Company registration number 01584796 (England and Wales)
SENOVA LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
SENOVA LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
SENOVA LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
270,764
249,449
Investment property
4
318,442
318,442
Investments
5
500
500
589,706
568,391
Current assets
Stocks
258,947
297,804
Debtors
7
1,332,380
1,411,097
Cash at bank and in hand
65
65
1,591,392
1,708,966
Creditors: amounts falling due within one year
8
(1,146,432)
(1,090,084)
Net current assets
444,960
618,882
Net assets
1,034,666
1,187,273
Capital and reserves
Called up share capital
9
850,000
850,000
Revaluation reserve
52,867
52,867
Profit and loss reserves
131,799
284,406
Total equity
1,034,666
1,187,273
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
D J Harley
Director
Company registration number 01584796 (England and Wales)
SENOVA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Senova Limited is a private company limited by shares incorporated in England and Wales. The registered office is 49 North Road, Great Abington, Cambridge, CB21 6AS.
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.
Senova Limited is a wholly owned subsidiary of Alexander Harley Seeds Limited and the results of Senova Limited are included in the consolidated financial statements of Alexander Harley Seeds Limited which are available from Thomanean, Milnathort, Kinross, KY13 0RF.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover shown in the profit and loss account represents amounts invoiced for cereals, wheat and pulses during the year, exclusive of Value Added Tax.
Turnover includes royalties receivable from third parties at agreed rates based on harvest tonnages reported.
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.
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:
Freehold land and buildings
2% straight line
Plant and equipment
15% straight line
Fixtures and fittings
15% straight line
Motor vehicles
25% straight line
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.
SENOVA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
The carrying value of fixed assets are reviewed for impairment when events or changes in the circumstances indicate the carrying value may not be recoverable.
1.5
Investment properties
Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
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.
1.7
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost comprises all direct costs incurred in bringing stock to its present location and condition. 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.
1.9
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.
Debtors
Debtors with no stated interest rate or receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
All interest bearing loans and borrowing which are basic financial instruments are initially recorded at the present value of cash payable. After initial recognition they are measured at amortised cost.
SENOVA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.10
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.
1.11
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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.
1.15
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.
SENOVA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
6
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
231,558
476,024
707,582
Additions
57,706
57,706
Disposals
(31,137)
(31,137)
At 30 June 2024
231,558
502,593
734,151
Depreciation and impairment
At 1 July 2023
28,358
429,775
458,133
Depreciation charged in the year
3,508
23,829
27,337
Eliminated in respect of disposals
(22,083)
(22,083)
At 30 June 2024
31,866
431,521
463,387
Carrying amount
At 30 June 2024
199,692
71,072
270,764
At 30 June 2023
203,200
46,249
249,449
4
Investment properties
2024
£
Fair value
At 1 July 2023 and 30 June 2024
318,442
Investment properties are held at historic cost. The directors' believe that cost is not materially different from fair value.
5
Fixed asset investments
2024
2023
£
£
Shares in joint venture
500
500
SENOVA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
6
Joint ventures
Details of the company's joint ventures at 30 June 2024 are as follows:
Name of undertaking
Registered office
Interest
% Held
held
Direct
UK Pulses LTD
England
Ordinary
50.00
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
81,299
127,736
Corporation tax recoverable
59,398
Amounts owed by group undertakings
1,222,800
1,195,000
Other debtors
28,281
28,963
1,332,380
1,411,097
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
374,765
217,716
Trade creditors
568,309
543,919
Taxation and social security
38,325
82,404
Other creditors
165,033
246,045
1,146,432
1,090,084
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
850,000
850,000
850,000
850,000
10
Financial commitments, guarantees and contingent liabilities
The company is party to a cross guarantee between Senova Ltd, Alexander Harley Seeds (Milnathort) Limited, Gentech Propagation Ltd, Cygnet Potato Breeders Ltd, George Colliar Ltd and Alexander Harley Seeds Limited with respect to the group overdraft facility. Clydesdale Bank PLC holds a floating charge across all assets of the group, as well as a standard security over the group properties at Blairfield and Easter Balgedie Farm in Kinross and Scooniehill and East Carngour in St Andrews.
11
Related party transactions
The directors are of the opinion that transactions with the parent company and fellow group subsidiaries are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.
SENOVA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
12
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:
Iain Binnie
Statutory Auditor:
MHA
Date of audit report:
20 December 2024