Edward Vinson Plants Limited
Notes to the financial statements
For the 9 month period ended 31 December 2023
Edward Vinson Plants Limited is a limited liability company incorporated in England and Wales with registration number 05208076.
The address of the registered office and principal place of business is 4 Ewell Barn, Graveney Road, Faversham, Kent, ME13 8UP. The principal activity of the company is the propagation of soft fruit plants. The financial statements are presented for the 9 month period ended 31 December 2023. The accounting reference date has been changed to align with that of the subsidiary undertaking. The comparative period presented is for the 12 months ended 31 March 2023 and therefore the amounts presented (including the related notes) are not entirely comparable.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The financial statements are rounded to the nearest Pound.
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Edward Vinson Limited as at 31 December 2023 and these financial statements may be obtained from 4 Ewell Barn, Graveney Road, Faversham, Kent, ME13 8UP.
The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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Edward Vinson Plants Limited
Notes to the financial statements
For the 9 month period ended 31 December 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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Edward Vinson Plants Limited
Notes to the financial statements
For the 9 month period ended 31 December 2023
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the statement of comprehensive income over its useful economic life.
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Edward Vinson Plants Limited
Notes to the financial statements
For the 9 month period ended 31 December 2023
2.Accounting policies (continued)
Other stocks in hand are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
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Edward Vinson Plants Limited
Notes to the financial statements
For the 9 month period ended 31 December 2023
2.Accounting policies (continued)
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of
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Edward Vinson Plants Limited
Notes to the financial statements
For the 9 month period ended 31 December 2023
2.Accounting policies (continued)
ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
Analysis of turnover by country of destination:
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Edward Vinson Plants Limited
Notes to the financial statements
For the 9 month period ended 31 December 2023
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Edward Vinson Plants Limited
Notes to the financial statements
For the 9 month period ended 31 December 2023
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Edward Vinson Plants Limited
Notes to the financial statements
For the 9 month period ended 31 December 2023
9.Taxation (continued)
There were no factors that may affect future tax charges.
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Edward Vinson Plants Limited
Notes to the financial statements
For the 9 month period ended 31 December 2023
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Edward Vinson Plants Limited
Notes to the financial statements
For the 9 month period ended 31 December 2023
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Edward Vinson Plants Limited
Notes to the financial statements
For the 9 month period ended 31 December 2023
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Edward Vinson Plants Limited
Notes to the financial statements
For the 9 month period ended 31 December 2023
Profit & loss account
The company is party to a group composite cross guarantee and debenture given to the company's bankers, NatWest plc, covering the bank loans and overdrafts of Edward Vinson Limited. The potential liability at the balance sheet date was £Nil (March 2023 - £Nil).
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Edward Vinson Plants Limited
Notes to the financial statements
For the 9 month period ended 31 December 2023
The company's ultimate parent undertaking and controlling party is Edward Vinson Limited, which is registered in England. Copies of the company's group financial statements may be obtained from 4 Ewell Barn, Graveney Road, Faversham, Kent, ME13 8UP.
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