Limited Liability Partnership registration number OC380509 (England and Wales)
PEARCE SEEDS LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PEARCE SEEDS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Pearce Seeds (Holdings) Limited
Gold Hill Farm Limited
LLP registration number
OC380509
Registered office
Rosedown Farm
Sandford Orcas
SHERBORNE
Dorset
DT9 4SX
Auditor
Old Mill Audit Limited
Maltravers House
Petters Way
YEOVIL
Somerset
BA20 1SH
PEARCE SEEDS LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8
Reconciliation of members' interests
9 - 10
Notes to the financial statements
11 - 20
PEARCE SEEDS LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The members present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the limited liability partnership continued to be that of the sales of agricultural products (seeds, feed, chemicals, fertiliser) and seed processing and wholesaling.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Pearce Seeds (Holdings) Limited
Gold Hill Farm Limited
Auditor

The auditor, Old Mill Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

Approved by the members on ......................... and signed on behalf by:
2025-07-09
..............................................
Pearce Seeds (Holdings) Limited
Designated Member
PEARCE SEEDS LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PEARCE SEEDS LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PEARCE SEEDS LLP
- 3 -
Opinion

We have audited the financial statements of Pearce Seeds LLP (the 'limited liability partnership') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the reconciliation of members' interests and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the limited liability partnership’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

PEARCE SEEDS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PEARCE SEEDS LLP
- 4 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

 

Responsibilities of members

As explained more fully in the members' responsibilities statement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

PEARCE SEEDS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PEARCE SEEDS LLP
- 5 -
David Jones MSc FCA (Senior Statutory Auditor)
For and on behalf of Old Mill Audit Limited, Statutory Auditor
Maltravers House
Petters Way
YEOVIL
Somerset
BA20 1SH
14 July 2025
PEARCE SEEDS LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2024
2023
Notes
£
£
Turnover
3
22,171,439
22,051,914
Cost of sales
(17,307,957)
(17,613,733)
Gross profit
4,863,482
4,438,181
Distribution costs
(780,604)
(665,123)
Administrative expenses
(3,418,907)
(3,120,809)
Other operating income
63,590
122,590
Operating profit
5
727,561
774,839
Interest receivable and similar income
8
30,406
12,496
Interest payable and similar expenses
9
(218,586)
(181,547)
Amounts written off investments
10
-
(63,097)
Profit for the financial year before members' remuneration and profit shares
539,381
542,691
Members' remuneration charged as an expense
7
(539,381)
(542,691)
Result for the financial year available for discretionary division among members
-
-

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PEARCE SEEDS LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
£
£
Profit for the financial year available for discretionary division among members
-
-
Other comprehensive income
-
-
Total comprehensive income for the year
-
-
PEARCE SEEDS LLP
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
11
3,917,072
4,334,893
Debtors
12
2,840,385
3,488,125
Cash at bank and in hand
5,956
27,774
6,763,413
7,850,792
Creditors: amounts falling due within one year
14
(5,740,966)
(6,602,331)
Net current assets and net assets attributable to members
1,022,447
1,248,461
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
312,130
312,130
Other amounts
710,317
936,331
1,022,447
1,248,461
The financial statements were approved by the members and authorised for issue on 9 July 2025 and are signed on their behalf by:
09 July 2025
Pearce Seeds (Holdings) Limited
Designated member
Limited Liability Partnership registration number OC380509 (England and Wales)
PEARCE SEEDS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Current financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as debt)
Other amounts
Total
Total
2024
£
£
£
Amounts due to members
936,331
Members' interests at 1 January 2024
312,130
936,331
1,248,461
1,248,461
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
539,381
539,381
539,381
Profit for the financial year available for discretionary division among members
-
-
-
-
Members' interests after profit and remuneration for the year
312,130
1,475,712
1,787,842
1,787,842
Reclassifications
-
(103,645)
(103,645)
(103,645)
Drawings
-
(661,750)
(661,750)
(661,750)
Members' interests at 31 December 2024
312,130
710,317
1,022,447
1,022,447
Amounts due to members
710,317
710,317
PEARCE SEEDS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Prior financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as debt)
Other amounts
Total
Total
2023
£
£
£
Amounts due to members
1,142,370
Members' interests at 1 January 2023
312,130
1,142,370
1,454,500
1,454,500
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
542,691
542,691
542,691
Profit for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
312,130
1,685,061
1,997,191
1,997,191
Drawings
-
(748,730)
(748,730)
(748,730)
Members' interests at 31 December 2023
312,130
936,331
1,248,461
1,248,461
Amounts due to members
936,331
936,331
PEARCE SEEDS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Limited liability partnership information

Pearce Seeds LLP is a LLP incorporated in England and Wales. The registered office is Rosedown Farm, Sandford Orcas, SHERBORNE, Dorset, DT9 4SX.

