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Registered number: 13131326










SOUTHERN CROPS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
SOUTHERN CROPS LIMITED
REGISTERED NUMBER: 13131326

BALANCE SHEET
AS AT 30 APRIL 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,018,269
1,160,353

Current assets
  

Debtors: amounts falling due within one year
 5 
1,581,469
973,803

Cash at bank and in hand
 6 
339,507
452,362

  
1,920,976
1,426,165

Creditors: amounts falling due within one year
 7 
(1,118,590)
(762,409)

Net current assets
  
 
 
802,386
 
 
663,756

Creditors: amounts falling due after more than one year
 8 
(1,663,479)
(1,754,187)

  

Net assets
  
157,176
69,922


Capital and reserves
  

Called up share capital 
  
166
166

Profit and loss account
  
157,010
69,756

  
157,176
69,922


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 29 April 2025.


P Beaumont
Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
SOUTHERN CROPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

The Company is a private limited company limited by share capital, incorporated in England and Wales. The address of the registered office is 14th Floor, 33 Cavendish Square, London, United Kingdom, W1G 0PW.

2.Accounting policies

 
2.1

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. 

 
2.3

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 2

 
SOUTHERN CROPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover 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. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised when goods have been dispatched.

 
2.5

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.

 
2.6

Taxation

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.


 
2.7

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:

Marketing Rights
-
10
years

 
2.8

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.

 
2.9

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.

Page 3

 
SOUTHERN CROPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 4

 
SOUTHERN CROPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 5

 
SOUTHERN CROPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Intangible assets




Marketing rights

£



Cost


At 1 May 2023 restated
1,420,840



At 30 April 2024

1,420,840



Amortisation


At 1 May 2023 restated
260,487


Charge for the year
142,084



At 30 April 2024

402,571



Net book value



At 30 April 2024
1,018,269



At 30 April 2023 restated
1,160,353




5.


Debtors

2024
2023
£
£


Trade debtors
1,106,574
973,637

Other debtors
16,731
166

Prepayments and accrued income
458,164
-

1,581,469
973,803



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
339,507
452,362


Page 6

 
SOUTHERN CROPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Trade creditors
635,140
595,111

Amounts owed to group undertakings
294,099
7,170

Corporation tax
177,771
160,128

Accruals and deferred income
11,580
-

1,118,590
762,409



8.


Creditors: Amounts falling due after more than one year

As restated
2024
2023
£
£

Amounts owed to group undertakings
1,663,479
1,754,187


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
As restated
2023
£
£


Repayable by instalments
992,890
1,156,510

The loan has an interest rate per annum of 5% and a term of 13 years from April 2022; and will be repaid by 11 yearly instalments inclusive of interest.


9.


Prior year adjustment

During the year the directors have identified that an Intangible asset had not been recognised in the accounts. This has been corrected by a prior year adjustment.
This has resulted in the increase in Intangible assets at 1 May 2023 of £1,420,840 and an increase in the amortisation charge to the profit or loss of £260,487 resulting in the reduction of the profit and loss reserve.
This has also resulted in the increase in amounts owed to group undertakings at 1 May 2023 of £1,754,187 and an increase in interest charge to the profit or loss of £159,816 resulting in the reduction of the profit and loss reserve. The loan is denominated in US Dollars so has also lead to foreign exchange movement of £173,531 which has also lead to a reduction in the profit and loss reserve.
The cumulative restatement of the profit and loss reserve is a reduction from £663,590 to £69,756. 

Page 7

 
SOUTHERN CROPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Controlling party

The smallest group for which consolidated financial statements are prepared which include the results of this company is that headed by Terradace Holdings Limited. Its registered office is 14th floor, 33 Cavendish Square, London, W1G 0PW.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.

The audit report was signed on 29 April 2025 by Philip Mills MSc BA ACA (Senior statutory auditor) on behalf of Old Mill Audit Limited.

 
Page 8