Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr K Hobbs 31/10/2023 19/04/2021 Mr E Marley 17/04/2015 Mrs F Marley 17/04/2015 Ms J Strickland 04/10/2007 08 April 2024 The principal activity of the Company during the financial year was the wholesale supply of flowers and plants. 04658520 2023-12-31 04658520 bus:Director1 2023-12-31 04658520 bus:Director2 2023-12-31 04658520 bus:Director3 2023-12-31 04658520 bus:Director4 2023-12-31 04658520 2022-12-31 04658520 core:CurrentFinancialInstruments 2023-12-31 04658520 core:CurrentFinancialInstruments 2022-12-31 04658520 core:Non-currentFinancialInstruments 2023-12-31 04658520 core:Non-currentFinancialInstruments 2022-12-31 04658520 core:ShareCapital 2023-12-31 04658520 core:ShareCapital 2022-12-31 04658520 core:OtherCapitalReserve 2023-12-31 04658520 core:OtherCapitalReserve 2022-12-31 04658520 core:RetainedEarningsAccumulatedLosses 2023-12-31 04658520 core:RetainedEarningsAccumulatedLosses 2022-12-31 04658520 core:ComputerSoftware 2022-12-31 04658520 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2022-12-31 04658520 core:ComputerSoftware 2023-12-31 04658520 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-12-31 04658520 core:LeaseholdImprovements 2022-12-31 04658520 core:PlantMachinery 2022-12-31 04658520 core:Vehicles 2022-12-31 04658520 core:OfficeEquipment 2022-12-31 04658520 core:LeaseholdImprovements 2023-12-31 04658520 core:PlantMachinery 2023-12-31 04658520 core:Vehicles 2023-12-31 04658520 core:OfficeEquipment 2023-12-31 04658520 core:CurrentFinancialInstruments 1 2023-12-31 04658520 core:CurrentFinancialInstruments 1 2022-12-31 04658520 bus:OrdinaryShareClass1 2023-12-31 04658520 core:WithinOneYear 2023-12-31 04658520 core:WithinOneYear 2022-12-31 04658520 core:BetweenOneFiveYears 2023-12-31 04658520 core:BetweenOneFiveYears 2022-12-31 04658520 2023-01-01 2023-12-31 04658520 bus:FilletedAccounts 2023-01-01 2023-12-31 04658520 bus:SmallEntities 2023-01-01 2023-12-31 04658520 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04658520 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04658520 bus:Director1 2023-01-01 2023-12-31 04658520 bus:Director2 2023-01-01 2023-12-31 04658520 bus:Director3 2023-01-01 2023-12-31 04658520 bus:Director4 2023-01-01 2023-12-31 04658520 core:ComputerSoftware core:TopRangeValue 2023-01-01 2023-12-31 04658520 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-01-01 2023-12-31 04658520 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 04658520 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 04658520 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 04658520 2022-01-01 2022-12-31 04658520 core:ComputerSoftware 2023-01-01 2023-12-31 04658520 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 04658520 core:LeaseholdImprovements 2023-01-01 2023-12-31 04658520 core:PlantMachinery 2023-01-01 2023-12-31 04658520 core:Vehicles 2023-01-01 2023-12-31 04658520 core:OfficeEquipment 2023-01-01 2023-12-31 04658520 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 04658520 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04658520 (England and Wales)

WHETMAN PLANTS INTERNATIONAL LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

WHETMAN PLANTS INTERNATIONAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

WHETMAN PLANTS INTERNATIONAL LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
WHETMAN PLANTS INTERNATIONAL LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Mr K Hobbs (Resigned 31 October 2023)
Mr E Marley
Mrs F Marley
Ms J Strickland
REGISTERED OFFICE Centenary House Peninsula Park
Rydon Lane
Exeter
EX2 7XE
United Kingdom
BUSINESS ADDRESS Ashcombe Road
Dawlish
Devon
EX7 0QP
COMPANY NUMBER 04658520 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
WHETMAN PLANTS INTERNATIONAL LIMITED

