Registered number
04385563
J Seed & Co Ltd
Filleted Accounts
31 July 2024
J Seed & Co Ltd
Registered number: 04385563
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 73,746 79,727
Current assets
Stocks 148,302 228,300
Debtors 4 156,287 132,813
Cash at bank and in hand 486,719 439,666
791,308 800,779
Creditors: amounts falling due within one year 5 (275,079) (318,732)
Net current assets 516,229 482,047
Total assets less current liabilities 589,975 561,774
Creditors: amounts falling due after more than one year 6 (10,115) (13,663)
Provisions for liabilities (8,334) (9,341)
Net assets 571,526 538,770
Capital and reserves
Called up share capital 100 100
Profit and loss account 571,426 538,670
Shareholders' funds 571,526 538,770
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs B J Seed
Director
Approved by the board on 5 December 2024
J Seed & Co Ltd
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from work carried out in the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Computer equipment 15% reducing balance
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 14
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 4,690 163,171 157,119 324,980
Additions - 13,846 - 13,846
At 31 July 2024 4,690 177,017 157,119 338,826
Depreciation
At 1 August 2023 - 131,614 113,639 245,253
Charge for the year - 8,957 10,870 19,827
At 31 July 2024 - 140,571 124,509 265,080
Net book value
At 31 July 2024 4,690 36,446 32,610 73,746
At 31 July 2023 4,690 31,557 43,480 79,727
4 Debtors 2024 2023
£ £
Trade debtors 155,949 131,936
Prepayments 338 877
156,287 132,813
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 3,549 5,049
Trade creditors 174,988 178,832
Corporation tax 11,105 18,668
Other taxes and social security costs 29,256 34,360
Other creditors 56,181 81,823
275,079 318,732
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 10,115 13,663
7 Related party transactions
Included in creditors at 31 July 24 was £43,118 (2023: £64,918) owing to Mrs B J Seed, a company director, £4,147 (2023: £7,134) was owing to Mrs W Whittle, a company director and £3,432 (2023: £5,904) was owing to Mrs J Slater, a director of the company. During the year dividends of £ 8,579 (2023: £15,038) were paid to the company directors.
8 Controlling party
The company was under the control of its directors, who controlled the entire issued share capital, throughout the whole of the current and prior year.
9 Other information
J Seed & Co Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Workshop Moss Lane
Lostock Hall
Preston
Lancashire
PR5 5BT
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