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Registration number: 04725919

Potato Storage Treatments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2018

 

Potato Storage Treatments Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

Potato Storage Treatments Limited

(Registration number: 04725919)
Balance Sheet as at 31 July 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

48,080

61,230

Current assets

 

Stocks

5

12,679

25,774

Debtors

6

41,454

33,787

Cash at bank and in hand

 

167,752

412,642

 

221,885

472,203

Creditors: Amounts falling due within one year

7

(63,752)

(100,687)

Net current assets

 

158,133

371,516

Total assets less current liabilities

 

206,213

432,746

Provisions for liabilities

(7,279)

(9,370)

Net assets

 

198,934

423,376

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

198,834

423,276

Total equity

 

198,934

423,376

For the financial year ending 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 November 2018 and signed on its behalf by:
 


Mrs V Francis
Director


Mr C Francis
Company secretary and director

 
     
 

Potato Storage Treatments Limited

Notes to the Financial Statements for the Year Ended 31 July 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Fairfield
Roman Bank
Holbeach
Spalding
Lincolnshire
PE12 8BX

These financial statements were authorised for issue by the Board on 10 November 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Potato Storage Treatments Limited

Notes to the Financial Statements for the Year Ended 31 July 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Machinery & Equipment

20% reducing balance

Motor Vehicles

25% reducing balance

Office Equipment

15% & 33% reducing balance

Chemical Store

10% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Potato Storage Treatments Limited

Notes to the Financial Statements for the Year Ended 31 July 2018

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2017 - 3).

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor Vehicles
 £

Total
£

Cost or valuation

At 1 August 2017

4,700

197,683

6,174

89,539

298,096

At 31 July 2018

4,700

197,683

6,174

89,539

298,096

Depreciation

At 1 August 2017

2,677

161,037

2,789

70,361

236,864

Charge for the year

202

7,327

828

4,795

13,152

At 31 July 2018

2,879

168,364

3,617

75,156

250,016

Carrying amount

At 31 July 2018

1,821

29,319

2,557

14,383

48,080

At 31 July 2017

2,023

36,646

3,383

19,178

61,230

Included within the net book value of land and buildings above is £1,821 (2017 - £2,023) in respect of freehold land and buildings.
 

5

Stocks

2018
£

2017
£

Stock

12,679

25,774

6

Debtors

2018
£

2017
£

Trade debtors

34,648

26,669

Prepayments

1,988

2,301

Other debtors

4,818

4,817

41,454

33,787

 

Potato Storage Treatments Limited

Notes to the Financial Statements for the Year Ended 31 July 2018

7

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Taxation and social security

13,867

9,331

Accruals and deferred income

2,308

1,790

Other creditors

47,577

89,566

63,752

100,687

8

Parent and ultimate parent undertaking

The company's immediate parent is Vertical Holdings Limited, incorporated in England & Wales.

  These financial statements are available upon request from Companies House.