ACCOUNTS - Final Accounts

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

15 month period ended

31 August

12 month period ended

31 May

Registered number: 03559431

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

COMPANY INFORMATION

Directors	G Singh
	J Walia
	M Walia


Registered number	03559431


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 CROP LIMITED (FORMERLY WIDECOVER LIMITED)

CONTENTS

	Page
Group strategic report	1 - 3
Directors' report	4 - 7
Independent auditors' report	8 - 11
Consolidated statement of comprehensive income	12 - 13
Consolidated statement of financial position	14 - 15
Company statement of financial position	16 - 17
Consolidated statement of changes in equity	18 - 19
Company statement of changes in equity	20
Consolidated statement of cash flows	21 - 22
Consolidated analysis of net debt	23
Notes to the financial statements	24 - 51

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

GROUP STRATEGIC REPORT

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

Introduction

The directors present their strategic report of the company and the group for the 15 month period ended 31 August 2024.

Business review

The results for the 15-month period ended 31 August 2024 show turnover of £59.4m compared with £111.2m for the 12-month prior period ended 31 May 2023. While the reporting period is longer, revenue has decreased substantially during the current period.
The gross profit margin for the period was 24.5%, which is broadly consistent with the prior year margin of 26.9%, indicating that although sales levels reduced, the company was able to maintain relative pricing discipline and manage its direct costs effectively.There are considerable new registrations along with a new customer base for the new molecules in the market, leading to increased turnover and revenue for 2025.
The group's key financial and other performance indicators during the period were as follows:

Page 1

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

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 rates 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.
Market risk
Market risk includes failure to anticipate the pricing and market changes. External influences, such as fluctuations in commodity prices, foreign currency exchange rates and currency values could have a material adverse effect on our result of operation and financial position. The group seeks to manage the risk through diversification of its portfolio of products, geographies into which it sells and the currencies in which it operates.
Credit risk
The group trades only with recognised, creditworthy third parties. It is the group's policy that all customers who wish to trade on credit terms are subject to credit vetting procedures. In addition, receivables balances are monitored on an ongoing basis with the result that the group's exposure to bad debts is not significant.
Business and Operational risk
We sell our products in competitive markets, and the success of our competitve strategy depends on our products and retaining customers and distributors. The group manages business and operational risk by ensuring adequate operating margins are maintained.

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 internal staff, clients, and suppliers. The company engages with its employees, clients and suppliers through several means including:
•Employees: internal updates on the company’s development, client relationship building, and employee training and development
•Clients: providing support and advice to clients to build sustainable long-term business relationships to help them achieve their goals and objectives.
•Suppliers: Effective communications and updates on contracts to develop sustainable long-term business relationships.

Page 2

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

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

J Walia

Director

Date: 5 September 2025

Page 3

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

DIRECTORS' REPORT

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

The directors present their report and the financial statements for the 15 month period 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 judgments 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 2006. They 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 activities of the group is that of trading in agrochemicals and manufacturing of crop protection products.

Results and dividends

The profit for the 15 month period, after taxation and minority interests, amounted to £7,822,304 (2023 - £10,137,198).

Dividends paid in the period amounted to £51,000 (2023: £40,800).

Directors

The directors who served during the 15 month period were:

G Singh

J Walia

M Walia

Future developments

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

Page 4

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

DIRECTORS' REPORT (CONTINUED)

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

Engagement with employees

The provision of high-level information to staff is maintained through regular communications. Members of the management team regularly visit branches and discuss relevant business issues with members of staff and a programme of regular staff consultative committee meetings is followed.

Engagement with suppliers, customers and others

The directors regularly monitor key supplier relationships, relevant developments and engagement activities. Contracts and activity with customers have been reviewed by the directors in the context of the relevant transactions.
The directors have always paid special attention to issues related to customers and suppliers. During the period ended 31 August 2024, the directors regularly monitor the performance of customers and suppliers and the impacts on them of the wider macroeconomic and geopolitical environment.

Disabled employees

The Group gives full and fair consideration to applications for employment made by disabled persons and their continuing employment, training and career development, having full regard to their aptitudes and abilities.

Page 5

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

DIRECTORS' REPORT (CONTINUED)

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group's greenhouse gas emissions and energy consumption for the 15 month period are:

The reporting period is the 15 month period 1 June 2023 to 31 August 2024. This report has been compiled in line with the March 2019 BEIS 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance', and the EMA methodology for SECR Reporting.
All measured emissions from activities which the organisation has financial control over are included as required under The Companies (Directors' Report) and Limitation Liability Partnerships (Energy and Carbon Report) Regulations 2018, unless otherwise stated in the exclusions statement below.
The carbon figures have been calculated using the Department for Business Energy and Industrial Strategy 2023 carbon conversion factors for all fuels, other than the market-based electricity which has been taken from the relevant UK suppliers.

