Bonsucro Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06798568 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

BONSUCRO LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

L J C Autrey

M A Rutten-Sulz

R Faust

P G Allsopp

E Vontobel

I A N Tonaco

K N Wadhwana

A J Bjork

M B Palatinus Milliet

SECRETARY:

A D Ward

REGISTERED OFFICE:

Unit KP.CC3.01 Canterbury Court

Kennington Park

1-3 Brixton Road

London

SW9 6DE

REGISTERED NUMBER:

06798568 (England and Wales)

AUDITORS:

Ashdown Hurrey Auditors Limited

Statutory Auditor

20 Havelock Road

Hastings

East Sussex

TN34 1BP

FIXED ASSETS

Intangible assets

4

15,138

21,412

Tangible assets

5

15,992

14,540

31,130

35,952

CURRENT ASSETS

Debtors

6

1,793,817

1,358,146

Cash at bank and in hand

4,975,929

4,912,992

6,769,746

6,271,138

CREDITORS

Amounts falling due within one year

7

2,277,751

2,305,733

NET CURRENT ASSETS

4,491,995

3,965,405

TOTAL ASSETS LESS CURRENT LIABILITIES

4,523,125

4,001,357

RESERVES

Future impact projects reserve

1,952,847

1,653,689

Income and expenditure account

2,570,278

2,347,668

4,523,125

4,001,357

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 20 December 2023 and were signed on its behalf by:

R Faust - Director

1.	STATUTORY INFORMATION

Bonsucro Limited is a private company, limited by guarantee , 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.

In preparing the financial statements, the directors are required to make an assessment of the ability of the company to continue as a going concern. The directors have considered all available evidence for the company which covers the 12 month period from the date of signing these financial statements.

On the basis of this consideration, the directors are satisfied that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they consider that no material uncertainty exists. As a result, the directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements.

Turnover

Turnover in relation to membership subscriptions, and licence fees is recognised in the accounting period covered by the membership or license.

Auditor training income is recognised in the accounting period during which the training is provided.

Credit trade charges relate to the commission earned by Bonsucro when a sugar credit seller and a sugar credit buyer match transaction terms through the company's online credit trading platform. This income is recognised in the accounting period when the transaction is complete.

Grant income is recognised in the financial statements when Bonsucro has met the grant agreement conditions for each income installment. Grant income that is unspent at the year end date is deferred and recognised as a liability on the balance sheet.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life 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.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

The estimated useful life of the 'Bonsucro connect' software was considered and the depreciation of this asset has been changed to write off the value from three years to five years to reflect the remaining useful economic life.

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.

Taxation is calculated after adjusting for income and expenditure relating to mutual trading.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Future impact project reserves

A proportion of the income generated by credit trading each year is put aside and ring-fenced to be used for the cost of future impact projects. To reflect this the company therefore transfers an amount equal to this from Retained earnings into a separate Future impact projects reserve each year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 April 2022

77,170

Additions

1,604

At 31 March 2023

78,774

AMORTISATION

At 1 April 2022

55,758

Amortisation for year

7,878

At 31 March 2023

63,636

NET BOOK VALUE

At 31 March 2023

15,138

At 31 March 2022

21,412

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2022

8,542

175,818

184,360

Additions

-

12,721

12,721

At 31 March 2023

8,542

188,539

197,081

DEPRECIATION

At 1 April 2022

5,683

164,137

169,820

Charge for year

428

10,841

11,269

At 31 March 2023

6,111

174,978

181,089

NET BOOK VALUE

At 31 March 2023

2,431

13,561

15,992

At 31 March 2022

2,859

11,681

14,540

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Debtors

1,594,103

1,198,905

Other debtors

16,535

16,776

VAT

39,035

24,616

Prepayments

74,378

73,626

Accrued income

69,766

44,223

1,793,817

1,358,146

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade creditors

380,105

119,803

Credit trading creditors

124,282

310,341

Social security and other taxes

14,293

20,133

Other creditors

17,287

17,066

Accrued expenses

19,735

66,292

Deferred income

1,674,418

1,574,932

Unspent grant income

47,631

197,166

2,277,751

2,305,733

"Credit trading creditors" reflects the amounts received by Bonsucro in relation to Credit Trading which had not been passed on to the "Credit Seller" at the balance sheet date.

