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REGISTERED NUMBER: 00384216 (England and Wales)















ELSOMS (SPALDING) LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3 to 4

Report of the Independent Auditors 5 to 8

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Statement of Financial Position 11 to 12

Company Statement of Financial Position 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Statement of Cash Flows 16

Notes to the Consolidated Statement of Cash Flows 17

Notes to the Consolidated Financial Statements 18 to 35


ELSOMS (SPALDING) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: A G Keeling
R A L Keeling
N Waterman
R L Wood
A P S Keeling
J M Bloomer
A P Davis
R P Keeling
D J S Coop
M A Taylor





SECRETARY: A P Davis





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





REGISTERED NUMBER: 00384216 (England and Wales)





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

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
Group turnover for the year to June 2024 increased from £26.8m to £41.4m, whilst profit after tax has increased from £0.2m to £1.9m. The group continues to grow it's strong net asset position which is now £28.5m, and increase of £2.2m on the prior year.

Our core activities are the trialling, marketing and distribution of our long-term partners' plant varieties in the UK and internationally, whilst investing in research into a range of our own bred crops.

Our company strategy is based upon building long-term relationships with suppliers, customers and employees. By cultivating these relationships and bringing market leading varieties and seed treatments to the UK we see considerable opportunities for further growth in market share.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have responsibility for implementing a risk management strategy and monitoring compliance.
Business risk: The main business risks identified are agricultural and horticultural related and are dependent upon the performance of those markets and the competitiveness of the group's products. Some of those risks are outside of the group's control but the directors continually review business procedures and operations to ensure that the company is running as efficiently as possible. The group has also during the year maintained UK ESTA quality assurance scheme accreditation for seed treatment and treated seed.

There is a risk of reduction of income if market share declines. The company is however well placed with its good vegetable and agricultural seed portfolio together with its seed treatment and pelleting capabilities to increase sales.

As with many smaller companies there is a risk if there were to be substantial change in the group's relationship with major suppliers and customers.

Liquidity risk: The group has sufficient cash balances and short term investments to minimise liquidity problems. Cash balances are monitored on a regular basis.

Currency risk: The group's principal currency risk is in respect of Euro/Sterling exchange rate. Procedures are in place to manage risk exposure with currency hedging arrangements.

Credit Risk: The credit risk arises from the collection of trade debtors. Procedures have been implemented for the checking of debtors' credit risk and collection of debts in order to manage those risks. Trade debtors are regularly reviewed.

Insurance: The group has insurance contracts in place for identified risks where possible which are regularly reviewed.

ON BEHALF OF THE BOARD:





R A L Keeling - Director


22 November 2024

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of plant breeding, trialling, processing and distributing vegetable and combinable crop seeds, as well as property development and the raising and sale of trees.

DIVIDENDS
The directors recommend a final dividend of 11.50p (2023 - 10.00p) per ordinary and 'A' ordinary shares amounting respectively to £335,864 and £140,175 (2023 - £292,053 and £121,892).

RESEARCH AND DEVELOPMENT
New varieties and improved seed processes and treatments are vital for the group. The company's trading subsidiary Elsoms Seeds Limited therefore undertakes a continuous programme of research and development for new and improved varieties of vegetables, winter wheat and barley as well as into improved seed processes and treatments. It plans to continue these activities.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

A G Keeling
R A L Keeling
N Waterman
R L Wood
A P S Keeling
J M Bloomer
A P Davis
R P Keeling
D J S Coop

Other changes in directors holding office are as follows:

M A Taylor was appointed as a director after 30 June 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





R A L Keeling - Director


22 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ELSOMS (SPALDING) LIMITED

Opinion
We have audited the financial statements of Elsoms (Spalding) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ELSOMS (SPALDING) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ELSOMS (SPALDING) LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the group is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the group is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Food Safety regulations, and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of any external health and safety audits conducted within the year for any evidence of non-compliance, in addition to an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ELSOMS (SPALDING) LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alistair Main FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

24 November 2024

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £    £    £   

TURNOVER
Group and share of joint ventures 41,372,432 26,759,127
Less:
Share of joint ventures' turnover (714,723 ) (753,860 )
GROUP TURNOVER 4 40,657,709 26,005,267

