Company registration number SC117790 (Scotland)
ALEXANDER HARLEY SEEDS (MILNATHORT) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
ALEXANDER HARLEY SEEDS (MILNATHORT) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ALEXANDER HARLEY SEEDS (MILNATHORT) LIMITED
BALANCE SHEET
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,121,998
3,917,321
Current assets
Stocks
502,608
360,516
Debtors
4
2,313,175
1,546,161
Cash at bank and in hand
2,229
1,469
2,818,012
1,908,146
Creditors: amounts falling due within one year
5
(5,495,281)
(4,541,538)
Net current liabilities
(2,677,269)
(2,633,392)
Net assets
1,444,729
1,283,929
Capital and reserves
Called up share capital
6
50,000
50,000
Profit and loss reserves
1,394,729
1,233,929
Total equity
1,444,729
1,283,929
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
D J Harley
Director
Company registration number SC117790 (Scotland)
ALEXANDER HARLEY SEEDS (MILNATHORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
Alexander Harley Seeds (Milnathort) Limited is a private company limited by shares incorporated in Scotland. The registered office is Thomanean, Milnathort, Kinross, KY13 0RF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Alexander Harley Seeds (Milnathort) Limited is a wholly owned subsidiary of Alexander Harley Seeds Limited and the results of Alexander Harley Seeds (Milnathort) Limited are included in the consolidated financial statements of Alexander Harley Seeds Limited which are available from Thomanean, Milnathort, Kinross, KY13 0RF.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.true Alexander Harley Seeds Limited, the parent company, have pledged their support to the company, both financially and otherwise, for a period of at least 12 months from the date of approval of these financial statements. As a result, the directors consider it appropriate to prepare the accounts on a going concern basis.
1.3
Turnover
The turnover shown in the profit and loss account represents amounts invoiced for cereal seed, feed and drying in the year exclusive of Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% reducing balance and 3.33% straight line
Fixtures and fittings
20% reducing balance
Motor vehicles
25% reducing balance
Assets under construction are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ALEXANDER HARLEY SEEDS (MILNATHORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost comprises all direct costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow moving stock where appropriate.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Debtors with no stated interest rate or receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
All interest bearing loans and borrowing which are basic financial instruments are initially recorded at the present value of cash payable. After initial recognition they are measured at amortised cost.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
ALEXANDER HARLEY SEEDS (MILNATHORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
18
17
3
Tangible fixed assets
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
1,524,073
2,994,326
19,753
84,324
4,622,476
Additions
267,077
61,564
71,591
400,232
Disposals
(21,290)
(2,746)
(24,036)
Transfers
(1,791,150)
1,791,150
At 30 June 2023
4,825,750
19,753
153,169
4,998,672
Depreciation and impairment
At 1 July 2022
657,350
7,375
40,430
705,155
Depreciation charged in the year
155,480
2,425
26,089
183,994
Eliminated in respect of disposals
(10,075)
(2,400)
(12,475)
At 30 June 2023
802,755
9,800
64,119
876,674
Carrying amount
At 30 June 2023
4,022,995
9,953
89,050
4,121,998
At 30 June 2022
1,524,073
2,336,976
12,378
43,894
3,917,321
ALEXANDER HARLEY SEEDS (MILNATHORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
318,587
98,975
Amounts owed by group undertakings
1,800,000
1,300,000
Other debtors
194,588
147,186
2,313,175
1,546,161
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,994,118
3,492,302
Trade creditors
246,941
357,587
Amounts owed to group undertakings
1,109,188
600,000
Taxation and social security
8,539
10,383
Other creditors
136,495
81,266
5,495,281
4,541,538
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
7
Financial commitments, guarantees and contingent liabilities
The company is party to a cross guarantee between Senova Ltd, Alexander Harley Seeds (Milnathort) Limited, Gentech Propagation Ltd, Cygnet Potato Breeders Ltd, George Colliar Ltd and Alexander Seeds Limited with respect to the group overdraft facility. Clydesdale Bank PLC holds a floating charge across all assets of the group, as well as a standard security over the group properties at Blairfield and Easter Balgedie Farm in Kinross and Scooniehill and East Carngour in St Andrews.
8
Related party transactions
The directors are of the opinion that transactions with the parent company and fellow group subsidiaries are
conducted under normal market conditions and on an arm's length basis and therefore do not need to be
disclosed under FRS 102 section 1A appendix C.
ALEXANDER HARLEY SEEDS (MILNATHORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
9
Prior period adjustment
Reconciliation of changes in equity
1 July
30 June
2021
2022
Notes
£
£
Adjustments to prior year
Consortium relief
1
(107,755)
(107,755)
Equity as previously reported
1,309,053
1,391,684
Equity as adjusted
1,201,298
1,283,929
Analysis of the effect upon equity
Profit and loss reserves
(107,755)
(107,755)
Notes to reconciliation
1 - Consortium relief
A prior year adjustment has been raised to reflect excess consortium relief surrendered relating to periods pre 30 June 2021.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Iain Binnie
Statutory Auditor:
MHA MacIntyre Hudson
Date of audit report:
28 March 2024