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REGISTERED NUMBER: 07384779 (England and Wales)












SEDDON & SONS (PRODUCE) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






SEDDON & SONS (PRODUCE) LTD (REGISTERED NUMBER: 07384779)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SEDDON & SONS (PRODUCE) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







Directors: Mrs M Seddon
Mr G P Seddon





Registered office: Homestead Farm
Wiggins Lane
Holmeswood
ORMSKIRK
L40 1UJ





Registered number: 07384779 (England and Wales)





Accountants: Scott & Wilkinson
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

SEDDON & SONS (PRODUCE) LTD (REGISTERED NUMBER: 07384779)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 1,591,757 1,642,933
1,591,757 1,642,933

Current assets
Stocks 122,506 99,148
Debtors 6 690,450 434,178
Cash at bank 1,305,032 769,146
2,117,988 1,302,472
Creditors
Amounts falling due within one year 7 749,616 588,081
Net current assets 1,368,372 714,391
Total assets less current liabilities 2,960,129 2,357,324

Creditors
Amounts falling due after more than one
year

8

(213,266

)

(350,847

)

Provisions for liabilities (361,774 ) (383,390 )
Net assets 2,385,089 1,623,087

Capital and reserves
Called up share capital 200 200
Retained earnings 2,384,889 1,622,887
2,385,089 1,623,087

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

SEDDON & SONS (PRODUCE) LTD (REGISTERED NUMBER: 07384779)

BALANCE SHEET - continued
31 MARCH 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by:




Mr G P Seddon - Director



Mrs M Seddon - Director


SEDDON & SONS (PRODUCE) LTD (REGISTERED NUMBER: 07384779)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. Statutory information

Seddon & Sons (Produce) Ltd 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its estimated useful life.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Tenant's improvements - 4% on cost
Plant and machinery etc - 33% Reducing balance, 25% Reducing balance and 15% Reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


SEDDON & SONS (PRODUCE) LTD (REGISTERED NUMBER: 07384779)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. Accounting policies - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss 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.

3. Employees and directors

The average number of employees during the year was 38 (2022 - 24 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 April 2022
and 31 March 2023 25,000
Amortisation
At 1 April 2022
and 31 March 2023 25,000
Net book value
At 31 March 2023 -
At 31 March 2022 -

SEDDON & SONS (PRODUCE) LTD (REGISTERED NUMBER: 07384779)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. Tangible fixed assets
Plant and
Tenant's machinery
improvements etc Totals
£    £    £   
Cost
At 1 April 2022 146,735 2,345,098 2,491,833
Additions 82,729 135,384 218,113
Disposals - (2,615 ) (2,615 )
At 31 March 2023 229,464 2,477,867 2,707,331
Depreciation
At 1 April 2022 47,348 801,552 848,900
Charge for year 8,001 260,928 268,929
Eliminated on disposal - (2,255 ) (2,255 )
At 31 March 2023 55,349 1,060,225 1,115,574
Net book value
At 31 March 2023 174,115 1,417,642 1,591,757
At 31 March 2022 99,387 1,543,546 1,642,933

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 601,684 293,369
Other debtors 88,766 140,809
690,450 434,178

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Hire purchase contracts (see note 9) 137,580 160,182
Trade creditors 330,763 238,006
Taxation and social security 219,885 35,516
Other creditors 61,388 154,377
749,616 588,081

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Hire purchase contracts (see note 9) 213,266 350,847

SEDDON & SONS (PRODUCE) LTD (REGISTERED NUMBER: 07384779)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 137,580 160,182
Between one and five years 213,266 350,847
350,846 511,029

Non-cancellable operating leases
2023 2022
£    £   
Within one year 25,200 25,200