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REGISTERED NUMBER: 08464660 (England and Wales)















ELSOMS WHEAT LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






ELSOMS WHEAT LIMITED (REGISTERED NUMBER: 08464660)






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 7


ELSOMS WHEAT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: R A L Keeling
W von Rhade





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





REGISTERED NUMBER: 08464660 (England and Wales)





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

ELSOMS WHEAT LIMITED (REGISTERED NUMBER: 08464660)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 726,770 807,518
Tangible assets 5 234,019 256,007
960,789 1,063,525

CURRENT ASSETS
Debtors 6 92,928 58,862
Cash at bank 101,702 125,639
194,630 184,501
CREDITORS
Amounts falling due within one year 7 380,710 321,257
NET CURRENT LIABILITIES (186,080 ) (136,756 )
TOTAL ASSETS LESS CURRENT LIABILITIES 774,709 926,769

PROVISIONS FOR LIABILITIES 8 55,914 61,323
NET ASSETS 718,795 865,446

CAPITAL AND RESERVES
Called up share capital 9 300 300
Retained earnings 718,495 865,146
SHAREHOLDERS' FUNDS 718,795 865,446

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 24 November 2024 and were signed on its behalf by:





R A L Keeling - Director


ELSOMS WHEAT LIMITED (REGISTERED NUMBER: 08464660)

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

1. STATUTORY INFORMATION

Elsoms Wheat 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.

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.

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 are recognised upon delivery of product to the customer

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.

Know-how and Goodwill are being amortised evenly over their estimated useful lives being 20 years.

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 at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life as follows:

Plant and machineryover 5-10 years
Motor vehiclesover 4-5 years

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.


ELSOMS WHEAT LIMITED (REGISTERED NUMBER: 08464660)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.


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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
The company has adopted Sections 11 and 12 of FRS 102 Section 1A 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 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.

ELSOMS WHEAT LIMITED (REGISTERED NUMBER: 08464660)

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

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill Know-how Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 565,249 1,049,749 1,614,998
AMORTISATION
At 1 July 2023 282,604 524,876 807,480
Amortisation for year 37,007 43,741 80,748
At 30 June 2024 319,611 568,617 888,228
NET BOOK VALUE
At 30 June 2024 245,638 481,132 726,770
At 30 June 2023 282,645 524,873 807,518

Other intangible assets relates to the purchase of the know-how for the Winter Wheat breeding project that the company is undertaking.

5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2023 543,121 27,193 570,314
Additions 20,295 - 20,295
At 30 June 2024 563,416 27,193 590,609
DEPRECIATION
At 1 July 2023 313,218 1,089 314,307
Charge for year 37,927 4,356 42,283
At 30 June 2024 351,145 5,445 356,590
NET BOOK VALUE
At 30 June 2024 212,271 21,748 234,019
At 30 June 2023 229,903 26,104 256,007

ELSOMS WHEAT LIMITED (REGISTERED NUMBER: 08464660)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 33,757 2,764
VAT 55,034 41,478
Prepayments and accrued income 4,137 14,620
92,928 58,862

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Finance leases - 8,473
Trade creditors 5,776 77,000
Amounts owed to participating interests 221,676 112,174
Taxation 31,031 45,453
Other taxes and social security 4,277 4,672
Other creditors 2,491 1,668
Accrued expenses 115,459 71,817
380,710 321,257

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 55,914 61,323

Deferred
tax
£   
Balance at 1 July 2023 61,323
Credit to Income Statement during year (5,409 )
Balance at 30 June 2024 55,914

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
300 Ordinary £1 300 300

10. 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

ELSOMS WHEAT LIMITED (REGISTERED NUMBER: 08464660)

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

11. RELATED PARTY DISCLOSURES

During the year the company received funding to the value of £1,362,906 (2023 - £1,210,409) to cover expenditure incurred as per the owner agreement.

The company also paid charges to the value of £810,231 (2023 - £746,508) to these entities. At the year end the company owed £211,677 (2023 - £158,263) to these entities.

12. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.