Company registration number 06290615 (England and Wales)
MEIJER SEED POTATO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Hertfordshire
AL1 3SE
MEIJER SEED POTATO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
MEIJER SEED POTATO LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
5
42,603
59,734
Current assets
Stocks
20,000
20,000
Debtors
6
2,963,154
3,170,212
Cash at bank and in hand
474,639
98,302
3,457,793
3,288,514
Creditors: amounts falling due within one year
7
(2,143,547)
(2,938,224)
Net current assets
1,314,246
350,290
Net assets
1,356,849
410,024
Capital and reserves
Called up share capital
9
50,000
50,000
Profit and loss reserves
1,306,849
360,024
Total equity
1,356,849
410,024

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 22 October 2024 and are signed on its behalf by:
Mr P A Wood
Director
Company registration number 06290615 (England and Wales)
MEIJER SEED POTATO LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Meijer Seed Potato Limited is a private company limited by shares incorporated in England and Wales. The registered office is Faulkner House, Victoria Street, St Albans, Hertfordshire, AL1 3SE. The principle place of business is Bayfield Breck's Barn, Letheringsett, Holt, Norfolk, NR25 7DZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

 

1.2
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

MEIJER SEED POTATO LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% Straight Line
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
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 current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

MEIJER SEED POTATO LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies are initially recognised at transaction price.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MEIJER SEED POTATO LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 11 (2023 - 10).

4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
263,052
143,504
Adjustments in respect of prior periods
39,090
-
0
Total current tax
302,142
143,504

The tax rate increased 01 April 2023 to 25% so the effective tax rate was pro-rated prior year end and increased from 19%.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,248,967
710,875
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
312,242
145,729
Other
(10,100)
(2,225)
Taxation charge for the year
302,142
143,504
MEIJER SEED POTATO LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 and 30 June 2024
164,729
Depreciation and impairment
At 1 July 2023
104,995
Depreciation charged in the year
17,131
At 30 June 2024
122,126
Carrying amount
At 30 June 2024
42,603
At 30 June 2023
59,734
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,794,619
3,034,980
Other debtors
168,535
135,232
2,963,154
3,170,212
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
183,424
586,479
Amounts owed to group undertakings
424,773
1,246,962
Corporation tax
217,052
106,550
Other taxation and social security
20,797
21,043
Other creditors
1,297,501
977,190
2,143,547
2,938,224
8
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
46,982
55,429

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

MEIJER SEED POTATO LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
50,000
50,000
50,000
50,000
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Neil Heyes FCA
Statutory Auditor:
Rayner Essex LLP
Date of audit report:
22 October 2024
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
79,570
69,915
Between two and five years
141,704
138,919
In over five years
-
0
16,400
221,274
225,234
12
Parent company

The company's immediate parent is C. Meijer B.V. The company's ultimate parent company is Seedco BV. Copies of the consolidated group accounts can be obtained by written request from Ronald Smits at Stationsplein 21 in Goes, Holland.

13
Related party transactions

The company has taken advantage of the exemptions available under FRS 102 Section 33.1A as a wholly owned subsidiary to not disclose transactions and balances between two or more members of a group.

14
Prior period adjustment
MEIJER SEED POTATO LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
14
Prior period adjustment
(Continued)
- 8 -
Reconciliation of changes in equity
2023
£
Adjustments to prior year
Change in treatment of minitubers
10,852
Pre 2023 change in treatment of minitubers
(207,611)
Total adjustments
(196,759)
Equity as previously reported
606,783
Equity as adjusted
410,024
Analysis of the effect upon equity
Profit and loss reserves
(196,759)
(196,759)
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Change in treatment of minitubers
10,852
Profit as previously reported
556,519
Profit as adjusted
567,371
Notes to reconciliation
Prior period adjustment

During the year the company changed the treatment of minituber purchases to align the accounting treatment with the wider group.

 

In previous years the cost of minitubers was prepaid and released to the profit and loss account after two years, given rise to a current debtor and a non current debtor. the group treatment is to expense any minitubers planted within the year.

 

This change in accounting treatment has led to an reduction in profit in previous accounting periods of £196,759.

2024-06-302023-07-01false22 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedC. Meijer B.VMr P A Woodfalsefalse062906152023-07-012024-06-30062906152024-06-30062906152023-06-3006290615core:OtherPropertyPlantEquipment2024-06-3006290615core:OtherPropertyPlantEquipment2023-06-3006290615core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3006290615core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3006290615core:CurrentFinancialInstruments2024-06-3006290615core:CurrentFinancialInstruments2023-06-3006290615core:ShareCapital2024-06-3006290615core:ShareCapital2023-06-3006290615core:RetainedEarningsAccumulatedLosses2024-06-3006290615core:RetainedEarningsAccumulatedLosses2023-06-3006290615bus:Director22023-07-012024-06-3006290615core:PlantMachinery2023-07-012024-06-3006290615core:UKTax2023-07-012024-06-3006290615core:UKTax2022-07-012023-06-30062906152022-07-012023-06-300629061512023-07-012024-06-300629061512022-07-012023-06-3006290615core:OtherPropertyPlantEquipment2023-06-3006290615core:OtherPropertyPlantEquipment2023-07-012024-06-3006290615core:WithinOneYear2024-06-3006290615core:WithinOneYear2023-06-3006290615core:BetweenTwoFiveYears2024-06-3006290615core:BetweenTwoFiveYears2023-06-3006290615core:MoreThanFiveYears2024-06-3006290615core:MoreThanFiveYears2023-06-3006290615bus:PrivateLimitedCompanyLtd2023-07-012024-06-3006290615bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3006290615bus:FRS1022023-07-012024-06-3006290615bus:Audited2023-07-012024-06-3006290615bus:Director12023-07-012024-06-3006290615bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP