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Registration number: 13043130

PlantMax Equipment Ltd

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2023

 

PlantMax Equipment Ltd

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

PlantMax Equipment Ltd

(Registration number: 13043130)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

8,405

9,635

Tangible assets

5

29,795

21,638

 

38,200

31,273

Current assets

 

Stocks

459,775

276,331

Debtors

111,902

67,518

Cash at bank and in hand

 

108,963

71,320

 

680,640

415,169

Creditors: Amounts falling due within one year

(549,190)

(431,398)

Net current assets/(liabilities)

 

131,450

(16,229)

Total assets less current liabilities

 

169,650

15,044

Creditors: Amounts falling due after more than one year

6

(64,378)

-

Provisions for liabilities

(7,449)

(5,409)

Net assets

 

97,823

9,635

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

97,623

9,435

Total equity

 

97,823

9,635

 

PlantMax Equipment Ltd

(Registration number: 13043130)
Abridged Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 director acknowledges his 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.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 12 March 2024
 

Mr C W Pillar

Director

 

PlantMax Equipment Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

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:
151 Pentre Road
Pontarddulais
Swansea
Wales
SA4 8DQ

These financial statements were authorised for issue by the director on 12 March 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were 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 abridged 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 the future economic benefits will flow into the entity, and specific criteria have been met for each of the company 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 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

PlantMax Equipment Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Tangible assets

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

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

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 stocks 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

PlantMax Equipment Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 5).

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2023

12,300

At 31 December 2023

12,300

Amortisation

At 1 January 2023

2,665

Amortisation charge

1,230

At 31 December 2023

3,895

Carrying amount

At 31 December 2023

8,405

At 31 December 2022

9,635

5

Tangible assets

Total
£

Cost or valuation

At 1 January 2023

32,751

Additions

20,496

Disposals

(8,000)

At 31 December 2023

45,247

Depreciation

At 1 January 2023

11,113

Charge for the year

7,863

Eliminated on disposal

(3,524)

At 31 December 2023

15,452

Carrying amount

At 31 December 2023

29,795

At 31 December 2022

21,638

 

PlantMax Equipment Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

6

Creditors: amounts falling due after more than one year

Bank borrowings

Bank loans is denominated in with a nominal interest rate of %, and the final instalment is due on . The carrying amount at year end is £99,710 (2022 - £Nil).

Bank loans are secured over the assets of the company.

Other borrowings

The carrying amount of HP and finance lease liabilities at year end is £15,028 (2022 - £Nil).

The amounts owed under HP are secured against the assets to which they relate.

7

Related party transactions

Advances to directors

Summary of transactions with other related parties

Included within other creditors is a loan from Umbra Holdings Limited for £169,658 (2022 - £189,888) who own 25% of the shares in PlantMax Equipment Ltd.