ACCOUNTS - Final Accounts

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

Proforma
Year

31 August

Proforma 15 month period ended

31 August

Registered number: 03559431

JT CROP LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

JT CROP LIMITED

COMPANY INFORMATION

Directors	G Singh
	J Walia
	M Walia


Company secretary	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

CONTENTS

	Page
Group Strategic Report	1 - 3
Directors' Report	4 - 6
Independent Auditors' Report	7 - 10
Consolidated Statement of Comprehensive Income	11 - 12
Consolidated Statement of Financial Position	13 - 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
Notes to the Financial Statements	23 - 52

JT CROP LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

Introduction

The directors present their strategic report of the company and the group for the year ended 31 August 2025.

Business review

Turnover for the 12 month period to 31 August 2025 was £99,079,770, which represents a relative increase in turnover when comparing to the 15 month period to 31 August 2024. This is largely due to external market factors, such as the recovery of the agrochemical market from the previous period.
There are considerable new registrations along with a new customer base for the new molecules in the market, leading to increased expected turnover for 2026.

Financial key performance indicators

The group's key financial and other performance indicators during the period were as follows:

12 month 15 month

period ended period ended
31.08.2025 31.08.2024
Turnover 99,079,770 92,398,833
Gross profit 30,751,952 19,021,234
As a % of sales 31% 21%
Profit before tax 12,573,687 11,835,348

Page 1

JT CROP LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

Principal risks and uncertainties

The directors have considered the principal risks and uncertainties affecting the company as at 31 August 2025 and up to the date of this report.
The company's operations expose it to a variety of financial risks that include the effects of changes in credit risk and liquidity risk. The company has debt finance but does not use derivative financial instruments to manage interest rate and as such, no hedge accounting is applied.
The company'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 company's operations. It is, and has been throughout the period under review, the company's policy that no trading in financial instruments shall be undertaken. The main risks arising from the company'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.

Other key performance indicators

The directors monitor working capital levels, including inventory and trade receivables, as key performance indicators.

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

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

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

J Walia

Director

Date: 15 October 2026

Page 3

JT CROP LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

The directors present their report and the financial statements for the year ended 31 August 2025.

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 year, after taxation and minority interests, amounted to £7,710,735 (Proforma 2024 - £9,021,363).

Dividends paid in the period amounted to £40,800 (2024: £51,000).

Directors

The directors who served during the year 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

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

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 2025, 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.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group's greenhouse gas emissions and energy consumption for the year are:
2025 2024

Energy consumption kWh kWh

Aggregate of energy consumption in the period2,345,155 2,682,482

2025 2024

Emissions of CO2 equivalent Metric tonnes Metric tonnes

Scope 1 - direct emissions

Production of products 6,054 3,670

Intensity Ratio

Total gross (CO2e/Turnover(£m)) 119 62

The reporting period is the 12 month period 1 September 2024 to 31 August 2025. 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.

Page 5

JT CROP LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

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.

Post balance sheet events

After the reporting date, the Group acquired the remaining 28% shareholding in Cropnosys (India) Pvt. Limited, resulting in the Group holding 100% of the issued share capital. This transaction is considered a non-adjusting post balance sheet event and has not been recognised in these financial statements.

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: 15 October 2026

Page 6

JT CROP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JT CROP LIMITED

Opinion

We have audited the financial statements of JT Crop Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2025, 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).

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 2025 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 7

JT CROP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JT CROP 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 Report. Our 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 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.

Page 8

JT CROP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JT CROP 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 entity staff in finance and compliance functions to identify any instances of non-compliance with laws and regulations;

∙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.

∙Reviewing the general ledger in detail for all transactions with related parties;

∙Performing walkthrough testing to ensure systems and controls are operating as recorded where appropriate

As part of an audit in accordance with ISAs (UK), we exercise professional judgment 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 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

Page 9

JT CROP LIMITED

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

activities within the Group to express an opinion on the consolidated financial statements. We 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 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

15 October 2026

Page 10

JT CROP LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 AUGUST 2025

	Proforma Year 31 August	Proforma 15 month period ended 31 August
	2025	2024
Note	£	£


