1 4 Natures Crops International Limited 05055019 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is The Company contracts with growers to produce a speciality crop called Ahiflower which is supplied to end users for health supplements and food ingredients. It sells licensed planting seed to farmers, provides agronomic oversight and purchases the crops which are processed into oil for sale into global markets. Digita Accounts Production Advanced 6.30.9574.0 true true false true 05055019 2024-01-01 2024-12-31 05055019 2024-12-31 05055019 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-12-31 05055019 core:CurrentFinancialInstruments 2024-12-31 05055019 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 05055019 core:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 05055019 core:OtherPropertyPlantEquipment 2024-12-31 05055019 core:OtherRelatedParties 2024-12-31 05055019 bus:SmallEntities 2024-01-01 2024-12-31 05055019 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 05055019 bus:FilletedAccounts 2024-01-01 2024-12-31 05055019 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 05055019 bus:RegisteredOffice 2024-01-01 2024-12-31 05055019 bus:Director1 2024-01-01 2024-12-31 05055019 bus:Director12 2024-01-01 2024-12-31 05055019 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-01-01 2024-12-31 05055019 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 05055019 bus:Agent1 2024-01-01 2024-12-31 05055019 core:IntangibleAssetsOtherThanGoodwill 2024-01-01 2024-12-31 05055019 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 05055019 core:PlantMachinery 2024-01-01 2024-12-31 05055019 core:OtherRelatedParties 2024-01-01 2024-12-31 05055019 1 2024-01-01 2024-12-31 05055019 countries:EnglandWales 2024-01-01 2024-12-31 05055019 2023-12-31 05055019 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 05055019 core:OtherPropertyPlantEquipment 2023-12-31 05055019 core:OtherRelatedParties 2023-12-31 05055019 2023-01-01 2023-12-31 05055019 2023-12-31 05055019 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-12-31 05055019 core:CurrentFinancialInstruments 2023-12-31 05055019 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05055019 core:OtherPropertyPlantEquipment 2023-12-31 05055019 core:OtherRelatedParties 2023-12-31 05055019 core:OtherRelatedParties 2023-01-01 2023-12-31 05055019 2022-12-31 05055019 core:OtherRelatedParties 2022-12-31 xbrli:pure iso4217:GBP xbrli:shares

Registrar

Registration number: 05055019

Natures Crops International Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Natures Crops International Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 8

Detailed Income Statement

9 to 11

 

Natures Crops International Limited

Company Information

Directors

A B Hebard

S Meakin

Registered office

Westminster Business Centre
10 Great North Way,
York Business Park,
York
North Yorkshire
YO26 6RB

Solicitors

Thompson Smith and Puxon
Stable 6
Stable Road
Colchester
Essex
CO2 7GL

Accountants

Lambert Chapman LLP
Chartered Accountants3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Natures Crops International Limited

(Registration number: 05055019)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

208

1,656

Current assets

 

Inventories

6

2,675,933

2,334,743

Debtors

7

89,346

385,226

Cash at bank and in hand

 

59,279

77,906

 

2,824,558

2,797,875

Creditors: Amounts falling due within one year

8

(1,799,320)

(1,522,704)

Net current assets

 

1,025,238

1,275,171

Net assets

 

1,025,446

1,276,827

Capital and reserves

 

Called up share capital

9

250,000

250,000

Profit and loss account

775,446

1,026,827

Shareholders' funds

 

1,025,446

1,276,827

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 4 March 2025 and signed on its behalf by:
 

A B Hebard
Director

 

Natures Crops International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Westminster Business Centre, 10 Great North Way, York Business Park, York, North Yorkshire, YO26 6RB.

These financial statements were authorised for issue by the Board on 4 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in GB pounds sterling which is the company's functional currency.

Group accounts not prepared

The company has taken exemption from preparing group accounts under the Companies Act 2006 Section 399 paragraph 2A relating to small companies .

Going concern

The financial statements have been prepared on a going concern basis, the validity of which depends upon future financing requirements and the availability of sufficient cash resources to meet those requirements. The availability of sufficient cash resources is dependent primarily upon the continued support of the parent company and the person with ultimate control.

Judgements

The preparation of the financial statements require management to make significant judgements and estimates. The main item in the financial statements that is affected by judgements and estimates is inventory:

Inventory: management applies judgement in evaluating inventories in respect of the valuation included in the financial statements. Inventory is initially included at cost and then an impairment review is undertaken using management knowledge and past experience and current market conditions to ensure it is valued at the lower of cost and net realisable value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of crops, oil, seeds and the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The Company recognises revenue when the significant risks and rewards of ownership of the product has transferred to the customer, which may be on delivery, shipment, or on specific contract terms.

 

Natures Crops International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Monetary assets and liabilities in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Amounts receivable or payable are translated at the spot rate ruling on the date of the transaction or based on the average rate under a forward contract as appropriate. Exchange differences are recognised in the profit and loss in the period in which they arise.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

Straight line over 3 years

Intangible assets

The grower database is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Impairment reviews are carried out annually.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Grower database

Straight line over 3 years

Investments

Investments in equity shares which are not publicly traded are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade receivables

Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade receivables are recognised at the transaction price less impairment. A provision for the impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Natures Crops International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Inventories

The cost of crops, cultivations, stores and oil comprises direct purchase costs and where applicable, other direct costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 4).

