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Registration number: 09893012

LettUs Grow Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

Pages for filing with Registrar

 

LettUs Grow Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 14

 

LettUs Grow Ltd

Company Information

Directors

J R Farmer

C Guy

B G Crowther

Parkwalk Advisors Ltd

R T Todd

H S P Parry

Registered office

Unit 4 Avon Valley Business Park
Chapel Way
Bristol
BS4 4EU

Registered number

09893012

Accountant

Corrigan Accountants Limited 1st Floor
25 King Street
Bristol
BS1 4PB

 

LettUs Grow Ltd

(Registration number: 09893012)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

116,380

228,811

Tangible assets

5

85,126

74,631

 

201,506

303,442

Current assets

 

Stocks

168,758

332,783

Debtors

6

345,914

386,878

Cash at bank and in hand

 

2,204,356

1,361,788

 

2,719,028

2,081,449

Creditors: Amounts falling due within one year

7

(178,167)

(292,164)

Net current assets

 

2,540,861

1,789,285

Net assets

 

2,742,367

2,092,727

Capital and reserves

 

Called up share capital

1,751

1,451

Share premium reserve

13,322,357

10,322,657

Share option reserve

202,481

167,019

Profit and loss account

(10,784,222)

(8,398,400)

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:

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 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 Board on 25 June 2025 and signed on its behalf by:
 

.........................................

C Guy

Director

 

LettUs Grow Ltd

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

1

Statutory information

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

The address of its registered office is:
Unit 4 Avon Valley Business Park
Chapel Way
Bristol
BS4 4EU
United Kingdom

2

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)

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

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)

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:

Office equipment

25% on cost

Computer equipment

25% on cost

Leasehold improvements

Over the term of the lease

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:

Avon valley development farm

Straight-line over 5 years

Software licences

Straight-line over 3 years

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)

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)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2023 - 41).

 

LettUs Grow Ltd

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

4

Intangible fixed assets

Avon Valley Development
 £

Software licences
£

Zero Carbon Farms
£

Total
£

Cost

At 1 January 2024

526,488

19,805

24,000

570,293

At 31 December 2024

526,488

19,805

24,000

570,293

At 1 January 2024

324,669

16,813

-

341,482

Amortisation charge

105,298

2,333

4,800

112,431

At 31 December 2024

429,967

19,146

4,800

453,913

Carrying amount

At 31 December 2024

96,521

659

19,200

116,380

At 31 December 2023

201,819

2,992

24,000

228,811

 

LettUs Grow Ltd

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

5

Tangible fixed assets

Office equipment
 £

Computer equipment
 £

Leasehold improvements
 £

Plant and equipment
 £

Total
£

Cost

At 1 January 2024

3,727

64,777

19,791

61,025

149,320

Additions

-

6,250

-

48,158

54,408

Disposals

-

(15,639)

-

-

(15,639)

At 31 December 2024

3,727

55,388

19,791

109,183

188,089

Depreciation

At 1 January 2024

1,952

38,053

19,791

14,893

74,689

Charge for the period

596

12,531

-

23,006

36,133

Eliminated on disposal

-

(7,859)

-

-

(7,859)

At 31 December 2024

2,548

42,725

19,791

37,899

102,963

Carrying amount

At 31 December 2024

1,179

12,663

-

71,284

85,126

At 31 December 2023

1,775

26,724

-

46,132

74,631

 

LettUs Grow Ltd

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

6

Debtors: amounts falling due within one year

2024
£

2023
£

Trade debtors

17,673

82,691

Other debtors

12,002

13,137

Prepayments and accrued income

156,491

104,134

Corporation tax

139,253

142,092

VAT

20,495

44,824

345,914

386,878

7

Creditors

2024
£

2023
£

Amounts falling due within one year

Trade creditors

35,252

64,829

Taxation and social security

47,793

52,601

Other creditors

15,529

12,645

Accruals and deferred income

79,593

162,089

178,167

292,164

 

LettUs Grow Ltd

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

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.01 each

67,589

675.89

67,589

675.89

A Ordinary shares of £0.01 each

77,498

774.98

77,498

774.98

B Ordinary shares of £0.01 each

30,000

300.00

-

-

 

175,087

1,751

145,087

1,451

New shares allotted

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.

9

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Total

74,896

66,294

 

LettUs Grow Ltd

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

10

Share-based payments

EMI Options

Scheme details and movements

The company has issued options over its unissued shares to employees. The options vest at annual intervals over a two year period from the date of grant, and vesting may also be conditional upon other criteria such as the option holder's continuing employment by the company.

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:

2024
Number

2023
Number

Outstanding, start of period

12,335

3,275

Granted during the period

-

9,060

Forfeited during the period

(1,850)

-

Outstanding, end of period

10,485

12,335

Exercisable, end of period

7,976

6,168

The movements in the weighted average exercise price of share options during the year were as follows:

2024
£

2023
£

Outstanding, start of period

0.01

51.32

Granted during the period

-

0.01

Forfeited during the period

0.01

-

Outstanding, end of period

0.01

0.01

Exercisable, end of period

0.01

0.01

 

LettUs Grow Ltd

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

10

Share-based payments (continued)

Unapproved options

Scheme details and movements

The company has issued options over its unissued shares to part time employees and non-executive Directors. The options vest at annual intervals over a two year period from the date of grant, and vesting may also be conditional upon other criteria such as the option holder's continuing services to the company.

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:

2024
Number

2023
Number

Outstanding, start of period

400

244

Granted during the period

-

156

Outstanding, end of period

400

400

Exercisable, end of period

301

200

The movements in the weighted average exercise price of share options during the year were as follows:

2024
£

2023
£

Outstanding, start of period

0.01

49.35

Granted during the period

-

0.01

Outstanding, end of period

0.01

0.01

Exercisable, end of period

0.01

0.01