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REGISTERED NUMBER: SC623341 (Scotland)






































FBR Seed Limited

Unaudited Financial Statements

for the Year Ended 30th June 2023






FBR Seed Limited (Registered number: SC623341)






Contents of the Financial Statements
for the year ended 30th June 2023




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 7


FBR Seed Limited

Company Information
for the year ended 30th June 2023







Directors: R A Armitage
D A Seed
Mrs S J Seed
Mrs L Armitage
R Forrest MSc, FRAgS, FAAV
D A C Platt
S Seed
F Reid
S D Mason
Mrs J E Douglas
N C Braidwood





Registered office: Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL





Business address: Rose Lane
Kelso
Roxburghshire
TD5 7AP





Registered number: SC623341 (Scotland)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

FBR Seed Limited (Registered number: SC623341)

Balance Sheet
30th June 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 220,805 236,283

Current assets
Stocks 470,417 552,798
Debtors 5 469,583 314,929
Investments 6 796,245 702,794
Cash at bank 25,521 66,960
1,761,766 1,637,481
Creditors
Amounts falling due within one year 7 1,235,031 1,016,209
Net current assets 526,735 621,272
Total assets less current liabilities 747,540 857,555

Creditors
Amounts falling due after more than one
year

8

(256,308

)

(311,675

)

Provisions for liabilities (20,273 ) (16,944 )
Net assets 470,959 528,936

Capital and reserves
Called up share capital 200 200
Merger reserve 464,035 464,035
Retained earnings 6,724 64,701
470,959 528,936

FBR Seed Limited (Registered number: SC623341)

Balance Sheet - continued
30th June 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 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.

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 12th February 2024 and were signed on its behalf by:




R A Armitage - Director



D A Seed - Director


FBR Seed Limited (Registered number: SC623341)

Notes to the Financial Statements
for the year ended 30th June 2023

1. Statutory information

FBR Seed Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - not provided
Fixtures and fittings - 33% on cost and 20% on cost
Office equipment - 33% on cost

The directors consider that the property is maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the Statement of Income and Retained Earnings.

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stock represents stationery and show materials and is valued at cost. Work in progress is measured at the fair value of the consideration receivable according to the stage of completion.

Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, bank loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.


FBR Seed Limited (Registered number: SC623341)

Notes to the Financial Statements - continued
for the year ended 30th June 2023

2. Accounting policies - continued
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.

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.

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.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Group accounts
The company is entitled to the exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

Going concern
The directors have considered the company's financial position for a minimum period of 12 months and beyond from the date of signing these financial statements and have an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3. Employees and directors

The average number of employees during the year was 31 (2022 - 28 ) .

FBR Seed Limited (Registered number: SC623341)

Notes to the Financial Statements - continued
for the year ended 30th June 2023

4. Tangible fixed assets
Fixtures
Freehold and Office
property fittings equipment Totals
£    £    £    £   
Cost
At 1st July 2022 179,192 24,328 76,604 280,124
Additions - - 3,501 3,501
At 30th June 2023 179,192 24,328 80,105 283,625
Depreciation
At 1st July 2022 - 9,461 34,381 43,842
Charge for year - 4,302 14,676 18,978
At 30th June 2023 - 13,763 49,057 62,820
Net book value
At 30th June 2023 179,192 10,565 31,048 220,805
At 30th June 2022 179,192 14,867 42,223 236,282

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 164,082 186,156
Amounts owed by group undertakings 189,687 -
Other debtors 115,814 128,773
469,583 314,929

6. Current asset investments
2023 2022
£    £   
Shares in group undertakings 796,243 702,793
Unlisted investments 2 1
796,245 702,794

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 49,987 52,283
Trade creditors 42,888 47,868
Amounts owed to group undertakings 761,375 702,794
Taxation and social security 180,824 158,873
Other creditors 199,957 54,391
1,235,031 1,016,209

FBR Seed Limited (Registered number: SC623341)

Notes to the Financial Statements - continued
for the year ended 30th June 2023

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 249,678 298,415
Other creditors 6,630 13,260
256,308 311,675

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due after five years 101,561 -

9. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 2,560 6,337
Between one and five years - 2,560
2,560 8,897

10. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 299,665 350,698

The Royal Bank of Scotland and the Bank of Scotland hold a standard security over the property together with a floating charge.

11. Directors' advances, credits and guarantees

Included within other debtors are the following loans to directors:

at 30 JuneAmountAmountat 30 June
2022AdvancedRepaid2023

Director 124,725-4,43420,291
Director 229,674-9,71019,964
Director 329,674-9,71019,964
Director 424,725-4,43420,291
Total108,798-28,28880,510

These loans are unsecured, repayable on demand and interest has been charged at the official rates published by HMRC.