CN Seeds Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 04783634

CN Seeds Limited

Filleted Unaudited Financial Statements

For the year ended

31 October 2021

CN Seeds Limited

Statement of Financial Position

31 October 2021

	2021		2020
Note	£	£	£	£

Fixed assets

Intangible assets	5	33,670	64,102
Tangible assets	6	1,345,452	825,352
Investments	7	50	50
		------------	---------
		1,379,172	889,504

Current assets

Stocks		2,363,181	2,405,539
Debtors	8	3,783,294	2,984,365
Cash at bank and in hand		716,973	2,024,774
		------------	------------
		6,863,448	7,414,678

Creditors: amounts falling due within one year	9	2,778,282		2,349,261
		------------		------------
Net current assets			4,085,166		5,065,417
			------------		------------
Total assets less current liabilities			5,464,338		5,954,921

Creditors: amounts falling due after more than one year	10		37,398		–

Provisions

Taxation including deferred tax	272,165	110,137
	------------	------------
Net assets	5,154,775	5,844,784
	------------	------------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	5,153,775	5,843,784
	------------	------------
Shareholders funds	5,154,775	5,844,784
	------------	------------

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 October 2021 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 .

CN Seeds Limited

Statement of Financial Position (continued)

31 October 2021

These financial statements were approved by the board of directors and authorised for issue on 29 July 2022 , and are signed on behalf of the board by:

Mr D Nye

Director

Company registration number: 04783634

CN Seeds Limited

Notes to the Financial Statements

Year ended 31 October 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 18 Main Street, Pymoor, Ely, CB6 2ED.

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

Revenue recognition

The turnover shown in the profit and loss account represents goods sold during the year, exclusive of Value Added Tax.

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	10% straight line
Software costs	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research and development expenditure is written off in the period in which it is incurred.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Freehold land and buildings	-	10% straight line or 15% reducing balance (Freehold land not depreciated)
Office equipment	-	20% straight line
Motor vehicles	-	25% reducing balance
Plant, machinery and equipment	-	15% - 20% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 37 (2020: 36 ).

5. Intangible assets

	Goodwill	Software	Total
	£	£	£
Cost
At 1 November 2020	50,000	170,909	220,909
Additions	–	4,500	4,500
	--------	---------	---------
At 31 October 2021	50,000	175,409	225,409
	--------	---------	---------
Amortisation
At 1 November 2020	50,000	106,807	156,807
Charge for the year	–	34,932	34,932
	--------	---------	---------
At 31 October 2021	50,000	141,739	191,739
	--------	---------	---------
Carrying amount
At 31 October 2021	–	33,670	33,670
	--------	---------	---------
At 31 October 2020	–	64,102	64,102
	--------	---------	---------

6. Tangible assets

	Land and buildings	Office equipment	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 November 2020	459,309	–	416	959,432	1,419,157
Additions	–	1,779	200,623	460,800	663,202
	---------	-------	---------	------------	------------
At 31 October 2021	459,309	1,779	201,039	1,420,232	2,082,359
	---------	-------	---------	------------	------------
Depreciation
At 1 November 2020	175,671	–	255	417,879	593,805
Charge for the year	26,846	30	17,931	98,295	143,102
	---------	-------	---------	------------	------------
At 31 October 2021	202,517	30	18,186	516,174	736,907
	---------	-------	---------	------------	------------
Carrying amount
At 31 October 2021	256,792	1,749	182,853	904,058	1,345,452
	---------	-------	---------	------------	------------
At 31 October 2020	283,638	–	161	541,553	825,352
	---------	-------	---------	------------	------------

Included within land and buildings above is land of £113,499 which is not depreciated (2020: £113,499).

7. Investments

	Other investments other than loans
	£
Cost
At 1 November 2020 and 31 October 2021	50
	----
Impairment
At 1 November 2020 and 31 October 2021	–
	----

Carrying amount
At 31 October 2021	50
	----
At 31 October 2020	50
	----

8. Debtors

	2021	2020
	£	£
Trade debtors	2,849,336	1,309,588
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	965,437
Other debtors	933,958	709,340
	------------	------------
	3,783,294	2,984,365
	------------	------------

The debtors above include the following amounts falling due after more than one year:

	2021	2020
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	700,000
	----	---------

9. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	529,817	1,006,839
Amounts owed to group undertakings and undertakings in which the company has a participating interest	798,918	–
Social security and other taxes	24,016	23,207
Other creditors	1,425,531	1,319,215
	------------	------------
	2,778,282	2,349,261
	------------	------------

Included within the liabilities disclosed above under other creditors is an amount of £18,629 (2020: £46,870) for which security over the assets to which the liability relates has been given.

10. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Other creditors	37,398	–
	--------	----

Included within the liabilities disclosed above under other creditors is an amount of £37,398 (2020: £Nil) for which security over the assets to which the liability relates has been given.

11. Directors' advances, credits and guarantees

During the year the company operated a loan account on behalf of a director:

	2021	2020
	£	£
Advances	445,476	254,761
Repayments	445,476	710,720

Interest has been charged at the official HMRC rate on any overdrawn balances. During the year the company operated a loan account on behalf of a director:

	2021	2020
	£	£
Advances	–	229,976
Repayments	–	229,976

Interest has been charged at the official HMRC rate on any overdrawn balances.