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m turnover.

Matters covered in the Group Strategic Report

The principal risks and uncertainties that the group is exposed to in respect of foreign currency risk, liquidity risk and credit risk have been disclosed in the strategic report.

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.

Page 6

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

DIRECTORS' REPORT (CONTINUED)

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

Post balance sheet events

Subsequent to the year end, a corporate restructuring took place whereby the Group incorporated various other entities part of a related corporate structure. This restructuring has no impact on the financial position of the Group 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 2006, BKL 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: 5 September 2025

Page 7

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

Disclaimer of opinion

We were engaged to audit the financial statements of JT Crop Limited (formerly Widecover Limited) (the 'parent Company') and its subsidiaries (the 'Group') for the 15 month period 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 policies. The 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).
We do not express an opinion on the accompanying financial statements of the Group and Company. Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these consolidated financial statements.

Basis for disclaimer of opinion

In the prior year, the component auditor of the Group’s subsidiary, Cropnosys India Private Limited, were not able to communicate on audit working papers, meaning the prior period Group auditors were unable to review the audit work completed in respect of the significant component. The prior period Group auditors were unable to obtain sufficient appropriate audit evidence regarding the work undertaken on this significant component by the component auditor. The prior period Group auditors were unable to satisfy themselves by alternative means concerning the component auditor's work or the financial information of the component. Consequently, they were unable to determine whether any adjustments might have been necessary in respect of the component's financial information included in the consolidated financial statements and any subsequent impact on the opening balances and opening reserves of the 2024 figures.
We have issued a disclaimer of opinion on the basis that the Group’s subsidiary, Cropnosys India Private Limited, is deemed a significant component to the consoidated 2023 financial statements of the Group, as the subsidiary represented 66% of Group turnover and 84% of the Group’s gross assets in the prior period.

Page 8

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JT CROP LIMITED (FORMERLY WIDECOVER LIMITED) (CONTINUED)

Identifying and assessing potential irregularities including fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

∙Enquiring of management around actual and potential litigation and claims;

∙Reviewing minutes of meetings of those charged with governance;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

∙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.

We are unable to gain assurance on whether fraud had occurred in relation to the subsidiary figures due to the limitation of scope described above.

Opinion on other matters prescribed by the Companies Act 2006

Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have been unable to form an opinion, whether 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 15 month period 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.

Page 9

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JT CROP LIMITED (FORMERLY WIDECOVER LIMITED) (CONTINUED)

Matters on which we are required to report by exception

Notwithstanding our disclaimer of an opinion on the financial statements, 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 performed subject to the pervasive limitation described above, we have not identified material misstatements in the Group strategic report and the Directors' report.
Arising from the limitation of our work referred to above:

∙we have not obtained all the information and explanations that we considered necessary for the purposes of our audit; and

∙returns adequate for our audit have not been received from branches not visited by us.

We have nothing to report in respect of the following matters where 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;

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 4, 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.

Auditors' responsibilities for the audit of the financial statements

Our responsibility is to conduct an audit of the statements in accordance with International Standards on Auditing (UK) and applicable law and to issue an auditor’s report.
However, because of the matter described in the basis for disclaimer of opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.
We are independent of the Group and Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard.

Page 10

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JT CROP LIMITED (FORMERLY WIDECOVER LIMITED) (CONTINUED)

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 2006. Our 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

5 September 2025

Page 11

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

	15 month period ended 31 August	12 month period ended 31 May
	2024	2023
Note	£	£


Turnover	4	59,367,086	111,151,657
Cost of sales		(44,800,293)	(81,200,128)
Gross profit		14,566,793	29,951,529
Distribution costs		-	(18,735)
Administrative expenses		(9,424,947)	(13,372,177)
Other operating income		-	100
Operating profit	5	5,141,846	16,560,717
Income from shares in group undertakings		5,629,577	-
Interest receivable and similar income	9	1,390,718	1,408,741
Interest payable and similar expenses	10	(2,052,753)	(204,910)
Profit before taxation		10,109,388	17,764,548
Tax on profit	11	(1,231,112)	(4,365,197)
Profit for the financial 15 month period		8,878,276	13,399,351


Currency translation differences	(2,344,967)	(1,435,774)
Other comprehensive income for the 15 month period	(2,344,967)	(1,435,774)
Total comprehensive income for the 15 month period	6,533,309	11,963,577

Profit for the 15 month period attributable to:
Non-controlling interests	1,055,972	3,262,153
Owners of the parent Company	7,822,304	10,137,198
	8,878,276	13,399,351

Total comprehensive income for the 15 month period attributable to:
Non-controlling interest	1,055,972	3,262,153
Owners of the parent Company	5,477,337	8,701,424
	6,533,309	11,963,577

Page 12

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

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 24 to 51 form part of these financial statements.

