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Company No: 05013982 (England and Wales)

RAES FLOWERSEEDS LIMITED

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

RAES FLOWERSEEDS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

RAES FLOWERSEEDS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
RAES FLOWERSEEDS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 4,468 5,958
4,468 5,958
Current assets
Debtors 4 282,479 342,072
Cash at bank and in hand 309,041 158,795
591,520 500,867
Creditors: amounts falling due within one year 5 ( 579,522) ( 496,211)
Net current assets 11,998 4,656
Total assets less current liabilities 16,466 10,614
Net assets 16,466 10,614
Capital and reserves
Called-up share capital 100 100
Share premium account 900 900
Profit and loss account 15,466 9,614
Total shareholder's funds 16,466 10,614

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 Raes Flowerseeds Limited (registered number: 05013982) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

E Raes
Director

10 September 2024

RAES FLOWERSEEDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
RAES FLOWERSEEDS 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

Raes Flowerseeds 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 Beech House Beech Road, Little Budworth, Cheshire, CW6 9EN, United Kingdom.

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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

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 Statement of Financial Position date.

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 or reducing balance basis over its expected useful life, as follows:

Vehicles 20 % reducing balance
Office equipment 25 % reducing balance

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 1

3. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 January 2023 20,690 2,392 23,082
At 31 December 2023 20,690 2,392 23,082
Accumulated depreciation
At 01 January 2023 14,963 2,161 17,124
Charge for the financial year 1,432 58 1,490
At 31 December 2023 16,395 2,219 18,614
Net book value
At 31 December 2023 4,295 173 4,468
At 31 December 2022 5,727 231 5,958

4. Debtors

2023 2022
£ £
Trade debtors 282,042 339,649
Other debtors 437 2,423
282,479 342,072

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 383,986 326,633
Amounts owed to Group undertakings 69,000 69,000
Corporation tax 1,546 1,225
Other taxation and social security 118,343 96,140
Other creditors 6,647 3,213
579,522 496,211

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

6. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 153 153

7. Related party transactions

Other related party transactions

2023 2022
£ £
Amount owed to group company 69,000 69,000

At the year end the above amount was owed to a fellow subsidiary of the Group. This amount is repayable on demand with no interest being charged.