The Organic Plantmilk Company Ltd - Period Ending 2021-05-31
The Organic Plantmilk Company Ltd - Period Ending 2021-05-31
Year Ended
Registration number:
The Organic Plantmilk Company Ltd
Contents
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Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
The Organic Plantmilk Company Ltd
Company Information
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Directors |
N Barradale D J Dawson R J Eckersley |
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Registered office |
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Accountants |
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The Organic Plantmilk Company Ltd
Balance Sheet
31 May 2021
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Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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( |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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- |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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- |
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Profit and loss account |
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Shareholders' deficit |
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The Organic Plantmilk Company Ltd
Balance Sheet
31 May 2021
For the financial year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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
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Company Registration Number: 11349027
The Organic Plantmilk Company Ltd
Statement of Changes in Equity
Year Ended 31 May 2021
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Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 June 2020 |
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- |
( |
( |
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Loss for the year |
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- |
( |
( |
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Total comprehensive income |
- |
- |
( |
( |
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New share capital subscribed |
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- |
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At 31 May 2021 |
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( |
( |
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Share capital |
Profit and loss account |
Total |
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At 1 June 2019 |
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( |
( |
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Loss for the year |
- |
( |
( |
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Total comprehensive income |
- |
( |
( |
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At 31 May 2020 |
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( |
( |
The Organic Plantmilk Company Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 May 2021
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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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.
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.
The Organic Plantmilk Company Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 May 2021
Going concern
Notwithstanding the net current liabilities of £160,982 (2020: £79,610) and net liabilities of £158,685 (2020: £104,652) the directors are satisfied, having made all necessary enquiries, that the going concern basis of preparation remains appropriate. In making their assessment the directors have, in particular, considered the following matters:
• The directors have agreed that loans owing to them (£165,885 in total as at 31 May 2021) will not be called for repayment until such time that the company has sufficient available funds whilst protecting the trading status of the company.
• The known and likely impacts of the Coronavirus pandemic on the company, its staff and its customers and suppliers.
• The company has taken advantage of the UK and local Government Coronavirus pandemic support schemes and a £50,000 “Bounce-back” loan facility during the year.
• A further £120,000 of additional loan finance from private individuals was secured in September 2021.
• The financial performance of the company subsequent to the year end and its cash position as at the date of approval of these financial statements.
• The ability of the company to meet its liabilities as they fall due.
Having taken these matters into consideration, and whilst recognising that there can be no certainty, the directors are satisfied that it remains appropriate to prepare these financial statements on a going concern basis.
The Organic Plantmilk Company Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 May 2021
Key sources of estimation uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key estimates that have a significant effect on the amounts recognised in the financial statements are described below:
Intangible Assets
The carrying value of intangible assets requires estimation as to the useful economic life of the assets, in addition to the value of any impairment provision to be recognised against the assets. The carrying value of the intangible assets is reviewed in light of the operational performance of the assets. The carrying value at the year end is £10,190 (2020 - £Nil).
Fixed Assets
Fixed assets are carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This requires an estimation in the depreciation rates used as well as assessment of the ongoing economic contribution of the assets as to whether an indicator of impairment has occurred. The carrying value at the year end is £183,376 (2020 - £72,128).
Debtor recoverability
Trade debtors are valued at transaction price less any bad debt provision. This requires estimation regarding recoverability of the amounts receivable. The carrying amount is £48,922 (2020: £2,016).
Aside from the above, the directors do not consider that significant estimates or judgements have been made during the preparation of the financial statements impacting the results and position reported.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of delivery and collection services 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.
The company recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the company. Revenue is recognised upon delivery to or collection by customers.
The Organic Plantmilk Company Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 May 2021
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.
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.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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:
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Asset class |
Depreciation method and rate |
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Furniture, fittings and equipment |
20% Straight Line |
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Motor vehicles |
20% Straight Line |
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Plant and machinery |
20% Straight Line |
Intangible assets
Intangible assets are stated in the balance sheet at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Website development |
No amortisation charged on website assets under construction |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
The Organic Plantmilk Company Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 May 2021
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
The Organic Plantmilk Company Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 May 2021
Financial instruments
Classification
• 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
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
The Organic Plantmilk Company Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 May 2021
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Intangible assets |
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Website development |
Total |
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Cost or valuation |
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Additions |
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At 31 May 2021 |
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Carrying amount |
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At 31 May 2021 |
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Tangible assets |
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Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 June 2020 |
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Additions |
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At 31 May 2021 |
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Depreciation |
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At 1 June 2020 |
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Charge for the year |
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At 31 May 2021 |
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Carrying amount |
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At 31 May 2021 |
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At 31 May 2020 |
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Stocks |
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2021 |
2020 |
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Stocks |
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The Organic Plantmilk Company Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 May 2021
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Debtors |
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2021 |
2020 |
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Trade debtors |
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Prepayments |
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Other debtors |
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The Organic Plantmilk Company Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 May 2021
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Creditors |
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Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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- |
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Other creditors |
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Accruals |
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- |
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Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
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2021 |
2020 |
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Loans and borrowings due after one year |
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Bank borrowings |
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HP and finance lease liabilities |
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Other borrowings |
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2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Other borrowings
The hire purchase contracts on the assets concerned, which are included within plant and machinery and motor vehicles. At the balance sheet date the assets concerned had a total net book value of £87,684 (2020 - £16,560).
At 31 May 2021 there was a fixed and floating charge over the property and undertaking of the company, in relation to other borrowings of £53,415 (2020: £nil).
The Organic Plantmilk Company Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 May 2021
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Share capital |
Allotted, called up and fully paid shares
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2021 |
2020 |
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No. |
£ |
No. |
£ |
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2.50 |
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2 |
During the year the existing share capital was sub divided into 200,000 £0.00001 ordinary shares. During the year the company allotted 50,000 £0.00001 ordinary shares at £2 per share, totalling £100,000.
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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 £
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Related party transactions |
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Advances to directors |
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2021 |
At 1 June 2020 |
Advances to director |
Repayments by director |
At 31 May 2021 |
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Director A |
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Interest free repayable on demand |
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