Plant Life Controls Limited - Accounts to registrar (filleted) - small 18.1
Plant Life Controls Limited - Accounts to registrar (filleted) - small 18.1
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 28 February 2018 |
for |
Plant Life Controls Limited |
Plant Life Controls Limited (Registered number: 02559894) |
Contents of the Financial Statements |
for the Year Ended 28 February 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Plant Life Controls Limited |
Company Information |
for the Year Ended 28 February 2018 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
8 Winmarleigh Street |
Warrington |
Cheshire |
WA1 1JW |
Plant Life Controls Limited (Registered number: 02559894) |
Balance Sheet |
28 February 2018 |
28.2.18 | 28.2.17 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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 director on |
Plant Life Controls Limited (Registered number: 02559894) |
Notes to the Financial Statements |
for the Year Ended 28 February 2018 |
1. | STATUTORY INFORMATION |
Plant Life Controls 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 |
Monetary amounts in these financial statements are rounded to the nearest £. |
The principal accounting policies adopted are set out below. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates |
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other |
sources. The estimates and associated assumptions are based on historical experience and other factors that are |
considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are |
recognised in the period in which the estimate is revised where the revision affects only that period, or in the |
period of the revision and future periods where the revision affects both current and future periods. |
Changes in accounting policies |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has |
adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to |
adopt the going concern basis of accounting in preparing the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Sales of goods are recognised when the goods are delivered, sales of services are recognised when the service has |
been provided. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of |
depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their |
useful lives on the following bases: |
Computer equipment | 20% on cost |
Fixtures and fittings | 20% on cost |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and |
the carrying value of the asset, and is credited or charged to profit or loss. |
Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets |
to determine whether there is any indication that those as |
Plant Life Controls Limited (Registered number: 02559894) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2018 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and |
sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been |
incurred in bringing the stocks to their present location and condition. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its |
estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. |
Reversals of impairment losses are also recognised in profit or loss. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, |
other short-term liquid investments with original maturities of three months or less, and bank overdrafts. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other |
Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes |
party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is |
a legally enforcible right to set off the recognised amounts and there is an intention to settle on a net basis or to |
realise the net asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction |
price including transaction costs and are subsequently carried at amortised costs using the effective interest method |
unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value |
of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one |
year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint |
ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently |
carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity |
instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost |
less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment |
at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred |
after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is |
impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated |
cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or |
loss. |
Plant Life Controls Limited (Registered number: 02559894) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2018 |
2. | ACCOUNTING POLICIES - continued |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are |
settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership |
to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has |
transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of |
the company after deducting all of its liabilities. |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference |
shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a |
financing transaction, where the debt instrument is measured at the present value of the future receipts discounted |
at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or |
less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price |
and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or |
cancelled. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of |
the company. |
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 tax |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported |
in the profit and loss account because it excludes items of income and expense that are taxable or deductible in |
other years and it further excludes 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 balance sheet date. |
Deferred tax |
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to |
the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other |
future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or |
from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the |
accounting profit. |
Plant Life Controls Limited (Registered number: 02559894) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2018 |
2. | ACCOUNTING POLICIES - continued |
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the |
asset is realised. Deferred tax is charged or credited in the profit or loss account, except when it relates to items |
charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets |
and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities |
and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. |
Foreign currencies |
Transactions in foreign currency are translated at exchange rates approximating to the rate ruling at the date of the |
transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are |
translated at the foreign exchange rate ruling at that date. Foreign exchange differences are recognised in the profit |
and loss account. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are |
required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are |
received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to |
terminate the employment of an employee or to provide termination benefits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Plant Life Controls Limited (Registered number: 02559894) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2018 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2017 |
and 28 February 2018 |
DEPRECIATION |
At 1 March 2017 |
and 28 February 2018 |
NET BOOK VALUE |
At 28 February 2018 |
At 28 February 2017 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.18 | 28.2.17 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.18 | 28.2.17 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Directors' current accounts | 5,084 | 2,380 |
Accrued expenses |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 28.2.18 | 28.2.17 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
Plant Life Controls Limited (Registered number: 02559894) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2018 |
8. | RESERVES |
Retained |
earnings |
£ |
At 1 March 2017 |
Profit for the year |
Dividends | ( |
) |
At 28 February 2018 |