4

Intangible assets

Grower database
 £

Total
£

Cost or valuation

At 1 January 2024

2,170

2,170

At 31 December 2024

2,170

2,170

Amortisation

At 1 January 2024

2,170

2,170

At 31 December 2024

2,170

2,170

Carrying amount

At 31 December 2024

-

-

 

Natures Crops International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Office Equipment
£

Total
£

Cost or valuation

At 1 January 2024

5,641

5,641

At 31 December 2024

5,641

5,641

Depreciation

At 1 January 2024

3,985

3,985

Charge for the year

1,448

1,448

At 31 December 2024

5,433

5,433

Carrying amount

At 31 December 2024

208

208

At 31 December 2023

1,656

1,656

6

Inventories

2024
£

2023
£

Other inventories

2,675,933

2,334,743

7

Receivables

2024
£

2023
£

Trade receivables

41,730

60,035

Amounts owed by group undertakings

-

300,938

Other receivables

47,616

24,253

89,346

385,226

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade payables

 

645,891

1,108,507

Amounts due to group undertakings

11

1,147,694

385,455

Social security and other taxes

 

2,835

5,295

Other payables

 

-

1,388

Accruals

 

2,900

22,059

 

1,799,320

1,522,704

 

Natures Crops International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

250,000

250,000

250,000

250,000

       

10

Other exceptional items

Other exceptional items related to inter-company balances following the completion of the formal liquidation of TCIPCL Limited and TCIPCTL2021 Limited, a 100% owned subsidiary, on 12 November 2024.

11

Related party transactions

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

300,937

300,937

Repaid

(300,937)

(300,937)

At end of period

-

-

2023

Other related parties
£

Total
£

At start of period

762,360

762,360

Advanced

137,524

137,524

Repaid

(609,528)

(609,528)

Interest transactions

10,581

10,581

At end of period

300,937

300,937

 

Natures Crops International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

385,454

385,454

Advanced

(935,927)

(935,927)

Repaid

1,664,716

1,664,716

Interest transactions

33,449

33,449

At end of period

1,147,692

1,147,692

2023

Other related parties
£

Total
£

At start of period

317,103

317,103

Advanced

102,658

102,658

Repaid

(45,752)

(45,752)

Interest transactions

11,445

11,445

At end of period

385,454

385,454

12

Parent and ultimate parent undertaking

The company's immediate parent is Technology Crops International LLC, incorporated in United States of America.

 The ultimate parent is Natures Crops Inc., incorporated in United States of America.

 The most senior parent entity producing publicly available financial statements is Technology Crops International LLC.The ultimate controlling party is Mr A B Hebard.

 

Natures Crops International Limited

Detailed Income Statement for the Year Ended 31 December 2024

2024
£

2023
£

Turnover (analysed below)

977,351

153,984

Cost of sales (analysed below)

(863,269)

(142,145)

Gross profit

114,082

11,839

Gross profit (%)

11.67%

7.69%

Administrative expenses

Employment costs (analysed below)

(131,399)

(192,916)

Establishment costs (analysed below)

(15,803)

(17,011)

General administrative expenses (analysed below)

(245,501)

(123,137)

Finance charges (analysed below)

(2,955)

(1,310)

Depreciation costs (analysed below)

(1,448)

(1,633)

Other expenses (analysed below)

9,060

-

(388,046)

(336,007)

Operating loss

(273,964)

(324,168)

Income from shares in group undertakings (analysed below)

-

10,581

Other interest receivable and similar income (analysed below)

975

8,305

Interest payable and similar expenses (analysed below)

(33,449)

(11,445)

(32,474)

7,441

Loss before tax

(306,438)

(316,727)

 

Natures Crops International Limited

Detailed Income Statement for the Year Ended 31 December 2024

2024
£

2023
£

   

Turnover

Sales

883,314

140,844

Management charges

93,409

12,584

Freight / Storage revenue

628

556

977,351

153,984

   

Cost of sales

Purchases

863,269

142,145

   

Employment costs

Wages and salaries

11,564

56,839

Staff NIC (Employers)

1,032

4,962

Directors remuneration

99,198

99,198

Directors NIC (Employers)

11,749

11,755

Staff pensions (Defined contribution)

-

2,194

Directors pensions (Defined contribution)

4,953

17,968

Redundancy costs

2,903

-

131,399

192,916

   

Establishment costs

Rental costs

7,930

12,000

Insurance

7,873

5,011

15,803

17,011

   

General administrative expenses

Telephone and fax

2,336

2,451

Office expenses

214

780

Postage

2,104

1,865

Meetings & conferences

528

3,066

Office equipment

13

43

Trade Subscriptions

2,283

2,361

Hire of plant and machinery (Operating leases)

268

264

Sundry expenses

1,222

1,588

Management charges payable

91,238

73,613

Research and development

100,768

25,394

Travel and subsistence

9,798

11,553

Meals and entertainment

654

1,213

Accountancy fees

10,937

9,995

Legal and professional fees

10,636

5,658

Bad debts written off

7,431

-

Foreign currency (gains)/losses

5,071

(16,707)

245,501

123,137

   

Finance charges

Bank charges

2,955

1,310

 

Natures Crops International Limited

Detailed Income Statement for the Year Ended 31 December 2024

2024
£

2023
£

   

Depreciation costs

Depreciation of tangible fixed assets

1,448

1,633

   

Other expenses

Other exceptional item

9,060

-

   

Income from shares in group undertakings

Interest from group companies

-

10,581

   

Other interest receivable and similar income

Bank interest receivable

975

8,305

   

Interest payable and similar expenses

Interest payable to group undertakings

33,449

11,445