Company registration number 07678554 (England and Wales)
PLANT-TECH INNOVATIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PLANT-TECH INNOVATIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PLANT-TECH INNOVATIONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
2,000
2,000
Tangible assets
4
665,993
668,198
Current assets
Stocks
4,000
6,363
Debtors
5
2,177
2,847
Cash at bank and in hand
21
87
6,198
9,297
Creditors: amounts falling due within one year
6
(363,029)
(547,768)
Net current liabilities
(356,831)
(538,471)
Total assets less current liabilities
311,162
131,727
Creditors: amounts falling due after more than one year
7
(210,755)
(36,707)
Net assets
100,407
95,020
Capital and reserves
Called up share capital
1
1
Revaluation reserve
8
233,003
233,003
Profit and loss reserves
(132,597)
(137,984)
Total equity
100,407
95,020
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 24 July 2024
Mr S W Walpole
Director
Company Registration No. 07678554
PLANT-TECH INNOVATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Plant-Tech Innovations Limited is a private company limited by shares incorporated in England and Wales. The registered office is 48 King Street, King's Lynn, Norfolk, England, PE30 1HE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recorded at the date of the issue of the invoice to the customer.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
1.4
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.
PLANT-TECH INNOVATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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:
Freehold buildings
No depreciation is charged as it would be immaterial based on the estimated residual value of the asset.
Fixtures, fittings & equipment
15% per annum of net book value
Office equipment
15% per annum of net book value
Motor vehicles
15% per annum of net book value
Other assets
Freehold land is not depreciated.
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.
1.5
Stocks
Stocks 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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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 or 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 reporting end 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.
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 and 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.
PLANT-TECH INNOVATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Intangible fixed assets
£
Cost
At 1 April 2023 and 31 March 2024
2,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
Carrying amount
At 31 March 2024
2,000
At 31 March 2023
2,000
PLANT-TECH INNOVATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Other assets
Total
£
£
£
£
Cost or valuation
At 1 April 2023 and 31 March 2024
653,500
35,768
8,427
697,695
Depreciation and impairment
At 1 April 2023
25,695
3,802
29,497
Depreciation charged in the year
1,511
694
2,205
At 31 March 2024
27,206
4,496
31,702
Carrying amount
At 31 March 2024
653,500
8,562
3,931
665,993
At 31 March 2023
653,500
10,073
4,625
668,198
Land and buildings with a carrying amount of £570,000 were revalued in the year to 31st March 2020 by Cruso & Wilkin, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
During the year to 31st March 2022, the valuation of land and buildings has been reviewed by the director and Quintons Commercial Limited and updated to £625,000.
The revaluation surplus is disclosed in note 8.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows
2024
2023
£
£
Cost
391,997
391,997
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,505
728
Other debtors
672
2,119
2,177
2,847
PLANT-TECH INNOVATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
159,170
343,214
Trade creditors
4,288
3,869
Taxation and social security
2,366
1,585
Other creditors
197,205
199,100
363,029
547,768
The long-term loans are secured on company assets, a legal charge over the property and a personal guarantee by the director.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
210,755
36,707
The long-term loans are secured on company assets, a legal charge over the property and a personal guarantee by the director.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
6,947
12,899
8
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
233,003
233,003