REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 AUGUST 2021 |
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ALLPLANTS LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 AUGUST 2021 |
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FOR |
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ALLPLANTS LTD |
ALLPLANTS LTD (REGISTERED NUMBER: 10185899) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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ALLPLANTS LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certifed Accountants |
Solar House |
282 Chase Road |
London |
N14 6NZ |
ALLPLANTS LTD (REGISTERED NUMBER: 10185899) |
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BALANCE SHEET |
31 AUGUST 2021 |
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31.8.21 | 31.8.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
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9 |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Share premium |
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Other reserves |
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Share option reserves |
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Retained earnings |
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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. |
ALLPLANTS LTD (REGISTERED NUMBER: 10185899) |
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BALANCE SHEET - continued |
31 AUGUST 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ALLPLANTS LTD (REGISTERED NUMBER: 10185899) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2021 |
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1. | STATUTORY INFORMATION |
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AllPlants Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents amounts derived from the sale of goods to customers during the year, and is recognised at the date the risks and rewards of ownership of goods were transferred to the customer. This is stated after trade discounts, other sales taxes and net of VAT, where applicable. |
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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. |
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Website and Software Development |
This compromises costs in relation to the development of allplants.com. This website is the only place that customers can purchase allplants products and as such, it is integral to the operations of the company. All costs are amortised (straight line) over three years. |
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Recipe Development |
This compromises costs in relation to the development of new recipes to sustain the options available at allplants and explore new possible recipes. All costs are amortised (straight line) over four years. |
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Tangible fixed assets |
Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets, other than freehold land, over their expected useful lives, using the straight-line method. The rates applicable are: |
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Computer Equipment: straight line over three years |
Kitchen & Warehouse Equipment: straight line between five and 10 years |
Fixtures & Fittings (Leasehold improvements): straight line over 10 years |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Attributable labour costs are included in the carrying amount of finished goods. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
ALLPLANTS LTD (REGISTERED NUMBER: 10185899) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Finance leases |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. |
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Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charges to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
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Share-based payments |
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Statement of Comprehensive Income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. There are no market vesting conditions. |
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Fair value is measured by use of the Black Scholes pricing model. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Website & | New |
Software | Recipe |
Development | Development | Totals |
£ | £ | £ |
COST |
At 1 September 2020 |
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Additions |
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Disposals | ( |
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At 31 August 2021 |
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AMORTISATION |
At 1 September 2020 |
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Amortisation for year |
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Eliminated on disposal | ( |
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At 31 August 2021 |
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NET BOOK VALUE |
At 31 August 2021 |
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At 31 August 2020 |
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ALLPLANTS LTD (REGISTERED NUMBER: 10185899) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2021 |
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5. | TANGIBLE FIXED ASSETS |
Kitchen & |
Computer | Fixtures | Warehouse |
Equipment | & Fittings | Equipment | Totals |
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COST |
At 1 September 2020 |
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Additions |
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At 31 August 2021 |
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DEPRECIATION |
At 1 September 2020 |
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Charge for year |
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At 31 August 2021 |
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NET BOOK VALUE |
At 31 August 2021 |
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At 31 August 2020 |
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6. | STOCKS |
31.8.21 | 31.8.20 |
£ | £ |
Stocks |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.21 | 31.8.20 |
£ | £ |
Trade Debtors |
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Other debtors |
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Rent Deposit | 73,396 | 73,396 |
VAT |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.21 | 31.8.20 |
£ | £ |
Bank loans and overdrafts (see note 10) |
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Finance leases |
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Trade creditors |
