Registration number:
LettUs Grow Ltd
for the Year Ended 31 December 2024
Pages for filing with Registrar
LettUs Grow Ltd
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
LettUs Grow Ltd
Company Information
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Directors |
J R Farmer C Guy B G Crowther Parkwalk Advisors Ltd R T Todd H S P Parry |
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Registered office |
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Registered number |
09893012 |
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Accountant |
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LettUs Grow Ltd
(Registration number: 09893012)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
168,758 |
332,783 |
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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 |
1,751 |
1,451 |
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Share premium reserve |
13,322,357 |
10,322,657 |
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Share option reserve |
202,481 |
167,019 |
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Profit and loss account |
(10,784,222) |
(8,398,400) |
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Total equity |
2,742,367 |
2,092,727 |
LettUs Grow Ltd
(Registration number: 09893012)
Balance Sheet as at 31 December 2024 (continued)
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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• |
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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. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
.........................................
C Guy
Director
LettUs Grow Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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Accounting policies |
Summary of significant accounting policies
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 periods presented.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' as applied to smaller entities, and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
In assessing whether the financial statements should be prepared on a going concern basis, the directors have considered a period of twelve months from the date of approval of these financial statements.
As a technology development company, Lettus Grow continues to rely largely on equity investment and grant awards to meet its ongoing funding requirements. LettUs Grow completed a £3m fundraise in August 2024 and has sufficient capital to continue trading for at least 12 months after the date of approval of the financial statements.
LettUs Grow Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.
The company recognises revenue when:
The amount of revenue can be reliably measured;
and it is probable that future economic benefits will flow to the entity.
Government grants
Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense or credit for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge or credit is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
LettUs Grow Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
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Office equipment |
25% on cost |
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Computer equipment |
25% on cost |
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Leasehold improvements |
Over the term of the lease |
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Plant and equipment |
25% on cost |
Intangible fixed assets
Development costs relating to the Avon Valley development farm are capitalised as the directors are satisfied that the project is technically, commercially and financially viable. Development costs are shown at historical cost. Development costs have a limited useful life due to the speed of technological advancements and are carried at cost less accumulated amortisation.
Amortisation will be provided to write off the development costs over its useful life once the project is complete.
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Avon valley development farm |
Straight-line over 5 years |
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Software licences |
Straight-line over 3 years |
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Third party IP |
Straight-line over 5 years |
Technical research costs
Research costs where they don't relate to a specific project are written off to the profit and loss account during the year in which they are incurred.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
LettUs Grow Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured less any provision for impairment. A provision for the impairment of trade debtors 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour 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 creditors
Trade creditors are recognised at the transaction price, and subsequently measured at amortised cost using the effective interest method.
Borrowings
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense when the services are received.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
LettUs Grow Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Share based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the profit and loss account over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the profit and loss account over the remaining vesting period.
Where equity instruments are granted to persons other than employees, the profit and loss account is charged with fair value of goods and services received.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
LettUs Grow Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Intangible fixed assets |
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Avon Valley Development |
Software licences |
Zero Carbon Farms |
Total |
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Cost |
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At 1 January 2024 |
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At 31 December 2024 |
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At 1 January 2024 |
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- |
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Amortisation charge |
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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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LettUs Grow Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Tangible fixed assets |
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Office equipment |
Computer equipment |
Leasehold improvements |
Plant and equipment |
Total |
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Cost |
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At 1 January 2024 |
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Additions |
- |
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- |
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Disposals |
- |
( |
- |
- |
( |
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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 period |
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- |
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Eliminated on disposal |
- |
( |
- |
- |
( |
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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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- |
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At 31 December 2023 |
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- |
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LettUs Grow Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Debtors: amounts falling due within one year |
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2024 |
2023 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
156,491 |
104,134 |
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Corporation tax |
139,253 |
142,092 |
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VAT |
20,495 |
44,824 |
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Creditors |
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2024 |
2023 |
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Amounts falling due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
15,529 |
12,645 |
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Accruals and deferred income |
79,593 |
162,089 |
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LettUs Grow Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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675.89 |
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675.89 |
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774.98 |
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774.98 |
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300.00 |
- |
- |
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New shares allotted
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During the year, 30,000 B Ordinary shares having an aggregate nominal value of £300 were allotted for an aggregate consideration of £3,000,000. |
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Obligations under leases |
Operating leases
The total of future minimum lease payments is as follows:
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2024 |
2023 |
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Total |
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LettUs Grow Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Share-based payments |
Scheme details and movements
The term of the options are 10 years from the date of grant.
During the prior year, options were issued under a parallel option arrangement, whereby 3,275 of the brought forward options were modified with a reduced exercise price of £0.01.
The movements in the number of share options during the year were as follows:
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2024 |
2023 |
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Outstanding, start of period |
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Granted during the period |
- |
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Forfeited during the period |
( |
- |
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Outstanding, end of period |
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Exercisable, end of period |
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The movements in the weighted average exercise price of share options during the year were as follows:
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2024 |
2023 |
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Outstanding, start of period |
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Granted during the period |
- |
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Forfeited during the period |
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- |
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Outstanding, end of period |
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Exercisable, end of period |
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LettUs Grow Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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10 |
Share-based payments (continued) |
Scheme details and movements
The term of the options are 10 years from the date of grant.
During the prior year, options were issued under a parallel option arrangement, whereby 244 of the brought forward options were modified in the year with a reduced exercise price of £0.01.
The movements in the number of share options during the year were as follows:
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2024 |
2023 |
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Outstanding, start of period |
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Granted during the period |
- |
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Outstanding, end of period |
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Exercisable, end of period |
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The movements in the weighted average exercise price of share options during the year were as follows:
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2024 |
2023 |
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Outstanding, start of period |
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Granted during the period |
- |
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Outstanding, end of period |
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Exercisable, end of period |
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