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Registered number: 07433514









JT AGRO LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
JT AGRO LIMITED
 
 
COMPANY INFORMATION


Directors
G Singh 
J Walia 




Registered number
07433514



Registered office
Lees Mill Lane
Linthwaite

Huddersfield

West Yorkshire

HD7 5QE




Independent auditors
BKL Audit LLP
Chartered Accountants & Statutory Auditor

35 Ballards Lane

London

N3 1XW





 
JT AGRO LIMITED
 

CONTENTS



Page
Group strategic report
 
 
1 - 2
Directors' report
 
 
3 - 4
Independent auditors' report
 
 
5 - 8
Consolidated statement of comprehensive income
 
 
9
Consolidated statement of financial position
 
 
10 - 11
Company statement of financial position
 
 
12
Consolidated statement of changes in equity
 
 
13
Company statement of changes in equity
 
 
14
Consolidated statement of cash flows
 
 
15 - 16
Notes to the financial statements
 
 
17 - 33


 
JT AGRO LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

Introduction
 
The directors present their strategic report of the company and the group for the year ended 31 August 2024. 

Business review
 
Turnover for the 12 month period to 31 August 2024 was £36,532,184, which represents a relative decline in turnover when comparing to the 15 month period to 31 August 2023. This is largely due to external market factors such as poor weather conditions resulting in a fall in demand for agrochemicals during the period. There are considerable new registrations along with a new customer base for new molecules in the market, leading to increased revenue for 2025.

Principal risks and uncertainties
 
The directors have considered the principal risks and uncertainties affecting the group as at the balance sheet date and up to the date of this report. 
The group's operations expose it to a variety of financial risks that include the effects of changes in credit risk and liquidity risk. The group has debt finance but does not use derivative financial instruments to manage interest rate and as such, no hedge accounting is applied 
The group's financial instruments comprise cash and liquid resources, various items such as trade debtors, trade creditors etc, that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations. It is, and has been throughout the period under review, the group's policy that no trading in financial instruments shall be undertaken. The main risks arising from the group's financial instruments are market risk, credit risk, business and operational risk. 

Key performance indicators
 
The group's key financial and other performance indicators during the year were as follows: 
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Page 1

 
JT AGRO LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Directors' statement of compliance with duty to promote the success of the Group
 
Section 172 of the Companies Act requires Directors to take into consideration the interests of stakeholders and other matters in their decision making. The Board considers that the decisions they have made during the financial year and the way they have acted have been in the best interests of stakeholders and related parties, having regard for matters set out in s172(1) (a-f) of the Act. 
The Board acts in good faith and in a manner that they consider promotes the long-term success of the business for the benefit of its stakeholders. The directors are constantly exploring opportunities to generate additional business. The company's key stakeholders are its employees, financial institutions, clients and suppliers.  


This report was approved by the board and signed on its behalf.







J Walia
Director

Date: 29 August 2025

Page 2

 
JT AGRO LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Group in the period under review was that of trading in agro chemicals. 

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £1,146,275 (2023 - £4,504,770).

Dividends amounted to £nil in the period ended 31 August 2024 (2023: £1,196,820)

Directors

The directors who served during the year were:

G Singh 
J Walia 

Future developments

Business prospects are increasing both in terms of geography and product portfolio with an adept team, we are poised towards growth.

Page 3

 
JT AGRO LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.

Matters covered in the Group Strategic Report

The Group has chosen in accordance with Section 414C(II) of the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 to set out within the Company’s Strategic Report, the information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the Directors’ Report, such as the business review, details of the principal risks and uncertainties and subsequent events.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

Subsequent to the year end, a corporate restructuring took place whereby the Company, along with other entities within its group, became part of the Widecover Limited group of companies, a related corporate structure. This restructuring has no impact on the financial position of the Company as at the balance sheet date but represents a significant change in the corporate structure and ownership alignment post year end.