Cost of sales 29,525,413 17,978,669
GROSS PROFIT 11,132,296 8,026,598

Distribution costs 356,832 315,389
Administrative expenses 9,704,252 8,063,625
10,061,084 8,379,014
1,071,212 (352,416 )

Other operating income 12,469 -
GROUP OPERATING PROFIT/(LOSS) 6 1,083,681 (352,416 )

Share of operating (loss)/profit in
Joint ventures (120,920 ) 27,757

Income from other participating interests 53,895 3,886
Income from current asset
investments 302,895 (88,443 )
Interest receivable and similar income 273,755 177,728
Other finance income 27 75,000 -
705,545 93,171
1,668,306 (231,488 )

Interest payable and similar expenses
Group 7 623 -
Joint ventures - 4,209

Other finance costs 27 - 4,000
(623 ) (8,209 )
PROFIT/(LOSS) BEFORE TAXATION 1,667,683 (239,697 )

Tax on profit/(loss) 8 (252,763 ) (479,156 )
PROFIT FOR THE FINANCIAL YEAR 1,920,446 239,459
Profit attributable to:
Owners of the parent 2,105,233 360,533
Non-controlling interests (184,787 ) (121,074 )
1,920,446 239,459

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,920,446 239,459


OTHER COMPREHENSIVE INCOME
Remeasurement gain/(loss) on defined
benefit pension plan 124,000 2,489,000
Actual return on defined benefit plan
assets less interest 717,000 (886,000 )
Movement on deferred tax relating to
defined benefit pension asset (217,750 ) (381,500 )
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME FOR THE YEAR,
NET OF INCOME TAX

623,250

1,221,500
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2,543,696 1,460,959

Total comprehensive income attributable to:
Owners of the parent 2,680,498 1,582,033
Non-controlling interests (136,802 ) (121,074 )
2,543,696 1,460,959

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 315,248 337,115
Tangible assets 12 6,510,757 5,880,312
Investments 13
Interest in joint ventures
Share of gross assets 677,107 623,788
Share of gross liabilities (370,023 ) (269,677 )
307,084 354,111
Other investments 346,087 342,557
7,479,176 6,914,095

CURRENT ASSETS
Stocks 14 7,902,046 6,510,437
Debtors 15 18,841,049 7,541,634
Investments 16 5,336,352 4,920,339
Cash at bank and in hand 7,437,534 3,471,514
39,516,981 22,443,924
CREDITORS
Amounts falling due within one year 17 19,762,276 3,482,851
NET CURRENT ASSETS 19,754,705 18,961,073
TOTAL ASSETS LESS CURRENT LIABILITIES 27,233,881 25,875,168

CREDITORS
Amounts falling due after more than one year 18 (117,343 ) (30,000 )

PROVISIONS FOR LIABILITIES 22 (36,033 ) (293,939 )

ACCRUALS AND DEFERRED INCOME 23 (325,211 ) (320,520 )

PENSION ASSET 27 1,749,000 1,095,750
NET ASSETS 28,504,294 26,326,459

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 24 41,394 41,394
Share premium 25 133,146 133,146
Capital redemption reserve 25 40,813 40,813
Retained earnings 25 28,566,365 26,251,728
SHAREHOLDERS' FUNDS 28,781,718 26,467,081

NON-CONTROLLING INTERESTS 26 (277,424 ) (140,622 )
TOTAL EQUITY 28,504,294 26,326,459


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 (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

COMPANY STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 2,614,784 2,741,325
Investments 13 791,130 791,130
3,405,914 3,532,455

CURRENT ASSETS
Stocks 14 - 447,894
Debtors 15 3,207,714 2,712,653
Investments 16 5,336,352 4,920,339
Cash at bank 2,011,604 1,587,057
10,555,670 9,667,943
CREDITORS
Amounts falling due within one year 17 25,839 20,638
NET CURRENT ASSETS 10,529,831 9,647,305
TOTAL ASSETS LESS CURRENT LIABILITIES 13,935,745 13,179,760

CREDITORS
Amounts falling due after more than one year 18 (326,227 ) (326,227 )

