REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2022 |
FOR |
ALLPLANTS LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2022 |
FOR |
ALLPLANTS LTD |
ALLPLANTS LTD (REGISTERED NUMBER: 10185899) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ALLPLANTS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certifed Accountants |
Solar House |
282 Chase Road |
London |
N14 6NZ |
ALLPLANTS LTD (REGISTERED NUMBER: 10185899) |
BALANCE SHEET |
31 AUGUST 2022 |
31.8.22 | 31.8.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Other reserves |
Share option reserves |
Retained earnings | ( |
) | ( |
) |
( |
) |
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) |
BALANCE SHEET - continued |
31 AUGUST 2022 |
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 |
ALLPLANTS LTD (REGISTERED NUMBER: 10185899) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2022 |
1. | STATUTORY INFORMATION |
AllPlants Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
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. |
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. |
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. |
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: |
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 |
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. |
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. |
ALLPLANTS LTD (REGISTERED NUMBER: 10185899) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
Fair value is measured by use of the Black Scholes pricing model. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Website & | New |
Software | Recipe |
Development | Development | Totals |
£ | £ | £ |
COST |
At 1 September 2021 |
Additions |
At 31 August 2022 |
AMORTISATION |
At 1 September 2021 |
Amortisation for year |
At 31 August 2022 |
NET BOOK VALUE |
At 31 August 2022 |
At 31 August 2021 |
ALLPLANTS LTD (REGISTERED NUMBER: 10185899) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2022 |
5. | TANGIBLE FIXED ASSETS |
Kitchen & |
Computer | Fixtures | Warehouse |
Equipment | & Fittings | Equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 August 2022 |
DEPRECIATION |
At 1 September 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 August 2022 |
NET BOOK VALUE |
At 31 August 2022 |
At 31 August 2021 |
6. | STOCKS |
31.8.22 | 31.8.21 |
£ | £ |
Stocks |
Inventory balance at 31 August 2022 built up as business purposefully increased inventory levels as a buffer to protect for kitchen production capacity interruptions during significant expansion and capital expenditure works at the Allplants Kitchen. Following the year-end with all major disruptions navigated, the inventory balance was purposefully decreased by lowering production to a deficit versus Sales to bring stock-on-hand back to target operating levels. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.22 | 31.8.21 |
£ | £ |
Trade Debtors |
Other debtors |
Rent Deposit | 402,336 | 73,396 |
VAT |
ALLPLANTS LTD (REGISTERED NUMBER: 10185899) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2022 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.22 | 31.8.21 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Finance leases |
Trade creditors |
Social security and other taxes |
Pensions | 55,395 | 13,052 |
Other creditors |
Accrued staff costs | - | 107,858 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.22 | 31.8.21 |
£ | £ |
Bank loans (see note 10) |
Finance leases |
Convertible loan notes | - | 1,800,000 |
10. | LOANS |
An analysis of the maturity of loans is given below: |
31.8.22 | 31.8.21 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Loan | 67,025 | - |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Loan 1-2 years | 994,101 | 929,183 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Loan 2-5 years | 64,910 | 211,442 |
ALLPLANTS LTD (REGISTERED NUMBER: 10185899) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2022 |
10. | LOANS - continued |
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) £216,000 Growth Capital Facility with interest charged at 10%. The loan is expected to be repaid in the next 1-5 years. (3) 37,849 HMRC Bounceback Loan facility with interest charged at 2.5%. The loan will be paid off monthly over the next 1-2 years. |
11. | CALLED UP SHARE CAPITAL |
Alloted, issued and fully paid: |
Number: |
Class: |
Nominal Value: |
2022 |
2021 |
£ | £ | £ |
1,090,239 | Ordinary | 0.0001 | 109 | 120 |
382,639 |
Ordinary A1 |
0.0001 |
38 |
38 |
303,215 |
Ordinary A2 |
0.0001 |
30 |
18 |
828,296 |
Ordinary B1 |
0.0001 |
830 |
0 |
118,341 |
Ordinary B2 |
0.0001 |
12 |
0 |
2,722,720 | 272 | 176 |
12. | SHARE PREMIUM |
£ |
At 1 September 2021 | 10,082,506 |
Movement in the period | 22,711,210 |
As at 31 August 2022 | 32,793,176 |
ALLPLANTS LTD (REGISTERED NUMBER: 10185899) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2022 |
13. | ADVANCED SUBSCRIPTION AGREEMENT |
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.During the period to 31 August 2022, all the ASAs received from investors in the prior period were converted to share equity. No balance remaining at 31 August 2022. |
£ |
At 31 August 2021 | 2,740,640 |
Share redemption | -2,740,640 |
At 31 August 2022 | 0 |
14. | SHARE-BASED PAYMENTS |
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. |
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. |
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. |
15. | OPERATING LEASES |
The Company had minimum lease payments under non-cancellable operating leases as set out below: |
2022 | 2021 |
£ | £ |
No later than 1 year | 624,307 | 245,589 |
Later than 1 year and not later than 5 years | 1,140,156 | 491,178 |
Later than 5 years | 245,589 | - |
16. | CONVERTIBLE LOAN NOTES |
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.During the period to 31 August 2022, all the convertible loan notes from investors in prior period were converted to share equity. No balance remaining at 31 August 2022. |
ALLPLANTS LTD (REGISTERED NUMBER: 10185899) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2022 |
17. | EVENTS AFTER THE REPORTING DATE |
In November 2022, the Company completed a fund raising round and received cash totalling £2,899,977. In April - June 2023, the Company completed a further fund raising round and received cash totalling £5,414,604. |