Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-312024-05-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-06-01false7685truetruefalse 08546194 2023-06-01 2024-05-31 08546194 2022-06-01 2023-05-31 08546194 2024-05-31 08546194 2023-05-31 08546194 2022-06-01 08546194 c:Director4 2023-06-01 2024-05-31 08546194 d:PlantMachinery 2023-06-01 2024-05-31 08546194 d:PlantMachinery 2024-05-31 08546194 d:PlantMachinery 2023-05-31 08546194 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08546194 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 08546194 d:MotorVehicles 2023-06-01 2024-05-31 08546194 d:MotorVehicles 2024-05-31 08546194 d:MotorVehicles 2023-05-31 08546194 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08546194 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 08546194 d:OfficeEquipment 2023-06-01 2024-05-31 08546194 d:OfficeEquipment 2024-05-31 08546194 d:OfficeEquipment 2023-05-31 08546194 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08546194 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 08546194 d:ComputerEquipment 2023-06-01 2024-05-31 08546194 d:ComputerEquipment 2024-05-31 08546194 d:ComputerEquipment 2023-05-31 08546194 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08546194 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 08546194 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08546194 d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 08546194 d:Goodwill 2023-06-01 2024-05-31 08546194 d:Goodwill 2024-05-31 08546194 d:Goodwill 2023-05-31 08546194 d:CurrentFinancialInstruments 2024-05-31 08546194 d:CurrentFinancialInstruments 2023-05-31 08546194 d:Non-currentFinancialInstruments 2024-05-31 08546194 d:Non-currentFinancialInstruments 2023-05-31 08546194 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 08546194 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 08546194 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 08546194 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 08546194 d:ShareCapital 2024-05-31 08546194 d:ShareCapital 2023-05-31 08546194 d:SharePremium 2024-05-31 08546194 d:SharePremium 2023-05-31 08546194 d:CapitalRedemptionReserve 2024-05-31 08546194 d:CapitalRedemptionReserve 2023-05-31 08546194 d:RetainedEarningsAccumulatedLosses 2024-05-31 08546194 d:RetainedEarningsAccumulatedLosses 2023-05-31 08546194 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 08546194 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 08546194 d:TaxLossesCarry-forwardsDeferredTax 2024-05-31 08546194 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 08546194 c:OrdinaryShareClass1 2023-06-01 2024-05-31 08546194 c:OrdinaryShareClass1 2024-05-31 08546194 c:OrdinaryShareClass1 2023-05-31 08546194 c:OrdinaryShareClass2 2023-06-01 2024-05-31 08546194 c:OrdinaryShareClass2 2024-05-31 08546194 c:OrdinaryShareClass2 2023-05-31 08546194 c:OrdinaryShareClass3 2023-06-01 2024-05-31 08546194 c:OrdinaryShareClass3 2024-05-31 08546194 c:OrdinaryShareClass3 2023-05-31 08546194 c:OrdinaryShareClass4 2023-06-01 2024-05-31 08546194 c:OrdinaryShareClass4 2024-05-31 08546194 c:OrdinaryShareClass4 2023-05-31 08546194 c:FRS102 2023-06-01 2024-05-31 08546194 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 08546194 c:FullAccounts 2023-06-01 2024-05-31 08546194 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08546194 2 2023-06-01 2024-05-31 08546194 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-05-31 08546194 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-31 08546194 d:Goodwill d:OwnedIntangibleAssets 2023-06-01 2024-05-31 08546194 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08546194









SEED ENVIRONMENTAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
SEED ENVIRONMENTAL LIMITED
REGISTERED NUMBER: 08546194

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Intangible assets
 4 
392,751
456,834

Tangible assets
 5 
374,009
313,410

  
766,760
770,244

CURRENT ASSETS
  

Stocks
  
108,700
53,294

Debtors
 6 
3,477,848
3,492,737

Cash at bank and in hand
 7 
285,588
346,605

  
3,872,136
3,892,636

Creditors: amounts falling due within one year
 8 
(2,050,489)
(2,646,997)

NET CURRENT ASSETS
  
 
 
1,821,647
 
 
1,245,639

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,588,407
2,015,883

Creditors: amounts falling due after more than one year
 9 
(188,963)
(317,583)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 10 
(82,698)
(70,468)

  
 
 
(82,698)
 
 
(70,468)

NET ASSETS
  
2,316,746
1,627,832


CAPITAL AND RESERVES
  

Called up share capital 
 11 
287
287

Share premium account
  
1,022,223
1,022,223

Capital redemption reserve
  
4
4

Profit and loss account
  
1,294,232
605,318

  
2,316,746
1,627,832


Page 1

 
SEED ENVIRONMENTAL LIMITED
REGISTERED NUMBER: 08546194
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




F C Cawley
Director

Date: 24 March 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SEED ENVIRONMENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


GENERAL INFORMATION

Seed Environmental Limited is a private Company limited by shares and incorporated in England and Wales. Its registered office is One St Peter's Square, Manchester, M2 3DE.
Its principal trading address is Unit 3, Lanwades Business Park, Kentford, Newmarket, Suffolk, CB8 7PN.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

TURNOVER

Turnover comprises revenue recognised by the Company in respect of consulting and contracting services and goods supplied during the year, exclusive of Value Added Tax and trade discounts.

