Whetman Plants International Limited - Period Ending 2020-12-31

Whetman Plants International Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Whetman Plants International Limited

Company Information

Directors

Mr E C P Marley Mrs F D Marley Ms J Strickland

Registered office

Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Accountants

Francis Clark LLP Accountant Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Whetman Plants International Limited

Balance Sheet

31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	35,042	59,906
Current assets
Stocks		271,526	126,420
Debtors	5	549,048	460,058
Cash at bank and in hand		1,088,319	609,167
		1,908,893	1,195,645
Creditors: Amounts falling due within one year	6	(854,737)	(691,928)
Net current assets		1,054,156	503,717
Total assets less current liabilities		1,089,198	563,623
Creditors: Amounts falling due after more than one year	6	(225,000)	-
Provisions for liabilities		(4,000)	(19,745)
Net assets		860,198	543,878
Capital and reserves
Called up share capital	7	100	100
Other reserves		(25,977)	(30,454)
Profit and loss account		886,075	574,232
Shareholders' funds		860,198	543,878

Whetman Plants International Limited

Balance Sheet

31 December 2020

For the financial year ending 31 December 2020 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 August 2021 and signed on its behalf by:
 

......................................... Mr E C P Marley Director

Company Registration Number: 04658520

Whetman Plants International Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

The principal place of business is:
Ashcombe Road
Dawlish
Devon
EX7 0QP

These financial statements were authorised for issue by the Board on 5 August 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Covid-19

The directors of Whetman Plants International Limited have considered the impact of Covid-19.

In the opinion of the directors, with the support of Government funding, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

Whetman Plants International Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

Changes in accounting policy

New standards, interpretations and amendments effective

The following have been applied for the first time from 1 January 2020 and have had an effect on the financial statements:

Depreciation

The directors reviewed the accounting policies and as a result the basis of depreciation was revised for each category to reflect the useful lives of the assets.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Revenue in respect of goods shipped to customers outside of the United Kingdom is recognised on dispatch.

Revenue in respect of goods shipped to customers within the United Kingdom is recognised on delivery to the customer.

Government grants

Grant income is included in other operating income, it comprises the fair value of the consideration received or receivable for the year.

During the period the business received grants relating to Coronavirus Job Retention Scheme payments and Coronavirus Business Interruption Loan Scheme interest payments.

The total of grants received is £39,578 at the end of the year.

Interest on the Coronavirus Business Interruption Loan Scheme is accounted for on the accruals basis. Income in relation to the Coronavirus Job Retention Scheme is included in accordance with the performance model and recognised as the wages to which it relates are incurred.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Whetman Plants International Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	20% Straight line
Glasshouses	20% Straight line
Office equipment	33% Straight line
Plant and equipment	20% Straight line
Leasehold property	20% Straight line

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks.

Biological assets are included in stock at the lower of cost and net realisable value.

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 debited to "other reserves". Amounts equivalent to the notional interest charge are transferred between reserves until the loans are repaid.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Whetman Plants International Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2019 - 20).

Whetman Plants International Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

5

Debtors

	Note	2020 £	2019 £
Trade debtors		325,553	263,690
Amounts owed by group undertakings	9	94,023	89,547
Prepayments		126,478	100,305
Other debtors		2,994	6,516
		549,048	460,058

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Loans and borrowings		25,000	-
Trade creditors		207,390	107,802
Amounts owed to group undertakings	9	447,418	447,418
Taxation and social security		46,589	20,928
Accruals and deferred income		128,340	112,250
Other creditors		-	3,530
		854,737	691,928

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings		225,000	-

Bank borrowings

Included in the total loans and borrowings at the year end is £250,000 (2019 - £Nil) on which the following security has been provided:

Debenture with fixed and floating charges over all assets and undertakings of the company.

Whetman Plants International Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

7	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £48,291 (2019 - £63,518).

9	Related party transactions

Summary of transactions with parent

Throughout the current year, a loan existed between Whetman Plants International Limited and Plant Genetics International Limited. Notional interest of £4,477 (2019 - £4,264) was charged on the loan and the balance is repayable on demand. At the balance sheet date the amount due to Whetman Plants International Limited was £94,023 (2019 - £89,547).

Throughout the current year, a loan existed between Plant Genetics International Limited and Whetman Plants International Limited. No interest was charged and the balance is repayable on demand. At the balance sheet date the amount due to Plant Genetics International Limited was £447,418 (2019 - £447,418).