Plant Genetics International Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09506669 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2019

FOR

PLANT GENETICS INTERNATIONAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D W Langmead

Mrs F D Marley

Mr E C P Marley

Mr E L S Bourne

Mrs C G Bourne

REGISTERED OFFICE:

24 Park Road South

Havant

Hampshire

PO9 1HB

BUSINESS ADDRESS:

Ashcombe Road

Dawlish

Devon

EX7 0QP

REGISTERED NUMBER:

09506669 (England and Wales)

ACCOUNTANTS:

Wilkins Kennedy

24 Park Road South

Havant

Hampshire

PO9 1HB

FIXED ASSETS

Intangible assets

4

275,000

330,000

Investments

5

467,403

105,243

742,403

435,243

CURRENT ASSETS

Debtors

6

585,538

210,083

Cash at bank

24,676

146,008

610,214

356,091

CREDITORS

Amounts falling due within one year

7

647,781

456,752

NET CURRENT LIABILITIES

(37,567

)

(100,661

)

TOTAL ASSETS LESS CURRENT LIABILITIES

704,836

334,582

CREDITORS

Amounts falling due after more than one year

8

89,547

85,283

NET ASSETS

615,289

249,299

CAPITAL AND RESERVES

Called up share capital

400

200

Share premium

419,780

59,980

Other reserves

30,454

36,362

Retained earnings

164,655

152,757

SHAREHOLDERS' FUNDS

615,289

249,299

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 3rd August 2020 and were signed on its behalf by:

Mr E C P Marley - Director

1.	STATUTORY INFORMATION

Plant Genetics International 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.

The presentation currency of the financial statements is Pound Sterling (£) and is rounded to the nearest Pound

(£).

Preparation of consolidated financial statements

The financial statements contain information about Plant Genetics International Limited as an individual

company and do not contain consolidated financial information as the parent of a group. The company is

exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated

financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Revenue recognition

Revenue is measured at the fair value of the consideration received for goods and services, net of trade

discounts and value added tax. Services include royalties for the use of Whetman Pinks Dianthus in Europe,

North America, Australia and South Africa.

Other operating income

The company charges a management charge to a subsidiary company at the end of each year. As this is not

derived from providing goods or services it is included as other operating income rather than turnover. The

amount included is the amount to which it is entitled for the period in question.

Intangible fixed assets

Intangible fixed assets relates to intellectual property acquired by the company.

The directors have considered the estimated useful economic life of the intellectual property to determine the

amortisation rate to be applied.

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

life.

Intellectual Property - 10% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments and derivative financial instruments

Financial instruments are recognised in line with Sections 11 and 12 of FRS 102.

Basic financial instrument, such as bank and cash, loans, amounts due to/from group undertakings, trade

receivables and payables are initially recognised at transaction price, unless they constitute a financing

arrangement, when the transaction is measured at the present value of the future receipts/payments discounted

at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective

interest rate method.

Derivative financial instruments are held at fair value with any gains or losses being reported in the profit and

loss. Outstanding derivatives at the reporting date are included under the appropriate format heading depending

on the nature of the derivative.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Other reserves

The company has loan notes and a long term loan which are classified as financing arrangements. 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Intellectual

property

£

COST

At 1st January 2019

and 31st December 2019

550,000

AMORTISATION

At 1st January 2019

220,000

Amortisation for year

55,000

At 31st December 2019

275,000

NET BOOK VALUE

At 31st December 2019

275,000

At 31st December 2018

330,000

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1st January 2019

105,243

Additions

362,160

At 31st December 2019

467,403

NET BOOK VALUE

At 31st December 2019

467,403

At 31st December 2018

105,243

6.

DEBTORS

2019

2018

£

£

Amounts falling due within one year:

Trade debtors

3,092

182,099

Amounts owed by group undertakings

468,851

-

Other debtors

73,595

27,984

545,538

210,083

Amounts falling due after more than one year:

Amounts owed by group undertakings

40,000

-

Aggregate amounts

585,538

210,083

Interest is charged at 10% on the loan more than one year which is considered to be market rate.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

129,326

308,085

Amounts owed to group undertakings

469,129

-

Taxation and social security

8,689

-

Other creditors

40,637

148,667

647,781

456,752

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

89,547

85,283

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more than 5 years

non-instalments

89,547

85,283

89,547

85,283

9.	RELATED PARTY DISCLOSURES

A director of the company

In 2015, the company issued a director with Loan Notes to the value of £480,000. The Loan Notes are

unsecured but guaranteed and are redeemable over a period of four years beginning on 15 April 2016. The

Loan Notes are interest free and those that are repayable after more than one year, at date of transition to FRS

102, have been classified as financing transactions on the same basis as the loan above. The present value of

the loan notes at the year end is £Nil (2018: £118,356). Notional interest of £1,644 (2018: £7,280) has been

charged during the year.

A subsidiary of the company

On 1 January 2019, the related party was acquired by the company via a share for share exchange. Following

this, the assets, liabilities and trading activities of the company were transferred to another group company at

the values included within the financial statements.

Joint venture company

A loan for £40,000 was drawn by the related party. INterest is charged on the loan at 10% which is considered

a market rate of interest.

During the period, the company invoiced a total of £17,470 to the related party as a recharge of set up costs

and loan interest up to the year end. The company were also invoiced a management charge of £30,000 from

the related party for research into plant genetics up to the year end.

At the year end, the company was owed a total of £43,008 from the related party.

10.	POST BALANCE SHEET EVENTS

Post year-end, there has been a global pandemic which is still ongoing. The company have put measures in

place to ensure that it continues to trade during and after the pandemic.