REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
for |
PREMIER SEED SERVICES LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
for |
PREMIER SEED SERVICES LTD |
PREMIER SEED SERVICES LTD (Registered number: 04492884) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PREMIER SEED SERVICES LTD |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
5 Church Street |
Framlingham |
Woodbridge |
Suffolk |
IP13 9BQ |
PREMIER SEED SERVICES LTD (Registered number: 04492884) |
Balance Sheet |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
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. |
PREMIER SEED SERVICES LTD (Registered number: 04492884) |
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 |
PREMIER SEED SERVICES LTD (Registered number: 04492884) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
PREMIER SEED SERVICES LTD 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. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of the business, is being amortised evenly over its estimated useful life of 10 years and is written off to the profit and loss account. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery | - |
Seed plant machinery | - |
Motor vehicles | - |
Office & computer equipment | - |
Revaluation of Seed Plant Machinery |
In the year ended 30 June 2019 the directors' revalued Seed Plant Machinery and have recognized this equipment as a separate asset class. Depreciation is provided to write off the equipment at 4%. The directors' review the value of Seed Plant Machinery for any impairment on an annual basis. Any impairment to the assets classes fair value will be adjusted against reserves. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 |
PREMIER SEED SERVICES LTD (Registered number: 04492884) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
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 |
5. | TANGIBLE FIXED ASSETS |
Seed |
Land and | Plant and | plant |
buildings | machinery | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
PREMIER SEED SERVICES LTD (Registered number: 04492884) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Office & |
Motor | computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
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: |
Seed |
Land and | Plant and | plant |
buildings | machinery | machinery |
£ | £ | £ |
Valuation in 2019 | - | - | 374,989 |
Cost | 589,255 | 216,831 | 296,305 |
589,255 | 216,831 | 671,294 |
Office & |
Motor | computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2019 | - | - | 374,989 |
Cost | 111,947 | 11,167 | 1,225,505 |
111,947 | 11,167 | 1,600,494 |
If Seed Plant Machinery had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 236,511 | 236,511 |
Aggregate depreciation | 96,669 | 96,669 |
PREMIER SEED SERVICES LTD (Registered number: 04492884) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Seed Plant Machinery was valued on an open market value basis on 30 June 2019 by the director Mr J Stollery, this value is still considered representative of current open market values as at 30 June 2023. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Unbilled sales contracts | 80,000 | 150,000 |
Directors' current accounts | 3,752 | 8,945 |
VAT |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
8. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 185,933 | 126,490 |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Movement in year | 59,443 |
Balance at 30 June 2023 |
9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 July 2022 |
and 30 June 2023 |
PREMIER SEED SERVICES LTD (Registered number: 04492884) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
10. | DIRECTORS LOAN ACCOUNTS |
The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |