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REGISTERED NUMBER: 03952911 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Western Seeds Limited

Western Seeds Limited (Registered number: 03952911)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Western Seeds Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: John Faulconbridge
Mrs Jeanne Faulconbridge





SECRETARY: Jeanne Faulconbridge





REGISTERED OFFICE: Williamston House
7 Goat Street
Haverfordwest
Pembrokeshire
SA61 1PX





REGISTERED NUMBER: 03952911 (England and Wales)

Western Seeds Limited (Registered number: 03952911)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,648 1,923
Tangible assets 5 58,357 68,945
60,005 70,868

CURRENT ASSETS
Stocks 6 559,656 725,377
Debtors 7 22,953 36,033
Cash in hand 31 132
582,640 761,542
CREDITORS
Amounts falling due within one year 8 322,841 609,990
NET CURRENT ASSETS 259,799 151,552
TOTAL ASSETS LESS CURRENT
LIABILITIES

319,804

222,420

CREDITORS
Amounts falling due after more than one
year

9

(14,925

)

(25,118

)

PROVISIONS FOR LIABILITIES (14,285 ) (8,036 )
NET ASSETS 290,594 189,266

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 290,592 189,264
SHAREHOLDERS' FUNDS 290,594 189,266

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

Western Seeds Limited (Registered number: 03952911)

Balance Sheet - continued
31 December 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 5 June 2024 and were signed on its behalf by:





John Faulconbridge - Director


Western Seeds Limited (Registered number: 03952911)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Western Seeds Limited 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Western Seeds Limited (Registered number: 03952911)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Trademark
£   
COST
At 1 January 2023
and 31 December 2023 2,748
AMORTISATION
At 1 January 2023 825
Amortisation for year 275
At 31 December 2023 1,100
NET BOOK VALUE
At 31 December 2023 1,648
At 31 December 2022 1,923

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 11,755 144,498 5,955
Additions - - 109
At 31 December 2023 11,755 144,498 6,064
DEPRECIATION
At 1 January 2023 9,400 81,132 4,765
Charge for year 1,175 9,505 195
At 31 December 2023 10,575 90,637 4,960
NET BOOK VALUE
At 31 December 2023 1,180 53,861 1,104
At 31 December 2022 2,355 63,366 1,190

Western Seeds Limited (Registered number: 03952911)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 6,995 9,339 178,542
Additions - 483 592
At 31 December 2023 6,995 9,822 179,134
DEPRECIATION
At 1 January 2023 6,995 7,305 109,597
Charge for year - 305 11,180
At 31 December 2023 6,995 7,610 120,777
NET BOOK VALUE
At 31 December 2023 - 2,212 58,357
At 31 December 2022 - 2,034 68,945

6. STOCKS
31.12.23 31.12.22
£    £   
Stocks 559,656 725,377

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 4,213 11,061
Western Seeds Ireland Ltd 1,647 1,647
VAT 3,391 10,190
Prepayments 13,702 13,135
22,953 36,033

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 163,855 102,284
Hire purchase contracts 342 4,101
Payments on account 8,134 -
Trade creditors 92,678 456,379
Tax 29,493 -
Social Security and Other Taxes 1,260 3,212
Directors' current accounts 24,223 41,221
Accrued expenses 2,856 2,793
322,841 609,990

Western Seeds Limited (Registered number: 03952911)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 10,015 10,011
Bank loans - 2-5 years 4,910 14,941
Hire purchase contracts - 166
14,925 25,118

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdrafts 153,840 92,273
Bank loans 24,940 34,963
178,780 127,236

Bank borrowings are secured by means of a fixed and floating charge over the company's assets.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
John Faulconbridge and Mrs Jeanne Faulconbridge
Balance outstanding at start of year (41,221 ) (53,219 )
Amounts advanced 19,000 16,000
Amounts repaid (2,002 ) (4,002 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (24,223 ) (41,221 )

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £2,000 (2022 - £4,000) were paid to the directors .