Auditors

Under section 487(2) of the Companies Act 2006BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 







J Walia
Director

Date: 29 August 2025

Page 4

 
JT AGRO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JT AGRO LIMITED
 

Opinion


We have audited the financial statements of JT Agro Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 August 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
JT AGRO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JT AGRO LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
JT AGRO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JT AGRO LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiring of management and those charged with governance around actual and potential litigation and claims;
Enquiring of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
Reviewing board meeting minutes for all meetings taking place throughout the year.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Reviewing the general ledger in detail for all transactions with related parties;
Performing walk through testing to ensure systems and controls are operating as recorded where appropriate;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude
Page 7

 
JT AGRO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JT AGRO LIMITED (CONTINUED)


that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Nick Bishop FCA (Senior statutory auditor)
  
for and on behalf of
BKL Audit LLP
 
Chartered Accountants
Statutory Auditor
  
35 Ballards Lane
London
N3 1XW

29 August 2025
Page 8

 
JT AGRO LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

12 months ended
31 August
15 months ended
31 August
2024
2023
Note
£
£

  

Turnover
 4 
36,615,570
57,356,960

Cost of sales
  
(32,585,706)
(51,005,823)

Gross profit
  
4,029,864
6,351,137

Administrative expenses
  
(2,508,372)
(624,131)

Operating profit
 5 
1,521,492
5,727,006

Interest receivable and similar income
  
1,000
45

Interest payable and similar expenses
  
(96,272)
-

Profit before taxation
  
1,426,220
5,727,051

Tax on profit
 9 
(350,000)
(1,234,778)

Profit for the financial year
  
1,076,220
4,492,273

  

Total comprehensive income for the year
  
1,076,220
4,492,273

Profit for the year attributable to:
  

Non-controlling interests
  
(70,055)
(12,497)

Owners of the parent Company
  
1,146,275
4,504,770

  
1,076,220
4,492,273

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 17 to 33 form part of these financial statements.

Page 9

 
JT AGRO LIMITED
REGISTERED NUMBER: 07433514

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
2,193
1,468

  
2,193
1,468

Current assets
  

Stocks
  
8,918,165
17,098,181

Debtors: amounts falling due within one year
 13 
14,558,172
8,083,552

Cash at bank and in hand
 14 
2,784,331
1,459,851

  
26,260,668
26,641,584

Creditors: amounts falling due within one year
 15 
(15,234,534)
(16,690,945)

Net current assets
  
 
 
11,026,134
 
 
9,950,639

Total assets less current liabilities
  
11,028,327
9,952,107

Provisions for liabilities
  

Deferred taxation
 16 
(355)
(355)

  
 
 
(355)
 
 
(355)

Net assets
  
11,027,972
9,951,752


Capital and reserves
  

Called up share capital 
 17 
100
100

Profit and loss account
 18 
11,020,709
9,874,434

Equity attributable to owners of the parent Company
  
11,020,809
9,874,534

Non-controlling interests
  
7,163
77,218

  
11,027,972
9,951,752


Page 10

 
JT AGRO LIMITED
REGISTERED NUMBER: 07433514
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






J Walia
Director

Date: 29 August 2025

The notes on pages 17 to 33 form part of these financial statements.

Page 11

 
JT AGRO LIMITED
REGISTERED NUMBER: 07433514

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 12 
166
166

  
166
166

Current assets
  

Debtors: amounts falling due within one year
 13 
3,332,938
3,584,768

Cash at bank and in hand
 14 
66,135
269,250

  
3,399,073
3,854,018

Creditors: amounts falling due within one year
 15 
(1,766,747)
(2,207,466)

Net current assets
  
 
 
1,632,326
 
 
1,646,552

Total assets less current liabilities
  
1,632,492
1,646,718

  

  

Net assets
  
1,632,492
1,646,718


Capital and reserves
  

Called up share capital 
 17 
100
100

Profit and loss account brought forward
  
1,646,618
1,853,789

Loss/(profit) for the year
  
(14,226)
989,649

Dividends paid

  

-
(1,196,820)

Profit and loss account carried forward
  
1,632,392
1,646,618

  
1,632,492
1,646,718


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






J Walia
Director

Date: 29 August 2025

The notes on pages 17 to 33 form part of these financial statements.