Turnover	4	99,079,770	92,398,833
Cost of sales		(68,327,818)	(73,377,599)
Gross profit		30,751,952	19,021,234
Administrative expenses		(16,980,205)	(12,058,145)
Other operating income		10,800	-
Operating profit	5	13,782,547	6,963,089
Investment income		-	5,629,577
Interest receivable and similar income	9	1,762,036	1,391,707
Interest payable and similar expenses	10	(2,970,896)	(2,149,025)
Profit before taxation		12,573,687	11,835,348
Tax on profit	11	(2,916,313)	(1,828,068)
Profit for the financial year		9,657,374	10,007,280


Currency translation differences	(2,737,135)	(2,184,859)
Other comprehensive income for the year	(2,737,135)	(2,184,859)
Total comprehensive income for the year	6,920,239	7,822,421

Profit for the year attributable to:
Non-controlling interests	1,946,639	985,917
Owners of the parent Company	7,710,735	9,021,363
	9,657,374	10,007,280

Total comprehensive income for the year attributable to:
Non-controlling interest	1,946,639	985,917
Owners of the parent Company	4,973,600	6,836,504
	6,920,239	7,822,421

There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.

Page 11

JT CROP LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

The notes on pages 23 to 52 form part of these financial statements.

Page 12

JT CROP LIMITED

REGISTERED NUMBER: 03559431

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2025

		2025		Proforma 2024
Note		£		£

Fixed assets
Intangible assets	13		4,320,978		1,555,414
Tangible assets	14		9,492,533		8,226,430
Investments	15		1,767,255		744,496
Negative Goodwill	16		(273,030)		-
			15,307,736		10,526,340
Current assets
Stocks	17	19,076,792		13,475,581
Debtors: amounts falling due after more than one year	18	6,631,133		5,043,753
Debtors: amounts falling due within one year	18	48,340,867		39,688,203
Cash at bank and in hand	19	24,843,721		24,653,274
		98,892,513		82,860,811
Creditors: amounts falling due within one year	20	(41,156,814)		(26,705,437)
Net current assets			57,735,699		56,155,374
Total assets less current liabilities			73,043,435		66,681,714
Creditors: amounts falling due after more than one year	21		(10,293,373)		(11,287,948)
Provisions for liabilities
Deferred taxation	23	-		(156,255)
Other provisions	24	(195,843)		(184,321)
			(195,843)		(340,576)
Net assets			62,554,219		55,053,190

Capital and reserves
Called up share capital	25	200	100
Other reserves	26	781,598	160,108
Profit and loss account	26	51,823,556	45,471,912
Equity attributable to owners of the parent Company		52,605,354	45,632,120
Non-controlling interests		9,948,865	9,421,070
		62,554,219	55,053,190

Page 13

JT CROP LIMITED

REGISTERED NUMBER: 03559431

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 AUGUST 2025

Page 14

JT CROP LIMITED

REGISTERED NUMBER: 03559431

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 AUGUST 2025

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

J Walia

Director

Date: 15 October 2026

The notes on pages 23 to 52 form part of these financial statements.

Page 15

JT CROP LIMITED

REGISTERED NUMBER: 03559431

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	14		65		109
Investments	15		1,278,552		1,278,452
			1,278,617		1,278,561
Current assets
Debtors: amounts falling due after more than one year	18	6,415,991		4,739,234
Debtors: amounts falling due within one year	18	2,680,951		3,110,993
Cash at bank and in hand	19	2,460,957		4,681,303
		11,557,899		12,531,530
Creditors: amounts falling due within one year	20	(1,806,499)		(1,304,549)
Net current assets			9,751,400		11,226,981
Total assets less current liabilities			11,030,017		12,505,542


Net assets			11,030,017		12,505,542

Capital and reserves
Called up share capital	25		200		100
Profit and loss account brought forward		12,505,442		6,265,145
Loss/(profit) for the year		(1,434,825)		6,291,297
Other changes in the profit and loss account		(40,800)		(51,000)
Profit and loss account carried forward			11,029,817		12,505,442
			11,030,017		12,505,542

Page 16

JT CROP LIMITED

REGISTERED NUMBER: 03559431

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 AUGUST 2025

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

J Walia

Director

Date: 15 October 2026

The notes on pages 23 to 52 form part of these financial statements.

