REGISTERED NUMBER: |
SOUTH WEST SEEDS (CORNWALL) LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
REGISTERED NUMBER: |
SOUTH WEST SEEDS (CORNWALL) LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
SOUTH WEST SEEDS (CORNWALL) LIMITED (REGISTERED NUMBER: 06268559) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SOUTH WEST SEEDS (CORNWALL) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
7 Sandy Court |
Ashleigh Way |
Langage Business Park |
Plymouth |
Devon |
PL7 5JX |
SOUTH WEST SEEDS (CORNWALL) LIMITED (REGISTERED NUMBER: 06268559) |
ABRIDGED BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
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. |
SOUTH WEST SEEDS (CORNWALL) LIMITED (REGISTERED NUMBER: 06268559) |
ABRIDGED BALANCE SHEET - continued |
30 JUNE 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 |
SOUTH WEST SEEDS (CORNWALL) LIMITED (REGISTERED NUMBER: 06268559) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
South West Seeds (Cornwall) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
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. |
Turnover |
Turnover represents net invoiced sales of goods and the provision of seed cleaning services, excluding value added tax. The revenue is recognised once the product and/or service has been delivered to the client. |
The company recognises revenue when the following conditions are satisfied: |
i. The Company has transferred to the buyer the significant risks and rewards of ownership of the goods or service; |
ii. The Company retains neither the continuing managerial involvement to the degree associated with ownership nor effective control over the goods or services sold; |
iii. The amount of revenue can be measured reliably; |
iv. It is propbable that the economic benefits associated with the transaction can be measured reliably. |
Goodwill |
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. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any changes is accounted for prospectively. |
Repairs and maintenance costs are expensed as incurred. |
Derecognition |
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
SOUTH WEST SEEDS (CORNWALL) LIMITED (REGISTERED NUMBER: 06268559) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date. |
Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. |
Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed. |
Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. |
The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income). |
Hire purchase and leasing commitments |
At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease or an operating lease based on the substances of the arrangement. |
Finance leases |
Leases of assets that transfer substantially all the risks and rewards of ownership to the Company are classified as finance leases. |
Assets held under finance leases are recognized initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the sum of digits interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss. |
Assets held under finance leases are included in tangible fixed assets and depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date. |
Provisions for liabilities |
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance costs in profit or loss in the period it arises. |
The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months, measured at the salary costs payable for the period of absence. |
SOUTH WEST SEEDS (CORNWALL) LIMITED (REGISTERED NUMBER: 06268559) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method: |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Provisions for liabilities |
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. |
The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months, measured at the salary cost payable for the period of absence. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SOUTH WEST SEEDS (CORNWALL) LIMITED (REGISTERED NUMBER: 06268559) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
5. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
AMORTISATION |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
6. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 July 2022 |
Additions |
Disposals | ( |
) |
Revaluations |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
Revaluation adjustments | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Cost or valuation at 30 June 2023 is represented by: |
Totals |
£ |
Valuation in 2023 | 85,884 |
Cost | 368,139 |
454,023 |
SOUTH WEST SEEDS (CORNWALL) LIMITED (REGISTERED NUMBER: 06268559) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
6. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST OR VALUATION |
At 1 July 2022 | 49,458 |
Revaluations | (14,458 | ) |
At 30 June 2023 | 35,000 |
DEPRECIATION |
At 1 July 2022 | 21,064 |
Charge for year | 1 |
Revaluation adjustments | (21,065 | ) |
At 30 June 2023 | - |
NET BOOK VALUE |
At 30 June 2023 | 35,000 |
At 30 June 2022 | 28,394 |
7. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 | 45 |
NET BOOK VALUE |
At 30 June 2023 | 45 |
At 30 June 2022 | 45 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2023 | 2022 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | 11,087 | 11,451 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 9,736 | 17,561 |
Hire purchase contracts are secured over the asset to which they relate. |
Bank loans are secured by way of a fixed and floating charge over the undertakings of the company. |
SOUTH WEST SEEDS (CORNWALL) LIMITED (REGISTERED NUMBER: 06268559) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
10. | RESERVES |
Revaluation |
reserve |
£ |
TFA revaluation reserve | 254,140 |
At 30 June 2023 |
11. | REVALUATION OF FIXED ASSETS |
During the year all fixed asset groups were subject to a revaluation exercise and where revalued to reflect their market values as at 30th June 2023. |