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Social security and other taxes |
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Pensions | 13,052 | - |
Other creditors |
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Accrued staff costs |
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ALLPLANTS LTD (REGISTERED NUMBER: 10185899) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2021 |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.8.21 | 31.8.20 |
£ | £ |
Bank loans (see note 10) |
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Finance leases |
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Other creditor | - | 143,505 |
Convertible loan notes | 1,800,000 | 150,000 |
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10. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.8.21 | 31.8.20 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Loan 1-2 years | 929,183 | - |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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Loan 2-5 years | 211,442 | - |
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The Company had three different loan facilities during the year. (1) £919,990 Revolver loan facility with interest charged at 8%. The full loan repayment is expected within 1-2 years. (2) £220,635 Growth Capital Facility with interest charged at 11%. The loan is expected to be repaid in the next 1-5 years. (3) £47,369 HMRC Bounceback Loan facility with interest charged at 2.5%. The loan will be paid off monthly over the next 5 years. |
ALLPLANTS LTD (REGISTERED NUMBER: 10185899) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2021 |
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11. | CALLED UP SHARE CAPITAL |
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Alloted, issued and fully paid: |
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Number: |
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Class: |
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Nominal
Value: |
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2021 |
2020 |
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1,197,166 | Ordinary | 0.0001 | 120 | 120 |
382,639 |
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Ordinary
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0.0001 |
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183,317 |
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Ordinary
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0.0001 |
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1,763,122 | 176 | 163 |
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12. | SHARE PREMIUM |
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At 1 September 2020 | 7,800,005 |
Movement in the period | 2,282,500 |
10,082,506 |
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13. | ADVANCED SUBSCRIPTION AGREEMENT |
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Advanced subscription agreements (ASA) are stated as other reserves and represent advances received from investors which will convert to share equity at a later date. The total value at 31 August 2021 represents total funds received to date less transactions fees incurred less shares issued during the period. The ASAs are accounted for in accordance to FRS 102 Section 22. Under all arrangements entered into the Company is not required to repay the cash received. |
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£ |
At 31 August 2020 | 4,250,525 |
Share issuance | -2,209,885 |
ASAs issued | 700,000 |
At 31 August 2021 | 2,740,641 |
ALLPLANTS LTD (REGISTERED NUMBER: 10185899) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2021 |
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14. | SHARE-BASED PAYMENTS |
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The Company operates an equity-settled share-based payment scheme for employees. The scheme is accounted for in accordance with FRS 102 Section 26. All plans operated are equity-settled and subject to certain vesting requirements. |
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All services received in exchange for the grant of any share-based payment are measured at their fair value. Where employees are rewarded using share-based payments awards, the fair value of the services to be received is determined indirectly by reference to the fair value of the equity instruments granted. The fair value is measured at the grant date using the Black-Scholes Option Pricing Model. |
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The fair value determined at the grant date is expensed to the income statement straight-line over the vesting period, based on an estimate of the number of shares that will eventually vest. The corresponding credit is recognised in the Share Option Reserve. |
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Weighted
average exercise price |
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Weighted average exercise price |
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(pence | ) | Number | (pence | ) | Number |
2021 | 2021 | 2020 | 2020 |
Outstanding at the beginning of the year | 1 | 103,730 | 1 | 99,451 |
Granted during the year | 1 | 19,087 | 1 | 31,284 |
Forfeited during the year | 1 | (23,943 | ) | 1 | (27,005 | ) |
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Outstanding at the end of the year | 1 | 98,874 | 1 | 103,730 |
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15. | OPERATING LEASES |
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The Company had minimum lease payments under non-cancellable operating leases as set out below: |
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2021 | 2020 |
£ | £ |
No later than 1 year | 245,589 | 222,703 |
Later than 1 year and not later than 5 years | 491,178 | 736,768 |
Later than 5 years | - | - |
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16. | CONVERTIBLE LOAN NOTES |
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The Company issued £1,800,000 of convertible loan notes on 8 October 2020 with no interest accruing. These will be converted to A1 Ordinary Shares at a conversion date to be determined in relation to Fund Raising or on Sale or on Listing. The number of shares that these convertible loan notes will convert to is linked to the trigger impacting the conversion date which will also impact the conversion price. |
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17. | EVENTS AFTER THE REPORTING DATE |
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In September 2021, the Company completed a fund raising round and received cash totalling £10,226,446 for Equity issued. |