PROVISIONS FOR LIABILITIES 22 (27,747 ) (250,028 )
NET ASSETS 13,581,771 12,603,505

CAPITAL AND RESERVES
Called up share capital 24 41,394 41,394
Share premium 25 133,146 133,146
Capital redemption reserve 25 40,813 40,813
Retained earnings 25 13,366,418 12,388,152
SHAREHOLDERS' FUNDS 13,581,771 12,603,505

Company's profit for the financial year 1,392,112 743,386

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 (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 July 2022 41,394 25,083,640 133,146

Changes in equity
Dividends - (413,945 ) -
Total comprehensive income - 1,582,033 -
Balance at 30 June 2023 41,394 26,251,728 133,146

Changes in equity
Dividends - (413,846 ) -
Total comprehensive income - 2,728,483 -
Balance at 30 June 2024 41,394 28,566,365 133,146
Capital
redemption Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 July 2022 40,813 25,298,993 (19,548 ) 25,279,445

Changes in equity
Dividends - (413,945 ) - (413,945 )
Total comprehensive income - 1,582,033 (121,074 ) 1,460,959
Balance at 30 June 2023 40,813 26,467,081 (140,622 ) 26,326,459

Changes in equity
Dividends - (413,846 ) - (413,846 )
Total comprehensive income - 2,728,483 (136,802 ) 2,591,681
Balance at 30 June 2024 40,813 28,781,718 (277,424 ) 28,504,294

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 July 2022 41,394 12,058,711 133,146 40,813 12,274,064

Changes in equity
Dividends - (413,945 ) - - (413,945 )
Total comprehensive income - 743,386 - - 743,386
Balance at 30 June 2023 41,394 12,388,152 133,146 40,813 12,603,505

Changes in equity
Dividends - (413,846 ) - - (413,846 )
Total comprehensive income - 1,392,112 - - 1,392,112
Balance at 30 June 2024 41,394 13,366,418 133,146 40,813 13,581,771

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 5,157,812 (542,263 )
Interest paid (623 ) (4,000 )
Defined benefit pension costs (30,000 ) 77,000
Tax paid 314,769 278,061
Net cash from operating activities 5,441,958 (191,202 )

Cash flows from investing activities
Purchase of tangible fixed assets (1,456,135 ) (1,091,804 )
Purchase of fixed asset investments (3,530 ) (49,121 )
Sale of tangible fixed assets 30,724 23,822
Withdrawals from investments - 2,000,000
Income from joint ventures 47,027 -
Interest received 145,927 64,210
Dividends received 53,895 53,886
Net cash from investing activities (1,182,092 ) 1,000,993

Cash flows from financing activities
New HP 120,000 -
Capital repayments in year - (30,000 )
Equity dividends paid (413,846 ) (413,945 )
Net cash from financing activities (293,846 ) (443,945 )

Increase in cash and cash equivalents 3,966,020 365,846
Cash and cash equivalents at beginning of year 2 3,471,514 3,105,668

Cash and cash equivalents at end of year 2 7,437,534 3,471,514

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit/(loss) before taxation 1,667,683 (239,697 )
Depreciation charges 806,250 792,412
(Profit)/loss on disposal of fixed assets (11,284 ) 7,454
Investment charges 28,152 34,023
Income from joint ventures 120,920 (27,757 )
Amortisation 21,867 21,867
Finance costs 623 8,209
Finance income (705,545 ) (93,171 )
1,928,666 503,340
Increase in stocks (1,391,609 ) (758,459 )
Increase in trade and other debtors (11,622,922 ) (487,376 )
Increase in trade and other creditors 16,243,677 200,232
Cash generated from operations 5,157,812 (542,263 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 7,437,534 3,471,514
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 3,471,514 3,105,668


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 3,471,514 3,966,020 7,437,534
3,471,514 3,966,020 7,437,534

Liquid resources
Current asset investments 4,920,339 416,013 5,336,352
4,920,339 416,013 5,336,352
Debt
Hire purchase and finance leases (60,000 ) (120,000 ) (180,000 )
(60,000 ) (120,000 ) (180,000 )
Total 8,331,853 4,262,033 12,593,886

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

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

1. GENERAL INFORMATION

Elsoms (Spalding) Limited is a limited company incorporated in England and Wales. The address of the registered office is given in the company information on page one of these financial statements. The nature of the group's operations and principal activities are detailed in the report of the directors on page 3.

