Company registration number 05401310 (England and Wales)
CYO SEEDS (MIDLANDS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
CYO SEEDS (MIDLANDS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CYO SEEDS (MIDLANDS) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
2
Tangible assets
6
178,843
124,329
Investments
7
120
120
178,963
124,451
Current assets
Stocks
75,000
95,400
Debtors
8
367,854
146,394
Cash at bank and in hand
967,150
1,057,560
1,410,004
1,299,354
Creditors: amounts falling due within one year
9
(631,744)
(447,073)
Net current assets
778,260
852,281
Total assets less current liabilities
957,223
976,732
Creditors: amounts falling due after more than one year
10
(14,806)
(24,947)
Provisions for liabilities
(36,068)
(20,799)
Net assets
906,349
930,986
Capital and reserves
Called up share capital
6
6
Profit and loss reserves
906,343
930,980
Total equity
906,349
930,986
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CYO SEEDS (MIDLANDS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 December 2024 and are signed on its behalf by:
Mr C W Roberts
Director
Company registration number 05401310 (England and Wales)
CYO SEEDS (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
CYO Seeds (Midlands) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Station Road, North Kilworth, Lutterworth, Leicestershire, LE17 6JB.
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 under 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. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are not consolidated in the financial statements of CWR Holdings Limited.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
CYO Seeds (Midlands) Limited is a wholly owned subsidiary of CWR Holdings Limited, and the results of CYO Seeds (Midlands) Limited are not included in the consolidated financial statements of CWR Holdings Limited, as the group qualifies as a small group for exemption to prepare consolidated accounts.
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
Revenue from the sale of goods is usually recognised on dispatch of the goods.
Revenue from the provision of services is recognised by reference to the date service is performed.
CYO SEEDS (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
Provision is made for any impairment.
1.4
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%/25% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance
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.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
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.
1.8
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.
CYO SEEDS (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
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. Deferred tax liabilities are offset when the company has a legally enforceable right to offset against allowable losses.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
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.
CYO SEEDS (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
16
14
4
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
138,179
147,816
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2023 - 2).
5
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
392,702
Amortisation and impairment
At 1 May 2023
392,700
Amortisation charged for the year
2
At 30 April 2024
392,702
Carrying amount
At 30 April 2024
At 30 April 2023
2
CYO SEEDS (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
6
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
270,168
34,014
250,077
554,259
Additions
63,030
3,095
37,250
103,375
Disposals
(10,800)
(10,800)
At 30 April 2024
333,198
37,109
276,527
646,834
Depreciation and impairment
At 1 May 2023
191,937
16,550
221,443
429,930
Depreciation charged in the year
35,304
2,620
10,863
48,787
Eliminated in respect of disposals
(10,726)
(10,726)
At 30 April 2024
227,241
19,170
221,580
467,991
Carrying amount
At 30 April 2024
105,957
17,939
54,947
178,843
At 30 April 2023
78,231
17,464
28,634
124,329
7
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
Other investments other than loans
20
20
120
120
Fixed asset investments not carried at market value
Investments are valued initially at cost, an impairment review is performed annually by the directors.
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
169,882
53,380
Corporation tax recoverable
7,701
Amounts owed by group undertakings
152,348
62,333
Other debtors
37,923
30,681
367,854
146,394
CYO SEEDS (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,140
9,890
Trade creditors
490,361
296,673
Amounts owed to group undertakings
1,293
3,602
Corporation tax
90,602
104,225
Other taxation and social security
28,039
19,093
Other creditors
11,309
13,590
631,744
447,073
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,806
24,947
11
Parent company
CWR Holdings Limited holds 100% of the issued share capital of CYO Seeds (Midlands) Limited, its registered office is Bowden House, 36 Northampton Road, Market Harborough, Leicestershire, LE16 9HE.