Plant Genetics International Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 09506669 (England and Wales)

PLANT GENETICS INTERNATIONAL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

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 (England and Wales)

ACCOUNTANTS:

Rothman Pantall LLP

Chartered Accountants

24 Park Road South

Havant

Hampshire

PO9 1HB

FIXED ASSETS

Intangible assets

3

385,000

440,000

Investments

4

105,193

105,193

490,193

545,193

CURRENT ASSETS

Debtors

5

216,952

273,334

Cash at bank

136,744

91,769

353,696

365,103

CREDITORS

Amounts falling due within one year

6

410,957

399,534

NET CURRENT LIABILITIES

(57,261

)

(34,431

)

TOTAL ASSETS LESS CURRENT LIABILITIES

432,932

510,762

CREDITORS

Amounts falling due after more than one year

7

193,942

297,426

NET ASSETS

238,990

213,336

CAPITAL AND RESERVES

Called up share capital

200

200

Share premium

59,980

59,980

Other reserves

47,703

62,574

Retained earnings

131,107

90,582

SHAREHOLDERS' FUNDS

238,990

213,336

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 30 May 2018 and were signed on its behalf by:

Mr E C P Marley - Director

1.	STATUTORY INFORMATION

Plant Genetics International Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is pound sterling (£) and is rounded to the nearest pound

(£).

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 is exempt

under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial

statements.

Significant judgements and estimates

The preparation of financial statements requires the use of estimates and assumptions that affect reported

amounts of assets and liabilities during the reporting period. These estimates and assumptions are based on

management's best knowledge of the amount, event or actions. Actual results may differ from those amounts.

Significant estimates

The company has loan notes and other loans that are classified as financing arrangements, in accordance with

Section 11 of FRS 102. In determining the present value of the future payments, a discount rate of 5% has been

applied. The directors consider this to be an appropriate market rate of interest.

Revenue recognition

Revenue is measured at the fair value of the consideration received for goods and services, net of trade

discounts and 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 64% (2016: 61%).

Other operating income

The company charges a management charge to the parent company at the end of each year. As this is not

derived from providing goods or services it is included as other operating income rather than turnover. The

amount included is the amount to which it is entitled for the period in question.

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

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments and derivative financial instruments

Financial instruments are recognised in line with Sections 11 and 12 of FRS 102.

Basic financial instrument, such as bank and cash, loans, amounts due to/from group undertakings, trade

receivables and payables are initially recognised at transaction price, unless they constitute a financing

arrangement, when the transaction is measured at the present value of the future receipts/payments discounted

at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective

interest rate method.

Derivative financial instruments are held at fair value with any gains or losses being reported in the profit and

loss. Outstanding derivatives at the reporting date are included under the appropriate format heading depending

on the nature of the derivative.

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 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.

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.

Other reserves

The company has loan notes and a long term loan which are classified as financing arrangements. The

difference between the initial consideration and the present value of future payments, discounted at a market

rate of interest, has been credited to "other reserves". Amounts equivalent to the notional interest charge are

transferred between reserves until the loans are repaid.

3.	INTANGIBLE FIXED ASSETS

Intellectual

property

£

COST

At 1 January 2017

and 31 December 2017

550,000

AMORTISATION

At 1 January 2017

110,000

Amortisation for year

55,000

At 31 December 2017

165,000

NET BOOK VALUE

At 31 December 2017

385,000

At 31 December 2016

440,000

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2017

and 31 December 2017

105,193

NET BOOK VALUE

At 31 December 2017

105,193

At 31 December 2016

105,193

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

188,543

207,094

Amounts owed by group undertakings

-

50,000

Other debtors

28,409

16,240

216,952

273,334

Included within other debtors are amounts of £3,952 (2016: other creditor of £18,713) relating to derivative

financial instruments.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

253,156

223,537

Taxation and social security

13,718

13,028

Other creditors

144,083

162,969

410,957

399,534

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

193,942

297,426

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more than 5 years

non-instalments

81,222

77,354

81,222

77,354

8.	RELATED PARTY DISCLOSURES

Plant Marketing International Limited

A company in which Mr and Mrs Marley and D W Langmead have an interest.

During 2015, the related party provided an unsecured loan of £120,000 to the company. The loan is repayable

no earlier than ten years after the date of advance, unless the company has redeemed or set aside funds to

redeem all the Loan Notes. The loan is interest free and has been classified as a financing arrangement in

accordance with Section 11 of FRS 102. The loan has been included within the financial statements at the

current estimate of the present value of the future payments, discounted at a market rate of interest of 5%. The

present value of the loan at the year end is £81,222 (2016: £77,354). Notional interest of £3,868 (2016: £3,684)

has been charged during the year.

Mrs C Bourne

The company has issued Mrs C Bourne Loan Notes to the value of £480,000. The Loan Notes are unsecured

but guaranteed and are redeemable over a period of four years beginning on 15 April 2016. The Loan Notes are

interest free and those that are repayable after more than one year, at date of transition to FRS 102, have been

classified as financing transactions on the same basis as the loan above. The present value of the loan notes at

the year end is £231,076 (2016: £340,072). Notional interest of £11,004 (2016: £12,124) has been charged

during the year.

Whetman Pinks Limited

Subsidiary of the company

During the year, a management charge of £24,000 (2016: £39,600) (including VAT) was charged by the

company to Whetman Pinks Limited.

Royalties of £103,985 (2016: £109,010) inclusive of VAT have been charged to Whetman Pinks Limited by the

company.

Breeding costs totalling £242,564 (2016: £223,537) inclusive of VAT were charged by Whetman Pinks Limited

during the year.

All of the above remain outstanding as at the year end.

The following reproduces the text of the report prepared for the directors 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 Plant Genetics International Limited for the year ended 31 December 2017 which comprise the

Income Statement, Balance Sheet, Statement of Changes in Equity 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 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 ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Plant Genetics International Limited 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 year.

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

4 June 2018