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Registered number: 11758790










CROPNUTS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
CROPNUTS LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 12


 
CROPNUTS LIMITED
REGISTERED NUMBER: 11758790

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2024
2023
2023
Note
£
£
£
£

FIXED ASSETS
  

Intangible assets
 5 
190,893
174,317

Investments
 6 
1,212,077
1,212,077

  
1,402,970
1,386,394

CURRENT ASSETS
  

Debtors: amounts falling due after more than one year
 7 
416,129
521,625

Debtors: amounts falling due within one year
 7 
101,791
85,468

Cash at bank and in hand
 8 
24,538
12,895

  
542,458
619,988

Creditors: amounts falling due within one year
 9 
(154,235)
(97,228)

NET CURRENT ASSETS
  
 
 
388,223
 
 
522,760

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,791,193
1,909,154

PROVISIONS FOR LIABILITIES
  

Deferred tax
 10 
(26,918)
(21,717)

  
 
 
(26,918)
 
 
(21,717)

NET ASSETS
  
1,764,275
1,887,437


CAPITAL AND RESERVES
  

Called up share capital 
 11 
67,683
67,683

Share premium account
 12 
2,215,533
2,215,533

Profit and loss account
 12 
(518,941)
(395,779)

  
1,764,275
1,887,437


Page 1

 
CROPNUTS LIMITED
REGISTERED NUMBER: 11758790

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 March 2025.




................................................
J C W CORDINGLEY
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
CROPNUTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.ACCOUNTING POLICIES

 
1.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 2).

The following principal accounting policies have been applied:

 
1.2

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
1.3

GOING CONCERN

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, financial statements have been prepared using the going concern basis of accounting.

 
1.4

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
CROPNUTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.ACCOUNTING POLICIES (CONTINUED)

 
1.5

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.6

OPERATING LEASE

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
1.7

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
1.8

 GRANTS

             Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as                                                 the related expenditure.

 
1.9

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
CROPNUTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.ACCOUNTING POLICIES (CONTINUED)

 
1.10

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.11

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
1.12

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Software Development Expenditure
-
5
years

 
1.13

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
1.14

DEBTORS

Short-term debtors 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.

Page 5

 
CROPNUTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.ACCOUNTING POLICIES (CONTINUED)

 
1.15

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.16

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.17

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


2.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, which are described in note 1, management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources.  The estimate and underlying assumptions are based on historical experience and other factors that are considered to be relevant.  Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.  The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Page 6

 
CROPNUTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


EMPLOYEES

2024
2023
£
£

Wages and salaries
34,046
67,372


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
5
5



Employee
1
1

6
6


4.


PARENT COMPANY PROFIT FOR THE YEAR

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the company for the year was £123,163NIL (2023 - loss £182,915).


5.


INTANGIBLE ASSETS




Software Development Expenditure

£



COST


At 1 April 2023
363,458


Additions
111,585



At 31 March 2024

475,043



AMORTISATION


At 1 April 2023
189,142


Charge for the year on owned assets
95,008



At 31 March 2024

284,150



NET BOOK VALUE



At 31 March 2024
190,893



At 31 March 2023
174,317

Page 7

 
CROPNUTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
           5.INTANGIBLE ASSETS (CONTINUED)




6.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST OR VALUATION


At 1 April 2023
1,212,077



At 31 March 2024

1,212,077






NET BOOK VALUE



At 31 March 2024
1,212,077



At 31 March 2023
1,212,077


SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Crop Nutrition Laboratory Services Limited
L.R. No. 11164/30 nad Limuru/ Kamirithu 658, Off Bata Road, Nairobi
Providing leading argricultural testing laboratory and agronomy advisory services.
Ordinary shares
100%
Cropnuts Agriserve Limited
IITA Headquarters Building, 400 Oyo Road, Idi-Oshe, Nigeria
As above
Ordinary shares
49%
Cropnuts Zambia Limited
Stand 8235 Nangwenya Road, P.O. Box 32587, Lusaka, Zambia
As above
Ordinary shares
100%

Page 8

 
CROPNUTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
SUBSIDIARY UNDERTAKINGS (CONTINUED)

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Crop Nutrition Laboratory Services Limited

110,442
109,174

Cropnuts Agriserve Limited

785
(172)

Cropnuts Zambia Limited

31,136
8,617

Page 9

 
CROPNUTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


DEBTORS

2024
2023
£
£

DUE AFTER MORE THAN ONE YEAR

Amounts owed by group undertakings
416,129
521,625


2024
2023
£
£

DUE WITHIN ONE YEAR

Trade debtors
53,333
42,069

Other debtors
8,458
11,796

Tax recoverable
40,000
31,603

101,791
85,468



8.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
24,538
12,895



9.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
81,181
78,773

Amounts owed to group undertakings
9,712
9,711

Other creditors
41,195
-

Accruals and deferred income
22,147
8,744

154,235
97,228


Page 10

 
CROPNUTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


DEFERRED TAXATION




2024


£






At beginning of year
(21,718)


Charged to profit or loss
(5,202)



AT END OF YEAR
(26,920)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Adjustment for timinig differences
(26,920)
(21,718)

(26,920)
(21,718)


11.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



43,632 (2023 - 43,632) Orfinary  shares of £1.00 each
43,632
43,632
22,738 (2023 - 22,738) Preference  shares of £1.00 each
22,738
22,738
1,313 (2023 - 1,313) Class B redeemable shares of £1.00 each
1,313
1,313

67,683

67,683



12.


RESERVES

Share premium account

This represents the additional amount shareholders have paid for their issued shares that was in excess of the par value of those shares.

Profit and loss account

This includes all current period retained profits and losses.


13.


RELATED PARTY TRANSACTIONS

Drectors fees /administration and other consultancy fees amounting to £26,928 (2023: £18,374) to Agri Frontier Limited. A J Ritchie is a director for Cropnuts Limited and Agri Frontier Limited.     

Page 11

 
CROPNUTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 13 March 2025 by Jerry Michael (Senior Statutory Auditor) on behalf of BAGINSKY COHEN.


Page 12