Page 12

 
JT AGRO LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£


At 1 June 2022
100
6,566,484
6,566,584
89,715
6,656,299


Comprehensive income for the period

Profit for the period
-
4,504,770
4,504,770
(12,497)
4,492,273
Total comprehensive income for the period
-
4,504,770
4,504,770
(12,497)
4,492,273


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,196,820)
(1,196,820)
-
(1,196,820)


Total transactions with owners
-
(1,196,820)
(1,196,820)
-
(1,196,820)



At 1 September 2023
100
9,874,434
9,874,534
77,218
9,951,752


Comprehensive income for the year

Profit for the year
-
1,146,275
1,146,275
(70,055)
1,076,220
Total comprehensive income for the year
-
1,146,275
1,146,275
(70,055)
1,076,220


At 31 August 2024
100
11,020,709
11,020,809
7,163
11,027,972


The notes on pages 17 to 33 form part of these financial statements.

Page 13

 
JT AGRO LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 June 2022
100
1,853,789
1,853,889


Comprehensive income for the period

Profit for the period
-
989,649
989,649
Total comprehensive income for the period
-
989,649
989,649


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,196,820)
(1,196,820)


Total transactions with owners
-
(1,196,820)
(1,196,820)



At 1 September 2023
100
1,646,618
1,646,718


Comprehensive income for the period

Loss for the year
-
(14,226)
(14,226)
Total comprehensive income for the year
-
(14,226)
(14,226)


At 31 August 2024
100
1,632,392
1,632,492


The notes on pages 17 to 33 form part of these financial statements.

Page 14

 
JT AGRO LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,076,220
4,492,273

Adjustments for:

Depreciation of tangible assets
1,025
1,104

Interest paid
96,272
-

Interest received
(1,000)
(45)

Taxation charge
350,000
1,234,778

Decrease/(increase) in stocks
8,180,016
(6,282,372)

(Increase)/decrease in debtors
(6,474,620)
12,879,020

(Decrease) in creditors
(1,211,183)
(11,134,531)

Corporation tax (paid)
(600,045)
(597,234)

Interest received
-
45

Net cash generated from operating activities

1,416,685
593,038


Cash flows from investing activities

Purchase of tangible fixed assets
(1,750)
-

Interest received
1,000
-

Net cash from investing activities

(750)
-

Cash flows from financing activities

Dividends paid
-
(1,196,820)

Interest paid
(96,272)
-

Amounts withdrawn by directors
-
(16,803)

Foreign exchange
-
5,967

Net cash used in financing activities
(96,272)
(1,207,656)

Net increase/(decrease) in cash and cash equivalents
1,319,663
(614,618)

Cash and cash equivalents at beginning of year
1,459,851
2,074,469
Page 15

 
JT AGRO LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024


2024
2023

£
£



Cash and cash equivalents at the end of year
2,779,514
1,459,851


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,784,331
1,459,851

Bank overdrafts
(4,817)
-

2,779,514
1,459,851


The notes on pages 17 to 33 form part of these financial statements.

Page 16

 
JT AGRO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

JT Agro Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.
The principal activity of the Group in the period under review was that of trading in agro chemicals. 
The current period relates to the 12 months from 1 September 2023 to the 31 August 2024 whereas the prior period related to the 15 months from 1 June 2022 to 31 August 2023. Therefore the comparative period is not directly comparable.

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 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

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 following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

These financial statements have been prepared on the going concern basis.
The directors are confident, after reviewing cash flow forecasts for the 12 month period after the date of approval of these financial statements, that the Group has adequate financial resources which will enable the Company and Group to pay their debts as they fall due for the foreseeable future.