Page 13

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

REGISTERED NUMBER: 03559431

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2024

	31 August	31 May
	2024	2023
Note	£	£

Fixed assets
Intangible assets	13		1,555,414		482,604
Tangible assets	14		8,224,237		7,477,807
Investments	15		744,496		700,010
			10,524,147		8,660,421
Current assets
Stocks	16	6,819,596		12,287,393
Debtors	17	30,072,344		34,584,934
Current asset investments	18	-		100,000
Cash at bank and in hand	19	21,868,943		6,496,302
		58,760,883		53,468,629
Creditors: amounts falling due within one year	20	(12,785,992)		(23,990,782)
Net current assets			45,974,891		29,477,847
Total assets less current liabilities			56,499,038		38,138,268
Creditors: amounts falling due after more than one year	21		(11,287,948)		(477,740)
Provisions for liabilities
Deferred taxation	23	(155,900)		(173,893)
Other provisions	24	(184,321)		(117,071)
			(340,221)		(290,964)
Net assets			44,870,869		37,369,564

Capital and reserves
Called up share capital	25	100	100
Other reserves	26	160,108	-
Profit and loss account	26	35,296,754	29,141,717
Equity attributable to owners of the parent Company		35,456,962	29,141,817
Non-controlling interests		9,413,907	8,227,747
		44,870,869	37,369,564

Page 14

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

REGISTERED NUMBER: 03559431

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: 5 September 2025

The notes on pages 24 to 51 form part of these financial statements.

Page 15

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

REGISTERED NUMBER: 03559431

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2024

	31 August	31 May
	2024	2023
Note	£	£

Fixed assets
Tangible assets	14		109		215
Investments	15		1,278,452		1,369,168
			1,278,561		1,369,383
Current assets
Stocks	16	-		590,393
Debtors	17	7,850,227		4,466,499
Cash at bank and in hand	19	4,681,303		538,872
		12,531,530		5,595,764
Creditors: amounts falling due within one year	20	(1,304,549)		(699,902)
Net current assets			11,226,981		4,895,862
Total assets less current liabilities			12,505,542		6,265,245


Net assets			12,505,542		6,265,245

Capital and reserves
Called up share capital	25		100		100
Profit and loss account brought forward		6,265,145		5,844,953
Profit for the 15 month period		6,291,297		460,992
Other changes in the profit and loss account		(51,000)		(40,800)
Profit and loss account carried forward			12,505,442		6,265,145
			12,505,542		6,265,245

Page 16

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

REGISTERED NUMBER: 03559431

COMPANY 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: 5 September 2025

The notes on pages 24 to 51 form part of these financial statements.

Page 17


		JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

	Called up share capital	Share option reserve	Profit and loss account	Equity attributable to owners of parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£
At 1 June 2023	100	-	29,141,717	29,141,817	8,227,747	37,369,564
Comprehensive income for the 15 month period
Profit for the 15 month period	-	-	7,822,304	7,822,304	1,055,972	8,878,276
Currency translation differences	-	-	(1,616,267)	(1,616,267)	(728,700)	(2,344,967)
Other comprehensive income for the 15 month period	-	-	(1,616,267)	(1,616,267)	(728,700)	(2,344,967)
Total comprehensive income for the 15 month period	-	-	6,206,037	6,206,037	327,272	6,533,309
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(51,000)	(51,000)	-	(51,000)
Share option charge in year	-	160,108	-	160,108	-	160,108
Other movement	-	-	-	-	858,888	858,888
Total transactions with owners	-	160,108	(51,000)	109,108	858,888	967,996
At 31 August 2024	100	160,108	35,296,754	35,456,962	9,413,907	44,870,869

The notes on pages 24 to 51 form part of these financial statements.

