IRIS Accounts Production v24.3.2.46 01175743 Board of Directors 1.7.23 30.6.24 30.6.24 24.11.24 0 0 false true false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh011757432023-06-30011757432024-06-30011757432023-07-012024-06-30011757432022-06-30011757432022-07-012023-06-30011757432023-06-3001175743ns15:EnglandWales2023-07-012024-06-3001175743ns14:PoundSterling2023-07-012024-06-3001175743ns10:Director12023-07-012024-06-3001175743ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3001175743ns10:SmallEntities2023-07-012024-06-3001175743ns10:Audited2023-07-012024-06-3001175743ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3001175743ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-3001175743ns10:FullAccounts2023-07-012024-06-3001175743ns10:OrdinaryShareClass12023-07-012024-06-3001175743ns10:Director22023-07-012024-06-3001175743ns10:Director32023-07-012024-06-3001175743ns10:CompanySecretary12023-07-012024-06-3001175743ns10:RegisteredOffice2023-07-012024-06-3001175743ns5:CurrentFinancialInstruments2024-06-3001175743ns5:CurrentFinancialInstruments2023-06-3001175743ns5:ShareCapital2024-06-3001175743ns5:ShareCapital2023-06-3001175743ns5:RetainedEarningsAccumulatedLosses2024-06-3001175743ns5:RetainedEarningsAccumulatedLosses2023-06-3001175743ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-06-3001175743ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3001175743ns10:OrdinaryShareClass12024-06-3001175743ns5:RetainedEarningsAccumulatedLosses2023-06-3001175743ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-30
REGISTERED NUMBER: 01175743 (England and Wales)















ELSOMS DEVELOPMENTS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






ELSOMS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01175743)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 4


ELSOMS DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: A G Keeling
R A L Keeling
A P Davis





SECRETARY: A P Davis





REGISTERED OFFICE: c/o Elsoms Seeds Limited
Pinchbeck Road
Spalding
Lincolnshire
PE11 1QG





REGISTERED NUMBER: 01175743 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

ELSOMS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01175743)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 4 384,470 378,257
Cash at bank 834 67
385,304 378,324
CREDITORS
Amounts falling due within one year 5 1,619,948 1,493,102
NET CURRENT LIABILITIES (1,234,644 ) (1,114,778 )
TOTAL ASSETS LESS CURRENT LIABILITIES (1,234,644 ) (1,114,778 )

CAPITAL AND RESERVES
Called up share capital 6 192,212 192,212
Retained earnings 7 (1,426,856 ) (1,306,990 )
SHAREHOLDERS' FUNDS (1,234,644 ) (1,114,778 )

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2024 and were signed on its behalf by:





R A L Keeling - Director


ELSOMS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01175743)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Elsoms Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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.

Turnover
Turnover represents income from the seed patents being developed. Revenue will be recognised once patents have been acquired and royalties arise.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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.

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

Trade creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Turnover
Turnover represents income from the seed patents being developed. Revenue will be recognised once patents have been acquired and royalties arise.

Going concern
At the Statement of Financial Position date, the company has a net liability of £1,234,644 (2023 - £1,114,778). Due to the company's principal activity of undertaking Research and Development activities, a negative position is accepted by the directors whilst these projects are ongoing. The company has full financial support from the parent company, Elsoms (Spalding) Limited for the duration of its activities. Therefore, the directors consider it applicable that these financial statements are being prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

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

ELSOMS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01175743)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 326,227 326,227
Other debtors 58,243 52,030
384,470 378,257

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1 -
Amounts owed to group undertakings 1,590,847 1,466,816
Accruals and deferred income 29,100 26,286
1,619,948 1,493,102

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
192,212 Ordinary £1 192,212 192,212

7. RESERVES
Retained
earnings
£   

At 1 July 2023 (1,306,990 )
Deficit for the year (119,866 )
At 30 June 2024 (1,426,856 )

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

The Report of the Auditors was unqualified.

Alistair Main FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

9. RELATED PARTY DISCLOSURES

There is no ultimate controlling party.

10. ULTIMATE HOLDING COMPANY

The company's ultimate holding company and its parent company is Elsoms (Spalding) Limited, a company incorporated in Great Britain and registered in England and Wales. Copies of the group accounts of the ultimate parent company can be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF4 3UZ.