Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30false2023-07-01falseThe principal activity of the Company is that of seed processing and propogation.911truetrue 09612063 2023-07-01 2024-06-30 09612063 2022-07-01 2023-06-30 09612063 2024-06-30 09612063 2023-06-30 09612063 c:Director1 2023-07-01 2024-06-30 09612063 c:Director2 2023-07-01 2024-06-30 09612063 c:Director2 2024-06-30 09612063 c:RegisteredOffice 2023-07-01 2024-06-30 09612063 d:PlantMachinery 2023-07-01 2024-06-30 09612063 d:PlantMachinery 2024-06-30 09612063 d:PlantMachinery 2023-06-30 09612063 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 09612063 d:MotorVehicles 2023-07-01 2024-06-30 09612063 d:MotorVehicles 2024-06-30 09612063 d:MotorVehicles 2023-06-30 09612063 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 09612063 d:FurnitureFittings 2023-07-01 2024-06-30 09612063 d:FurnitureFittings 2024-06-30 09612063 d:FurnitureFittings 2023-06-30 09612063 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 09612063 d:OfficeEquipment 2023-07-01 2024-06-30 09612063 d:OfficeEquipment 2024-06-30 09612063 d:OfficeEquipment 2023-06-30 09612063 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 09612063 d:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 09612063 d:OtherPropertyPlantEquipment 2024-06-30 09612063 d:OtherPropertyPlantEquipment 2023-06-30 09612063 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 09612063 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 09612063 d:CurrentFinancialInstruments 2024-06-30 09612063 d:CurrentFinancialInstruments 2023-06-30 09612063 d:Non-currentFinancialInstruments 2024-06-30 09612063 d:Non-currentFinancialInstruments 2023-06-30 09612063 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 09612063 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 09612063 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 09612063 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 09612063 d:ShareCapital 2024-06-30 09612063 d:ShareCapital 2023-06-30 09612063 d:RetainedEarningsAccumulatedLosses 2024-06-30 09612063 d:RetainedEarningsAccumulatedLosses 2023-06-30 09612063 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 09612063 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 09612063 d:TaxLossesCarry-forwardsDeferredTax 2024-06-30 09612063 d:TaxLossesCarry-forwardsDeferredTax 2023-06-30 09612063 c:FRS102 2023-07-01 2024-06-30 09612063 c:Audited 2023-07-01 2024-06-30 09612063 c:FullAccounts 2023-07-01 2024-06-30 09612063 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09612063 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-07-01 2024-06-30 09612063 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-07-01 2023-06-30 09612063 d:ImmediateParent 2023-07-01 2024-06-30 09612063 c:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 09612063 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 09612063









SOLANA SEEDS UNITED KINGDOM LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
SOLANA SEEDS UNITED KINGDOM LTD
 
 
COMPANY INFORMATION


Directors
K Grimm 
G C Stephen (resigned 28 December 2023)




Registered number
09612063



Registered office
12 Church Street

Cromer

United Kingdom

NR27 9ER




Independent auditors
MA Partners Audit LLP
Chartered Accountants & Statutory Auditor

7 The Close

Norwich

Norfolk

NR1 4DJ





 
SOLANA SEEDS UNITED KINGDOM LTD
 

CONTENTS



Page
Statement of financial position
 
1 - 2
Notes to the financial statements
 
3 - 13


 
SOLANA SEEDS UNITED KINGDOM LTD
REGISTERED NUMBER: 09612063

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
42,723
58,676

Investments
 6 
20
20

  
42,743
58,696

Current assets
  

Stocks
 7 
484,920
413,101

Debtors: amounts falling due within one year
 8 
1,815,315
1,419,307

Cash at bank and in hand
 9 
195,477
116,863

  
2,495,712
1,949,271

Creditors: amounts falling due within one year
 10 
(1,648,901)
(4,100,104)

Net current assets/(liabilities)
  
 
 
846,811
 
 
(2,150,833)

Total assets less current liabilities
  
889,554
(2,092,137)

Creditors: amounts falling due after more than one year
  
(2,013,224)
-

  

Net liabilities
  
(1,123,670)
(2,092,137)


Capital and reserves
  

Called up share capital 
  
135,100
135,100

Profit and loss account
  
(1,258,770)
(2,227,237)

  
(1,123,670)
(2,092,137)


Page 1

 
SOLANA SEEDS UNITED KINGDOM LTD
REGISTERED NUMBER: 09612063
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




K Grimm
Director

Date: 22 November 2024

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
SOLANA SEEDS UNITED KINGDOM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Solana Seeds United Kingdom Limited (the "Company") is a private company limited by shares, registered in England and Wales.  The address of the registered office is 12 Church Street, Cromer, Norfolk, NR27 9ER.
The principal activity of the Company is that of seed processing for propagation.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared in GBP (£), the functional and presentational currency of the Company, and have been rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

