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REGISTERED NUMBER: 03513772 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Plant Developments Ltd

Plant Developments Ltd (Registered number: 03513772)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


Plant Developments Ltd (Registered number: 03513772)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 920,500 825,000

CURRENT ASSETS
Stocks 3,284,543 5,100,507
Debtors 5 438,250 423,384
Cash at bank 549,075 368,359
4,271,868 5,892,250
CREDITORS
Amounts falling due within one year 6 1,047,896 4,409,111
NET CURRENT ASSETS 3,223,972 1,483,139
TOTAL ASSETS LESS CURRENT LIABILITIES 4,144,472 2,308,139

CREDITORS
Amounts falling due after more than one year 7 (147,396 ) (173,840 )

PROVISIONS FOR LIABILITIES (91,753 ) (51,587 )
NET ASSETS 3,905,323 2,082,712

CAPITAL AND RESERVES
Called up share capital 200 200
Non distributable reserves 507,181 451,845
Retained earnings 3,397,942 1,630,667
SHAREHOLDERS' FUNDS 3,905,323 2,082,712

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 21 November 2023 and were signed on its behalf by:




Mr D J Plant - Director


Plant Developments Ltd (Registered number: 03513772)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Plant Developments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03513772

Registered office: Ebenezer House
Ryecroft
Newcastle
Staffordshire
ST5 2BE

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

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 property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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.

Plant Developments Ltd (Registered number: 03513772)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 825,000
Revaluations 95,500
At 31 March 2023 920,500
NET BOOK VALUE
At 31 March 2023 920,500
At 31 March 2022 825,000

A valuation was carried out in January 2023 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 £920,500 and this reflects the fair value of the property as a whole.

Fair value at 31 March 2023 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
Valuation in 2023 95,500
Cost 321,567
920,500

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 321,567 321,567

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 438,250 423,384

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 103,297 3,643,945
Trade creditors 270,185 481,817
Taxation and social security 454,772 18,808
Other creditors 219,642 264,541
1,047,896 4,409,111

Plant Developments Ltd (Registered number: 03513772)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 147,396 173,840

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 38,996 65,440

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 250,693 3,817,785

The company's 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. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mr A Plant
Balance outstanding at start of year 48,417 40,524
Amounts advanced 977 7,893
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 49,394 48,417