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

2. STATUTORY INFORMATION

Elsoms (Spalding) 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 General Information page.

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


3. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Basis of consolidation
The group accounts consolidate the financial statements of the company and its subsidiary undertakings. Intra-group profits are eliminated on consolidation.

Joint ventures
Joint Ventures are stated at the balance sheet date being the group share of the Joint Ventures net assets. From the date of acquisition an appropriate share of the Joint Ventures profit or loss for the year has been accounted for in the groups consolidated profit and loss account.

Profits from the sale of assets to joint ventures are only recognised in proportion to third parties' interests in these entities. The remaining profits would be recognised when the asset is sold by joint venture to unrelated parties.

Significant judgements and estimates
In the application of the Group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

(i) Defined benefit scheme

The Group has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the statement of financial position. The assumptions reflect historical experience and current trends. See note 26 for the disclosures relating to the defined benefit pension scheme.

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

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

3. ACCOUNTING POLICIES - continued

Turnover
Turnover represents the invoiced value of goods sold and services provided to customers during the year, excluding value added tax and trade discounts. Sales of seeds are recognised upon delivery of product to the customer. Royalties are recognised for the period in which they are due. Property sales are recognised on completion of the sales contract and conveyance of the land. Turnover is wholly attributable to the principal activities of the company.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful economic life.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:

Freehold buildingsover 10 or 40 years
Plant and machineryover 3, 5 or 10 years
Motor vehiclesover 4 or 5 years
Other equipmentover 4, 5 or 10 years
Computer softwareover 3, 4 or 5 years
Improvements to propertyover 10 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell. Costs include all costs of purchase and other costs incurred in bringing stock to its present location and condition.
Stocks are valued using the FIFO valuation method. Provision is made for damaged, obsolete and slow moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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


ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

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

3. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
Defined Benefit Scheme

The company operates defined benefit scheme providing benefits paid based on final pensionable pay. The assets of the scheme are held separately from the company in independently administered funds. Contributions to the defined benefit scheme are charged in accordance with section 28 of Financial Reporting Standard 102 "Employee Benefits".

The defined benefit scheme was closed to new members from 22 May 2003.

Defined Contribution Scheme

The company also operates a defined contribution scheme.

The amount charged to the profit and loss account in respect of pension costs and other post retirement benefits is the contribution payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Financial instruments
Basic financial assets, including trade and other debtors and cash and bank balances 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.

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 cashflows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group 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 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 measured at amortised cost using the effective interest method.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

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

3. ACCOUNTING POLICIES - continued

Investments
Fixed asset investments are held at cost less impairment.

Current asset investments are held at fair value based on market value at the year end. Changes in fair value are included in the income statement in the period to which they relate.

4. TURNOVER

The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sales 38,914,076 24,433,631
Royalties 1,291,183 1,571,636
Sale of development land 452,450 -
40,657,709 26,005,267

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 31,021,564 26,005,267
Europe 9,636,145 -
40,657,709 26,005,267

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 5,598,867 4,175,188
Social security costs 508,083 493,088
Other pension costs 401,776 373,858
6,508,726 5,042,134

The average number of employees during the year was as follows:
2024 2023

Management, administration and sales 107 91
R & D, trials and logistics 29 29
Non-executive directors 5 5
141 125

2024 2023
£    £   
Directors' remuneration 566,871 604,851
Directors' pension contributions to money purchase schemes 41,112 39,508

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

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

5. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 135,097 145,304
Pension contributions to money purchase schemes 14,004 13,668

6. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 54,869 30,959
Depreciation - owned assets 806,250 792,412
(Profit)/loss on disposal of fixed assets (11,284 ) 7,454
Development costs amortisation 21,867 21,867
Auditors' remuneration 36,644 22,478
Auditors' remuneration for
other services 27,985 12,339
Foreign exchange differences (12,719 ) -
Research and development costs 1,867,663 2,001,124

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 623 -

8. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 30,422 (270,329 )
Adjustments re prior year tax (25,279 ) 7,701
Joint ventures corporation tax - (39,746 )
Total current tax 5,143 (302,374 )

Deferred tax (257,906 ) (176,782 )
Tax on profit/(loss) (252,763 ) (479,156 )

