Plandescil Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01447113 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2019

FOR

PLANDESCIL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J R Riley

S J Riley

Mrs S A Riley

A J Briggs

M J Hare

Mrs S V Hare

C S Jenkins

O A Jones

R P Simmons

SECRETARY:

S J Riley

REGISTERED OFFICE:

42-44 Connaught Road

Attleborough

Norfolk

NR17 2BW

REGISTERED NUMBER:

01447113 (England and Wales)

ACCOUNTANTS:

Quinneys

Chartered Certified Accountants

Saxon House

Hellesdon Park Road

Norwich

Norfolk

NR6 5DR

FIXED ASSETS

Tangible assets

4

139,296

120,139

CURRENT ASSETS

Stocks

291,416

231,135

Debtors

5

417,323

437,078

Cash at bank and in hand

412,101

294,104

1,120,840

962,317

CREDITORS

Amounts falling due within one year

6

435,366

371,070

NET CURRENT ASSETS

685,474

591,247

TOTAL ASSETS LESS CURRENT LIABILITIES

824,770

711,386

PROVISIONS FOR LIABILITIES

23,370

18,999

NET ASSETS

801,400

692,387

CAPITAL AND RESERVES

Called up share capital

40

40

Retained earnings

801,360

692,347

SHAREHOLDERS' FUNDS

801,400

692,387

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 30 July 2020 and were signed on its behalf by:

Mrs S A Riley - Director

1.	STATUTORY INFORMATION

Plandescil 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.

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.

Turnover

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

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

20% on cost

Plant and machinery etc

-

100% on cost, 25% on cost, 20% on cost and 15% on cost

Stocks and work in progress

Work in progress is valued at selling price.

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 or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Pension costs and other post-retirement benefits

The company operates defined contribution pension schemes for its directors and employees. The assets of

the schemes are held separately from those of the company in independently administered funds.

Contributions payable for the year are charged in the profit and loss account.

Share-based payments

For equity-settled share-based payment transactions, an entity shall measure the goods or services received,

and the corresponding increase in equity, directly, at the fair value of the goods or services received, unless

that fair value cannot be estimated reliably. If the entity cannot estimate reliably the fair value of the goods or

services received, the entity shall measure their value, and the corresponding increase in equity, indirectly, by

reference to the fair value of the equity instruments granted.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2018 - 42 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 November 2018

26,849

460,465

487,314

Additions

-

98,034

98,034

Disposals

-

(62,447

)

(62,447

)

At 31 October 2019

26,849

496,052

522,901

DEPRECIATION

At 1 November 2018

26,849

340,326

367,175

Charge for year

-

78,877

78,877

Eliminated on disposal

-

(62,447

)

(62,447

)

At 31 October 2019

26,849

356,756

383,605

NET BOOK VALUE

At 31 October 2019

-

139,296

139,296

At 31 October 2018

-

120,139

120,139

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

329,059

396,478

Other debtors

88,264

40,600

417,323

437,078

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

17,987

17,795

Taxation and social security

144,153

179,174

Other creditors

273,226

174,101

435,366

371,070

7.	RELATED PARTY DISCLOSURES

At the balance sheet date there existed loans from the directors and members of their immediate family

totalling £31,788 (2018: £39,188), in respect of funds introduced to cover business expenditure.

The premises from which the business operates in Attleborough is owned by certain directors and leased to

the company. Rent paid for the year amounted to £24,000 (2018: £24,000).

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the company is the board of directors.

9.	EMPLOYEE OWNERSHIP TRUST

In July 2016 the entire issued share capital of Plandescil Limited was sold and is now an "employee owned"

company. To achieve this aim a new trustee company named Plandescil Trustees Limited was incorporated

which acts as trustee of the Plandescil employee ownership trust ("EOT"). The EOT now owns approximately

100% of the share capital of Plandescil Limited.

To fund the acquisition of the shares in Plandescil Ltd by the EOT the previous majority shareholders have

advanced a loan which is held within the EOT. The loan is repayable by Plandescil Ltd at minimum annual

instalments of £100,000 for a period of up to 9 years. The amount of loan outstanding as at the balance sheet

date was £Nil (2018: £240,000).

Payments made to the EOT have been disclosed as a gifts of profits from the company, disclosure is made via

the reconciliation of movement of shareholders' funds.

It has been determined that the EOT has the legal and beneficial ownership of the shares of Plandescil Limited

as a result of the influence that it has over the future direction of the company. As a result of this fact the

above loans have not been recognized as a liability within the Plandescil Limited accounts.

10.	SHARE BASED PAYMENTS - EMPLOYEE SHARE OPTIONS

The number of options issued is set out below:

2019 2018

No. No.

Outstanding at the beginning of the year 10,000 10,000

Granted in the year -

Outstanding at the end of the year 10,000 10,000

The company is unable to directly measure the fair value of employee services received. Given the change of

ownership of the company, the director's believe that future profitability will be withdrawn as remuneration

by directors and employees which in turn will effect any significant increase in value of the company. In view of

this it is thought that the fair value of employees services received by the company will be reflected in its

accounts with negligible additional cost as a result of share options exercised. .