REGISTERED NUMBER: |
FBR Seed Limited |
Unaudited Financial Statements |
for the Year Ended 30th June 2023 |
REGISTERED NUMBER: |
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: |
Registered office: |
Business address: |
Registered number: |
Accountants: |
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 |
Debtors | 5 |
Investments | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
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 |
Merger reserve |
Retained earnings |
FBR Seed Limited (Registered number: SC623341) |
Balance Sheet - continued |
30th June 2023 |
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. |
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 |
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 |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Fixtures and fittings | - |
Office equipment | - |
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 |
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 |
Additions |
At 30th June 2023 |
Depreciation |
At 1st July 2022 |
Charge for year |
At 30th June 2023 |
Net book value |
At 30th June 2023 |
At 30th June 2022 |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | Current asset investments |
2023 | 2022 |
£ | £ |
Shares in group undertakings |
Unlisted investments | 2 | 1 |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
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 |
Other creditors |
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 |
Between one and five years |
10. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
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 June | Amount | Amount | at 30 June |
2022 | Advanced | Repaid | 2023 |
Director 1 | 24,725 | - | 4,434 | 20,291 |
Director 2 | 29,674 | - | 9,710 | 19,964 |
Director 3 | 29,674 | - | 9,710 | 19,964 |
Director 4 | 24,725 | - | 4,434 | 20,291 |
Total | 108,798 | - | 28,288 | 80,510 |
These loans are unsecured, repayable on demand and interest has been charged at the official rates published by HMRC. |