Page 17


		JT CROP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 AUGUST 2025

	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 September 2024	100	160,108	45,471,912	45,632,120	9,421,070	55,053,190
Comprehensive income for the year
Profit for the year	-	-	7,710,735	7,710,735	1,946,639	9,657,374
Currency translation differences	-	-	(1,318,291)	(1,318,291)	(1,418,844)	(2,737,135)
Other comprehensive income for the year	-	-	(1,318,291)	(1,318,291)	(1,418,844)	(2,737,135)
Total comprehensive income for the year	-	-	6,392,444	6,392,444	527,795	6,920,239
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(40,800)	(40,800)	-	(40,800)
Shares issued during the year	100	-	-	100	-	100
Share option charge in year	-	621,490	-	621,490	-	621,490
Total transactions with owners	100	621,490	(40,800)	580,790	-	580,790
At 31 August 2025	200	781,598	51,823,556	52,605,354	9,948,865	62,554,219

The notes on pages 23 to 52 form part of these financial statements.

Page 18


		JT CROP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR 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	-	37,957,509	37,957,609	8,304,965	46,262,574
Comprehensive income for the period
Profit for the period	-	-	9,021,363	9,021,363	985,917	10,007,280
Currency translation differences	-	-	(1,455,960)	(1,455,960)	(728,700)	(2,184,660)
Other comprehensive income for the period	-	-	(1,455,960)	(1,455,960)	(728,700)	(2,184,660)
Total comprehensive income for the period	-	-	7,565,403	7,565,403	257,217	7,822,620
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	45,471,912	45,632,120	9,421,070	55,053,190

The notes on pages 23 to 52 form part of these financial statements.

Page 19

JT CROP LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 AUGUST 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 June 2023	100	6,265,145	6,265,245
Comprehensive income for the period
Profit for the period	-	6,291,297	6,291,297
Total comprehensive income for the 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 1 September 2024	100	12,505,442	12,505,542
Comprehensive income for the period
Loss for the period	-	(1,434,825)	(1,434,825)
Total comprehensive income for the year	-	(1,434,825)	(1,434,825)
Contributions by and distributions to owners
Dividends: Equity capital	-	(40,800)	(40,800)
Shares issued during the year	100	-	100
Total transactions with owners	100	(40,800)	(40,700)
At 31 August 2025	200	11,029,817	11,030,017

The notes on pages 23 to 52 form part of these financial statements.

Page 20

JT CROP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2025

			Proforma 2025	Proforma 2024
			£	£

Cash flows from operating activities
Profit for the financial year	9,657,374	10,007,280
Adjustments for:
Amortisation of intangible assets	754,400	166,291
Depreciation of tangible assets	566,325	701,354
Loss on disposal of tangible assets	-	143,235
Interest received	(1,762,036)	(1,391,707)
Taxation charge	2,927,471	1,828,068
(Increase)/decrease in stocks	(5,601,210)	15,909,993
(Increase) in debtors	(9,660,694)	(2,063,470)
Increase/(decrease) in creditors	16,200,928	(13,151,925)
Increase in provisions	-	67,250
Corporation tax (paid)	(3,856,968)	(2,980,994)
Foreign exchange	(1,826,287)	-
Foreign exchange	-	72,326
Share option charge	621,490	160,108
Income from sale of shares in investment	-	(5,629,577)
Net cash generated from operating activities	8,020,793	3,838,232

Cash flows from investing activities
Purchase of intangible fixed assets	(3,668,343)	(1,390,730)
Purchase of tangible fixed assets	(2,331,889)	(2,016,091)
Sale of tangible fixed assets	24,302	-
Purchase of unlisted and other investments	(1,079,263)	-
Purchase of fixed asset investments	-	(108,957)
Sale of fixed asset investments	-	100,000
Interest received	1,762,036	1,391,707
Income from shares / part-disposal of subsidiary	-	5,269,577
Net cash from investing activities	(5,293,157)	3,245,506
Cash flows from financing activities
Issue of ordinary shares	100	-
Other new loans	-	11,116,403
Repayment of other loans	(2,494,216)	-
Dividends paid	(40,800)	(51,000)
Net cash used in financing activities	(2,534,916)	11,065,403

Page 21

JT CROP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

		2025	2024
		£	£

Net increase in cash and cash equivalents	192,720	18,149,141
Cash and cash equivalents at beginning of year	24,645,443	6,496,302
Cash and cash equivalents at the end of year	24,838,163	24,645,443

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	24,843,722	24,653,274
Bank overdrafts	(5,559)	(7,831)
	24,838,163	24,645,443

The notes on pages 23 to 52 form part of these financial statements.

