Agribiotech International Limited - Accounts to registrar (filleted) - small 23.2.5
Agribiotech International Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2023 |
| FOR |
| AGRIBIOTECH INTERNATIONAL LIMITED |
| AGRIBIOTECH INTERNATIONAL LIMITED (Registered number: 09600103) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 MAY 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| AGRIBIOTECH INTERNATIONAL LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 MAY 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANT: |
| Chartered Certified Accountants |
| Enterprise House |
| 2 The Crest |
| Hendon |
| London |
| NW4 2HN |
| AGRIBIOTECH INTERNATIONAL LIMITED (Registered number: 09600103) |
| BALANCE SHEET |
| 31 MAY 2023 |
| 31.5.23 | 31.5.22 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| Biological assets | 7 | 327,272 | 320,561 |
| CURRENT ASSETS |
| Stocks | 8 |
| Debtors | 9 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 10 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
11 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| AGRIBIOTECH INTERNATIONAL LIMITED (Registered number: 09600103) |
| BALANCE SHEET - continued |
| 31 MAY 2023 |
| 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 |
| AGRIBIOTECH INTERNATIONAL LIMITED (Registered number: 09600103) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 MAY 2023 |
| 1. | STATUTORY INFORMATION |
| AGRIBIOTECH INTERNATIONAL LIMITED is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Buildings and structures | - |
| Motor vehicles | - |
| 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. |
| AGRIBIOTECH INTERNATIONAL LIMITED (Registered number: 09600103) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 MAY 2023 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Development |
| Know how | costs | Totals |
| £ | £ | £ |
| COST |
| At 1 June 2022 |
| and 31 May 2023 |
| AMORTISATION |
| At 1 June 2022 |
| Amortisation for year |
| At 31 May 2023 |
| NET BOOK VALUE |
| At 31 May 2023 |
| At 31 May 2022 |
| 5. | TANGIBLE FIXED ASSETS |
| Buildings |
| and | Motor |
| structures | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 June 2022 |
| and 31 May 2023 |
| DEPRECIATION |
| At 1 June 2022 |
| Charge for year |
| At 31 May 2023 |
| NET BOOK VALUE |
| At 31 May 2023 |
| At 31 May 2022 |
| AGRIBIOTECH INTERNATIONAL LIMITED (Registered number: 09600103) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 MAY 2023 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in | Interest | Interest |
| group | in joint | in |
| undertakings | venture | associate | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 June 2022 | 70,318 | 966,023 |
| Additions | 76,065 |
| Disposals | ( |
) | (17,811 | ) |
| At 31 May 2023 | 1,024,277 |
| NET BOOK VALUE |
| At 31 May 2023 | 1,024,277 |
| At 31 May 2022 | 966,023 |
| 7. | BIOLOGICAL ASSETS |
| Orchards |
| £ |
| COST |
| At 1 June 2022 | 320,561 |
| Additions | 6,711 |
| At 31 May 2023 | 327,272 |
| NET BOOK VALUE |
| At 31 May 2023 | 327,272 |
| At 31 May 2022 | 320,561 |
| Orchards |
| This relates to a nut orchard planted on 61 hectares of land situated in the Republic of Kazakhstan. |
| 8. | STOCKS |
| Due to the ongoing war in Ukraine and with most tree planting activity coming to a halt in the country the directors of the company have come to the conclusion that a further write down of stock, estimated at £200.000, was necessary in order to revalue the stock at its estimated net realisable value at 31 May 2023. |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.23 | 31.5.22 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Tax |
| Prepayments and accrued income |
| AGRIBIOTECH INTERNATIONAL LIMITED (Registered number: 09600103) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 MAY 2023 |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.23 | 31.5.22 |
| £ | £ |
| Trade creditors |
| Corporation tax |
| Directors' current accounts | 1,041,268 | 297,265 |
| Accruals and deferred income |
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.5.23 | 31.5.22 |
| £ | £ |
| Other loans - 1-2 years |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.5.23 | 31.5.22 |
| value: | £ | £ |
| Ordinary | 10p | 2,000,000 | 2,000,000 |
| Ordinary A | 10p | 350,000 | 350,000 |
| Ordinary B | 10p | 150,000 | 150,000 |
| 2,500,000 | 2,500,000 |
| 13. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Mr G Calcagni. |