs K Creed





Registered office: Network House
Thorn Office Centre
Rotherwas
Hereford
HR2 6JT





Registered number: 01003444 (England and Wales)

CHICORY CROPS LIMITED (REGISTERED NUMBER: 01003444)

BALANCE SHEET
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £ £ £ £
Fixed assets
Tangible assets 4 1,369,830 1,381,527
Investments 5 11,020 11,020
1,380,850 1,392,547

Current assets
Stocks 6 41,118 57,641
Debtors 7 178,666 59,829
Cash at bank 3,748 3,900
223,532 121,370
Creditors
Amounts falling due within one year 8 490,613 284,410
Net current liabilities (267,081 ) (163,040 )
Total assets less current liabilities 1,113,769 1,229,507

Creditors
Amounts falling due after more than one
year

9

(187,695

)

(246,884

)

Provisions for liabilities 11 (63,300 ) (63,300 )
Net assets 862,774 919,323

CHICORY CROPS LIMITED (REGISTERED NUMBER: 01003444)

BALANCE SHEET - continued
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £ £ £ £
Capital and reserves
Called up share capital 12 1,500 1,500
Capital redemption reserve 1,500 1,500
Other reserves 189,761 189,761
Retained earnings 670,013 726,562
Shareholders' funds 862,774 919,323

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 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 24th May 2024 and were signed on its behalf by:





J Simpson - Director


CHICORY CROPS LIMITED (REGISTERED NUMBER: 01003444)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. Statutory information

Chicory Crops Limited 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are stated in the Balance Sheet at cost less depreciation. Depreciation is provided at the following rates, on a straight line method, in order to write off each asset over its estimated useful life:

Fruit trees5% SL
Freehold buildings10% & 2% SL
Plant & equipment10% - 15% SL
Motor vehicles25% SL

No depreciation is provided on freehold land.

Stock
Stock has been valued by the directors at the lower of cost and net realisable value and in accordance with HS232.

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.


CHICORY CROPS LIMITED (REGISTERED NUMBER: 01003444)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


2. Accounting policies - continued
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.

Hire purchase & leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.
Those held under hire purchase contracts are depreciated over their estimated useful lives. Those
held under finance leases are depreciated over their estimated useful lives or the lease term,
whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The
capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the
period of the lease.

Pension costs & other post-retirement benefits
The company operates a defined contribution pension scheme where the assets & liabilities are held in a separately administrative fund. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

CHICORY CROPS LIMITED (REGISTERED NUMBER: 01003444)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 trade and other receivables and cash and bank balances, are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all of the risks and rewards of the ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.




CHICORY CROPS LIMITED (REGISTERED NUMBER: 01003444)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


2. Accounting policies - continued
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 group after deducing all of its liabilities.
Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans, loans from fellow group companies and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

3. Employees (including officers)

The average number of employees during the year was 25 (2022 - 73 ) .

4. Tangible fixed assets
Land & Vehicles &
buildings equipment Totals
£ £ £
Cost or valuation
At 1st January 2023 1,463,144 615,044 2,078,188
Additions 66,484 2,260 68,744
Disposals - (4,703 ) (4,703 )
At 31st December 2023 1,529,628 612,601 2,142,229
Depreciation
At 1st January 2023 257,076 439,585 696,661
Charge for year 20,081 60,360 80,441
Eliminated on disposal - (4,703 ) (4,703 )
At 31st December 2023 277,157 495,242 772,399
Net book value
At 31st December 2023 1,252,471 117,359 1,369,830
At 31st December 2022 1,206,068 175,459 1,381,527

CHICORY CROPS LIMITED (REGISTERED NUMBER: 01003444)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


4. Tangible fixed assets - continued

Included in cost of land and buildings is freehold land of £723,951 (2022 - £723,951) which is not depreciated.

Cost or valuation at 31st December 2023 is represented by:

Land & Vehicles &
buildings equipment Totals
£ £ £
Valuation in 2015 17,194 - 17,194
Cost 1,512,434 612,601 2,125,035
1,529,628 612,601 2,142,229

The net book value of tangible fixed assets includes £ 39,075 (2022 - £ 71,874 ) in respect of assets held under hire purchase contracts.

5. Fixed asset investments

31.12.23 31.12.22
£    £   
Investments in Co-operative farming 11,020 11,020

6. Stocks
31.12.23 31.12.22
£ £
Supplies & stores 41,118 57,641

7. Debtors: amounts falling due within one year
31.12.23 31.12.22
£ £
Trade debtors 7,552 17,728
Prepayments 69,679 4,381
Other debtors 90,000 30,515
Social security & other tax 11,435 7,205
178,666 59,829

CHICORY CROPS LIMITED (REGISTERED NUMBER: 01003444)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


8. Creditors: amounts falling due within one year
31.12.23 31.12.22
£ £
Bank loans & overdrafts 316,829 154,097
Hire purchase contracts (see note 10) 13,587 22,350
Trade creditors 61,769 34,510
Social security & other tax 7,257 8,808
Other creditors 5,568 3,223
Directors' loan accounts 78,042 51,972
Accruals 7,561 9,450
490,613 284,410

The bank loans of £181,424 (2022: £215,127) are secured by a fixed and floating charge over the assets of the company.

9. Creditors: amounts falling due after more than one year
31.12.23 31.12.22
£ £
Bank loans - 1-5 years 134,596 150,647
Bank loans more than 5 years 26,406 55,957
Hire purchase contracts (see note 10) 26,693 40,280
187,695 246,884

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 26,406 55,957

10. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£ £
Net obligations repayable:
Within one year 13,587 22,350
Between one and five years 26,693 40,280
40,280 62,630

CHICORY CROPS LIMITED (REGISTERED NUMBER: 01003444)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


10. Leasing agreements - continued

Non-cancellable
operating leases
31.12.23 31.12.22
£ £
Within one year 4,849 4,485
Between one and five years 19,396 22,425
24,245 26,910

11. Provisions for liabilities
31.12.23 31.12.22
£ £
Deferred tax 63,300 63,300

Deferred tax
£
Balance at 1st January 2023 63,300
Balance at 31st December 2023 63,300

Deferred tax provided relates to the revaluation of land & buildings.

The unprovided deferred tax asset (being the net of accelerated capital allowances and losses) amounted to £118,600 (2022: £108,000).

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £ £
1,500 Ordinary shares £1 1,500 1,500

13. Contingent liabilities

There were no contingent liabilities at 31st December 2023.

14. Related party disclosures

The directors
The directors used a current account with the company to record amounts due to them and amounts drawn by them. The balance at the end of the year was £78,042 owed by the company (2022: £51,972). The loan is interest free and repayable on demand.