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

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

8. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit/(loss) before tax 1,667,683 (239,697 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

416,921

(59,924

)

Effects of:
Expenses not deductible for tax purposes 170,797 56,098
Income not taxable for tax purposes (95,034 ) (972 )
Capital allowances in excess of depreciation - (28,778 )
Depreciation in excess of capital allowances 7,693 -
Adjustments to tax charge in respect of previous periods (85,226 ) (194,061 )
Additional tax relief on research and development (401,548 ) (454,609 )
Tax losses carried forward 121,265 204,413
Prior year adjustment on deferred tax (387,038 ) -
Change in rate and marginal relief (593 ) (1,323 )

Total tax credit (252,763 ) (479,156 )

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Remeasurement gain/(loss) on defined
benefit pension plan 124,000 - 124,000
Actual return on defined benefit plan
assets less interest 717,000 - 717,000
Movement on deferred tax relating to
defined benefit pension asset (217,750 ) - (217,750 )
623,250 - 623,250

2023
Gross Tax Net
£    £    £   
Remeasurement gain/(loss) on defined
benefit pension plan 2,489,000 - 2,489,000
Actual return on defined benefit plan
assets less interest (886,000 ) - (886,000 )
Movement on deferred tax relating to
defined benefit pension asset (381,500 ) - (381,500 )
1,221,500 - 1,221,500

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

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

10. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1p each
Final 293,338 292,053
A Ordinary shares of 1p each
Final 120,508 121,892
413,846 413,945

11. INTANGIBLE FIXED ASSETS

Group
Development
costs
£   
COST
At 1 July 2023
and 30 June 2024 437,339
AMORTISATION
At 1 July 2023 100,224
Amortisation for year 21,867
At 30 June 2024 122,091
NET BOOK VALUE
At 30 June 2024 315,248
At 30 June 2023 337,115

12. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 July 2023 4,688,618 173,452 3,805,390
Additions - 44,743 284,812
Disposals - - (2,850 )
Reclassification/transfer - (173,452 ) (35,381 )
At 30 June 2024 4,688,618 44,743 4,051,971
DEPRECIATION
At 1 July 2023 1,947,190 - 3,152,169
Charge for year 126,541 - 165,282
Eliminated on disposal - - (2,565 )
Reclassification/transfer - - (201,960 )
At 30 June 2024 2,073,731 - 3,112,926
NET BOOK VALUE
At 30 June 2024 2,614,887 44,743 939,045
At 30 June 2023 2,741,428 173,452 653,221

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

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

12. TANGIBLE FIXED ASSETS - continued

Group

Other Motor
equipment vehicles Totals
£    £    £   
COST
At 1 July 2023 7,041,021 326,125 16,034,606
Additions 1,075,254 51,326 1,456,135
Disposals (249,062 ) (101,387 ) (353,299 )
Reclassification/transfer 208,833 - -
At 30 June 2024 8,076,046 276,064 17,137,442
DEPRECIATION
At 1 July 2023 4,788,911 266,024 10,154,294
Charge for year 488,034 26,393 806,250
Eliminated on disposal (233,807 ) (97,487 ) (333,859 )
Reclassification/transfer 201,960 - -
At 30 June 2024 5,245,098 194,930 10,626,685
NET BOOK VALUE
At 30 June 2024 2,830,948 81,134 6,510,757
At 30 June 2023 2,252,110 60,101 5,880,312

Included in cost of freehold property is freehold land of £1,339,414 (2023 - £1,339,414) which is not depreciated.

Company
Freehold
property
£   
COST
At 1 July 2023
and 30 June 2024 4,688,618
DEPRECIATION
At 1 July 2023 1,947,293
Charge for year 126,541
At 30 June 2024 2,073,834
NET BOOK VALUE
At 30 June 2024 2,614,784
At 30 June 2023 2,741,325

Included in cost of freehold property is freehold land of £1,339,414 (2023 - £1,339,414) which is not depreciated.