Page 22

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1.	General information

JT Crop 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:

Page 23

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

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.
Subsidiaries
During the year, a corporate restructuring took place whereby the Group incorporated various other entities part of a related corporate structure. This represents a significant change in the corporate structure and ownership alignment.
This combination was accounted for as a merger as it fell within the definition of a group reorganisation under Financial Reporting Standard 102: Section 19.27, where the owners of JT Crop Limited are the same as the owners of JT Agro Limited, and their rights, relative to each other, were unchanged, both before and after the acquisition by JT Crop Limited.
This meant that the assets and liabilities of the various subsidiaries have been accounted for at the relevant carrying values, applying the basic premise that such group reorganisations should be accounted for as though the group had always existed in this form. Hence the owners had continuing interest in the business, both before and after the aquisition of JT Agro Limited.
The assets and liabilities have been brought in at their book values. As the group reorganisation took place partway through the year the consolidated Profit and Loss Account presents pro-forma figures for both the current and comparative results of the above subsidiary, and the consolidated balance sheet presents pro-forma figures as at 31 August 2025.
During the period, the Group acquired 100% of the issued share capital of JT Agro Europe Limited Sp.z.o.o..The results of the acquired entity have been included in the consolidated financial statements from the date on which control passed to the Group and the acquisition has been accounted for using the acquisition method in accordance with FRS 102.

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

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

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

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

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

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.11

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;

∙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.

Page 27

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.12

Intangible assets

Negative Goodwill
The negative goodwill arose in respect of the acquisition of JT Agro Europe Sp.z.o.o..
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.

Positive 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.

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.

Page 28

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.13

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:

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 and 25% on cost
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 29

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

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 30

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

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.	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.
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 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.
Inventory valuation
Inventories are stated at the lower of cost and net realisable value. Management estimates future selling prices, demand and potential obsolescence when assessing recoverability of stock balances. Changes in these assumptions could result in material adjustments to inventory carrying values.
Recoverability of debtors
The Group assesses the recoverability of trade and other debtors using customer payment history, ageing profiles and expected future collections. Changes in these estimates may affect the level of impairment recognised.
Impairment of goodwill and intangible assets
The assessment of impairment requires estimates of future profitability and cash flows. Changes in these assumptions could result in impairment charges being recognised in future periods.

Page 31

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

3.Judgments in applying accounting policies (continued)

Share-based payments
The Group has recognised a share-based payment charge in respect of employee share options. The fair value of the options has been determined using a Black-Scholes valuation model which requires management to make estimates regarding expected volatility, risk-free interest rates, option life and vesting conditions. Changes in these assumptions may have a material impact on the charge recognised in the period.

	Agrochemicals	99,079,770	92,398,833

Analysis of turnover by country of destination:

					Proforma Year 31 August	Proforma 15 month period ended 31 August
					2025	2024
					£	£

United Kingdom	30,865,725	34,641,238
Rest of Europe	49,837,428	36,910,566
Rest of the world	18,376,617	20,847,029
	99,079,770	92,398,833

Page 32

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Research & development charged as an expense	-	274,538
Exchange differences	(221,351)	203,071
Other operating lease rentals	105,626	150,302

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements	27,800	26,000
Fees payable to the Company's auditors in respect of:
The auditing of accounts of associates of the Company	97,900	104,000
Taxation compliance services	14,300	6,950
All non-audit services not included above	-	18,950

Page 33

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

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

Group	Group	Company	Company
Proforma 2025	Proforma 15 month period ended	Proforma 2025	Proforma 15 month period ended
£	£	£	£


Wages and salaries	5,200,199	5,092,096	18,751	49,487
Social security costs	128,788	118,522	1,332	2,122
Cost of defined contribution scheme	120,206	209,927	78,000	22,500
	5,449,193	5,420,545	98,083	74,109

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

	Group	Group Proforma	Company	Company
	Proforma 2025 31 August	15 month period ended 31 August	Proforma 2025 31 August	15 month period ended 31 August
	2025	2024	2025	2024
	No.	No.	No.	No.

Production	152	177	-	-
Administration	363	303	-	-
Directors	3	3	3	3

	518	483	3	3

Page 34

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Directors' emoluments	6,064	246,182
Group contributions to defined contribution pension schemes	78,000	120,000
	84,064	366,182

	During the year retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £NIL (2024 - £135,223).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024 - £60,000).
	The total accrued pension provision of the highest paid director at 31 August 2025 amounted to £NIL (2024 - £NIL).

