Whetman Pinks Limited - Accounts to registrar - small 17.1.1
Whetman Pinks Limited - Accounts to registrar - small 17.1.1
| REGISTERED NUMBER: |
| WHETMAN PINKS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| WHETMAN PINKS LIMITED (REGISTERED NUMBER: 04658520) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Chartered Accountants' Report | 7 |
| WHETMAN PINKS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 24 Park Road South |
| Havant |
| Hampshire |
| PO9 1HB |
| WHETMAN PINKS LIMITED (REGISTERED NUMBER: 04658520) |
| BALANCE SHEET |
| 31 DECEMBER 2016 |
| 2016 | 2015 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 on |
| WHETMAN PINKS LIMITED (REGISTERED NUMBER: 04658520) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 1. | STATUTORY INFORMATION |
| Whetman Pinks Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Whetman Pinks 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. |
| Revenue recognition |
| Revenue represents amounts chargeable, net of value added tax, in respect of amounts invoiced during the year |
| for goods sold to customers. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Equipment | - |
| Motor vehicles | - |
| Glasshouses | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks and biological assets |
| Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving |
| stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. |
| Biological assets are included in stock at the lower of cost and net realisable value. |
| 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 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. |
| WHETMAN PINKS LIMITED (REGISTERED NUMBER: 04658520) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| 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. |
| Hire purchase and leasing commitments |
| Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over |
| the lease term. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to profit or loss in the period to which they relate. |
| Deferred government grants |
| Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to |
| the profit and loss account over the estimated useful life of the assets to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements |
| to | Plant and |
| property | machinery | Equipment |
| £ | £ | £ |
| COST |
| At 1 January 2016 |
| Additions |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| WHETMAN PINKS LIMITED (REGISTERED NUMBER: 04658520) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Motor |
| vehicles | Glasshouses | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2016 |
| Additions |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| Additions |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| WHETMAN PINKS LIMITED (REGISTERED NUMBER: 04658520) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2016 | 2015 |
| £ | £ |
| Within one year |
| Between one and five years |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2016 | 2015 |
| £ | £ |
| Bank overdraft |
| 10. | RELATED PARTY DISCLOSURES |
| Plant Genetics International Limited |
| The holding company |
| During the year, royalties of £109,010 inclusive of VAT (2015: £111,376) have been charged to the company by |
| Plant Genetics International Limited. These amounts remain outstanding as at the year end. |
| Breeding costs totalling £223,537 inclusive of VAT(2015: £203,306) were charged to Plant Genetics International |
| Limited during the year, all of which is outstanding at the year end. |
| A management charge of £39,600 (including VAT) was charged to the company by Plant Genetics International |
| Limited. This remains outstanding as at the year end. |
| Plant Genetics International Limited has funded the repayment of amounts previously owed by the company to |
| Mr E Bourne of £50,000 and these remain outstanding at the year end. |
| 11. | ULTIMATE CONTROLLING PARTY |
| The directors do not consider there to be an ultimate controlling party of the company. Plant Genetics |
| International Limited is considered by the directors as being the ultimate parent company. |
| 12. | FIRST YEAR ADOPTION |
| The company has adopted FRS 102 Section 1A from 1 January 2016 for the year ended 31 December 2016. |
| There are no re-statements required under the new standard for earlier periods which were prepared under |
| previous UK GAAP. |
| 13. | INTANGIBLE FIXED ASSETS |
| During the year, expenditure totalling £16,583 was incurred on research and development activities that were not |
| deemed to be capital in nature. |
| CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| WHETMAN PINKS LIMITED |
| The following reproduces the text of the report prepared for the directors and members in respect of the |
| company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
| only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other |
| primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
| financial statements of Whetman Pinks Limited for the year ended 31 December 2016 which comprise the Income |
| Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Whetman Pinks 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 Whetman Pinks Limited and state those matters that we have agreed to state to the Board of Directors of Whetman Pinks Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Whetman Pinks Limited Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Whetman Pinks 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 Whetman Pinks Limited. You consider that Whetman Pinks Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Whetman Pinks 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. |
| Chartered Accountants |
| 24 Park Road South |
| Havant |
| Hampshire |
| PO9 1HB |