Page 17

 
JT AGRO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

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

 
2.8

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.

Page 18

 
JT AGRO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

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 reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.


 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 19

 
JT AGRO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
on cost
Computer equipment
-
25%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.14

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.15

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.

 
2.16

Financial instruments

Page 20

 
JT AGRO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
(i) Financial assets
Basic financial assets, including fixed asset investment, trade and other debtors, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Consolidated Statement of Comprehensive Income.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 21

 
JT AGRO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
There are no key judgements or estimates that impact the figures in these accounts. 


4.


Turnover

An analysis of turnover by class of business is as follows:


12 months ended
31 August
15 months ended
31 August
2024
2023
£
£

Sale of agrochemicals
36,615,570
57,356,960

36,615,570
57,356,960


Analysis of turnover by country of destination:

12 months ended
31 August
15 months ended
31 August
2024
2023
£
£

United Kingdom
8,532,972
7,536,916

Rest of Europe
27,912,632
49,820,044

Rest of the world
169,966
-

36,615,570
57,356,960


Page 22

 
JT AGRO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Operating profit

The operating profit is stated after charging:

12 months ended
31 August
15 months ended
31 August
2024
2023
£
£

Exchange differences
603,360
(122,538)

Other operating lease rentals
150,302
2,850


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


12 months ended
31 August
15 months ended
31 August
2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
18,000
9,000

Fees payable to the Company's auditors and their associates in respect of:

The auditing of accounts of associates of the Company
69,000
58,500

All non-audit services not included above
7,500
14,000

Page 23

 
JT AGRO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
84,268
76,544
84,268
76,544

Social security costs
7,461
6,942
7,461
6,942

Cost of defined contribution scheme
1,695
1,462
1,695
1,462

93,424
84,948
93,424
84,948


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



Group
Group
Company
Company
  12 months ended
       31 August
   15 months ended
       31 August
  12 months ended
       31 August
   15 months ended
       31 August
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
4
3
4
3


8.


Directors' remuneration

12 months ended
31 August
15 months ended
31 August
2024
2023
£
£

Directors' emoluments
42,000
44,274

42,000
44,274


Page 24

 
JT AGRO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

9.


Taxation


12 months ended
31 August
15 months ended
31 August
2024
2023
£
£

Corporation tax


Current tax on profits for the year
350,000
1,234,912


350,000
1,234,912


Total current tax
350,000
1,234,912

Deferred tax


Origination and reversal of timing differences
-
(134)

Total deferred tax
-
(134)


Tax on profit
350,000
1,234,778
Page 25

 
JT AGRO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 21%). The differences are explained below:

12 months ended
31 August
15 months ended
31 August
2024
2023
£
£


Profit on ordinary activities before tax
1,426,220
5,727,051


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of % (2023 -  21  %)
356,555
1,202,681

Effects of:


Expenses not deductible for tax purposes
778
13,894

Capital allowances for year/period in excess of depreciation
-
24

Adjustments to tax charge in respect of prior periods
-
(1,790)

Deferred tax
-
(24)

Deferred tax not recognised
-
19,993

Other differences leading to an increase (decrease) in the tax charge
(7,333)
-

Total tax charge for the year/period
350,000
1,234,778


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Dividends

2024
2023
£
£


Dividends paid
-
1,196,820

-
1,196,820

Page 26

 
JT AGRO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

11.


Tangible fixed assets

Group






Fixtures and fittings
Computer equipment
Total

£
£
£



Cost 


At 1 September 2023
2,350
5,798
8,148


Additions
1,750
-
1,750



At 31 August 2024

4,100
5,798
9,898



Depreciation


At 1 September 2023
882
5,798
6,680


Charge for the year on owned assets
1,025
-
1,025



At 31 August 2024

1,907
5,798
7,705



Net book value



At 31 August 2024
2,193
-
2,193



At 31 August 2023
1,468
-
1,468

Page 27

 
JT AGRO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

           11.Tangible fixed assets (continued)


Company






Computer equipment

£

Cost 


At 1 September 2023
5,798



At 31 August 2024

5,798



Depreciation


At 1 September 2023
5,798



At 31 August 2024

5,798



Net book value



At 31 August 2024
-



At 31 August 2023
-






Page 28

 
JT AGRO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

12.