 

The LLP's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This limited liability partnership is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this limited liability partnership, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The limited liability partnership has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the limited liability partnership are consolidated in the financial statements of Pearce Seeds (Holdings) Limited. These consolidated financial statements are available from its registered office, Rosedown, Sandford Orcas, Sherborne, Dorset, DT9 4SX.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

 

Turnover also represents amounts receivable for goods net of VAT and trade discounts. Turnover is recognised on delivery of goods to customers.

If, at the Balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the LLP), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Balance sheet date are carried forward as work in progress.

PEARCE SEEDS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The LLP has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the LLP's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

PEARCE SEEDS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the LLP transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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. Amounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

PEARCE SEEDS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the LLP is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the LLP's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Bad debt provision

Aged debt is constantly managed and behaviour of known bad debtors is reviewed throughout the year. Provisions are made where recovery is uncertain on a case by case basis and where other information comes to the attention of the company indicating that debtors may default. The carrying amount of trade debtors as at 31 December 2024 was £2,195,355 (2023: £2,183,048), stated after deduction of a bad debt provision of £64,257 (2023: £58,960).

Stock provision

Where estimated selling price less costs to complete and sell is lower than cost, a stock provision will be recorded. The estimated selling price is determined with reference to market values. The stock provision at 31 December 2024 was £34,737 (2023: £26,729).

PEARCE SEEDS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
3
Turnover

An analysis of the LLP's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sale of goods
21,892,010
21,852,497
Sale of services
279,429
199,417
22,171,439
22,051,914
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
22,171,439
22,051,914
2024
2023
£
£
Other significant revenue
Interest income
30,406
12,496
4
Auditor's remuneration
2024
2023
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
17,250
16,935
5
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Research and development costs
49,140
52,749
Cost of stocks recognised as an expense
17,307,957
17,613,733
Operating lease charges
186,570
129,702
PEARCE SEEDS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
6
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Warehouse
6
9
Distribution
12
8
Administration & Finance
12
10
Sales
15
14
Total
45
41

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,904,131
1,766,385
Social security costs
196,551
158,617
Pension costs
109,969
93,651
2,210,651
2,018,653
7
Members' remuneration
2024
2023
Number
Number
Average number of members during the year
6
6
2024
2023
£
£
Profit attributable to the member with the highest entitlement
156,043
158,513
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
30,406
12,496
PEARCE SEEDS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
218,586
181,547
10
Amounts written off investments
2024
2023
£
£
Amounts written back to/(written off) current loans
-
(63,097)

A loan to a company under common control was written off in the year ended 31 December 2023 where the company was struck off during the year.

11
Stocks
2024
2023
£
£
Finished goods and goods for resale
3,917,072
4,334,893
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,195,353
2,183,047
Amounts owed by group undertakings
340,504
614,363
Other debtors
280,753
662,181
Prepayments and accrued income
23,775
28,534
2,840,385
3,488,125
13
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
3,263,832
3,229,049
Payable within one year
3,263,832
3,229,049
PEARCE SEEDS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
13
3,263,832
3,229,049
Trade creditors
1,754,454
2,319,277
Other taxation and social security
64,079
54,116
Other creditors
142,362
94,794
Accruals and deferred income
516,239
905,095
5,740,966
6,602,331

The bank loans and overdrafts are secured by an unlimited cross guarantee given by each member of the Pearce Group. This includes Pearce Seeds (Holdings) Limited, a designated member of the partnership.

15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
109,969
93,651

The LLP operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the LLP in an independently administered fund.

At the year end, £33,302 (2023: £38,333) was due in respect of pension liabilities.

16
Loans and other debts due to members
2024
2023
£
£
Analysis of loans
Amounts falling due within one year
1,022,447
1,248,461

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

17
Financial commitments, guarantees and contingent liabilities

The LLP has entered into an unlimited cross guarantee in respect of the combined bank borrowings of each member of the Pearce Group. At 31 December 2024, the bank borrowings under the guarantee totalled £3,263,832 (2023- £3,229,049).

PEARCE SEEDS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
18
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
24,657
37,500
Between two and five years
30,309
6,000
54,966
43,500
19
Related party transactions
Transactions with related parties

During the year the limited liability partnership entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the LLP
377,864
260,997
1,117,604
1,062,950
Key management personnel
5,427
3,885
5,894
6,158
Rent paid
2024
2023
£
£
Entities with control, joint control or significant influence over the LLP
181,056
94,247

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the LLP
38,717
94,794
PEARCE SEEDS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Related party transactions
(Continued)
- 20 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the LLP
474,988
732,753
Other information

Balances disclosed above are interest free and are repayable on demand.

20
Ultimate controlling party

Pearce Seeds LLP is a subsidiary company of Pearce Seeds (Holdings) Limited, and consolidated accounts are available from the registered office: Rosedown Farm, Sandford Orcas, Sherborne, Dorset, DT9 4SX.

The ultimate controlling party is Kenneth Tuffin and Christine Tuffin by virtue of their majority shareholding of the called up share capital of Pearce Seeds (Holdings) Limited.

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