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

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

13. FIXED ASSET INVESTMENTS

Group
Shares in Interest
group in joint Unlisted
undertakings ventures investments Totals
£    £    £    £   
COST
At 1 July 2023 69,839 354,111 272,718 696,668
Additions 3,530 - - 3,530
Share of profit - (47,027 ) - (47,027 )
At 30 June 2024 73,369 307,084 272,718 653,171
NET BOOK VALUE
At 30 June 2024 73,369 307,084 272,718 653,171
At 30 June 2023 69,839 354,111 272,718 696,668

Interest in joint ventures

Elsoms Wheat Limited and Elsoms Ackermann Barley Limited
The group's share of Elsoms Wheat Limited and Elsoms Ackermann Barley Limited is as follows:

2024 2023
£    £   
Turnover 714,723 735,860

(Loss)/profit before tax (70,920 ) 23,548
Taxation 73,893 39,746
Profit after tax 2,973 63,294

Share of assets
Fixed assets 490,766 541,630
Current assets 186,342 82,157

Share of liabilities
Liabilities due within one year (346,195 ) (244,045 )
Liabilities due after one year or more (23,830 ) (25,632 )


Share of net assets 307,083 354,110
Company
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 518,437 272,693 791,130
NET BOOK VALUE
At 30 June 2024 518,437 272,693 791,130
At 30 June 2023 518,437 272,693 791,130

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

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

13. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Elsoms Seeds Limited
Registered office: Pinchbeck Road, Spalding, Lincolnshire, England, PE11 1QG
Nature of business: Development and sale of seeds
%
Class of shares: holding
Ordinary 100.00

Elsoms Developments Limited
Registered office: C/O Elsoms Seeds Limited, Pinchbeck Road, Spalding, Lincolnshire, England, PE11 1QG
Nature of business: Development of seeds
%
Class of shares: holding
Ordinary 100.00

Elsoms SIP Trustees Limited
Registered office: C/O Elsoms Seeds Limited, Pinchbeck Road, Spalding, Lincolnshire, England, PE11 1QG
Nature of business: To act as a corporate trustee
%
Class of shares: holding
Ordinary 100.00

Elsoms Trees Limited
Registered office: 9a High Street, Haddington, EH41 3ES
Nature of business: Suppliers of trees
%
Class of shares: holding
Ordinary 64.00

Elsoms International GmbH
Registered office: Industriestrasse 2a, 38350, Helmstedt, Germany
Nature of business: Seed breeder
%
Class of shares: holding
Ordinary 70.00

Joint ventures

Elsoms Wheat Limited
Registered office:
Nature of business: Wheat breeding
%
Class of shares: holding
Ordinary 33.33
2024 2023
£    £   
Aggregate capital and reserves 718,795 865,446
Profit for the year 3,349 29,465

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

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

13. FIXED ASSET INVESTMENTS - continued

Elsoms Ackermann Barley Limited
Registered office:
Nature of business: Barley breeding
%
Class of shares: holding
Ordinary 50.00
2024 2023
£    £   
Aggregate capital and reserves 134,970 131,257
Profit for the year 3,713 106,944


Shares in group undertakings include shares in the holding company of £69,937 (2023 - £69,937) which are an investment in an Employee Benefit Trust. The shares may be issued to employees as part of any entitlement to shares under the rules of the profit sharing scheme, which has ceased accepting further contributions. Under the rules of the employee benefit trust the shares may be held until 2078.

The figures for the year ended 30 June 2024 for Elsoms Seeds Limited, Elsoms Developments Limited, Elsoms Trees Limited and Elsoms International GmbH are included within the consolidated financial statements.

14. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Seeds 4,785,614 4,672,156 - -
Consumables and sundries 678,415 825,762 - -
Work in progress - land development costs - 447,894 - 447,894
Work in progress - crops 1,302,696 - - -
Finished goods 1,135,321 564,625 - -
7,902,046 6,510,437 - 447,894

There is no material difference between the carrying cost of stocks and its replacement value.

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 16,427,372 5,548,963 - -
Amounts owed by group undertakings - - 3,157,714 2,662,653
Amounts owed by participating interests 333,515 91,861 - -
Other debtors 677,110 141,142 50,000 50,000
Tax 245,120 565,032 - -
VAT 90,156 126,782 - -
Prepayments and accrued income 1,067,776 1,067,854 - -
18,841,049 7,541,634 3,207,714 2,712,653

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

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

16. CURRENT ASSET INVESTMENTS

Group Company
2024 2023 2024 2023
£    £    £    £   
Listed investments 5,336,352 4,920,339 5,336,352 4,920,339

Market value of listed investments at 30 June 2024 held by the group and the company - £ (5,336,352) (2023 - £ (4,920,339) ).

