TSBC Propagation Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 07986336 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

TSBC PROPAGATION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

D Sanclement

REGISTERED OFFICE:

Groves Farm

Colworth

Chichester

West Sussex

PO20 2DX

REGISTERED NUMBER:

07986336 (England and Wales)

AUDITORS:

Saffery Audit (UK) LLP

St Catherine's Court

Berkeley Place

Clifton

Bristol

BS8 1BQ

CURRENT ASSETS

Cash at bank

-

1

TOTAL ASSETS LESS CURRENT
LIABILITIES

-

1

CAPITAL AND RESERVES

Called up share capital

7

-

Share premium

5

Retained earnings

(5

)

(4

)

SHAREHOLDERS' FUNDS

-

1

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 October 2026 and were signed by:

D Sanclement - Director

1.	STATUTORY INFORMATION

TSBC Propagation Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£). The figures in these financial

statements are rounded to the nearest thousand pounds (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

These financial statements have been prepared on a going concern basis.

The directors have undertaken a detailed going concern assessment for the company and anticipate an increase in profitability. The company continues to trade albeit with a smaller level of operations focusing on more profitable areas of the business.

The shareholders have committed to support the company and the group for at least twelve months following the signing of these financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Recoverability of intercompany debts

At each reporting date, management consider the recoverability of intercompany debts. Where there is uncertainty over intercompany debts being recovered at their carrying amount, following the balance sheet date, the recoverable amount is calculated. If the recoverable amount is estimated to be lower than the carrying amount, then the relevant impairment is recognised in the profit and loss.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Growing systems

-

33% on cost and 10% on cost

Plant and machinery

-

50% on cost and 20% on cost

Fixtures and fittings

-

20% on cost

Tractors

-

20% on cost

Irrigation systems

-

10-20% on cost

Financial instruments

Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases

Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the lease term.

Disclosure of long or short period

The figures for the current accounting period relate to the year ended 31 December 2025. Therefore, the figures are not directly comparable to the previous accounting period, being for the period 1 November 2023 - 31 December 2024 which is longer than a year. In the prior accounting period the company extended its accounting period so that the accounting reference date was in line with the calendar year.

Employees

The company had no employees during the period. Costs of staff utilised as part of the company's trading activities were recharged from The Summer Berry Company UK. It is not possible to split the staff across each company, therefore all employees are included under The Summer Berry Company UK.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Growing

Plant and

and

systems

machinery

fittings

£'000

COST

At 1 January 2025

and 31 December 2025

231

191

8

DEPRECIATION

At 1 January 2025

and 31 December 2025

231

191

8

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

-

Irrigation

Tractors

systems

Totals

£'000

COST

At 1 January 2025

and 31 December 2025

53

399

882

DEPRECIATION

At 1 January 2025

and 31 December 2025

53

399

882

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

-

5.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£'000

Within one year

-

15

6.	SECURED DEBTS

At the balance sheet date there was the following securities in place as a result of group lending with HSBC;

- Fixed charge over all present freehold and leasehold property

- First Fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future

- First Floating charge over all assets and undertaking both present and future

- Composite Company Unlimited Multilateral Guarantee across all companies in the group.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

200

Ordinary A shares

1

200

64

Ordinary B shares

1

64

60

Ordinary C shares

1

60

324

The holders of Ordinary A shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All Ordinary A shares rank equally with regard to the company's residual assets.

The holders of Ordinary B shares are entitled to receive dividends as declared from time to time however are not entitled to any votes at meetings of the company. All Ordinary B shares rank equally with regard to the company's residual assets.

The holders of Ordinary C shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All Ordinary C shares rank equally with regard to the company's residual assets.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Neil Davies (Senior Statutory Auditor)

for and on behalf of Saffery Audit (UK) LLP

9.	ULTIMATE CONTROLLING PARTY

The company's immediate parent company is 100% owned (indirectly) by Cibus Fund LP, Cibus Clara Fund LP and Cibus Co-Invest LP, whose General Partner is Cibus Investments Limited (all registered in Guernsey).

The company's immediate parent company is The Summer Berry Company Holdings Limited.

The results of TSBC Propagation Limited are consolidated into its ultimate parent company, Jerry's Berries Limited, a company registered and domiciled in England and Wales. Group financial statements are available from Jerry's Berries Limited, 4 Sloane Terrace, London, England, SW1X 9DQ.