0 31/03/2024 2024-03-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 23.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 01768267 2023-04-01 2024-03-31 01768267 2024-03-31 01768267 2023-03-31 01768267 2022-04-01 2023-03-31 01768267 2023-03-31 01768267 2022-03-31 01768267 core:PlantMachinery 2023-04-01 2024-03-31 01768267 core:MotorVehicles 2023-04-01 2024-03-31 01768267 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 01768267 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 01768267 bus:Director1 2023-04-01 2024-03-31 01768267 bus:Director2 2023-04-01 2024-03-31 01768267 core:WithinOneYear 2024-03-31 01768267 core:WithinOneYear 2023-03-31 01768267 core:PlantMachinery 2023-03-31 01768267 core:MotorVehicles 2023-03-31 01768267 core:PlantMachinery 2024-03-31 01768267 core:MotorVehicles 2024-03-31 01768267 core:DeferredTaxation 2023-04-01 2024-03-31 01768267 core:AfterOneYear 2024-03-31 01768267 core:AfterOneYear 2023-03-31 01768267 core:UKTax 2023-04-01 2024-03-31 01768267 core:UKTax 2022-04-01 2023-03-31 01768267 core:ShareCapital 2024-03-31 01768267 core:ShareCapital 2023-03-31 01768267 core:SharePremium 2024-03-31 01768267 core:SharePremium 2023-03-31 01768267 core:RetainedEarningsAccumulatedLosses 2024-03-31 01768267 core:RetainedEarningsAccumulatedLosses 2023-03-31 01768267 bus:OrdinaryShareClass1 core:ShareCapital 2024-03-31 01768267 bus:OrdinaryShareClass1 core:ShareCapital 2023-03-31 01768267 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 01768267 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 01768267 core:PlantMachinery 2023-03-31 01768267 core:MotorVehicles 2023-03-31 01768267 core:DeferredTaxation 2023-03-31 01768267 core:DeferredTaxation 2024-03-31 01768267 bus:SmallEntities 2023-04-01 2024-03-31 01768267 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01768267 bus:FullAccounts 2023-04-01 2024-03-31 01768267 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01768267 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31
Company registration number: 01768267
SEED BROTHERS (EAST ANGLIA) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2024
SEED BROTHERS (EAST ANGLIA) LIMITED
Contents
Directors report
Accountant's report
Statement of financial position
Notes to the financial statements
SEED BROTHERS (EAST ANGLIA) LIMITED
Directors report
Year ended 31 March 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2024.
Directors
The directors who served the company during the year were as follows:
Mr A J Seed
Mr J Balme
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 04 July 2024 and signed on behalf of the board by:
Mr J Balme
Director
SEED BROTHERS (EAST ANGLIA) LIMITED
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Seed Brothers (East Anglia) Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Seed Brothers (East Anglia) Limited for the year ended 31 March 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Seed Brothers (East Anglia) Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Seed Brothers (East Anglia) Limited and state those matters that we have agreed to state to the board of directors of Seed Brothers (East Anglia) Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Seed Brothers (East Anglia) Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Seed Brothers (East Anglia) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Seed Brothers (East Anglia) Limited. You consider that Seed Brothers (East Anglia) Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Seed Brothers (East Anglia) Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Robert Pola
Chartered Accountant
2 Low Road
Congham
Kings Lynn
Norfolk
PE32 1AE
4 July 2024
SEED BROTHERS (EAST ANGLIA) LIMITED
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 309,555 212,537
_______ _______
309,555 212,537
Current assets
Stocks 215,083 196,300
Debtors 7 424,255 455,951
Cash at bank and in hand 194,270 149,768
_______ _______
833,608 802,019
Creditors: amounts falling due
within one year 8 ( 526,325) ( 542,878)
_______ _______
Net current assets 307,283 259,141
_______ _______
Total assets less current liabilities 616,838 471,678
Creditors: amounts falling due
after more than one year 9 ( 110,512) ( 51,479)
Provisions for liabilities 10 ( 59,212) ( 40,382)
_______ _______
Net assets 447,114 379,817
_______ _______
Capital and reserves
Called up share capital 12 100 100
Share premium account 49 49
Profit and loss account 446,965 379,668
_______ _______
Shareholders funds 447,114 379,817
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 July 2024 , and are signed on behalf of the board by:
Mr J Balme
Director
Company registration number: 01768267
SEED BROTHERS (EAST ANGLIA) LIMITED
Notes to the financial statements
Year ended 31 March 2024
1. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
3. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
4. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 81,715 62,183
_______ _______
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 100,337 80,276
_______ _______
Deferred tax:
Origination and reversal of timing differences 18,830 ( 8,667)
_______ _______
Tax on profit 119,167 71,609
_______ _______
6. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2023 170,148 522,108 692,256
Additions 4,840 184,314 189,154
Disposals ( 114,895) ( 61,465) ( 176,360)
_______ _______ _______
At 31 March 2024 60,093 644,957 705,050
_______ _______ _______
Depreciation
At 1 April 2023 148,915 330,804 479,719
Charge for the year 3,182 78,533 81,715
Disposals ( 112,206) ( 53,733) ( 165,939)
_______ _______ _______
At 31 March 2024 39,891 355,604 395,495
_______ _______ _______
Carrying amount
At 31 March 2024 20,202 289,353 309,555
_______ _______ _______
At 31 March 2023 21,233 191,304 212,537
_______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 424,255 455,951
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 232,538 295,693
Accruals and deferred income 5,200 5,200
Corporation tax 100,337 80,276
Social security and other taxes 75,699 68,771
Obligations under finance leases 77,713 60,570
Dividends payable - -
Other creditors 34,838 32,368
_______ _______
526,325 542,878
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Obligations under finance leases 110,512 51,479
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 April 2023 40,382 40,382
Additions 18,830 18,830
_______ _______
At 31 March 2024 59,212 59,212
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 10) 59,212 40,382
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 59,212 40,382
_______ _______
12. Called up share capital
Authorised share capital
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______