Other interest receivable

1,762,036

1,391,707

Page 35

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Bank interest payable	2,623,118	2,149,025
Other interest payable	347,778	-
	2,970,896	2,149,025

Corporation tax
Current tax on profits for the year	2,683,602	692,562
Adjustments in respect of previous periods	(8,572)	(3,150)
	2,675,030	689,412
Foreign tax
Foreign tax on income for the year	934,299	1,130,776
Foreign tax in respect of prior periods	-	22,415
	934,299	1,153,191
Total current tax	3,609,329	1,842,603

Deferred tax
Origination and reversal of timing differences	(693,016)	(14,535)
Total deferred tax	(693,016)	(14,535)


	Tax on profit	2,916,313	1,828,068

Page 36

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

11.Taxation (continued)

Profit on ordinary activities before tax

12,573,687

11,835,348

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	3,143,422	2,958,837
Effects of:
Expenses not deductible for tax purposes	6,346	1,591
Capital allowances for year/period in excess of depreciation	15,834	(21,901)
Income not taxable for tax purposes	(1,250)	-
Other short-term timing differences	252	165,947
Higher rate taxes on overseas earnings	(213,079)	(1,276,406)
Utilisation of tax losses brought forward	(35,212)	-
Total tax charge for the year/period	2,916,313	1,828,068

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Dividends
		2025	15 month period ended 31 August 2024
		£	£

Dividends paid

40,800

51,000

Page 37

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

13.	Intangible assets
	Group

	Computer software	Registrations	Goodwill	Total
	£	£	£	£
Cost
At 1 September 2024	1,478,932	-	294,678	1,773,610
Additions	1,556,948	-	-	1,556,948
Additions - internal	-	2,111,395	-	2,111,395
Foreign exchange movement	(112,237)	-	(22,364)	(134,601)
At 31 August 2025	2,923,643	2,111,395	272,314	5,307,352
Amortisation
At 1 September 2024	218,196	-	-	218,196
Charge for the year on owned assets	362,458	422,279	-	784,737
Foreign exchange movement	(16,558)	-	-	(16,558)
At 31 August 2025	564,096	422,279	-	986,375
Net book value
At 31 August 2025	2,359,547	1,689,116	272,314	4,320,977
At 31 August 2024	1,260,736	-	294,678	1,555,414

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

Page 38


		JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

	14.	Tangible fixed assets
		Group

	Freehold property	Long-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Computer equipment	Assets under construction	Total
	£	£	£	£	£	£	£	£
Cost
At 1 September 2024	4,087,355	759,185	4,071,065	265,515	549,500	67,741	1,000,552	10,800,913
Additions	26,023	48,589	171,768	77,113	7,796	17,229	1,983,371	2,331,889
Disposals	-	-	(52,522)	-	-	-	-	(52,522)
Exchange adjustments	(498,349)	890	(245,643)	4,338	(35,352)	5,966	75,924	(692,226)
At 31 August 2025	3,615,029	808,664	3,944,668	346,966	521,944	90,936	3,059,847	12,388,054
Depreciation
At 1 September 2024	189,805	199,713	1,815,775	114,214	211,757	43,219	-	2,574,483
Charge for the year on owned assets	34,534	77,122	364,051	32,996	47,177	10,445	-	566,325
Disposals	-	-	(28,220)	-	-	-	-	(28,220)
Exchange adjustments	(34,779)	29,298	(245,707)	(1,960)	31,495	4,586	-	(217,067)
At 31 August 2025	189,560	306,133	1,905,899	145,250	290,429	58,250	-	2,895,521
Net book value

Page 39


		JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

14.Tangible fixed assets (continued)

	At 31 August 2025	3,425,469	502,531	2,038,769	201,716	231,515	32,686	3,059,847	9,492,533
	At 31 August 2024	3,897,550	559,472	2,255,291	151,301	337,742	24,522	1,000,552	8,226,430

Page 40

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

14.Tangible fixed assets (continued)