Page 18


		JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE 15 MONTH PERIOD ENDED 31 MAY 2023

	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	20,082,090	20,082,190	5,364,596	25,446,786
Comprehensive income for the year
Profit for the year	-	10,137,198	10,137,198	3,262,154	13,399,352
Currency translation differences	-	(1,036,771)	(1,036,771)	(399,003)	(1,435,774)
Other comprehensive income for the year	-	(1,036,771)	(1,036,771)	(399,003)	(1,435,774)
Total comprehensive income for the year	-	9,100,427	9,100,427	2,863,151	11,963,578
Contributions by and distributions to owners
Dividends: Equity capital	-	(40,800)	(40,800)	-	(40,800)
Total transactions with owners	-	(40,800)	(40,800)	-	(40,800)
At 31 May 2023	100	29,141,717	29,141,817	8,227,747	37,369,564

The notes on pages 24 to 51 form part of these financial statements.

Page 19

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 June 2022	100	5,844,953	5,845,053
Comprehensive income for the year
Profit for the year	-	460,992	460,992
Total comprehensive income for the year	-	460,992	460,992
Contributions by and distributions to owners
Dividends: Equity capital	-	(40,800)	(40,800)
Total transactions with owners	-	(40,800)	(40,800)

At 1 June 2023	100	6,265,145	6,265,245
Comprehensive income for the year
Profit for the 15 month period	-	6,291,297	6,291,297
Total comprehensive income for the 15 month period	-	6,291,297	6,291,297
Contributions by and distributions to owners
Dividends: Equity capital	-	(51,000)	(51,000)
Total transactions with owners	-	(51,000)	(51,000)
At 31 August 2024	100	12,505,442	12,505,542

The notes on pages 24 to 51 form part of these financial statements.

Page 20

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

			15 month period ended 31 August	12 month period ended 31 May
			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial 15 month period	8,878,276	13,399,351
Adjustments for:
Amortisation of intangible assets	166,291	26,891
Depreciation of tangible assets	700,329	509,831
Loss on disposal of tangible assets	143,235	(119,300)
Interest paid	2,052,753	174,103
Interest received	(7,020,295)	(1,408,741)
Taxation charge	1,231,112	4,423,997
Decrease/(increase) in stocks	5,467,797	(1,030,960)
Decrease/(increase) in debtors	4,129,009	(52,159)
Decrease in amounts owed by groups	383,581	-
(Decrease) in creditors	(10,625,652)	(3,676,425)
Increase in provisions	67,250	20,084
Corporation tax (paid)	(2,133,993)	(5,200,308)
Foreign exchange	(849,091)	(1,351,886)
Share option charge	160,108	-
Net cash generated from operating activities	2,750,710	5,714,478

Cash flows from investing activities
Purchase of intangible fixed assets	(1,390,730)	(500,716)
Purchase of tangible fixed assets	(2,014,341)	(3,488,655)
Sale of tangible fixed assets	-	119,301
Purchase of unlisted and other investments	(108,957)	(690,043)
Sale of unlisted and other investments	100,000	1,010,829
Purchase of share in associates	-	(100,000)
Interest received	1,390,718	1,408,741
Income from investments in related companies	5,629,577	-
Net cash from investing activities	3,606,267	(2,240,543)
Cash flows from financing activities
Repayment of loans	(41,667)	(3,002,902)
Other new loans	11,158,070	-
Dividends paid	(51,000)	(40,800)
Interest paid	(2,052,753)	(174,103)

Page 21

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

		15 month period ended 31 August	12 month period ended 31 May
		2024	2023
		£	£

Net cash used in financing activities	9,012,650	(3,217,805)
Net increase in cash and cash equivalents	15,369,627	256,130
Cash and cash equivalents at beginning of 15 month period	6,496,302	6,240,172
Cash and cash equivalents at the end of 15 month period	21,865,929	6,496,302

Cash and cash equivalents at the end of 15 month period comprise:
Cash at bank and in hand	21,868,943	6,496,302
Bank overdrafts	(3,014)	-
	21,865,929	6,496,302

The notes on pages 24 to 51 form part of these financial statements.

Page 22

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024


At 1 June 2023	Cash flows	At 31 August 2024
£	£	£

Cash at bank and in hand	6,496,302	15,372,641	21,868,943
Bank overdrafts	-	(3,014)	(3,014)
Debt due after 1 year	(477,740)	(10,810,208)	(11,287,948)
Debt due within 1 year	(2,871,446)	(306,195)	(3,177,641)
Liquid investments	100,000	(100,000)	-
	3,247,116	4,153,224	7,400,340

The notes on pages 24 to 51 form part of these financial statements.

