Company No: 09506669 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	C G Bourne
	E L S Bourne
	D W Langmead
	E C P Marley
	F D Marley

REGISTERED OFFICE	Centenary House Peninsula Park
	Rydon Lane
	Exeter
	EX2 7XE
	United Kingdom

BUSINESS ADDRESS	Ashcombe Road
	Dawlish
	Devon
	EX7 0QP

COMPANY NUMBER

09506669 (England and Wales)

CHARTERED ACCOUNTANTS	Francis Clark LLP
	Centenary House
	Peninsula Park
	Rydon Lane
	Exeter
	Devon EX2 7XE

	Note	2022		2021
		£		£
Fixed assets
Intangible assets	3	110,000		165,000
Investments	4	467,403		467,403
		577,403		632,403
Current assets
Debtors
- due within one year	5	246,283		777,129
- due after more than one year	5	40,000		40,000
Cash at bank and in hand		519,199		23,014
		805,482		840,143
Creditors: amounts falling due within one year	6	( 331,665)		( 718,538)
Net current assets		473,817		121,605
Total assets less current liabilities		1,051,220		754,008
Creditors: amounts falling due after more than one year	7	0		( 98,725)
Net assets		1,051,220		655,283
Capital and reserves
Called-up share capital	8	400		400
Share premium account		419,780		419,780
Other reserves		21,276		21,276
Profit and loss account		609,764		213,827
Total shareholders' funds		1,051,220		655,283

For the financial year ending 31 December 2022 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Plant Genetics International Limited (registered number: 09506669) were approved and authorised for issue by the Board of Directors on 07 July 2023. They were signed on its behalf by:

E C P Marley Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Plant Genetics International Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom. The principal place of business is Ashcombe Road, Dawlish, Devon, EX7 0QP.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT, returns, rebates and trade discounts and after eliminating sales within the company. Turnover is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

10 years straight line

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments

Investments in subsidiary undertakings are recognised at cost.

Other Reserves

The company has a long term loan which is classified as a financing arrangement. The difference between the initial consideration and the present value of future payments, discounted at a market rate of interest, has been credited to 'other reserves'. Amounts equivalent to the notional interest charge are transferred between reserves until the loans are repaid.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	5		5

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 January 2022	550,000		550,000
At 31 December 2022	550,000		550,000
Accumulated amortisation
At 01 January 2022	385,000		385,000
Charge for the financial year	55,000		55,000
At 31 December 2022	440,000		440,000
Net book value
At 31 December 2022	110,000		110,000
At 31 December 2021	165,000		165,000

4. Fixed asset investments

Investments in subsidiaries

	2022
	£
Cost
At 01 January 2022	467,403
At 31 December 2022	467,403
Carrying value at 31 December 2022	467,403
Carrying value at 31 December 2021	467,403

5. Debtors

	2022		2021
	£		£
Debtors: amounts falling due within one year
Trade debtors	204,474		322,206
Amounts owed by Group undertakings	0		447,418
Other debtors	41,809		7,505
	246,283		777,129
Debtors: amounts falling due after more than one year
Amounts owed by Group undertakings	40,000		40,000

6. Creditors: amounts falling due within one year

	2022		2021
	£		£
Trade creditors	138,361		188,800
Amounts owed to Group undertakings	150,100		469,129
Accruals	1,475		1,500
Corporation tax	29,182		28,900
Other taxation and social security	12,547		22,884
Other creditors	0		7,325
	331,665		718,538

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

	2022		2021
	£		£
Amounts owed to Group undertakings	0		98,725

8. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
380 Ordinary A shares of £ 1.00 each	380		380
20 Ordinary B shares of £ 1.00 each	20		20
	400		400

Rights, preferences and restrictions

All rights as specified in the Companies Act 2006. Dividends may be declared separately on the Ordinary A and Ordinary B classes of shares or on one class and not the other.

9. Related party transactions

Other related party transactions

A loan for £40,000 was drawn by a related party. Interest is charged on the loan at 10% which is considered a market rate of interest.