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Registration number: 06522990

Sheep Improved Genetics Ltd

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 October 2024

 

Sheep Improved Genetics Ltd

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 3

 

Sheep Improved Genetics Ltd

(Registration number: 06522990)
Abridged Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4,715

6,325

Debtors

36,610

4,603

Cash at bank and in hand

 

74,975

76,304

 

116,300

87,232

Creditors: Amounts falling due within one year

(58,756)

(23,047)

Total assets less current liabilities

 

57,544

64,185

Creditors: Amounts falling due after more than one year

(9,348)

(4,994)

Net assets

 

48,196

59,191

Capital and reserves

 

Called up share capital

9

9

Profit and loss account

48,187

59,182

Total equity

 

48,196

59,191

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 28 July 2025 and signed on its behalf by:
 

Mr P L Baber

Director

 

Sheep Improved Genetics Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 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:
Weir Park Farm
Wakewell Lane Christow
Exeter
Devon
EX6 7PB

The principal place of business is:
Jersey Farm
Sampford Peverell
Tiverton
Devon
EX16 7EJ

These financial statements were authorised for issue by the Board on 28 July 2025.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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.

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.

Tax

The tax expense for the period comprises 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.


 

Sheep Improved Genetics Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 9).

4

Related party transactions

During the year, the company wrote off loans totalling £4,975 previously owed to Mr Daniel Marriott and Mr William Cawley, former directors of the company. The loan waiver has been treated as a capital contribution and credited directly to equity. There were no other related party transactions during the year.
 

Advances to directors

Mr D Disney

During the period Mr D Disney went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £56 (2023 - £56). At the year end the amount outstanding from Mr D Disney was £56 (2023 - £56).