Page 23

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

1.	General information

Widecover Limited is a private company, limited by shares, registered in England and Wales.
The principal activities of the Group is that of trading in agrochemicals and manufacturing of crop protection products.
The Registered Office is Lees Mill Lane, Linthwaite, Huddersfield, West Yorkshire, HD7 5QE.

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 judgment 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

The financial statements have been prepared on the going concern basis, which assumes that the Company and Group will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
The directors have a reasonable expectation, based on their assessment of the Company’s financial position and resources that it will continue in operational existence for the foreseeable future, from the date of approval of these financial statements, and will be able to meet its debts as they fall due. The directors therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 24

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD 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.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

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.

Page 25

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

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.

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

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
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 Group 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 profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 26

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

2.11

Current and deferred taxation

The tax expense for the 15 month period 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;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other 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.

Page 27

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

2.13

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.

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:

Freehold property	-	2%
Long-term leasehold property	-	7% - 20%
Plant and machinery	-	20% - 25%
Motor vehicles	-	25%
Fixtures and fittings	-	20% - 25%
Computer equipment	-	33% reducing balance
Other fixed assets	-	20% - 25%

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.

2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.15

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 first in, first out 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.

2.16

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.

Page 28

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

2.17

Provisions for liabilities

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

Increases in provisions are generally charged as an expense to profit or loss.

2.18

Financial instruments

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.

Page 29

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

2.19

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.

3.	Judgments 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.
Impairment of subsidiary
Determining whether an investment is impaired requires an estimation of its fair value. This is based on the future operating performance of the individual entities.
Tangible fixed assets
Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Page 30

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

Agrochemicals	59,367,086	95,800,284
Crop protection products	-	15,351,373
	59,367,086	111,151,657

Analysis of turnover by country of destination:

					15 month period ended 31 August	12 month period ended 31 May
					2024	2023
					£	£

United Kingdom	27,754,304	43,551,237
Rest of Europe	8,997,934	20,300,210
Rest of the world	22,614,848	47,300,210
	59,367,086	111,151,657

	Research & development charged as an expense	274,538	661,476
	Exchange differences	(400,289)	349,472

Page 31

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements	26,000	31,600
Fees payable to the Company's auditors in respect of:
The auditing of accounts of associates of the Company	17,000	-
Taxation compliance services	6,950	-
All non-audit services not included above	11,450	9,000

Page 32

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group 31 August	Group 31 May	Company 31 August	Company 31 May
2024	2023	2024	2023
£	£	£	£


Wages and salaries	5,007,828	3,395,535	49,487	45,191
Social security costs	111,061	83,588	2,122	2,227
Cost of defined contribution scheme	208,232	71,293	22,500	18,000
	5,327,121	3,550,416	74,109	65,418

The average monthly number of employees, including the directors, during the 15 month period was as follows:

	Group	Group	Company	Company
	15 month period ended 31 August	12 month period ended 31 May	15 month period ended 31 August	12 month period ended 31 May
	2024	2023	2024	2023
	No.	No.	No.	No.

Production	177	180	-	-
Administration	302	287	3	4

	479	467	3	4

Directors' emoluments	150,810	79,992
Group contributions to defined contribution pension schemes	120,000	18,000
	270,810	97,992

During the 15 month period retirement benefits were accruing to 2 directors (2023 - 3) in respect of defined contribution pension schemes.

Page 33

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

	Other interest receivable	1,390,718	1,408,741
		1,390,718	1,408,741

Bank interest payable	2,052,753	182,126
Other interest payable	-	22,784
	2,052,753	204,910

Page 34

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

Corporation tax
Current tax on profits for the year	95,606	424,831
Adjustments in respect of previous periods	(3,150)	-
	92,456	424,831
Foreign tax
Foreign tax on income for the year	1,130,776	3,881,565
Foreign tax in respect of prior periods	22,415	-
	1,153,191	3,881,565
Total current tax	1,245,647	4,306,396

Deferred tax
Origination and reversal of timing differences	(14,535)	58,801
Total deferred tax	(14,535)	58,801


	Tax on profit	1,231,112	4,365,197

Page 35

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

11.Taxation (continued)

Profit on ordinary activities before tax

10,109,388

17,764,548

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20%)	2,527,347	3,552,910
Effects of:
Expenses not deductible for tax purposes	813	2,526
Capital allowances for 15 month period/year in excess of depreciation	(21,901)	-
Higher rate taxes on overseas earnings	(1,276,406)	809,761
Short-term timing difference leading to an increase (decrease) in taxation	1,259	-
Total tax charge for the 15 month period/year	1,231,112	4,365,197

