Intercrop Holdings Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 05997398 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

INTERCROP HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs J S Wall

T E Goodrich

M L Fletcher

SECRETARY:

Mrs J S Wall

REGISTERED OFFICE:

Off Broad Lane

Betteshanger

DEAL

Kent

CT14 0LT

REGISTERED NUMBER:

05997398 (England and Wales)

AUDITORS:

McCabe Ford Williams

Chartered Accountants and Statutory Auditors

Charlton House

Dour Street

DOVER

Kent

CT16 1BL

FIXED ASSETS

Tangible assets

4

-

144,149

Investments

5

2,154,054

2,154,054

2,154,054

2,298,203

CURRENT ASSETS

Debtors

6

828

-

Cash at bank

217,146

2,212

217,974

2,212

CREDITORS

Amounts falling due within one year

7

261

-

NET CURRENT ASSETS

217,713

2,212

TOTAL ASSETS LESS CURRENT LIABILITIES

2,371,767

2,300,415

PROVISIONS FOR LIABILITIES

147

147

NET ASSETS

2,371,620

2,300,268

CAPITAL AND RESERVES

Called up share capital

8

94,737

94,737

Share premium

50,263

50,263

Retained earnings

2,226,620

2,155,268

SHAREHOLDERS' FUNDS

2,371,620

2,300,268

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 23 September 2022 and were signed on its behalf by:

T E Goodrich - Director

Mrs J S Wall - Director

1.	STATUTORY INFORMATION

Intercrop Holdings 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 (£).

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.

Preparation of consolidated financial statements

The financial statements contain information about Intercrop Holdings Limited, as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Fex Farming Limited, whose registered office is the same as this company which can be found on the Company Information page.

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.

Tangible fixed assets

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

Freehold property

-

2% on cost

Fixtures and fittings

-

33% on cost

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.

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.

Hire purchase and leasing commitments

Rentals paid and received under operating leases are included in the profit and loss account over the relevant period.

Debtors and creditors receivable/payable within one year

Debtors and creditors that are receivable or payable on demand are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Fixed asset investments

Investments in and loans to associated undertakings and group companies are stated at cost. Amounts in foreign currencies are translated at the rate applicable at the year end. Short term loans and trading balances due from associated undertakings and group companies are included within current assets and liabilities and provision is made as applicable for any amounts which are not recoverable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST

At 1 January 2021

165,610

16,967

182,577

Disposals

(165,610

)

-

(165,610

)

At 31 December 2021

-

16,967

16,967

DEPRECIATION

At 1 January 2021

21,461

16,967

38,428

Charge for year

828

-

828

Eliminated on disposal

(22,289

)

-

(22,289

)

At 31 December 2021

-

16,967

16,967

NET BOOK VALUE

At 31 December 2021

-

-

-

At 31 December 2020

144,149

-

144,149

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2021

and 31 December 2021

2,154,054

NET BOOK VALUE

At 31 December 2021

2,154,054

At 31 December 2020

2,154,054

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Due from group undertakings

828

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Tax

261

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

94,737

Ordinary shares

£1

94,737

94,737

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

The Report of the Auditors was unqualified.

John Sheather BSc FCA (Senior Statutory Auditor)

for and on behalf of McCabe Ford Williams

10.	RELATED PARTY DISCLOSURES

The company charges rent to a subsidiary company, Intercrop Limited. In response to the impact COVID-19 was having on Intercrop Limited, the company waived the rents receivable for 2021. This has reduced the rents receivable by £3,569 (2020 - £7,800).

11.	PARENT COMPANY

The company was a wholly owned subsidiary of Fex Farming Limited.

The registered office address of Fex Farming Limited is the same as Intercrop Holdings Limited, which can be found on the Company Information page.

12.

COVID-19

The company is part of a group which operates in the farming and food production industry, and the group companies have continued to operate through the COVID-19 pandemic. Turnover and profitability have been impacted in the 2020 and 2021 financial years, as sales into customers supplying the food service and food to go sectors were severely disrupted through the UK lockdown.

The directors plan to continue to consolidate the group's position in the 2022 financial year using the financial strength of the company and the group as a whole.