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REGISTERED NUMBER: SC061872 (Scotland)









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

CYGNET PEP LIMITED

CYGNET PEP LIMITED (REGISTERED NUMBER: SC061872)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CYGNET PEP LIMITED

COMPANY INFORMATION
for the year ended 30 June 2024







DIRECTORS: D J Harley
A R MacLennan
A J McGowan





SECRETARY: G Coulter





REGISTERED OFFICE: Thomanean
Milnathort
Kinross
KY13 0RF





REGISTERED NUMBER: SC061872 (Scotland)





AUDITORS: Haines Watts Scotland
Business Advisors, Accountants and
Statutory Auditors
Q Court
3 Quality Street
Edinburgh
EH4 5BP

CYGNET PEP LIMITED (REGISTERED NUMBER: SC061872)

BALANCE SHEET
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 80,676 73,274
Investments 5 54,796 54,796
135,472 128,070

CURRENT ASSETS
Stocks 6 280,513 283,653
Debtors 7 1,918,617 2,719,658
Cash at bank 658,594 278,580
2,857,724 3,281,891
CREDITORS
Amounts falling due within one year 8 1,751,424 2,176,414
NET CURRENT ASSETS 1,106,300 1,105,477
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,241,772

1,233,547

PROVISIONS FOR LIABILITIES 10 20,169 18,319
NET ASSETS 1,221,603 1,215,228

CAPITAL AND RESERVES
Called up share capital 57,800 57,800
Retained earnings 1,163,803 1,157,428
SHAREHOLDERS' FUNDS 1,221,603 1,215,228

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2024 and were signed on its behalf by:





D J Harley - Director


CYGNET PEP LIMITED (REGISTERED NUMBER: SC061872)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2024

1. STATUTORY INFORMATION

Cygnet Pep Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

A summary of the principal accounting policies, all of which have been consistently applied throughout the year and the preceding year, is set out below. The financial statements are presented in Sterling (£) rounded to the nearest £.

RELATED PARTY EXEMPTION
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The critical judgements that the directors have made in the process of applying the company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below:

(i) Assessing indicators and impairment
In assessing whether there have been any indicators or impairment of assets, the directors have considered both external and internal sources of information sich as market conditions, counterparty credit ratings and experience or recoverability.

The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

(i) Recoverability of receivables
The company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the ageing of the receivables, past experience and recoverability, and the credit profile of individual or groups of customers.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the significant risk and rewards of ownership have been transferred to the buyer, the company no longer retains any continuing involvement or control over the goods, the revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

CYGNET PEP LIMITED (REGISTERED NUMBER: SC061872)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 33% on cost and 25% on cost
Fixtures and fittings - 33% on cost and 25% on cost

INVESTMENTS IN ASSOCIATES
Investments in associate undertakings are recognised at cost.

STOCKS
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Minituber stock in the ground at the year end is held at cost and the cost is then released to the P&L in the subsequent year when they have grown into first generation seed potatoes.

CYGNET PEP LIMITED (REGISTERED NUMBER: SC061872)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments.

(i) Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the income statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities including trade and other payables, bank loans, loans from fellow companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments.

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the income statement in finance costs or finance income as appropriate, unless they are included in a hedging arrangement.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

CYGNET PEP LIMITED (REGISTERED NUMBER: SC061872)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The Harley Seeds Group operates a defined contribution scheme for the benefit of it's employees. Cygnet PEP Limited employees' pension contributions are paid into this scheme. Contributions payable are charged to the income statement in the year they are payable.

INVESTMENTS
Fixed asset investments are stated at cost less provision for diminution in value. At each reporting date, the company reviews the carrying value of it's fixed asset investments to determine whether there is any indication of an impairment.

GOING CONCERN
The Directors believe the business to be a going concern and the financial statements have been prepared on this basis.

The current economic conditions present increased risks for all businesses. The Directors have reviewed and considered all relevant information, including the annual budget and future cash flow in making their assessment.

In response to such conditions, the Directors have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

Based on assessment, the Directors consider that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities.

In addition, the Company's assets are assessed for recoverability on a regular basis, and the Directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.

The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus the Directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

CYGNET PEP LIMITED (REGISTERED NUMBER: SC061872)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 July 2023 157,081 35,964 193,045
Additions 88,430 - 88,430
Disposals (105,225 ) - (105,225 )
At 30 June 2024 140,286 35,964 176,250
DEPRECIATION
At 1 July 2023 83,807 35,964 119,771
Charge for year 35,340 - 35,340
Eliminated on disposal (59,537 ) - (59,537 )
At 30 June 2024 59,610 35,964 95,574
NET BOOK VALUE
At 30 June 2024 80,676 - 80,676
At 30 June 2023 73,274 - 73,274

5. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 July 2023
and 30 June 2024 54,796
NET BOOK VALUE
At 30 June 2024 54,796
At 30 June 2023 54,796

6. STOCKS
2024 2023
£    £   
Stocks 126,337 167,866
Work-in-progress 154,176 115,787
280,513 283,653

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,733,625 2,690,488
Other debtors 184,992 29,170
1,918,617 2,719,658

CYGNET PEP LIMITED (REGISTERED NUMBER: SC061872)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 193,615
Trade creditors 506,509 507,587
Amounts owed to group undertakings 230,394 823,551
Taxation and social security 451,442 267,872
Other creditors 563,079 383,789
1,751,424 2,176,414

9. FINANCIAL INSTRUMENTS

Financial assets measured at amortised cost comprise cash, trade debtors, other debtors and Directors' current accounts.

At the year end the company had financial assets measured at amortised cost totalling £2,525,591 (2023 - £2,791,466).

Financial liabilities measured at amortised cost comprise trade creditors, other creditors, Directors' current accounts, amounts owed to group undertakings, and accrued expenses.

At the year end the company had financial liabilities measured at amortised cost totalling £1,014,977 (2023 - £1,714,927).

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 20,169 18,319

Deferred
tax
£   
Balance at 1 July 2023 18,319
Provided during year 1,850
Balance at 30 June 2024 20,169

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Craig Hunter (Senior Statutory Auditor)
for and on behalf of Haines Watts Scotland

CYGNET PEP LIMITED (REGISTERED NUMBER: SC061872)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to the directors subsisted during the year ended 30 June 2024 and the period ended 30 June 2023:



20242023
£   £   
Balance outstanding at start of year(127,429)67,891
Amounts advanced152,429513,545
Amounts repaid(89,605)(708,865)
Amounts written off--
Amounts waived--
Balance outstanding at end of year(64,605)(127,429)

13. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.