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

	Dividends paid	51,000	40,800
		51,000	40,800

Page 36

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

	Computer software	Goodwill	Total
	£	£	£
Cost
At 1 June 2023	66,427	443,255	509,682
Additions	1,390,730	-	1,390,730
Disposals	-	(115,966)	(115,966)
Foreign exchange movement	21,775	(32,611)	(10,836)
At 31 August 2024	1,478,932	294,678	1,773,610
Amortisation
At 1 June 2023	27,078	-	27,078
Charge for the 15 month period on owned assets	166,291	-	166,291
Foreign exchange movement	24,827	-	24,827
At 31 August 2024	218,196	-	218,196
Net book value
At 31 August 2024	1,260,736	294,678	1,555,414
At 31 May 2023	39,349	443,255	482,604

None of the Group's intangible fixed assets are held in the Parent Company

Page 37


		JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

	14.	Tangible fixed assets
		Group

	Freehold property	Long-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Computer equipment	Other fixed assets	Total
	£	£	£	£	£	£	£	£
Cost
At 1 June 2023	4,045,548	239,109	3,036,171	192,371	734,667	32,168	50,801	8,330,835
Additions	256,745	258,438	398,637	60,684	56,490	10,641	972,706	2,014,341
Disposals	-	-	(16,006)	(36,198)	(123)	-	(372)	(52,699)
Exchange adjustments	(214,938)	261,638	652,263	48,658	(245,634)	19,134	(22,583)	498,538
At 31 August 2024	4,087,355	759,185	4,071,065	265,515	545,400	61,943	1,000,552	10,791,015
Depreciation
At 1 June 2023	49,658	45,730	538,179	44,691	166,545	8,225	-	853,028
Charge for the 15 month period on owned assets	55,555	83,108	471,237	27,337	55,662	7,430	-	700,329
Disposals	-	-	(4,803)	(20,627)	-	-	-	(25,430)
Exchange adjustments	84,592	70,875	811,162	62,813	(12,357)	21,766	-	1,038,851
At 31 August 2024	189,805	199,713	1,815,775	114,214	209,850	37,421	-	2,566,778
Net book value

Page 38


		JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

14.Tangible fixed assets (continued)

	At 31 August 2024	3,897,550	559,472	2,255,290	151,301	335,550	24,522	1,000,552	8,224,237
	At 31 May 2023	3,995,890	193,379	2,497,992	147,680	568,122	23,943	50,801	7,477,807

Page 39

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

14.Tangible fixed assets (continued)

	Company

	Freehold property	Plant and machinery	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost
At 1 June 2023	25,357	12,233	26,104	378	64,072
At 31 August 2024	25,357	12,233	26,104	378	64,072
Depreciation
At 1 June 2023	25,357	12,233	25,964	303	63,857
Charge for the 15 month period on owned assets	-	-	75	31	106
At 31 August 2024	25,357	12,233	26,039	334	63,963
Net book value
At 31 August 2024	-	-	65	44	109
At 31 May 2023	-	-	140	75	215

Page 40

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

15.	Fixed asset investments
	Group

		Other fixed asset investments
		£
	Cost
	At 1 June 2023	700,010
	Additions	108,957
	Foreign exchange movement	(64,471)
	At 31 August 2024	744,496

	Company

		Investments in subsidiary companies
		£
	Cost
	At 1 June 2023	1,369,168
	Disposals	(90,716)
	At 31 August 2024	1,278,452

Page 41

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

Widecover Holdings Limited	Lees Mill Lane, Linthwaite, Huddersfield, West Yorkshire, HD7 5QE	Ordinary	100%
JT Grosvenor Limited	Lees Mill Lane, Linthwaite, Huddersfield, West Yorkshire, HD7 5QE	Ordinary	100%
Cropnosys (India) Pvt. Limited	9th Floor, Northstar,Yelahanka, Bangalore,Karnatak, 560064, India	Ordinary	69.42%

The aggregate of the share capital and reserves as at 31 August 2024 and the profit or loss for the 15 month period ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

Widecover Holdings Limited	285,216	6,361
JT Grosvenor Limited	2,574,041	(13,727)
Cropnosys (India) Pvt. Limited	30,784,522	3,453,146

16.	Stocks
		Group 31 August	Group 31 May	Company 31 August	Company 31 May
		2024	2023	2024	2023
		£	£	£	£

Raw materials	3,335,575	12,287,393	-	590,393
Finished goods and goods for resale	3,484,021	-	-	-
	6,819,596	12,287,393	-	590,393

The difference between purchase price or production cost of stocks and their replacement cost is not material.

