Irish Seed Potatoes Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI015318

Irish Seed Potatoes Limited

Filleted Unaudited Financial Statements

31 July 2025

Irish Seed Potatoes Limited

Balance Sheet

31 July 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	4		36,377	–

Current assets

Debtors	5	261,879	98,977
Cash at bank and in hand		30,755	9,144
		---------	---------
		292,634	108,121

Creditors: amounts falling due within one year	6	49,256		8,624
		---------		---------
Net current assets			243,378	99,497
			---------	--------
Total assets less current liabilities			279,755	99,497

Provisions

Taxation including deferred tax	9,094	–
	---------	--------
Net assets	270,661	99,497
	---------	--------

Capital and reserves

Called up share capital	2,000	2,000
Profit and loss account	268,661	97,497
	---------	--------
Shareholders funds	270,661	99,497
	---------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 July 2025 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 financial statements for the year in question in accordance with section 476 ;

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

Irish Seed Potatoes Limited

Balance Sheet (continued)

31 July 2025

These financial statements were approved by the board of directors and authorised for issue on 28 April 2026 , and are signed on behalf of the board by:

JE Craig

Director

Company registration number: NI015318

Irish Seed Potatoes Limited

Notes to the Financial Statements

Year ended 31 July 2025

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 8 Wandsworth Drive, Belfast, BT4 2BJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have the a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year .

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor vehicles	-	25% reducing balance
Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares .

4. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 August 2024	–	777	777
Additions	45,950	–	45,950
	--------	----	--------
At 31 July 2025	45,950	777	46,727
	--------	----	--------
Depreciation
At 1 August 2024	–	777	777
Charge for the year	9,573	–	9,573
	--------	----	--------
At 31 July 2025	9,573	777	10,350
	--------	----	--------
Carrying amount
At 31 July 2025	36,377	–	36,377
	--------	----	--------
At 31 July 2024	–	–	–
	--------	----	--------

5. Debtors

	2025	2024
	£	£
Trade debtors	253,305	–
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	97,977
Other debtors	8,574	1,000
	---------	--------
	261,879	98,977
	---------	--------

6. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	525	–
Amounts owed to group undertakings and undertakings in which the company has a participating interest	18,000	8,624
Corporation tax	18,999	–
Other creditors	11,732	–
	--------	-------
	49,256	8,624
	--------	-------

7. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2025	2024
	£	£

Financial assets measured at fair value through profit or loss

Financial assets measured at fair value through profit or loss	30,755	9,144
	--------	-------

8. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2025
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
JE Craig	–	7,985	7,985
	----	-------	-------

	2024
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
JE Craig	–	–	–
	----	----	----

The loan was on an interest free basis .