BALANCE SHEET

As at 31 December 2023
WHETMAN PLANTS INTERNATIONAL LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 779 4,515
Tangible assets 4 11,340 28,323
12,119 32,838
Current assets
Stocks 138,399 406,460
Debtors
- due within one year 5 257,927 783,176
- due after more than one year 5 21,483 95,153
Cash at bank and in hand 1,057,957 1,158,188
1,475,766 2,442,977
Creditors: amounts falling due within one year 6 ( 375,027) ( 899,042)
Net current assets 1,100,739 1,543,935
Total assets less current liabilities 1,112,858 1,576,773
Net assets 1,112,858 1,576,773
Capital and reserves
Called-up share capital 7 100 100
Other reserves 0 ( 17,405 )
Profit and loss account 1,112,758 1,594,078
Total shareholder's funds 1,112,858 1,576,773

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.

Directors' responsibilities:

The financial statements of Whetman Plants International Limited (registered number: 04658520) were approved and authorised for issue by the Board of Directors on 08 April 2024. They were signed on its behalf by:

Mr E Marley
Director
WHETMAN PLANTS INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
WHETMAN PLANTS INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Whetman Plants International Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom. The principal place of business is Ashcombe Road, Dawlish, Devon, EX7 0QP.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue in respect of goods shipped to customers outside of the United Kingdom is recognised on dispatch.
Revenue in respect of goods shipped to customers within the United Kingdom is recognised on delivery to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 4 years straight line
Website costs 4 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 5 years straight line
Vehicles 5 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Research and developent

Expenditure on research and development is written off in the year in which it is incurred.

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 debited to "other reserves". Amounts equivalent to the notional interest charge are transferred between reserves until the loans are repaid.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 26 28

3. Intangible assets

Computer software Website costs Total
£ £ £
Cost
At 01 January 2023 5,915 3,116 9,031
Disposals ( 5,915) 0 ( 5,915)
At 31 December 2023 0 3,116 3,116
Accumulated amortisation
At 01 January 2023 2,958 1,558 4,516
Charge for the financial year 0 779 779
Disposals ( 2,958) 0 ( 2,958)
At 31 December 2023 0 2,337 2,337
Net book value
At 31 December 2023 0 779 779
At 31 December 2022 2,957 1,558 4,515

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 January 2023 41,849 17,442 11,990 22,924 94,205
Additions 1,264 628 8,345 1,896 12,133
Disposals ( 8,087) ( 628) ( 13,340) ( 11,385) ( 33,440)
At 31 December 2023 35,026 17,442 6,995 13,435 72,898
Accumulated depreciation
At 01 January 2023 26,430 15,288 4,796 19,368 65,882
Charge for the financial year 7,446 1,933 1,399 724 11,502
Disposals ( 6,066) 0 ( 1,998) ( 7,762) ( 15,826)
At 31 December 2023 27,810 17,221 4,197 12,330 61,558
Net book value
At 31 December 2023 7,216 221 2,798 1,105 11,340
At 31 December 2022 15,419 2,154 7,194 3,556 28,323

5. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 246,621 715,039
Amounts owed by Group undertakings 5,750 0
Prepayments 5,556 6,137
Other debtors 0 62,000
257,927 783,176
Debtors: amounts falling due after more than one year
Other debtors 21,483 95,153

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 141,384 671,686
Accruals 16,949 24,133
Deferred tax liability 1,800 6,000
Taxation and social security 132,010 114,339
Other creditors 82,884 82,884
375,027 899,042

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 12,000 12,000
between one and five years 4,000 16,000
16,000 28,000

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Amounts owed by Plant Genetics International Limited 21,483 21,433
Amounts owed by Pinnacle Plants International Limited 5,750 0

No interest has been charged on this balance and there are no fixed dates for repayment.

10. De-merger

On 31 October 2023, Whetman Plants International Limited carried out a de-merger whereby part of the business was transferred to Pinnacle Plants International Limited, whose registered address is the same as that included in Note 1.