8.	LEASING AGREEMENTS

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

31.3.23

31.3.22

£

£

Within one year

65,249

97,831

The above minimum lease payments are commitments relating to computer software as well as office premises. The agreement for office premises was entered into during this accounting period.

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

The Report of the Auditors was unqualified.

Simon Lawrence FCCA (Senior Statutory Auditor)

for and on behalf of Ashdown Hurrey Auditors Limited

10.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

11.	ISEAL GRANTS RECEIVED

Included in turnover are the following grants received from the ISEAL Innovations Fund. This note presents transactions in relation to these grants in both the currency of the grant provider (Swiss Francs; CHF) and the presentation currency (Great British Pounds; £).

ISEAL Grant

Total grant amount

Prior year unexpende d grants received

Grantinco me receivedin year

Grant expenditure during year

Unexpended grantsreceive d

Grant funds not yet received

CHF

CHF

CHF

CHF

CHF

CHF

SA Grant

288,145

78,784

5,123

(82,604

)

-

-

Landscapes Grant

274,879

43,016

94,879

(92,131

)

43,225

-

Small Grant DD & GM

50,000

8,944

25,000

(21,500

)

12,102

-

613,024

130,744

125,002

(196,235

)

55,327

-

ISEAL Grant number

Total grant amount

Prior year unexpende d grants received

Grant income receivedin year

Grant expenditure during year

Unexpended grantsreceive d

Grant funds not yet received

£

£

£

£

£

£

SA Grant

218,905

62,836

4,646

(71,114

)

-

-

Landscapes Grant

231,284

35,794

80,734

(79,315

)

37,212

-

Small Grant DD & GM

39,784

7,041

21,888

(18,509

)

10,419

-

489,973

105,671

107,268

(168,939

)

47,631

-

Prior year unexpended grants received - Grant funding received in prior years which had not been expended.

Unexpended grants received - Total of grants received less the expenditure incurred up to the end of the accounting period.

Grant funds not yet received - Total funding due under the terms of the grant less amounts received up to the end of the accounting period.

12.	DETAILED INCOME AND EXPENDITURE ACCOUNT

31.3.23

31.3.22

£

£

£

£

Income

Membership subscriptions

1,594,254

1,607,870

Credit trading

1,037,215

1,194,250

Grants

324,793

175,966

Events and conference income

150,992

-

Certification fees

69,203

-

Auditor Training

63,201

43,549

Licence fees

23,888

31,600

3,263,546

3,053,235

Other income

Deposit account interest

742

31

742

31

TOTAL INCOME

3,264,288

3,053,266

Expenditure

Activities

Consultancy

296,236

250,105

Grant expenditure

199,852

112,895

Impact projects

171,064

10,015

External engagement

169,464

65,839

Bonsucro week

131,811

-

Credit trading expenditure

97,734

118,884

Memberships and subscriptions

24,782

9,384

Translation costs

4,857

26,986

1,095,800

594,108

Staff and office

Salaries and pensions

1,067,209

731,746

Retained consultants

247,839

199,684

Social security

90,814

62,304

Recruitment costs

54,018

117,933

Staff training

12,223

2,686

Benefits

7,662

5,194

1,479,765

1,119,547

Other overheads

Property costs

228,933

140,594

Legal fees

36,670

54,923

Bad debts

19,235

28,477

Accountancy and audit fees

13,267

11,100

Depreciation and disposals of tangible assets

10,175

20,506

Amortisation of trademarks

7,877

5,759

Payroll costs

7,253

7,253

Bank charges

3,688

2,742

Exchange rate variances

(160,143

)

(163,402

)

166,955

107,952

Operating surplus

521,768

1,231,659