17.

Debtors

Group

31 August

Group

31 May

Company

31 August

Company

31 May

Page 42

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

17.Debtors (continued)

		2024	2023	2024	2023
		£	£	£	£

Due after more than one year
Other debtors	5,043,753	296,234	4,739,234	2,234
	5,043,753	296,234	4,739,234	2,234
Due within one year
Trade debtors	18,712,229	26,590,453	1,512,927	440,565
Amounts owed by group undertakings	-	383,581	583,611	1,276,909
Other debtors	6,202,708	7,242,468	1,014,455	2,746,791
Prepayments and accrued income	113,654	72,198	-	-
	30,072,344	34,584,934	7,850,227	4,466,499

18.	Current asset investments
		Group 31 August	Group 31 May
		2024	2023
		£	£

Listed investments	-	100,000
	-	100,000

19.	Cash and cash equivalents
		Group 31 August	Group 31 May	Company 31 August	Company 31 May
		2024	2023	2024	2023
		£	£	£	£

Cash at bank and in hand	21,868,943	6,496,302	4,681,303	538,872
Less: bank overdrafts	(3,014)	-	-	-
	21,865,929	6,496,302	4,681,303	538,872

Page 43

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

20.	Creditors: Amounts falling due within one year
		Group 31 August	Group 31 May	Company 31 August	Company 31 May
		2024	2023	2024	2023
		£	£	£	£

Bank overdrafts	3,014	-	-	-
Bank loans	-	41,667	-	41,667
Other loans	3,177,641	2,829,779	-	-
Trade creditors	6,527,400	14,789,419	(11,449)	23,579
Amounts owed to group undertakings	-	-	1,279,184	383,580
Corporation tax	244,319	1,132,665	-	121,344
Other taxation and social security	174,711	202,163	-	-
Other creditors	1,994,253	3,824,139	-	82,893
Accruals and deferred income	664,654	1,170,950	36,814	46,839
	12,785,992	23,990,782	1,304,549	699,902

The following liabilities were secured:
	Group 31 August	Group 31 May	Company 31 August	Company 31 May
	2024	2023	2024	2023
	£	£	£	£

	Bank loans	3,180,655	2,871,446	-	41,667
		3,180,655	2,871,446	-	41,667

Details of security provided:

Details of the security provided for bank loans can be found in note 22.

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JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

21.	Creditors: Amounts falling due after more than one year
		Group 31 August	Group 31 May
		2024	2023
		£	£

Other loans	11,287,948	477,740
	11,287,948	477,740

The following liabilities were secured:
	Group 31 August	Group 31 May
	2024	2023
	£	£


Bank loans	-	477,740
	-	477,740

Details of security provided:

Details of the security provided for bank loans can be found in note 22.

The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:
	Group 31 August	Group 31 May
	2024	2023
	£	£


Repayable by instalments	-	477,740
	-	477,740

Page 45

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

22.	Loans
	Analysis of the maturity of loans is given below:
		Group 31 August	Group 31 May	Company 31 August	Company 31 May
		2024	2023	2024	2023
		£	£	£	£

Amounts falling due within one year
Bank loans	-	41,667	-	41,667
Other loans	3,177,641	2,829,779	-	-
	3,177,641	2,871,446	-	41,667


Amounts falling due after more than 5 years
Other loans	11,287,948	477,740	-	-
	11,287,948	477,740	-	-
	14,465,589	3,349,186	-	41,667

Included in the above amounts is a loan in of the subsidiaries which bears an interest rate of 2% per annum over the base rate and is secured as follows:
Security
1. First Legal Mortgage over the freehold property of the subsidiary, known as Lees Mill Lane, Huddersfield.
2. Debenture comprising fixed and floating charges over all the assets and undertaking of the subsidiary including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future.
3. Debenture comprising fixed and floating charges over all the assets and undertaking of Cropthetics Ltd, a company under common control, including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future.
4. Group guarantee in favour of the Bank of Widecover Holdings Ltd, Widecover Ltd, JT Agro Ltd and Cropthetics Ltd, companies under common control, guaranteeing the obligations of each other to the Bank.
5. Group guarantee in favour of the Bank from Widecover Holdings Ltd and Widecover Ltd guaranteeing the obligations of each other to the Bank.
Included in the above amounts is also a loan in the foreign subsidiary on which interest is charged, on a monthly basis, at rates as set by the bank's guidelines from time to time and are secured by first and exclusive charge on all existing and future current assets and moveable fixed assets of the entity, by an equitable mortgage charge over the factory land and building at Plot No 5303, Near Shah Paper Mills, Phase IV, GIDC, Village Karvad, Vapi, Gujarat 396195 owned by the entity and by personal guarantees from the directors Mr G Singh, Mr J Walia and Ms M Walia.