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts and finance leases (see note 19)
62,657

30,000

-

-
Trade creditors 18,194,884 2,861,215 - -
Taxation 7,782 - - -
Other taxes and social security 173,829 143,180 - -
Other creditors 282,947 117,361 14,019 14,019
Accruals and deferred income 1,040,177 331,095 11,820 6,619
19,762,276 3,482,851 25,839 20,638

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts and finance leases (see note 19)
117,343

30,000

-

-
Amounts owed to group undertakings - - 326,227 326,227
117,343 30,000 326,227 326,227

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts Finance leases
2024 2023 2024 2023
£    £    £    £   
Net obligations repayable:
Within one year 32,657 - 30,000 30,000
Between one and five years 117,343 - - 30,000
150,000 - 30,000 60,000

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

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

19. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 180,241 169,890
Between one and five years 347,704 407,690
527,945 577,580

Operating lease payments recognised as an expense in the year amounted to £176,258 (2023 - £135,019)

20. SECURED DEBTS

The bank facilities are secured by an unlimited guarantee from Elsoms (Spalding) Limited, Elsoms Seeds Limited and Elsoms Developments Limited.

21. FINANCIAL INSTRUMENTS

Group
The group has the following financial instruments:

2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 16,427,372 5,548,963
Other debtors 677,110 141,142
Financial liabilities measured at amortised cost
Trade creditors 18,194,884 2,861,215
Other creditors 282,947 117,361

Company
The company has the following financial instruments:

2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Amounts owed from group 3,157,714 2,662,653
Other debtors 50,000 50,000
Financial liabilities measured at amortised cost
Other creditors 14,019 14,019
Amounts owed to group 326,227 326,227

There is no interest income or expense for financial assets and liabilities that are not measured at fair value through profit and loss.

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

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

22. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 412,615 548,397 27,747 250,028
Other timing differences (11,496 ) (6,366 ) - -
Losses (365,086 ) (248,092 ) - -
36,033 293,939 27,747 250,028

Group
Deferred
tax
£   
Balance at 1 July 2023 293,939
Provided during year (257,906 )
Balance at 30 June 2024 36,033

Company
Deferred
tax
£   
Balance at 1 July 2023 250,028
Credit to Income Statement during year (222,281 )
Balance at 30 June 2024 27,747

23. ACCRUALS AND DEFERRED INCOME

Group
2024 2023
£    £   
Accruals and deferred income 325,211 320,520

24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2,920,553 Ordinary 1p 29,205 29,204
1,218,916 A Ordinary 1p 12,189 12,190
41,394 41,394

Shareholders rights

Both ordinary and 'A' ordinary shares confer the right to receive notice of and attend general meetings but only ordinary shares confer the right to vote.

The amount of dividend paid to the ordinary shares must not exceed by more than 10% pari passu the amount of dividend paid to the 'A' ordinary shares during any consecutive period of five years.

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

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

25. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 July 2023 26,251,728 133,146 40,813 26,425,687
Profit for the year 2,105,233 - - 2,105,233
Dividends (413,846 ) - - (413,846 )
Other comprehensive income 623,250 - - 623,250
At 30 June 2024 28,566,365 133,146 40,813 28,740,324

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 July 2023 12,388,152 133,146 40,813 12,562,111
Profit for the year 1,392,112 - - 1,392,112
Dividends (413,846 ) - - (413,846 )
At 30 June 2024 13,366,418 133,146 40,813 13,540,377

Share premium
Share premium represents amounts paid above the nominal value for shares.

Capital redemption reserve
The capital redemption reserve relates to amounts paid following a redemption or share buyback.

Retained earnings
Retained earnings represents cumulative profit and losses net of dividends and other adjustments.

26. NON-CONTROLLING INTERESTS

Movements to non-controlling interests are as set out in the consolidated statement of changes in equity.

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

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

27. EMPLOYEE BENEFIT OBLIGATIONS

DEFINED CONTRIBUTION SCHEME
The company operates a defined contribution scheme whose assets are held separately from those of the company in independently administered funds. The pension charge represents contributions payable by the group and amounted to £401,776 (2023 - £374,137). Contributions totalling £47,730 (2023 - £46,668) were payable to the schemes at the year end.

