Agribiotech International Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 09600103 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

FOR

AGRIBIOTECH INTERNATIONAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G Calcagni

Mr R Calcagni

REGISTERED OFFICE:

Enterprise House

2 The Crest

London

NW4 2HN

REGISTERED NUMBER:

09600103 (England and Wales)

ACCOUNTANT:

DICKER ECONOMOU & CO

Chartered Certified Accountants

Enterprise House

2 The Crest

Hendon

London

NW4 2HN

FIXED ASSETS

Intangible assets

4

275,965

21,335

Tangible assets

5

146,009

198,722

Investments

6

966,023

851,164

Biological assets

7

320,561

264,477

1,708,558

1,335,698

CURRENT ASSETS

Stocks

8

538,000

743,024

Debtors

9

1,793,687

1,301,053

Cash at bank and in hand

176,459

598,169

2,508,146

2,642,246

CREDITORS

Amounts falling due within one year

10

524,012

322,612

NET CURRENT ASSETS

1,984,134

2,319,634

TOTAL ASSETS LESS CURRENT LIABILITIES

3,692,692

3,655,332

CREDITORS

Amounts falling due after more than one year

11

1,424,773

1,000,000

NET ASSETS

2,267,919

2,655,332

CAPITAL AND RESERVES

Called up share capital

13

2,500,000

2,500,000

Retained earnings

(232,081

)

155,332

SHAREHOLDERS' FUNDS

2,267,919

2,655,332

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2022 and were signed on its behalf by:

Mr G Calcagni - Director

1.	STATUTORY INFORMATION

AGRIBIOTECH INTERNATIONAL 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Know how and licences

Know how and licences is amortised over the estimated life of the asset of eight years.

Development costs

Development costs is amortised over the estimated life of the asset of ten years.

Tangible fixed assets

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

Buildings and structures

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Investments in subsidiaries and associates

Investments in subsidiary and associate undertakings are recognised at cost less any provision for impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Development

Know how

costs

Totals

£

£

£

COST

At 1 June 2021

73,145

37,020

110,165

Additions

-

277,656

277,656

At 31 May 2022

73,145

314,676

387,821

AMORTISATION

At 1 June 2021

51,810

37,020

88,830

Amortisation for year

9,143

13,883

23,026

At 31 May 2022

60,953

50,903

111,856

NET BOOK VALUE

At 31 May 2022

12,192

263,773

275,965

At 31 May 2021

21,335

-

21,335

5.	TANGIBLE FIXED ASSETS

Buildings

and

Motor

structures

vehicles

Totals

£

£

£

COST

At 1 June 2021

288,111

3,690

291,801

Disposals

(22,822

)

-

(22,822

)

At 31 May 2022

265,289

3,690

268,979

DEPRECIATION

At 1 June 2021

90,228

2,851

93,079

Charge for year

29,682

209

29,891

At 31 May 2022

119,910

3,060

122,970

NET BOOK VALUE

At 31 May 2022

145,379

630

146,009

At 31 May 2021

197,883

839

198,722

6.	FIXED ASSET INVESTMENTS

Shares in

Interest

Interest

group

in joint

in

undertakings

venture

associate

Totals

£

£

£

£

COST

At 1 June 2021

490,392

290,454

116,255

897,101

Additions

114,859

-

-

114,859

Disposals

-

-

(45,937

)

(45,937

)

At 31 May 2022

605,251

290,454

70,318

966,023

PROVISIONS

At 1 June 2021

-

-

45,937

45,937

Eliminated on disposal

-

-

(45,937

)

(45,937

)

At 31 May 2022

-

-

-

-

NET BOOK VALUE

At 31 May 2022

605,251

290,454

70,318

966,023

At 31 May 2021

490,392

290,454

70,318

851,164

7.	BIOLOGICAL ASSETS

Orchards

£

COST

At 1 June 2021

264,477

Additions

56,084

At 31 May 2022

320,561

NET BOOK VALUE

At 31 May 2022

320,561

At 31 May 2021

264,477

Orchards

This relates to a nut orchard planted on 61 hectares of land situated in the Republic of Kazakhstan.

8.

STOCKS

In the financial year to 31 May 2022 there were Covid 19 restrictions all over Europe. Furthermore, in February 2022 Russia invaded Ukraine and this war has been ongoing since. As a result most tree planting activity in that country came to a halt due to the war and a major sales contract with a Ukrainian customer was suspended. The contract involved the sale of more than 70,000 plants with an estimated cost to the company of £250,000. These plants are considered a total loss and the estimated cost has been fully provided in the company's 2022 financial statements.

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Trade debtors

51,483

248,963

Amounts owed by group undertakings

1,703,714

919,903

Other debtors

3,139

84,000

Tax

35,351

35,351

Prepayments and accrued income

-

12,836

1,793,687

1,301,053

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Trade creditors

224,067

285,781

Other creditors

-

35,351

Directors' current accounts

297,265

-

Accruals and deferred income

2,680

1,480

524,012

322,612

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.22

31.5.21

£

£

Other loans - 1-2 years

1,424,773

1,000,000

12.	LEASING AGREEMENTS

The company entered into a land lease expiring in more than 5 years at an annual rent of $12,200 US dollars.

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.22

31.5.21

value:

£

£

20,000,000

Ordinary

10p

2,000,000

2,000,000

350,000

Ordinary A

10p

350,000

350,000

150,000

Ordinary B

10p

150,000

150,000

2,500,000

2,500,000

14.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr G Calcagni.