Plant Genetics International Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 09506669

PLANT GENETICS INTERNATIONAL LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD

24 MARCH 2015 TO 31 DECEMBER 2015

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

Chartered Accountants' Report

6

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

REGISTERED NUMBER:

09506669

ACCOUNTANTS:

Rothman Pantall LLP

Chartered Accountants

24 Park Road South

Havant

Hampshire

PO9 1HB

FIXED ASSETS

Intangible assets

2

495,000

Investments

3

105,193

600,193

CURRENT ASSETS

Debtors

253,501

Cash at bank

106,265

359,766

CREDITORS

Amounts falling due within one year

388,888

NET CURRENT LIABILITIES

(29,122

)

TOTAL ASSETS LESS CURRENT LIABILITIES

571,071

CREDITORS

Amounts falling due after more than one year

4

480,000

NET ASSETS

91,071

CAPITAL AND RESERVES

Called up share capital

5

200

Share premium

59,980

Profit and loss account

30,891

SHAREHOLDERS' FUNDS

91,071

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 12 May 2016 and were signed on its behalf by:

Mr E C P Marley - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

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 has taken

the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover represents the value of goods and services supplied, excluding value added tax. Services include

royalties for the use of Whetman Pinks Dianthus in Europe, North America, Australia and South Africa.

The percentage of turnover attributable to overseas custom was 62%.

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

Deferred tax

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

balance sheet date.

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.

Investments

Investments are stated at cost less any provision for impairment.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

Additions

550,000

At 31 December 2015

550,000

AMORTISATION

Amortisation for period

55,000

At 31 December 2015

55,000

NET BOOK VALUE

At 31 December 2015

495,000

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

Additions

105,193

At 31 December 2015

105,193

NET BOOK VALUE

At 31 December 2015

105,193

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Whetman Pinks Limited

Country of incorporation: England and Wales

Nature of business: Wholesale of flowers and plants

%

Class of shares:

holding

Ordinary

100.00

2015

£

£

Aggregate capital and reserves

274,963

357,659

(Loss)/profit for the period

(82,696

)

65,991

The English Pinks Company Limited

Country of incorporation: England & Wales

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

28.2.15

£

£

Aggregate capital and reserves

1

1

The Perfumed Garden Limited

Country of incorporation: England & Wales

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

28.2.15

£

£

Aggregate capital and reserves

1

1

4.

CREDITORS

Creditors include the following debts falling due in more than five years:

£

Repayable otherwise than by instalments

120,000

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

180

Ordinary A Shares

£1

180

20

Ordinary B Shares

£1

20

200

During the year the company allotted 180 Ordinary A shares of £1 each at par.

The company also allotted 20 Ordinary B shares of £1 each for consideration of £60,000. The B shares have

been allotted as part consideration for that party selling the entire share capital in Whetman Pinks Limited.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to five)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Plant Genetics International Limited for the period ended 31 December 2015 which comprise the

Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Plant Genetics International Limited, as a body, in accordance with the terms of our engagement letter dated 8 June 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Plant Genetics International Limited and state those matters that we have agreed to state to the Board of Directors of Plant Genetics International Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Plant Genetics International Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Plant Genetics International Limited. You consider that Plant Genetics International Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Plant Genetics International Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Rothman Pantall LLP

Chartered Accountants

24 Park Road South

Havant

Hampshire

PO9 1HB

7 September 2016