DEFINED BENEFIT SCHEME
The company operates a defined benefit pension scheme in the UK. The disclosures set out below are based on calculations carried out as at 30 June 2024 by a qualified independent actuary.

The Scheme's assets are held in a separate trustee-administered fund to meet long-term pension liabilities to past and present employees. The trustees of the Scheme are required to act in the best interests of the Scheme's beneficiaries. The appointment of members of the trustee board is determined by the trust documentation.

The liabilities of the defined benefit scheme are measured by discounting the best estimate of future cash flows to be paid out of the Scheme using the projected unit method. This amount is reflected in the deficit in the balance sheet. The projected unit method is an accrued benefits valuation method in which the Scheme's liabilities make allowance for projected earnings.

The liabilities set out in this note have been calculated based on the actuarial valuation as at 31 December 2020, updated to 30 June 2024. The results of the calculations and the assumptions adopted are shown below.

As at 30 June 2024, contributions are payable to the Scheme by the company at the rates set out in the schedule of contributions dated 25 August 2021. The company contributions expected to be made in the year commencing 1 July 2024 are approximately £41,000.

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Current service cost 83,000 109,000
Net interest from net defined benefit
asset/liability

(75,000

)

4,000
Past service cost - -
8,000 113,000

Actual return on plan assets 1,415,000 (339,000 )

Of the total amounts recognised in the profit and loss account £75,000 (2023 - £4,000) has been debited to other finance costs and £83,000 (2023 - £109,000) has been debited to operating profit.

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening defined benefit obligation 12,357,000 14,710,000
Current service cost 83,000 109,000
Contributions by scheme participants 20,000 19,000
Interest cost 623,000 551,000
Actuarial losses/(gains) (124,000 ) (2,489,000 )
Benefits paid (864,000 ) (543,000 )
12,095,000 12,357,000

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

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

27. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening fair value of scheme assets 13,818,000 14,645,000
Contributions by employer 38,000 36,000
Contributions by scheme participants 20,000 19,000
Expected return 698,000 547,000
Actuarial gains/(losses) 717,000 (886,000 )
Benefits paid (864,000 ) (543,000 )
14,427,000 13,818,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Gain/(loss) on scheme assets and liabilities 124,000 2,489,000
124,000 2,489,000

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
2024 2023
Equities 33.50% 32.00%
Bonds 5.39% 6.00%
Other 61.11% 62.00%
100.00% 100.00%

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024 2023
Discount rate 5.20% 5.20%
Future salary increases 3.70% 3.70%
Future pension increases 2.80% 2.80%
Increases in deferment (non-GMP) 3.20% 3.20%
Inflation 3.20% 3.20%

ELSOMS (SPALDING) LIMITED (REGISTERED NUMBER: 00384216)

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

27. EMPLOYEE BENEFIT OBLIGATIONS - continued

Increases in pensions in payment (in respect of service after 5 April 1997) , and deferred pensions subject to statutory revaluation, have been assumed to increase in line with future price inflation.

The mortality assumption adopted for the purposes of the calculations as at 30 June 2024 is as follows:

- S4PFA base table
- Future mortality improvements: CMI 2023 projections subject to a long term rate of improvement of 1.25%pa.

Average life expectancies 2024 2023
Male retiring at reporting date at age 65 (in years) 21.2 21.4
Male retiring at age 65 in 20 years 22.5 22.6
Female retiring at reporting date at age 65 23.7 23.9
Female retiring at age 65 in 20 years 25.2 25.3

Members are assumed to retire at the earliest age at which they can take their full pension unreduced. It is assumed that members commute 60% of the maximum allowable at retirement.

28. RELATED PARTY DISCLOSURES

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Entities over which the entity has control, joint control or significant influence
2024 2023
£    £   
Charged 1,266,564 767,279
Covered expenditure per the owner agreement 1,416,886 735,009
Amount due from related party 3,230,741 1,888,898
Amount due to related party - 166,000

Entities with common directors
2024 2023
£    £   
Purchases 30,751 183,318
Transfers - 20,216
Amount due to related party 5,960 -

29. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.