 
2.4

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
SEED ENVIRONMENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
SEED ENVIRONMENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

INTANGIBLE ASSETS

GOODWILL

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

OTHER INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight-line and reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
33% reducing balance
Motor vehicles
-
33% reducing balance
Office equipment
-
33% reducing balance
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

STOCKS

Stocks comprise consumables and are stated at the lower of cost and net realisable value.

 
2.12

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
SEED ENVIRONMENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

DIVIDENDS

Equity dividends are recognised when they become legally payable.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 76 (2023 - 85).

Page 6

 
SEED ENVIRONMENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


INTANGIBLE ASSETS




Goodwill

£



COST


At 1 June 2023
640,832



At 31 May 2024

640,832



AMORTISATION


At 1 June 2023
183,998


Charge for the year on owned assets
64,083



At 31 May 2024

248,081



NET BOOK VALUE



At 31 May 2024
392,751



At 31 May 2023
456,834



Page 7

 
SEED ENVIRONMENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


TANGIBLE FIXED ASSETS





Plant and machinery
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£



COST


At 1 June 2023
168,038
589,703
20,539
114,922
893,202


Additions
81,757
139,002
5,927
19,547
246,233


Disposals
(30,451)
(141,469)
(15,833)
(8,820)
(196,573)



At 31 May 2024

219,344
587,236
10,633
125,649
942,862



DEPRECIATION


At 1 June 2023
130,783
333,636
16,328
99,045
579,792


Charge for the year on owned assets
18,321
20,571
4,863
13,141
56,896


Charge for the year on financed assets
-
64,750
-
-
64,750


Disposals
(21,663)
(90,377)
(11,778)
(8,767)
(132,585)



At 31 May 2024

127,441
328,580
9,413
103,419
568,853



NET BOOK VALUE



At 31 May 2024
91,903
258,656
1,220
22,230
374,009



At 31 May 2023
37,255
256,067
4,211
15,877
313,410

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£


Motor vehicles
181,441
196,580

Page 8

 
SEED ENVIRONMENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


DEBTORS

2024
2023
£
£

Trade debtors excluding factored debts
21,841
38,509

Factored debts
1,581,186
1,852,970

Amounts owed by group and related undertakings
757,838
686,885

Other debtors
42,941
50,420

Prepayments and accrued income
1,074,042
863,953

3,477,848
3,492,737







7.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
285,588
346,605

Less: bank overdrafts
(324,255)
(1,048,945)

(38,667)
(702,340)


Page 9

 
SEED ENVIRONMENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank overdrafts
324,255
1,048,945

Bank loans
130,000
280,450

Trade creditors
527,514
460,922

Amounts owed to group undertakings
133,892
39,732

Corporation tax
294,105
127,965

Other taxation and social security
362,619
405,058

Obligations under finance lease and hire purchase contracts
58,248
68,768

Other creditors
49,486
56,604

Accruals and deferred income
170,370
158,553

2,050,489
2,646,997


Bank overdrafts of £324,255 (2023 - £1,048,945) are secured by a charge over the Company's factored debts and a fixed and floating charge over the Company's other assets.
Obligations under finance leases are secured on the assets concerned.
Bank loans include a government backed 'Coronavirus Business Interruption Loan' (CBIL), which was drawn down in June 2020. This bears interest at a rate of 2.09% over the Bank of England's Base Rate and is repayable by May 2026. Bank loans also include a fixed term loan secured by fixed and floating charged over the Company's assets and personal guarantees granted by the directors. This bears interest at a rate of 2.95% over the Bank of England's Base Rate and is repayable by February 2024.
The Company operates a defined contribution pension scheme. Contributions totalling £29,024 (2023 - £28,195) were payable to the fund at the balance sheet date and are included within other creditors.


9.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
130,000
260,000

Obligations under finance leases and hire purchase contracts
58,963
57,583

188,963
317,583


Obligations under finance leases are secured on the assets concerned.
Bank loans include a government backed 'Coronavirus Business Interruption Loan' (CBIL), which was drawn down in June 2020. This bears interest at a rate of 2.09% over the Bank of England's Base Rate and is repayable by May 2026.

Page 10

 
SEED ENVIRONMENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
70,468
83,598


Charged/(credited) to profit or loss
12,230
(13,130)



AT END OF YEAR
82,698
70,468

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
89,795
74,502

Short term timing differences
(7,097)
(4,034)

82,698
70,468


11.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



19,538 (2023 - 19,538) A Ordinary shares of £0.01 each
195
195
462 (2023 - 462) B Ordinary shares of £0.01 each
5
5
3,122 (2023 - 3,122) C Ordinary shares of £0.01 each
31
31
5,611 (2023 - 5,611) G Ordinary shares of £0.01 each
56
56

287

287



12.FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies that are not included in the balance sheet amount to £223,355 (2023 - £218,176).


13.


TRANSACTIONS WITH DIRECTORS

At the year end the directors owed balances of £20,603 (2023 - £23,156) to the Company. These balances bear interest at a rate of 2.25% and are repayable on demand.

 
Page 11