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Registration number: 08687885

Prepared for the registrar

Premier Seeds Direct Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Premier Seeds Direct Limited

(Registration number: 08687885)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

9,000

10,000

Tangible assets

5

185,963

206,105

 

194,963

216,105

Current assets

 

Stocks

327,026

395,692

Debtors

6

1,567,796

1,767,010

Cash at bank and in hand

 

105,151

165,451

 

1,999,973

2,328,153

Creditors: Amounts falling due within one year

7

(917,326)

(843,589)

Net current assets

 

1,082,647

1,484,564

Total assets less current liabilities

 

1,277,610

1,700,669

Deferred tax liabilities

8

(48,563)

(53,892)

Net assets

 

1,229,047

1,646,777

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,228,047

1,645,777

Shareholders' funds

 

1,229,047

1,646,777

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 May 2025 and signed on its behalf by:
 


P H Redman
Director

 

Premier Seeds Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
North Station House
North Station Yard
Warminster Road
Wilton
SP2 0AT

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

 

Premier Seeds Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

10-20% reducing balance

Plant and machinery

10-20% reducing balance

Fixtures and fittings

10% reducing balance

Motor vehicles

5% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

5% straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

 

Premier Seeds Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Premier Seeds Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 18).

 

Premier Seeds Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

 

4

Intangible assets

Computer software
£

Total
£

Cost

At 1 October 2023

20,000

20,000

At 30 September 2024

20,000

20,000

Amortisation

At 1 October 2023

10,000

10,000

Amortisation charge

1,000

1,000

At 30 September 2024

11,000

11,000

Carrying amount

At 30 September 2024

9,000

9,000

At 30 September 2023

10,000

10,000

 

Premier Seeds Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

 

5

Tangible assets

Plant and machinery
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost

At 1 October 2023

319,821

3,856

8,791

332,468

Additions

510

1,230

2,577

4,317

At 30 September 2024

320,331

5,086

11,368

336,785

Depreciation

At 1 October 2023

119,179

2,002

5,182

126,363

Charge for the year

23,541

208

710

24,459

At 30 September 2024

142,720

2,210

5,892

150,822

Carrying amount

At 30 September 2024

177,611

2,876

5,476

185,963

At 30 September 2023

200,642

1,854

3,609

206,105

 

Premier Seeds Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

 

6

Debtors

2024
£

2023
£

Trade debtors

-

138

Receivables from related parties

1,524,727

1,761,903

Prepayments

20,874

3,971

Other debtors

22,195

998

1,567,796

1,767,010

 

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

-

33

Trade creditors

 

87,218

41,648

Amounts due to related parties

10

304,000

300,000

Taxation and social security

 

41,463

91,215

Accruals and deferred income

 

79,458

9,283

Other creditors

 

405,187

401,410

 

917,326

843,589

 

8

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

48,741

Short term timing differences

(178)

48,563

2023

Liability
£

Fixed asset timing differences

54,026

Short term timing differences

(134)

53,892

 

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

33

 

Premier Seeds Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

 

10

Related party transactions

Summary of transactions with parent

At the balance sheet date amounts totalling £1,524,727 (2023 - £1,761,903) were owed to the company from its parent company, Premier Seeds Investment Company Limited. The loans have no repayment conditions and no interest is charged on the outstanding balance.
 

Summary of transactions with other related parties

At the balance sheet date amounts totalling £304,000 (2023 - £300,000) were owed to the ultimate parent company, Redman Investments Ltd. The loan has no repayment conditions and interest is charged at 10% on the outstanding balance.
 

 

11

Parent and ultimate parent undertaking

The company's immediate parent is Premier Seeds Investment Company Limited, incorporated in England.