The Organic Plantmilk Company Ltd
The Organic Plantmilk Company Ltd
Registered number: 11349027
Unaudited Financial Statements
For The Year Ended
31 May 2023
The Organic Plantmilk Company Ltd
Unaudited Financial Statements
For The Year Ended
31 May 2023
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—8 |
The Organic Plantmilk Company Ltd
Balance Sheet
As At
31 May 2023
Balance Sheet
Registered number:
11349027
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
2023 | 2022 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 4 |
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Tangible Assets | 5 |
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CURRENT ASSETS | |||||
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 8 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 9 |
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NET LIABILITIES |
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CAPITAL AND RESERVES | |||||
Called up share capital | 11 |
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Share premium account |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | (308,165) | (269,089) | |||
The Organic Plantmilk Company Ltd
Balance Sheet (continued)
As At
31 May 2023
On behalf of the board
Director
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The notes on pages 3 to 8 form part of these financial statements.
The Organic Plantmilk Company Ltd
Notes to the Financial Statements
For The Year Ended
31 May 2023
Notes to the Financial Statements
1.
General Information
The Organic Plantmilk Company Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
11349027
. The registered office is Unit 11 Burke Road, Totnes Industrial Estate, Totnes, Devon, TQ9 5XL.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
Notwithstanding the net current liabilities of £311,226 (2022: £291,323) and net liabilities of £308,165 (2022: £269,094) 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 (£185,141 in total as at 31 May 2023) 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 uncertainty that exisits in the global economy and the UK retail market in which the company operate in as a result of inflationary pressures as well as the war in Ukraine.
• A further £20,000 of additional loan finance from private individuals was secured in February 2024.
• 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 having considered a period of at least 12 months from the date of approval of these financial statements.
2.3.
Turnover
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.
2.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are stated in the balance sheet at cost less accumulated amortisation and any accumulated impairment losses.
Website development is amortised to profit and loss account over its estimated economic life of 5 years.
The Organic Plantmilk Company Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2023
2.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery |
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Motor Vehicles |
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Fixtures & Fittings |
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Computer Equipment |
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2.6.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.7.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.8.
Financial Instruments
2.8.
Financial Instruments - continued
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.
...CONTINUED
The Organic Plantmilk Company Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2023
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
2.9.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.10.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2022: 17)
The Organic Plantmilk Company Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2023
4.
Intangible Assets
Other | |||
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Cost | |||
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Additions |
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Amortisation | |||
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Provided during the period |
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As at
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Net Book Value | |||
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As at
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5.
Tangible Assets
Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
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Cost | |||||
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Additions |
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As at
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Depreciation | |||||
As at
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Provided during the period |
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As at
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Net Book Value | |||||
As at
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As at
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6.
Stocks
2023 | 2022 | ||
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£ | £ | ||
Stock |
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The Organic Plantmilk Company Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2023
7.
Debtors
2023 | 2022 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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VAT |
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8.
Creditors: Amounts Falling Due Within One Year
2023 | 2022 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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Trade creditors |
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Bank loans and overdrafts |
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Other loans |
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Other taxes and social security |
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VAT | - |
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Other creditors |
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Accruals and deferred income |
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Directors' loan accounts |
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9.
Creditors: Amounts Falling Due After More Than One Year
2023 | 2022 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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Bank loans |
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Other loans |
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10.
Obligations Under Finance Leases and Hire Purchase
2023 | 2022 | ||
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£ | £ | ||
The future minimum finance lease payments are as follows: | |||
Not later than one year |
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Later than one year and not later than five years |
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The Organic Plantmilk Company Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2023
12.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as follows:
2023 | 2022 | ||
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£ | £ | ||
Not later than one year |
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Later than one year and not later than five years |
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