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REGISTERED NUMBER: 04492884 (England and Wales)










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: Mr J A Stollery
Mrs N M Stollery
Mr A J Stollery
Ms J A Eaves





SECRETARY: Mr J A Stollery





REGISTERED OFFICE: 60 Low Street
Benhall
Saxmundham
Suffolk
IP17 1JE





REGISTERED NUMBER: 04492884 (England and Wales)





ACCOUNTANTS: Turner & Ellerby
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 1,211,585 1,154,162
1,211,585 1,154,162

CURRENT ASSETS
Stocks 127,890 29,357
Debtors 6 122,490 190,118
Cash at bank and in hand 271,219 61,556
521,599 281,031
CREDITORS
Amounts falling due within one year 7 118,112 54,349
NET CURRENT ASSETS 403,487 226,682
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,615,072

1,380,844

PROVISIONS FOR LIABILITIES 8 185,933 126,490
NET ASSETS 1,429,139 1,254,354

CAPITAL AND RESERVES
Called up share capital 5 5
Revaluation reserve 9 382,043 382,043
Retained earnings 1,047,091 872,306
SHAREHOLDERS' FUNDS 1,429,139 1,254,354

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

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

PREMIER SEED SERVICES LTD (Registered number: 04492884)

Balance Sheet - continued
30 June 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by:





Mr J A Stollery - Director


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 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.

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 as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - At varying rates
Plant and machinery - 10% on reducing balance
Seed plant machinery - 4% on reducing balance
Motor vehicles - 20% on reducing balance
Office & computer equipment - Straight line over 4 years

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 11 (2022 - 10 ) .

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 50,000
AMORTISATION
At 1 July 2022
and 30 June 2023 50,000
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 589,255 112,865 671,294
Additions - 103,966 -
At 30 June 2023 589,255 216,831 671,294
DEPRECIATION
At 1 July 2022 100,830 51,824 95,307
Charge for year 20,570 16,501 23,039
At 30 June 2023 121,400 68,325 118,346
NET BOOK VALUE
At 30 June 2023 467,855 148,506 552,948
At 30 June 2022 488,425 61,041 575,987

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 88,652 9,422 1,471,488
Additions 23,295 1,745 129,006
At 30 June 2023 111,947 11,167 1,600,494
DEPRECIATION
At 1 July 2022 63,194 6,171 317,326
Charge for year 9,751 1,722 71,583
At 30 June 2023 72,945 7,893 388,909
NET BOOK VALUE
At 30 June 2023 39,002 3,274 1,211,585
At 30 June 2022 25,458 3,251 1,154,162

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 - 1,442
Unbilled sales contracts 80,000 150,000
Directors' current accounts 3,752 8,945
VAT 22,656 23,695
Prepayments 16,082 6,036
122,490 190,118

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 65,531 22,477
Tax 34,078 22,193
Social security and other taxes 10,365 4,922
Other creditors 2,608 2,227
Accrued expenses 5,530 2,530
118,112 54,349

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 185,933 126,490

Deferred
tax
£   
Balance at 1 July 2022 126,490
Movement in year 59,443
Balance at 30 June 2023 185,933

9. RESERVES
Revaluation
reserve
£   
At 1 July 2022
and 30 June 2023 382,043

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
£    £   
Mr J A Stollery
Balance outstanding at start of year 6,945 -
Amounts advanced - 6,945
Amounts repaid (8,543 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,598 ) 6,945

Mr A J Stollery
Balance outstanding at start of year 2,500 -
Amounts advanced 5,500 2,500
Amounts repaid (2,500 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,500 2,500

Ms J A Eaves
Balance outstanding at start of year (500 ) -
Amounts advanced 350 -
Amounts repaid - (500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (150 ) (500 )