11 11 Seeds of Italy Limited 04628596 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is importers, wholesalers and retailers of food and plant seeds Digita Accounts Production Advanced 6.30.9574.0 true 04628596 2023-10-01 2024-09-30 04628596 2024-09-30 04628596 core:CurrentFinancialInstruments 2024-09-30 04628596 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 04628596 core:Non-currentFinancialInstruments 2024-09-30 04628596 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 04628596 core:FurnitureFittingsToolsEquipment 2024-09-30 04628596 core:MotorVehicles 2024-09-30 04628596 bus:SmallEntities 2023-10-01 2024-09-30 04628596 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 04628596 bus:FilletedAccounts 2023-10-01 2024-09-30 04628596 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 04628596 bus:RegisteredOffice 2023-10-01 2024-09-30 04628596 bus:CompanySecretary1 2023-10-01 2024-09-30 04628596 bus:Director1 2023-10-01 2024-09-30 04628596 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 04628596 bus:Agent1 2023-10-01 2024-09-30 04628596 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 04628596 core:MotorVehicles 2023-10-01 2024-09-30 04628596 countries:EnglandWales 2023-10-01 2024-09-30 04628596 2023-09-30 04628596 core:FurnitureFittingsToolsEquipment 2023-09-30 04628596 core:MotorVehicles 2023-09-30 04628596 2022-10-01 2023-09-30 04628596 2023-09-30 04628596 core:CurrentFinancialInstruments 2023-09-30 04628596 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 04628596 core:Non-currentFinancialInstruments 2023-09-30 04628596 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 04628596 core:FurnitureFittingsToolsEquipment 2023-09-30 04628596 core:MotorVehicles 2023-09-30 xbrli:pure iso4217:GBP

Registration number: 04628596

Seeds of Italy Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Seeds of Italy Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Seeds of Italy Limited

Company Information

Director

P Arrigo

Company secretary

A Arrigo

Registered office

Fawley House
2 Regatta Place Marlow Road
Bourne End
Bucks
SL8 5TD

Accountants

Sterling Grove Accountants Limited
Chartered Certified AccountantsFawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

Seeds of Italy Limited

(Registration number: 04628596)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

16,315

11,518

Current assets

 

Stocks

6

63,740

89,815

Debtors

7

16,549

25,472

Cash at bank and in hand

 

93,786

153,514

 

174,075

268,801

Creditors: Amounts falling due within one year

8

(185,335)

(204,227)

Net current (liabilities)/assets

 

(11,260)

64,574

Total assets less current liabilities

 

5,055

76,092

Creditors: Amounts falling due after more than one year

8

(5,236)

(7,286)

Net (liabilities)/assets

 

(181)

68,806

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(183)

68,804

Shareholders' (deficit)/funds

 

(181)

68,806

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.

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 June 2025
 

 

Seeds of Italy Limited

(Registration number: 04628596)
Balance Sheet as at 30 September 2024

.........................................
P Arrigo
Director

 

Seeds of Italy 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:
Fawley House
2 Regatta Place Marlow Road
Bourne End
Bucks
SL8 5TD
United Kingdom

The principal place of business is:
Unit D2
Phoenix Industrial Estate
Rosslyn Crescent
Harrow
Middlesex
HA1 2SP

These financial statements were authorised for issue by the director on 13 June 2025.

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 that as disclosed in the accounting policies certain items are shown at fair value.

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.

 

Seeds of Italy Limited

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

Government grants

Government grants are recognised under the accrual model of grant recognition. This model requires the grant to be classified as either a revenue-based grant or a capital-based grant.

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Motor vehicles

25% reducing balance

Fixtures, fittings and equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

 

Seeds of Italy 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. Accounts payable 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 subsequently measured at amortised cost using the effective interest method.

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.

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.

 

Seeds of Italy Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2023 - 11).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

3,917

3,839

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

22,474

14,972

37,446

Additions

589

8,125

8,714

At 30 September 2024

23,063

23,097

46,160

Depreciation

At 1 October 2023

15,694

10,234

25,928

Charge for the year

1,886

2,031

3,917

At 30 September 2024

17,580

12,265

29,845

Carrying amount

At 30 September 2024

5,483

10,832

16,315

At 30 September 2023

6,780

4,738

11,518

 

Seeds of Italy Limited

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

6

Stocks

2024
£

2023
£

Other inventories

63,740

89,815

7

Debtors

Current

2024
£

2023
£

Trade debtors

4,829

19,219

Prepayments

989

910

Other debtors

10,731

5,343

 

16,549

25,472

 

Seeds of Italy Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

4,073

4,023

Trade creditors

 

42,454

42,503

Taxation and social security

 

-

1,475

Accruals and deferred income

 

21,091

22,066

Other creditors

 

117,717

134,160

 

185,335

204,227

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

5,236

7,286

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,236

7,286

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,073

4,023