IRIS Accounts Production v24.2.0.383 05305579 Board of Directors Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false 141845 125015 282413 156026 201815 139196 222443 141845 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh053055792022-12-31053055792023-12-31053055792023-01-012023-12-31053055792021-12-31053055792022-01-012022-12-31053055792022-12-3105305579ns15:EnglandWales2023-01-012023-12-3105305579ns14:PoundSterling2023-01-012023-12-3105305579ns10:Director12023-01-012023-12-3105305579ns10:Director22023-01-012023-12-3105305579ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3105305579ns10:SmallEntities2023-01-012023-12-3105305579ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3105305579ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3105305579ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3105305579ns10:FullAccounts2023-01-012023-12-310530557942ns10:Director22022-12-310530557942ns10:Director22021-12-310530557942ns10:Director22023-01-012023-12-310530557942ns10:Director22022-01-012022-12-310530557942ns10:Director22023-12-310530557942ns10:Director22022-12-3105305579ns10:CompanySecretary12023-01-012023-12-3105305579ns10:RegisteredOffice2023-01-012023-12-3105305579ns5:CurrentFinancialInstruments2023-12-3105305579ns5:CurrentFinancialInstruments2022-12-3105305579ns5:Non-currentFinancialInstruments2023-12-3105305579ns5:Non-currentFinancialInstruments2022-12-3105305579ns5:ShareCapital2023-12-3105305579ns5:ShareCapital2022-12-3105305579ns5:RetainedEarningsAccumulatedLosses2023-12-3105305579ns5:LeaseholdImprovements2023-01-012023-12-3105305579ns5:PlantMachinery2023-01-012023-12-3105305579ns5:FurnitureFittings2023-01-012023-12-3105305579ns5:MotorVehicles2023-01-012023-12-3105305579ns5:ComputerEquipment2023-01-012023-12-3105305579ns5:LeaseholdImprovements2022-12-3105305579ns5:PlantMachinery2022-12-3105305579ns5:FurnitureFittings2022-12-3105305579ns5:LeaseholdImprovements2023-12-3105305579ns5:PlantMachinery2023-12-3105305579ns5:FurnitureFittings2023-12-3105305579ns5:LeaseholdImprovements2022-12-3105305579ns5:PlantMachinery2022-12-3105305579ns5:FurnitureFittings2022-12-3105305579ns5:MotorVehicles2022-12-3105305579ns5:ComputerEquipment2022-12-3105305579ns5:MotorVehicles2023-12-3105305579ns5:ComputerEquipment2023-12-3105305579ns5:MotorVehicles2022-12-3105305579ns5:ComputerEquipment2022-12-3105305579ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3105305579ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3105305579ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-12-3105305579ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-12-3105305579ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3105305579ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-3105305579ns5:Secured2023-12-3105305579ns5:Secured2022-12-31053055791ns10:Director12022-12-31053055791ns10:Director12021-12-31053055791ns10:Director12023-01-012023-12-31053055791ns10:Director12022-01-012022-12-31053055791ns10:Director12023-12-31053055791ns10:Director12022-12-31
REGISTERED NUMBER: 05305579 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

GREEN FARM SEEDS LIMITED

GREEN FARM SEEDS LIMITED (REGISTERED NUMBER: 05305579)






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


GREEN FARM SEEDS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M Davies
Mrs S Davies





SECRETARY: Mrs S Davies





REGISTERED OFFICE: Green Farm
Newent
Gloucestershire
GL18 1JU





REGISTERED NUMBER: 05305579 (England and Wales)





ACCOUNTANTS: Randall & Payne LLP
Chartered Accountants
Chargrove House
Shurdington Road
Cheltenham
Gloucestershire
GL51 4GA

GREEN FARM SEEDS LIMITED (REGISTERED NUMBER: 05305579)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 459,426 444,704

CURRENT ASSETS
Stocks 249,199 245,481
Debtors 5 453,169 349,707
Cash at bank 221,323 423,246
923,691 1,018,434
CREDITORS
Amounts falling due within one year 6 295,948 535,908
NET CURRENT ASSETS 627,743 482,526
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,087,169

927,230

CREDITORS
Amounts falling due after more than one
year

7

(28,991

)

(27,443

)

PROVISIONS FOR LIABILITIES (24,882 ) (19,411 )
NET ASSETS 1,033,296 880,376

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 1,033,286 880,366
SHAREHOLDERS' FUNDS 1,033,296 880,376

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.

