Company Registration No. 06268559 (England and Wales)
South West Seeds (cornwall) Limited
Unaudited accounts
for the year ended 30 June 2026
South West Seeds (cornwall) Limited
Unaudited accounts
Contents
South West Seeds (cornwall) Limited
Company Information
for the year ended 30 June 2026
Directors
Stephen Pearce
Richard Michael Latham Jones
Company Number
06268559 (England and Wales)
Registered Office
Treswarrow Farm
St Endellion
Port Isaac
PL29 3TN
Accountants
McWhite Tax and Accounts
134 Dunstone View
Plymstock
PLYMOUTH
Devon
PL9 8QW
South West Seeds (cornwall) Limited
Statement of financial position
as at 30 June 2026
Tangible assets
370,796
397,177
Inventories
94,898
101,298
Cash at bank and in hand
70,574
46,422
Creditors: amounts falling due within one year
(294,419)
(221,917)
Net current (liabilities)/assets
(15,010)
33,806
Total assets less current liabilities
356,231
431,028
Creditors: amounts falling due after more than one year
(33,813)
(63,861)
Provisions for liabilities
Deferred tax
(92,000)
(99,000)
Net assets
230,418
268,167
Called up share capital
202
202
Revaluation reserve
254,140
254,140
Profit and loss account
(23,924)
13,825
Shareholders' funds
230,418
268,167
For the year ending 30 June 2026 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2026 and were signed on its behalf by
Richard Michael Latham Jones
Director
Company Registration No. 06268559
South West Seeds (cornwall) Limited
Notes to the Accounts
for the year ended 30 June 2026
South West Seeds (cornwall) Limited is a private company, limited by shares, registered in England and Wales, registration number 06268559. The registered office is Treswarrow Farm, St Endellion, Port Isaac, PL29 3TN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents net invoiced sales of goods and the provision of seed cleaning services, excluding value added tax. The revenue is recognised once the product and/or service has been delivered to the client.
The company recognises revenue when the following conditions are satisfied:
i. The Company has transferred to the buyer the significant risks and rewards of ownership of the goods or service;
ii. The Company retains neither the continuing managerial involvement to the degree associated with ownership nor effective control over the goods or services sold;
iii. The amount of revenue can be measured reliably;
iv. It is probable that the economic benefits associated with the transaction can be measured reliably.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any changes is accounted for prospectively.
Plant & machinery
10% reducing balance
Motor vehicles
25% reducing balance
Computer equipment
3 years straight-line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, has been amortised evenly over its estimated useful life of ten years.
South West Seeds (cornwall) Limited
Notes to the Accounts
for the year ended 30 June 2026
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Investments in shares are included at fair value.
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.
Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.
Deferred tax is calculated 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.
The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).
South West Seeds (cornwall) Limited
Notes to the Accounts
for the year ended 30 June 2026
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 assets 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.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or
(b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, 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 receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
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Intangible fixed assets
Goodwill
South West Seeds (cornwall) Limited
Notes to the Accounts
for the year ended 30 June 2026
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 July 2025
409,588
92,295
14,010
515,893
Additions
33,145
2,755
945
36,845
Disposals
-
(12,995)
(590)
(13,585)
At 30 June 2026
442,733
82,055
14,365
539,153
At 1 July 2025
77,375
32,174
9,167
118,716
Charge for the year
36,536
13,283
3,589
53,408
On disposals
-
(3,249)
(518)
(3,767)
At 30 June 2026
113,911
42,208
12,238
168,357
At 30 June 2026
328,822
39,847
2,127
370,796
At 30 June 2025
332,213
60,121
4,843
397,177
In 2023 all fixed asset groups were subject to a revaluation exercise by the directors and were revalued to reflect their market values as at 30th June 2023
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
25,515
28,350
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Investments
Other investments
Valuation at 1 July 2025
45
Valuation at 30 June 2026
445
Amounts falling due within one year
Trade debtors
94,684
82,563
Accrued income and prepayments
4,590
4,279
South West Seeds (cornwall) Limited
Notes to the Accounts
for the year ended 30 June 2026
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Creditors: amounts falling due within one year
2026
2025
Bank loans and overdrafts
15,462
21,148
Obligations under finance leases and hire purchase contracts
4,947
6,841
Trade creditors
219,778
145,036
Taxes and social security
762
3,300
Other creditors
13,784
7,990
Loans from directors
35,100
35,997
Included in creditors due within one year are liabilities of the company in respect of bank loans and hire purchase contracts as follows:
Bank loans - £15,462
Hire purchase contracts - £4,947
Total - £20,409
Hire purchase contracts are secured over the asset to which they relate.
Bank loans are secured by way of a fixed and floating charge over the undertakings of the company.
9
Creditors: amounts falling due after more than one year
2026
2025
Obligations under finance leases and hire purchase contracts
17,768
31,373
Included in creditors due after one year are liabilities of the company in respect of bank loans and hire purchase contracts as follows:
Bank loans - £16,045
Hire purchase contracts - £17,768
Total - £33,813
Hire purchase contracts are secured over the asset to which they relate.
Bank loans are secured by way of a fixed and floating charge over the undertakings of the company.
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Average number of employees
During the year the average number of employees was 9 (2025: 9).