Despite the net liabilities position, the Director considers the Company to be a going concern. The financial position of the Company has been evaluated, including the forecasted results and future projections, and the Director assesses that the continued support of the parent Company will ensure that it is able to meet all obligations as they fall due.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Page 3

 
SOLANA SEEDS UNITED KINGDOM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
SOLANA SEEDS UNITED KINGDOM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis and straight line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
25%
Reducing balance
Office equipment
-
33%
Straight line
Exhibition equipment
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
SOLANA SEEDS UNITED KINGDOM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Stocks

Stocks 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.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
SOLANA SEEDS UNITED KINGDOM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, the Directors are required to make estimates and assumptions. These estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances. The resulting accounting estimates could differ from the actual results due to estimation uncertainties. The principal estimates and assumption that in the opinion of the Directors are key sources of estimation uncertainty and therefore could have significant effect upon the Company’s financial results are detailed below:
3.1 Impairment of debtors
The Directors make an estimate of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, the Directors consider factors including the current credit rating of the debtor, the ageing profile of the debtor, historical experience, and any ongoing disputes with the debtor.


4.


Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 11).

Page 7

 
SOLANA SEEDS UNITED KINGDOM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Exhibition equipment

£
£
£
£
£



Cost or valuation


At 1 July 2023
28,252
129,174
13,514
17,940
-


Additions
-
-
-
4,185
1,480


Disposals
(1,863)
(11,350)
-
-
-



At 30 June 2024

26,389
117,824
13,514
22,125
1,480



Depreciation


At 1 July 2023
18,753
84,802
10,335
16,314
-


Charge for the year on owned assets
2,185
9,899
804
2,785
372


Disposals
(1,078)
(6,562)
-
-
-



At 30 June 2024

19,860
88,139
11,139
19,099
372



Net book value



At 30 June 2024
6,529
29,685
2,375
3,026
1,108



At 30 June 2023
9,499
44,372
3,179
1,626
-
Page 8

 
SOLANA SEEDS UNITED KINGDOM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           5.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 July 2023
188,880


Additions
5,665


Disposals
(13,213)



At 30 June 2024

181,332



Depreciation


At 1 July 2023
130,204


Charge for the year on owned assets
16,045


Disposals
(7,640)



At 30 June 2024

138,609



Net book value



At 30 June 2024
42,723



At 30 June 2023
58,676


6.


Fixed asset investments





Trade investments

£





At 1 July 2023
20




Page 9

 
SOLANA SEEDS UNITED KINGDOM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Stocks

2024
2023
£
£

Potatoes
436,018
378,493

Pallets and bags
48,902
34,608

484,920
413,101



8.


Debtors

2024
2023
£
£


Trade debtors
1,091,298
1,364,726

Prepayments and accrued income
59,799
38,227

Other debtors
13,397
16,354

Deferred taxation
650,821
-

1,815,315
1,419,307



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
195,477
116,863



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
621,374
1,686,526

Trade creditors
685,180
2,063,848

Accruals and deferred income
316,741
325,350

Other taxation and social security
7,679
10,057

Other creditors
17,927
14,323

1,648,901
4,100,104


Page 10

 
SOLANA SEEDS UNITED KINGDOM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
2,013,224
-

2,013,224
-


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
881,874
-

881,874
-

Page 11

 
SOLANA SEEDS UNITED KINGDOM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Deferred taxation




2024


£






At beginning of year
-


Charged to profit or loss
650,821



At end of year
650,821

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(5,682)
-

Tax losses carried forward
656,503
-

650,821
-


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £16,847 (2023 - £21,603). Contributions totaling £2,305 (2023 - £2,976) were payable to the fund at the reporting date and are included in creditors.


14.


Related party transactions

The Company is a wholly-owned subsidiary of SAKA Beteiligungsgesellchaft GmbH (the "Parent Company"). The Company has taken advantage of the exemption contained within FRS 102 for small companies and is not required to disclose any balances or transactions with the Parent Company, nor is the Company required to disclose any balances or transactions with fellow group companies which are wholly-owned by the Parent Company.
The Company has disclosed balances or transactions with fellow group companies which are not wholly-owned by the Parent Company. 
The Company made payments to Solana France SAS, a fellow group company, totalling £10,674 (
2023 - £1,085) in the year.

Page 12

 
SOLANA SEEDS UNITED KINGDOM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Controlling party

Solana Seeds United Kingdom Ltd is a wholly owned subsidiary of SAKA Beteiligungsgesellchaft GmbH (the "Parent Company"), a company registered in Germany.
Consolidated Group financial statements may be obtained from the Parent Company at Albert-Einstein-Ring 5, 22761 Hamburg, Germany.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 22 November 2024 by Frank Shippam BSc FCA DChA (Senior statutory auditor) on behalf of MA Partners Audit LLP.


 
Page 13