Plant Developments Ltd - Accounts to registrar (filleted) - small 17.3
Plant Developments Ltd - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2017 |
| for |
| Plant Developments Ltd |
| Plant Developments Ltd (Registered number: 03513772) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Plant Developments Ltd |
| Company Information |
| for the Year Ended 31 March 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| Plant Developments Ltd (Registered number: 03513772) |
| Balance Sheet |
| 31 March 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Non distributable reserves |
| 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. |
| Plant Developments Ltd (Registered number: 03513772) |
| Balance Sheet - continued |
| 31 March 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Profit And Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| Plant Developments Ltd (Registered number: 03513772) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2017 |
| 1. | STATUTORY INFORMATION |
| Plant Developments Ltd 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 |
| These financial statements for the year ended 31 March 2017 are the first financial statements that comply |
| with section 1A "Small Entities" of FRS102. The date of transition is 1 April 2015. Details of the transition to |
| financial reporting standard 102 are disclosed on pages 12 to 13 of the full accounts. |
| Turnover |
| Turnover represents amounts receivable from the sale of residential properties and rent receivable in respect of |
| investment properties in the United Kingdom. |
| Revenue is recognised as the company becomes entitled to consideration for the services supplied. Therefore, |
| turnover also includes the element of work completed but not yet invoiced. |
| Investment property |
| Investment properties are stated at open fair value and are revalued periodically. Surpluses on individual |
| properties are transferred to the revaluation reserve. |
| In accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), no |
| depreciation is provided on investment properties. This accounting policy is a departure from the statutory |
| accounting rules of Companies Act 2006 to provide depreciation on any fixed asset which has a useful economic |
| life. In the opinion of the directors, this departure is necessary to provide a true and fair view. The financial |
| effect of the departure from the statutory accounting rules cannot reasonably be quantified, as depreciation is |
| only one of many factors taken into consideration in the valuation of investment properties and it is not |
| practicable to identify it separately. |
| Stocks |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
| bringing stocks to their present location and condition. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit And Loss Account, |
| 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 have been enacted or |
| substantively enacted by the balance sheet date. |
| Plant Developments Ltd (Registered number: 03513772) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2016 |
| and 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| A valuation was carried out on 2nd November 2012 by the directors based on their knowledge on the property |
| market. It is the opinion of the directors that the value of the investment property is £825,000 and this reflects |
| the fair value of the property as a whole. |
| Fair value at 31 March 2017 is represented by: |
| £ |
| Valuation in 2002 | 78,433 |
| Valuation in 2003 | 40,000 |
| Valuation in 2004 | 190,000 |
| Valuation in 2008 | 45,000 |
| Valuation in 2012 | 150,000 |
| Cost | 321,567 |
| 825,000 |
| If investment properties had not been revalued they would have been included at the following historical cost: |
| 2017 | 2016 |
| £ | £ |
| Cost | 321,567 | 321,567 |
| Plant Developments Ltd (Registered number: 03513772) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 193,947 | 222,037 |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Bank loans |
| The company bank, National Westminster Plc, has first legal charge over all of the assets of the company. |
| However, deeds of crystallisation convey the first legal charge over sites being developed by the company to |
| those specific creditors funding specific sites. |
| Close Brothers Property Finance have a legal debenture over the assets of the company and a first legal charge |
| over the current property development for which the loan was required to finance. |
| 9. | RELATED PARTY DISCLOSURES |
| The directors of the company have provided a personal guarantee to the sum of £374,000 to Close Brothers |
| Property Finance. |
| Included within other creditors is the balance of £80,844 (2016: £70,844) representing the directors loan |
| account of Mr DP and Mr AP Plant. The loan is unsecured, interest free and repayable on demand. |
| 10. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by the directors who own the majority of the share capital of the company. |