The Cornish Seaweed Company Limited 09729421 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is the production and supply of seaweed based products. Digita Accounts Production Advanced 6.30.9574.0 true 09729421 2023-07-01 2024-06-30 09729421 2024-06-30 09729421 bus:OrdinaryShareClass1 2024-06-30 09729421 core:RetainedEarningsAccumulatedLosses 2024-06-30 09729421 core:ShareCapital 2024-06-30 09729421 core:CurrentFinancialInstruments 2024-06-30 09729421 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 09729421 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 09729421 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 09729421 core:Goodwill 2024-06-30 09729421 core:FurnitureFittingsToolsEquipment 2024-06-30 09729421 core:MotorVehicles 2024-06-30 09729421 core:OtherPropertyPlantEquipment 2024-06-30 09729421 bus:SmallEntities 2023-07-01 2024-06-30 09729421 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 09729421 bus:FilletedAccounts 2023-07-01 2024-06-30 09729421 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 09729421 bus:RegisteredOffice 2023-07-01 2024-06-30 09729421 bus:Director1 2023-07-01 2024-06-30 09729421 bus:Director2 2023-07-01 2024-06-30 09729421 bus:Director3 2023-07-01 2024-06-30 09729421 bus:Director4 2023-07-01 2024-06-30 09729421 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 09729421 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09729421 core:ComputerSoftware 2023-07-01 2024-06-30 09729421 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 09729421 core:Goodwill 2023-07-01 2024-06-30 09729421 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 09729421 core:MotorVehicles 2023-07-01 2024-06-30 09729421 core:OfficeEquipment 2023-07-01 2024-06-30 09729421 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 09729421 core:PlantMachinery 2023-07-01 2024-06-30 09729421 countries:AllCountries 2023-07-01 2024-06-30 09729421 2023-06-30 09729421 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 09729421 core:Goodwill 2023-06-30 09729421 core:FurnitureFittingsToolsEquipment 2023-06-30 09729421 core:MotorVehicles 2023-06-30 09729421 core:OtherPropertyPlantEquipment 2023-06-30 09729421 2022-07-01 2023-06-30 09729421 2023-06-30 09729421 bus:OrdinaryShareClass1 2023-06-30 09729421 core:RetainedEarningsAccumulatedLosses 2023-06-30 09729421 core:ShareCapital 2023-06-30 09729421 core:CurrentFinancialInstruments 2023-06-30 09729421 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 09729421 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 09729421 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 09729421 core:Goodwill 2023-06-30 09729421 core:FurnitureFittingsToolsEquipment 2023-06-30 09729421 core:MotorVehicles 2023-06-30 09729421 core:OtherPropertyPlantEquipment 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

The Cornish Seaweed Company Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2024

Registration number: 09729421

 

The Cornish Seaweed Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

The Cornish Seaweed Company Limited

Company Information

Directors

M Sullivan

T Van Berkel

C Warwick-Evans

S D Toft

Registered office

Ocean House
Lower Quay
Gweek
Helston
Cornwall
TR12 6UD

Accountants

Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

 

The Cornish Seaweed Company Limited

Balance Sheet

30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

8,349

14,664

Tangible assets

5

51,907

51,720

 

60,256

66,384

Current assets

 

Stocks

6

31,688

41,929

Debtors

7

59,869

35,603

Cash at bank and in hand

 

73,192

29,040

 

164,749

106,572

Creditors: Amounts falling due within one year

8

(17,579)

(22,797)

Net current assets

 

147,170

83,775

Total assets less current liabilities

 

207,426

150,159

Creditors: Amounts falling due after more than one year

8

(84,143)

(32,808)

Provisions for liabilities

4,504

12,675

Net assets

 

127,787

130,026

Capital and reserves

 

Called up share capital

9

150,000

150,000

Profit and loss account

(22,213)

(19,974)

Shareholders' funds

 

127,787

130,026

 

The Cornish Seaweed Company Limited

Balance Sheet

30 June 2024

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 January 2025 and signed on its behalf by:
 

.........................................
S D Toft
Director

Company Registration Number: 09729421

 

The Cornish Seaweed Company Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Ocean House
Lower Quay
Gweek
Helston
Cornwall
TR12 6UD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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' and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods to customers.

Government grants

The company has elected to account for government grants under the accruals model as permitted by FRS102.

Grants of a revenue nature are recognised in other operating income within profit and loss in the same period as the related expenditure. Grants of a capital nature are carried forward on the balance sheet as deferred income and released to profit and loss in other operating income on a systematic basis to match the consumption of the underlying asset.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

The Cornish Seaweed Company Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

The current corporation 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 taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% per annum on cost

Office equipment

20-50% per annum on cost

Motor vehicles

33% per annum on cost

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% per annum on cost

Website development costs

20% per annum on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

The Cornish Seaweed Company Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

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

 

The Cornish Seaweed Company Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Website development costs
 £

Total
£

Cost or valuation

At 1 July 2023

63,164

4,700

67,864

At 30 June 2024

63,164

4,700

67,864

Amortisation

At 1 July 2023

48,500

4,700

53,200

Amortisation charge

6,315

-

6,315

At 30 June 2024

54,815

4,700

59,515

Carrying amount

At 30 June 2024

8,349

-

8,349

At 30 June 2023

14,664

-

14,664

 

The Cornish Seaweed Company Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

5

Tangible assets

Office equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 July 2023

14,866

5,863

88,030

108,759

Additions

739

6,545

10,458

17,742

Disposals

-

-

(235)

(235)

At 30 June 2024

15,605

12,408

98,253

126,266

Depreciation

At 1 July 2023

9,273

2,418

45,348

57,039

Charge for the year

3,153

3,555

10,847

17,555

Eliminated on disposal

-

-

(235)

(235)

At 30 June 2024

12,426

5,973

55,960

74,359

Carrying amount

At 30 June 2024

3,179

6,435

42,293

51,907

At 30 June 2023

5,593

3,445

42,682

51,720

6

Stocks

2024
£

2023
£

Other inventories

31,688

41,929

7

Debtors

2024
£

2023
£

Trade debtors

49,513

22,271

Prepayments

4,498

4,063

Other debtors

5,858

9,269

59,869

35,603

 

The Cornish Seaweed Company Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

4,126

7,665

Taxation and social security

1,493

1,232

Accruals and deferred income

1,400

3,051

Other creditors

10,560

10,849

17,579

22,797

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Deferred income

84,143

32,808

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

150,000

150,000

150,000

150,000