Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr E Marley 10/10/2018 Mr C Valin 10/10/2018 09 April 2024 The principal activity of the Company during the financial year was plant breeding. 11614977 2023-12-31 11614977 bus:Director1 2023-12-31 11614977 bus:Director2 2023-12-31 11614977 core:CurrentFinancialInstruments 2023-12-31 11614977 core:CurrentFinancialInstruments 2022-12-31 11614977 2022-12-31 11614977 core:Non-currentFinancialInstruments 2023-12-31 11614977 core:Non-currentFinancialInstruments 2022-12-31 11614977 core:ShareCapital 2023-12-31 11614977 core:ShareCapital 2022-12-31 11614977 core:RetainedEarningsAccumulatedLosses 2023-12-31 11614977 core:RetainedEarningsAccumulatedLosses 2022-12-31 11614977 bus:OrdinaryShareClass1 2023-12-31 11614977 2023-01-01 2023-12-31 11614977 bus:FilletedAccounts 2023-01-01 2023-12-31 11614977 bus:SmallEntities 2023-01-01 2023-12-31 11614977 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11614977 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11614977 bus:Director1 2023-01-01 2023-12-31 11614977 bus:Director2 2023-01-01 2023-12-31 11614977 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 11614977 2022-01-01 2022-12-31 11614977 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 11614977 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 11614977 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11614977 (England and Wales)

VALIN GENETICS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

VALIN GENETICS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

VALIN GENETICS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
VALIN GENETICS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Mr E Marley
Mr C Valin
REGISTERED OFFICE Centenary House Peninsula Park
Rydon Lane
Exeter
EX2 7XE
United Kingdom
BUSINESS ADDRESS Ashcombe Road
Dawlish
Devon
EX7 0QP
COMPANY NUMBER 11614977 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
VALIN GENETICS LIMITED

BALANCE SHEET

As at 31 December 2023
VALIN GENETICS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Current assets
Debtors 3 14,311 9,516
Cash at bank and in hand 5,041 29,983
19,352 39,499
Creditors: amounts falling due within one year 4 ( 42,687) ( 32,060)
Net current (liabilities)/assets (23,335) 7,439
Total assets less current liabilities (23,335) 7,439
Creditors: amounts falling due after more than one year 5 ( 40,000) ( 40,000)
Net liabilities ( 63,335) ( 32,561)
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account ( 63,435 ) ( 32,661 )
Total shareholders' deficit ( 63,335) ( 32,561)

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Valin Genetics Limited (registered number: 11614977) were approved and authorised for issue by the Board of Directors on 09 April 2024. They were signed on its behalf by:

Mr E Marley
Director
VALIN GENETICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
VALIN GENETICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Valin Genetics Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom. The principal place of business is Ashcombe Road, Dawlish, Devon, EX7 0QP.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. The company is dependant on the continued financial support of its creditors and the company's associated companies.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 2

3. Debtors

2023 2022
£ £
Trade debtors 12,000 0
Corporation tax 0 8,983
Other debtors 2,311 533
14,311 9,516

4. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 39,549 28,094
Accruals 1,601 1,550
Other taxation and social security 1,314 2,204
Other creditors 223 212
42,687 32,060

5. Creditors: amounts falling due after more than one year

2023 2022
£ £
Amounts owed to Group undertakings 0 40,000
Other creditors 40,000 0
40,000 40,000

Creditors include secured debts of £40,000 (2022: £40,000). The loan is secured by a fixed and floating charge over all assets belonging to the company.

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and not yet paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with owners holding a participating interest in the entity

A loan for £40,000 was drawn by the company in 2019. Interest is charged on the loan at 10% which is considered a
market rate of interest.
The company invoiced a management charge of £25,000 (2022: £30,000) to the related party for research into plant
genetics up to the year end.
At the year end, the company owed a related party a total of £40,000 (2022: £40,000).