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Company registration number: 08076071
Perfect Plants (Sussex) Ltd
Unaudited filleted financial statements
31 December 2023
Perfect Plants (Sussex) Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Perfect Plants (Sussex) Ltd
Directors and other information
Directors Mrs A Vidyarthi
Mr P Vidyarthi
Company number 08076071
Registered office Flowers Green Nursery Church Road
Herstmonceux
Hailsham
England
BN27 1RL
Accountants ACE Accounts & Tax Limited
2 Whittle Court
Knowlhill
Milton Keynes
MK5 8FT
Perfect Plants (Sussex) Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Perfect Plants (Sussex) Ltd
Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
ACE Accounts & Tax Limited
Chartered Certified Accountants
2 Whittle Court
Knowlhill
Milton Keynes
MK5 8FT
20 September 2024
Perfect Plants (Sussex) Ltd
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 43,140 55,855
Tangible assets 6 13,831 15,433
_______ _______
56,971 71,288
Current assets
Stocks 76,692 82,915
Debtors 7 22,945 32,009
Cash at bank and in hand 15,033 5,326
_______ _______
114,670 120,250
Creditors: amounts falling due
within one year 8 ( 379,539) ( 352,351)
_______ _______
Net current liabilities ( 264,869) ( 232,101)
_______ _______
Total assets less current liabilities ( 207,898) ( 160,813)
Provisions for liabilities ( 2,627) ( 2,931)
_______ _______
Net liabilities ( 210,525) ( 163,744)
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account ( 210,527) ( 163,746)
_______ _______
Shareholders deficit ( 210,525) ( 163,744)
_______ _______
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 September 2024 , and are signed on behalf of the board by:
Mr P Vidyarthi Mrs A Vidyarthi
Director Director
Company registration number: 08076071
Perfect Plants (Sussex) Ltd
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 2 2,096 2,098
Loss for the year ( 165,842) ( 165,842)
_______ _______ _______
Total comprehensive income for the year - ( 165,842) ( 165,842)
_______ _______ _______
At 31 December 2022 and 1 January 2023 2 ( 163,746) ( 163,744)
Loss for the year ( 46,781) ( 46,781)
_______ _______ _______
Total comprehensive income for the year - ( 46,781) ( 46,781)
_______ _______ _______
At 31 December 2023 2 ( 210,527) ( 210,525)
_______ _______ _______
Perfect Plants (Sussex) Ltd
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Flowers Green Nursery Church Road, Herstmonceux, Hailsham, England, BN27 1RL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website development cost - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Office Equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4. Staff costs
The average number of persons employed by the company during the year amounted to 26 (2022: 7 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 111,983 128,802
Social security costs 2,203 3,676
Other pension costs 1,199 1,924
_______ _______
115,385 134,402
_______ _______
5. Intangible assets
Website development cost Total
£ £
Cost
At 1 January 2023 and 31 December 2023 63,575 63,575
_______ _______
Amortisation
At 1 January 2023 7,720 7,720
Charge for the year 12,715 12,715
_______ _______
At 31 December 2023 20,435 20,435
_______ _______
Carrying amount
At 31 December 2023 43,140 43,140
_______ _______
At 31 December 2022 55,855 55,855
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Office Equipment Total
£ £ £ £
Cost
At 1 January 2023 49,958 5,095 13,973 69,026
Additions - - 265 265
_______ _______ _______ _______
At 31 December 2023 49,958 5,095 14,238 69,291
_______ _______ _______ _______
Depreciation
At 1 January 2023 36,865 3,543 13,185 53,593
Charge for the year 1,754 110 3 1,867
_______ _______ _______ _______
At 31 December 2023 38,619 3,653 13,188 55,460
_______ _______ _______ _______
Carrying amount
At 31 December 2023 11,339 1,442 1,050 13,831
_______ _______ _______ _______
At 31 December 2022 13,093 1,552 788 15,433
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 22,807 11,076
Other debtors 138 20,933
_______ _______
22,945 32,009
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 44,754 24,690
Social security and other taxes 18,369 3,188
Other creditors 316,416 324,473
_______ _______
379,539 352,351
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mrs A Vidyarthi ( 265,000) ( 25,000) ( 290,000)
_______ _______ _______
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mrs A Vidyarthi ( 70,000) ( 195,000) ( 265,000)
_______ _______ _______