GREEN FARM SEEDS LIMITED (REGISTERED NUMBER: 05305579)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:




M Davies - Director



Mrs S Davies - Director


GREEN FARM SEEDS LIMITED (REGISTERED NUMBER: 05305579)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Green Farm 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 - 12.5% & 25% on cost respectively
Equipment - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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

Financial instruments
Financial Instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 1a. Basic financial instruments are recognised at amortised cost using the effective interest method.

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

GREEN FARM SEEDS LIMITED (REGISTERED NUMBER: 05305579)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
There are no material uncertainties that may cast significant doubt about the company's ability to continue as a going concern.

Provisions
Provisions are recognised only where a present obligation exists as a result of a past transaction or event at or prior to the balance sheet date. In addition, a provision is only recognised where the amounts involved can be reliably estimated. Where material, provisions are calculated on a discounted basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and
property Equipment fittings
£    £    £   
COST
At 1 January 2023 383,070 140,964 11,301
Additions - 28,044 569
At 31 December 2023 383,070 169,008 11,870
DEPRECIATION
At 1 January 2023 53,003 70,775 4,577
Charge for year 7,662 19,285 1,078
At 31 December 2023 60,665 90,060 5,655
NET BOOK VALUE
At 31 December 2023 322,405 78,948 6,215
At 31 December 2022 330,067 70,189 6,724

GREEN FARM SEEDS LIMITED (REGISTERED NUMBER: 05305579)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 89,568 15,982 640,885
Additions 31,425 878 60,916
At 31 December 2023 120,993 16,860 701,801
DEPRECIATION
At 1 January 2023 57,666 10,160 196,181
Charge for year 15,014 3,155 46,194
At 31 December 2023 72,680 13,315 242,375
NET BOOK VALUE
At 31 December 2023 48,313 3,545 459,426
At 31 December 2022 31,902 5,822 444,704

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 127,860 161,678
Other debtors 58,409 -
Directors' loan accounts 222,443 141,845
VAT 31,490 36,142
Prepayments 12,967 10,042
453,169 349,707

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts 10,077 9,829
Hire purchase contracts 8,963 -
Trade creditors 214,970 448,200
Corporation tax 53,279 70,700
Social security and other taxes 2,816 -
Wages control account (1,222 ) (835 )
Pension 625 302
Credit Card 2,420 4,151
Accruals and deferred income 4,020 3,561
295,948 535,908

GREEN FARM SEEDS LIMITED (REGISTERED NUMBER: 05305579)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
as restated
£    £   
Bank loans - 1-2 years 10,332 10,077
Bank loans - 2-5 years 7,034 17,366
Hire purchase contracts 11,625 -
28,991 27,443

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
as restated
£    £   
Bank loans 27,443 37,272

Bank loans and overdrafts are secured by way of personal guarantee by the directors.

In addition, HSBC UK Bank Plc holds a fixed and floating charge over all assets created 14 June 2021.

9. OTHER FINANCIAL COMMITMENTS

The company has entered into a commitment to purchase an electric car

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
as restated
£    £   
M Davies and Mrs S Davies
Balance outstanding at start of year 141,845 125,015
Amounts advanced 282,413 156,026
Amounts repaid (201,815 ) (139,196 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 222,443 141,845

Interest has been charged on the above balance at the HMRC approved rate. There are no set repayment terms