	Company

	Freehold property	Plant and machinery	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost
At 1 September 2024	25,357	12,233	26,104	378	64,072
At 31 August 2025	25,357	12,233	26,104	378	64,072
Depreciation
At 1 September 2024	25,357	12,233	26,039	334	63,963
Charge for the year on owned assets	-	-	-	44	44
At 31 August 2025	25,357	12,233	26,039	378	64,007
Net book value
At 31 August 2025	-	-	65	-	65
At 31 August 2024	-	-	65	44	109

Page 41

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

15.	Fixed asset investments
	Group

		Other fixed asset investments
		£
	Cost
	At 1 September 2024	744,496
	Additions	1,079,263
	Foreign exchange movement	(56,504)
	At 31 August 2025	1,767,255

	Company

		Investments in subsidiary companies
		£
	Cost
	At 1 September 2024	1,278,452
	Additions	100
	At 31 August 2025	1,278,552

The company issued 100 shares at £1 each to its shareholders in return for the £100 of share capital in JT Agro Limited and it subsidiaries.

Page 42

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

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%
JT Agro Limited	Lees Mill Lane,Linthwaite, Huddersfield,West Yorkshire, HD7	Ordinary	100%
Cropthetics Limited*	Lees Mill Lane,Linthwaite, Huddersfield,West Yorkshire, HD7	Ordinary	100%
60BC Limited*	Lees Mill Lane,Linthwaite, Huddersfield,West Yorkshire, HD7	Ordinary	75%
JT Agro Ireland Limited*	Ardsallagh Lane, Navan,Co. Meath	Ordinary	100%
JT Agro Europe Limited Sp.z.o.o.*	Aleja Grunwaldska 472, Gate A, 80-309, Gdansk	Ordinary	100%

* Indirect subsidiaries

Page 43

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 August 2025 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)
	£	£

Widecover Holdings Limited	373,831	52,662
JT Grosvenor Limited	3,723,420	1,149,379
Cropnosys (India) Pvt. Limited	35,532,022	6,951,928
JT Agro Limited	2,339,422	(709,599)
Cropthetics Limited*	12,561,827	3,122,381
60BC Limited*	27,010	(1,540)
JT Agro Ireland Limited*	(92,280)	(19,831)
JT Agro Europe Limited Sp.z.o.o.*	2,786,856	2,482,458

16.	Negative goodwill
	Group

		Negative goodwill
		£

	Cost - Additions	(303,367)
	Amortisation charge for the year	30,337
	Net book value as at 31 August 2025	(273,030)

Negative goodwill arose from the acquisition in the year when JT Agro UK Limited acquired 100% of the shares in JT Agro Europe Limited Sp.z.o.o.

Page 44

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

17.	Stocks
		Group	Group
		2025	Proforma 2024
		£	£

Raw materials	6,698,022	3,335,575
Finished goods and goods for resale	12,378,770	10,140,006
	19,076,792	13,475,581

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

18.	Debtors
		Group	Group	Company	Company
		2025	Proforma 2024	2025	Proforma 2024
		£	£	£	£

Due after more than one year
Other debtors	6,631,133	5,043,753	6,415,991	4,739,234

Included in Other debtors is £6,413,756 (2024: £4,737,000) that bears interest at 5.25% per annum and is repayable in more than one year.

Group	Group	Company	Company
2025	Proforma 2024	2025	Proforma 2024
£	£	£	£

Due within one year
Trade debtors	35,394,888	32,733,341	1,671,393	1,512,927
Amounts owed by group undertakings	-	-	1,005,415	583,611
Other debtors	12,236,440	6,841,209	4,143	1,014,455
Prepayments and accrued income	130,189	113,653	-	-
Deferred taxation	579,350	-	-	-
	48,340,867	39,688,203	2,680,951	3,110,993

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

Page 45

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

19.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	Proforma 2024	2025	Proforma 2024
		£	£	£	£

Cash at bank and in hand	24,843,721	24,653,274	2,460,957	4,681,303
Less: bank overdrafts	(5,559)	(7,831)	-	-
	24,838,162	24,645,443	2,460,957	4,681,303

20.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	Proforma 2024	2025	Proforma 2024
		£	£	£	£

Bank overdrafts	5,559	7,831	-	-
Other loans	1,678,000	3,177,641	-	-
Trade creditors	17,203,316	15,937,413	(2,074)	(11,449)
Amounts owed to group undertakings	-	-	1,751,673	1,279,184
Corporation tax	981,547	1,229,186	-	-
Other taxation and social security	1,288,202	663,502	-	-
Other creditors	12,645,810	3,247,947	-	-
Accruals and deferred income	7,354,380	2,441,917	56,900	36,814
	41,156,814	26,705,437	1,806,499	1,304,549

