Registrar
Registration number:
Natures Crops International Limited
for the Year Ended 31 December 2024
Natures Crops International Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
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Detailed Income Statement |
Natures Crops International Limited
Company Information
Directors |
A B Hebard S Meakin |
Registered office |
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Solicitors |
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Accountants |
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Natures Crops International Limited
(Registration number: 05055019)
Statement of Financial Position as at 31 December 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Inventories |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
250,000 |
250,000 |
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Profit and loss account |
775,446 |
1,026,827 |
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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:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
Director
Natures Crops International Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Grower database |
Total |
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Cost or valuation |
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At 1 January 2024 |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
- |
- |
Natures Crops International Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Tangible assets |
Office Equipment |
Total |
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Cost or valuation |
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At 1 January 2024 |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Inventories |
2024 |
2023 |
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Other inventories |
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Receivables |
2024 |
2023 |
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Trade receivables |
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Amounts owed by group undertakings |
- |
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Other receivables |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Trade payables |
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Amounts due to group undertakings |
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Social security and other taxes |
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Other payables |
- |
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Accruals |
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Natures Crops International Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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250,000 |
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250,000 |
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.
Related party transactions |
Loans to related parties
2024 |
Other related parties |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
- |
- |
|
2023 |
Other related parties |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
Interest transactions |
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At end of period |
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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 |
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Advanced |
( |
( |
Repaid |
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Interest transactions |
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At end of period |
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2023 |
Other related parties |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
Interest transactions |
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At end of period |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
Natures Crops International Limited
Detailed Income Statement for the Year Ended 31 December 2024
2024 |
2023 |
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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 |
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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) |
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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 |
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Loss before tax |
(306,438) |
(316,727) |
Natures Crops International Limited
Detailed Income Statement for the Year Ended 31 December 2024
2024 |
2023 |
Turnover |
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Sales |
883,314 |
140,844 |
Management charges |
93,409 |
12,584 |
Freight / Storage revenue |
628 |
556 |
977,351 |
153,984 |
Cost of sales |
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Purchases |
863,269 |
142,145 |
Employment costs |
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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 |
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Rental costs |
7,930 |
12,000 |
Insurance |
7,873 |
5,011 |
15,803 |
17,011 |
General administrative expenses |
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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 |
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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 |
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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 |