Page 46

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

23.	Deferred taxation
	Group

		2024
		£

	At beginning of year	(173,893)
	Charged to profit or loss	14,535
	Utilised in year	3,458
	At end of year	(155,900)

Company

		2024

	At end of year	-

The provision for deferred taxation is made up as follows:
	Group 31 August	Group 31 May
	2024	2023
	£	£

	Accelerated capital allowances	(155,900)	(173,893)
		(155,900)	(173,893)

24.	Provisions
	Group

		Other provisions
		£

	At 1 June 2023	117,071
	Charged to profit or loss	67,250
	At 31 August 2024	184,321

Page 47

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

24.Provisions (continued)

Allotted, called up and fully paid

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

26.

Reserves

Share option reserve

The share option reserve is the fair value of options issued in the year.

Profit and loss account

The profit and loss account represents total undistributed profits less losses and dividends declared.

Page 48

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

27.	Share-based payments
	During the period, an Employee Stock Options Plan was put in place to certain employees of a subsidiary entity.
		31 August	31 August	31 May	31 May
		Weighted average exercise price (pence) 2024	Number 2024	Weighted average exercise price (pence) 2023	Number 2023

	Granted during the year	1	5,765		-
	Outstanding at the end of the year		5,765		-

					31 August	31 May
					2024	2023

	Option pricing model used	Black Scholes
	Weighted average share price (pence)	458,790
	Exercise price (pence)	952,200
	Weighted average contractual life (days)	12,775
	Expected volatility	30%
	Expected dividend growth rate	0%
	Risk-free interest rate	7.41%

					31 August	31 May
					2024	2023
					£	£

	Equity-settled schemes	160,108	-
		160,108	-

Page 49

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

28.	Contingent liabilities

A Group guarantee has been given in favour of HSBC Bank by JT Crop Limited, Cropthetics Limited, JT Agro Limited, J T Grosvenor Limited and Widecover Holdings Limited guaranteeing the obligations for each other to the bank.
A Group guarantee has also been given in favour of HSBC Bank by JT Crop Limited and Widecover Holdings Limited guaranteeing the obligations for each other to the bank.
Cropthetics Limited and JT Agro Limited are related by virtue of common control.

29.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £120,000 (2023 - £nil) . Contributions totalling £nil (2023 - £nil) were payable to the fund at the reporting date and are included in creditors.

30.	Commitments under operating leases
	At 31 August 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group 31 August	Group 31 May	Company 31 August	Company 31 May
		2024	2023	2024	2023
		£	£	£	£

Not later than 1 year	-	31,032	-	7,491
Later than 1 year and not later than 5 years	-	28,981	-	9,363
	-	60,013	-	16,854

31.	Transactions with directors

In the period the company advanced a loan of £12,402 to a G Singh. The loan is unsecured, carries interest at 5% per annum and is repayable on demand.
At the balance sheet date, the balance outstanding was £12,402 (2024: £nil).
In the period the company advanced a loan of £13,475 to a J Walia. The loan is unsecured, carries interest at 5% per annum and is repayable on demand.
At the balance sheet date, the balance outstanding was £13,475 (2024: £nil).

Page 50

JT CROP LIMITED (FORMERLY WIDECOVER LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 AUGUST 2024

32.

Related party transactions

During the year,total dividends of £51,000 (2023: £40,800) were paid to directors.
There are debentures comprising fixed and floating charges over all the assets and undertaking of JT Crop Limited, including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future as security over the company's facility.
The group made purchases from related parties amounting to £254,237 (2023: £8,573,229). At the balance sheet date, amounts due to related parties amounted to £ £1,279,184 (2023: £383,580).
During the year,the group made sales to related parties amounting to £81,102 (2023: £9,232,599).At the balance sheet date,amounts due from related parties was £6,285,338 (2023: £1,276,909).
The Directors of Widecover Limited are considered to be key management personnel. Their remuneration is disclosed in note 8.

33.	Post balance sheet events

34.	Controlling party

The ultimate controlling parties are G Singh and M Walia.

35.	Bank limits & securities held

The parent company has a combined limit for export and import line facility of USD $6,500,000 with HSBC Bank Plc. These are secured by debentures including fixed charge over all recent freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future.

Page 51