CN Seeds Limited Company accounts

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COMPANY REGISTRATION NUMBER: 04783634

CN Seeds Limited

Unaudited Financial Statements

For the year ended

31 October 2022

CN Seeds Limited

Financial Statements

Year ended 31 October 2022

Contents	Pages

Officers and professional advisers	1

Directors' report	2

Statement of income and retained earnings	3

Statement of financial position	4 to 5

Notes to the financial statements	6 to 11

The following pages do not form part of the financial statements

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	13

CN Seeds Limited

Officers and Professional Advisers

THE BOARD OF DIRECTORS	Mr C J Nye
	Mrs G Nye
	Mr D Nye
	Mrs S Nye

COMPANY SECRETARY	Mrs G Nye

REGISTERED OFFICE	18 Main Street
	Pymoor
	Ely
	CB6 2ED

ACCOUNTANTS	Streets
	Chartered Accountants
	3 Wellbrook Court
	Girton
	Cambridge
	CB3 0NA

CN Seeds Limited

Directors' Report

Year ended 31 October 2022

The directors present their report and the unaudited financial statements of the company for the year ended 31 October 2022 .

Directors

The directors who served the company during the year were as follows:

Mr C J Nye
Mrs G Nye
Mr D Nye
Mrs S Nye

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 25 July 2023 and signed on behalf of the board by:

Mr C J Nye

Director

CN Seeds Limited

Statement of Income and Retained Earnings

Year ended 31 October 2022

	2022	2021
Note	£	£
Turnover	9,574,178	9,944,676

Cost of sales	4,536,622	4,578,431
	------------	------------
Gross profit	5,037,556	5,366,245

Administrative expenses	2,301,455	2,326,794
Other operating income	330,454	251,393
	------------	------------
Operating profit	3,066,555	3,290,844

Other interest receivable and similar income		1,965	4,715
Interest payable and similar expenses		–	1,374
		------------	------------
Profit before taxation	5	3,068,520	3,294,185

Tax on profit	346,133	484,194
	------------	------------
Profit for the financial year and total comprehensive income	2,722,387	2,809,991
	------------	------------

Dividends paid and payable	( 4,000,000)	( 3,500,000)

Retained earnings at the start of the year	5,153,775	5,843,784
	------------	------------
Retained earnings at the end of the year	3,876,162	5,153,775
	------------	------------

All the activities of the company are from continuing operations.

CN Seeds Limited

Statement of Financial Position

31 October 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Intangible assets	6	18,710	33,670
Tangible assets	7	1,825,384	1,345,452
Investments	8	50	50
		------------	------------
		1,844,144	1,379,172

Current assets

Stocks		2,367,393	2,363,181
Debtors	9	4,087,096	3,783,294
Cash at bank and in hand		466,703	716,973
		------------	------------
		6,921,192	6,863,448

Creditors: amounts falling due within one year	10	4,430,457		2,778,282
		------------		------------
Net current assets			2,490,735		4,085,166
			------------		------------
Total assets less current liabilities			4,334,879		5,464,338

Creditors: amounts falling due after more than one year	11		53,159		37,398

Provisions

Taxation including deferred tax	404,558	272,165
	------------	------------
Net assets	3,877,162	5,154,775
	------------	------------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	3,876,162	5,153,775
	------------	------------
Shareholders funds	3,877,162	5,154,775
	------------	------------

These financial statements have been prepared 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'.

For the year ending 31 October 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 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 2022

These financial statements were approved by the board of directors and authorised for issue on 25 July 2023 , 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 2022

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 40 (2021: 37 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2022	2021
	£	£
Amortisation of intangible assets	14,960	34,932
Depreciation of tangible assets	268,091	143,102
	---------	---------

6. Intangible assets

	Goodwill	Software	Total
	£	£	£
Cost
At 1 November 2021 and 31 October 2022	50,000	175,409	225,409
	--------	---------	---------
Amortisation
At 1 November 2021	50,000	141,739	191,739
Charge for the year	–	14,960	14,960
	--------	---------	---------
At 31 October 2022	50,000	156,699	206,699
	--------	---------	---------
Carrying amount
At 31 October 2022	–	18,710	18,710
	--------	---------	---------
At 31 October 2021	–	33,670	33,670
	--------	---------	---------

7. Tangible assets

	Land and buildings	Office equipment	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 November 2021	459,309	1,779	201,039	1,420,232	2,082,359
Additions	6,115	13,031	99,190	746,352	864,688
Disposals	–	–	–	( 327,650)	( 327,650)
	---------	--------	---------	------------	------------
At 31 October 2022	465,424	14,810	300,229	1,838,934	2,619,397
	---------	--------	---------	------------	------------
Depreciation
At 1 November 2021	202,517	30	18,186	516,174	736,907
Charge for the year	25,013	1,957	57,469	183,652	268,091
Disposals	–	–	–	( 210,985)	( 210,985)
	---------	--------	---------	------------	------------
At 31 October 2022	227,530	1,987	75,655	488,841	794,013
	---------	--------	---------	------------	------------
Carrying amount
At 31 October 2022	237,894	12,823	224,574	1,350,093	1,825,384
	---------	--------	---------	------------	------------
At 31 October 2021	256,792	1,749	182,853	904,058	1,345,452
	---------	--------	---------	------------	------------

Included within land and buildings above is land of £113,499 which is not depreciated (2021: £113,499).

8. Investments

	Other investments other than loans
	£
Cost
At 1 November 2021 and 31 October 2022	50
	----
Impairment
At 1 November 2021 and 31 October 2022	–
	----

Carrying amount
At 31 October 2022	50
	----
At 31 October 2021	50
	----

9. Debtors

	2022	2021
	£	£
Trade debtors	3,190,337	2,849,336
Other debtors	896,759	933,958
	------------	------------
	4,087,096	3,783,294
	------------	------------

10. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	611,899	529,817
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,885,524	798,918
Social security and other taxes	31,642	24,016
Other creditors	1,901,392	1,425,531
	------------	------------
	4,430,457	2,778,282
	------------	------------

Included within the liabilities disclosed above under other creditors is an amount of £53,229 (2021: £18,629) for which security over the assets to which the liability relates has been given.

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

	2022	2021
	£	£
Other creditors	53,159	37,398
	--------	--------

Included within the liabilities disclosed above under other creditors is an amount of £53,159 (2021: £37,398) for which security over the assets to which the liability relates has been given.

12. Directors' advances, credits and guarantees

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

	2022	2021
	£	£
Advances	339,844	445,476
Repayments	339,844	445,476

Interest has been charged at the official HMRC rate on any overdrawn balances exceeding £10,000.

CN Seeds Limited

Management Information

Year ended 31 October 2022

The following pages do not form part of the financial statements.

CN Seeds Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of CN Seeds Limited

Year ended 31 October 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CN Seeds Limited for the year ended 31 October 2022, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the directors of CN Seeds Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of CN Seeds Limited and state those matters that we have agreed to state to you, as a body, in the report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CN Seeds Limited and its directors, as a body, for our work or for this report.

It is your duty to ensure that CN Seeds Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of CN Seeds Limited. You consider that CN Seeds Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of CN Seeds Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Streets Chartered Accountants

3 Wellbrook Court Girton Cambridge CB3 0NA