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

The following liabilities were secured:
	Group	Group
	2025	Proforma 2024
	£	£

	Bank loans	1,683,559	3,177,641
		1,683,559	3,177,641

Details of security provided:

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

Page 46

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

21.	Creditors: Amounts falling due after more than one year
		Group	Group
		2025	Proforma 2024
		£	£

	Other loans	10,293,373	11,287,948

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

Page 47

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

22.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		2025	Proforma 2024
		£	£

Amounts falling due within one year
Other loans	1,678,000	3,177,641
	1,678,000	3,177,641


Amounts falling due after more than 5 years
Other loans	10,293,373	11,287,948

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, 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, JT Crop Ltd, JT Agro Ltd and Cropthetics Ltd, group 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 JT Crop 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 48

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

23.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(156,255)
	Charged to profit or loss	735,605
	At end of year	579,350

Company

		2025

	At end of year	-

The deferred taxation balance is made up as follows:
	Group	Group
	2025	2024
	£	£

Accelerated capital allowances	476,860	(156,255)
Financial instrument fair value movements	102,490	-
	579,350	(156,255)

24.	Provisions
	Group

		Other provisions
		£

	At 1 September 2024	184,321
	Foreign exchange movement	11,522
	At 31 August 2025	195,843

Page 49

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

25.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

200 (2024 - 100) Ordinary shares of £1.00 each	200	100

During the year 100 Ordinary £1 shares were issued for consideration at the entire share capital of JT Agro Limited.

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 50

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

27.	Share-based payments
	During the period, an Employee Stock Options Plan was put in place to certain employees of a subsidiary entity.
		Weighted average exercise price (pence) 2025	Number 2025	Weighted average exercise price (pence) 2024	Number 2024

Outstanding at the beginning of the year	0.1	5,765		-
Granted during the year	0.1	1,418	0.1	5,765
Forfeited during the year	0.1	(220)		-
Outstanding at the end of the year	0.1	6,963	0.1	5,765

					2025	2024

Option pricing model used	Black Scholes	Black Scholes
Weighted average share price (pence)	15,736.82	25,221.23
Exercise price (pence)	0.1	0.1
Weighted average contractual life (days)	1,336	1,752
Expected volatility	35%	30%
Expected dividend growth rate	0%	0%
Risk-free interest rate	7.29%	7.41%

					2025	2024
					£	£

Equity-settled schemes

581,305

160,108

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.

Page 51

JT CROP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

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 £120,206 (2024 - £208,232). Contributions totalling £34,459 (2024 - £27,014) were payable to the fund at the reporting date and are included in creditors.

30.	Transactions with directors

In the prior period the Company advanced a loan of £12,402 to G Singh and it was repaid in the current year. At the balance sheet date, the balance outstanding from G Singh was £0 (2024: £12,402). The loan was unsecured, carried interest at 5% per annum and was repayable on demand.
At 31 August 2025, the balance due from directors and related parties amounted to £11,550 (2024: £24,475). During the year, a loan of £13,475 due from J Walia was repaid in full and interest of £550 (2024: £1,000) accrued on a director's loan, resulting in a closing balance of £11,550. The outstanding loan is unsecured, bears interest at 5% per annum and is repayable on demand.

31.	Related party transactions
	During the year, dividends of £40,800 (2024: £51,000) were paid to directors. Included in Other Debtors is £8,388,168 (2024: £11,529,913) receivable from a company with directors in common. Interest received on this balance was £305,602 (2024: £175,740) in the year. The Directors of JT Crop Limited are considered to be key management personnel. Their remuneration is disclosed in note 8.

32.	Post balance sheet events

33.	Controlling party

The ultimate controlling parties are G Singh, J Walia, T Walia and M Walia.

34.	Bank limits & securities held

During the year the Company, together with J T Grosvenor Limited and JT Agro Limited, entered into an uncommitted trade facility with HSBC UK Bank plc with a limit of USD 13.5million. The facility was undrawn at 31 August 2025 (2024: £nil). The facility is repayable on demand and is secured by a debenture over the Company, comprising fixed and floating charges over all present and future assets and undertaking of the Company.

Page 52