Fixed asset investments

Group












Company





Investments in subsidiary companies

£



Cost 


At 1 September 2023
166



At 31 August 2024
166





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Cropthetics Limited
Lees Mill Lane, Linthwaite, Huddersfield, West Yorkshire, HD7 5QE
Ordinary
100%
60BC Limited
Lees Mill Lane, Linthwaite, Huddersfield, West Yorkshire, HD7 5QE
Ordinary
75%
JT Agro Ireland Limited
Ardsallagh Lane, Navan, Co. Meath
Ordinary
100%

Page 29

 
JT AGRO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 August 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)
£
£

Cropthetics Limited
9,539,446
1,473,674

60BC Limited
28,649
(280,222)

JT Agro Ireland Limited
(72,449)
(3,031)


13.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
13,919,671
7,458,537
-
-

Amounts owed by group undertakings
-
-
3,307,531
3,570,832

Other debtors
638,501
625,015
25,395
13,924

Deferred taxation
-
-
12
12

14,558,172
8,083,552
3,332,938
3,584,768



14.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
2,784,331
1,459,851
66,135
269,250

Less: bank overdrafts
(4,817)
-
(4,817)
-

2,779,514
1,459,851
61,318
269,250


Page 30

 
JT AGRO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

15.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
4,817
-
4,817
-

Trade creditors
8,914,492
9,347,137
404,520
388,605

Corporation tax
984,867
1,234,912
57,018
25,873

Other taxation and social security
488,791
1,363,089
356,872
187,109

Other creditors
3,064,204
1,709,035
888,280
1,586,504

Accruals and deferred income
1,777,363
3,036,772
55,240
19,375

15,234,534
16,690,945
1,766,747
2,207,466



16.


Deferred taxation


Group



2024


£






At beginning of year
(355)



At end of year
(355)

Company


2024


£






At beginning of year
12



At end of year
12

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(355)
(355)
12
12

(355)
(355)
12
12

Page 31

 
JT AGRO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



18.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits or losses , net of dividends paid and other adjustments.


19.


Contingent liabilities

HSBC Bank has a fixed and floating charge over certain present and future assets of the Group to cover loans, overdrafts and an invoice facility provided to its group companies and companies related by virtue of common control.
An unlimited Multilateral Guarantee is given by the Group, JT Crop Limited, JT Grosvenor Limited, Cropthetics Limited and Widecover Holdings Limited.
JT Crop Limited, JT Grosvenor Limited and Widecover Holdings Limited are related by common control.


20.


Commitments under operating leases

The Group and the Company had no commitments under non-cancellable operating leases at the reporting date.


21.


Related party transactions


2024
2023
£
£

Sales
408,909
941,955
Purchases
9,480,506
21,376,209
Amount due from related party
916,541
4,797,127
Amount due to related party
6,368,202
8,043,350

The above relates to transactions and balances with JT Crop Limited, Widecover Holdings Limited, J T Grosvenor Limited and Cropnosys (India) Pvt Limited, companies related by virtue of common control.
All related party transactions were carried out under normal commercial terms.

Page 32

 
JT AGRO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

22.


Post balance sheet events

Subsequent to the year end, a corporate restructuring took place whereby the Company, along with other entities within its group, became part of the Widecover Limited group of companies, a related corporate structure. This restructuring has no impact on the financial position of the Company as at the balance sheet date but represents a significant change in the corporate structure and ownership alignment post year end.


23.


Controlling party

There is no ultimate controlling party.

 
Page 33