Plant Life Controls Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02559894 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2019

for

Plant Life Controls Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M.T. Johnson

SECRETARY:

Mrs S Johnson

REGISTERED OFFICE:

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

REGISTERED NUMBER:

02559894 (England and Wales)

ACCOUNTANTS:

Voisey & Co

Chartered Accountants

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

CURRENT ASSETS

Stocks

15,167

2,350

Debtors

5

1,683

12,732

Cash at bank

109,704

75,957

126,554

91,039

CREDITORS

Amounts falling due within one year

6

(40,189

)

(17,523

)

NET CURRENT ASSETS

86,365

73,516

TOTAL ASSETS LESS CURRENT LIABILITIES

86,365

73,516

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

8

86,265

73,416

SHAREHOLDERS' FUNDS

86,365

73,516

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 9 September 2019 and were signed by:

M.T. Johnson - Director

1.	STATUTORY INFORMATION

Plant Life Controls Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that are

considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised where the revision affects only that period, or in the

period of the revision and future periods where the revision affects both current and future periods.

Changes in accounting policies

At the time of approving the financial statements, the directors have a reasonable expectation that the company

has adequate resources to continue in operational existence for the foreseeable future. Thus the directors

continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Sales of goods are recognised when the goods are delivered, sales of services are recognised when the service

has been provided.

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:

Computer equipment

20% on cost

Fixtures and fittings

20% on cost

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.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets

to determine whether there is any indication that those as

Stocks

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and

sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have

been incurred in bringing the stocks to their present location and condition.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank,

other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

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 statement of financial position 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 enforcible right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the net asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised costs using the effective interest

method 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. Financial assets classified as

receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint

ventures, are initially measured at fair value, which is normally the transaction price. Such assets are

subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that

investments in equity instruments that are not publically traded and whose fair values cannot be measured

reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of

impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that

occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 asset's original effective interest rate. The impairment loss is

recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are

settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership

to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has

transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference

shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts 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 creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or

cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of

the company.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported

in the profit and loss account because it excludes items of income and expense that are taxable or deductible in

other years and it further excludes items that are never taxable or deductible. The company's liability for current

tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill

or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor

the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it

is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be

recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is

settled or the asset is realised. Deferred tax is charged or credited in the profit or loss account, except when it

relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current

tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Foreign currencies

Transactions in foreign currency are translated at exchange rates approximating to the rate ruling at the date of

the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are

translated at the foreign exchange rate ruling at that date. Foreign exchange differences are recognised in the

profit and loss account.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 March 2018

and 28 February 2019

28,367

400

15,021

43,788

DEPRECIATION

At 1 March 2018

and 28 February 2019

28,367

400

15,021

43,788

NET BOOK VALUE

At 28 February 2019

-

-

-

-

At 28 February 2018

-

-

-

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.19

28.2.18

£

£

Trade debtors

14

11,458

Prepayments and accrued income

1,669

1,274

1,683

12,732

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.19

28.2.18

£

£

Trade creditors

3,388

516

Tax

7,997

4,746

Social security and other taxes

1,567

4,044

Directors' current accounts

23,888

5,084

Accrued expenses

3,349

3,133

40,189

17,523

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.19

28.2.18

value:

£

£

100

Ordinary

1

100

100

8.

RESERVES

Retained

earnings

£

At 1 March 2018

73,416

Profit for the year

33,849

Dividends

(21,000

)

At 28 February 2019

86,265