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Registration number: 00680603

Plamil Foods Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Plamil Foods Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Plamil Foods Limited

Company Information

Directors

Mr A J Ling

Mr H Atkinson

Ms P Milton

Company secretary

Mr H Atkinson

Registered office

Plamil House
Bowles Well Gardens
Folkestone
Kent
CT19 6PQ

 

Plamil Foods Limited

(Registration number: 00680603)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,082,854

1,129,662

Investments

5

100

100

 

1,082,954

1,129,762

Current assets

 

Stocks

6

457,816

530,308

Debtors

7

817,227

749,299

Cash at bank and in hand

 

917,007

975,333

 

2,192,050

2,254,940

Creditors: Amounts falling due within one year

8

(466,177)

(675,387)

Net current assets

 

1,725,873

1,579,553

Total assets less current liabilities

 

2,808,827

2,709,315

Provisions for liabilities

(185,816)

(179,401)

Net assets

 

2,623,011

2,529,914

Capital and reserves

 

Called up share capital

54,125

54,125

Capital redemption reserve

1,000

1,000

Revaluation reserve

42,566

42,566

Retained earnings

2,525,320

2,432,223

Shareholders' funds

 

2,623,011

2,529,914

 

Plamil Foods Limited

(Registration number: 00680603)
Balance Sheet as at 31 January 2024 (continued)

For the financial year ending 31 January 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 October 2024 and signed on its behalf by:
 

.........................................
Mr A J Ling
Director

.........................................
Mr H Atkinson
Company secretary and director

 
     
 

Plamil Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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:
Plamil House
Bowles Well Gardens
Folkestone
Kent
CT19 6PQ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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.

Group accounts not prepared

The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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 that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Plamil Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Freehold land and buildings

Are not depreciated

Leasehold improvements

10% on cost

Plant and machinery

10% or 20% on cost

Office equipment

10%, 20% or 33.3% on cost

 

Plamil Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 inventories 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.

 

Plamil Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 35 (2023 - 35).

 

Plamil Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

4

Tangible assets

Land and buildings
£

Short leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 February 2023

255,015

485,460

1,885,368

90,279

2,716,122

Additions

-

128,561

72,839

53,409

254,809

At 31 January 2024

255,015

614,021

1,958,207

143,688

2,970,931

Depreciation

At 1 February 2023

-

144,752

1,366,514

75,194

1,586,460

Charge for the year

-

56,079

238,829

6,709

301,617

At 31 January 2024

-

200,831

1,605,343

81,903

1,888,077

Carrying amount

At 31 January 2024

255,015

413,190

352,864

61,785

1,082,854

At 31 January 2023

255,015

340,708

518,854

15,085

1,129,662

Included within the net book value of land and buildings above is £255,015 (2023 - £255,015) in respect of freehold land and buildings and £413,189 (2023 - £340,709) in respect of short leasehold land and buildings.
 

5

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 February 2023

100

Provision

Carrying amount

At 31 January 2024

100

At 31 January 2023

100

 

Plamil Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

5

Investments (continued)

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

The Kent Dark Chocolate Company Limited

Plamil House
Bowles Well Gardens
Folkestone
Kent
CT19 6PQ

England

Ordinary shares

100%

100%

Subsidiary undertakings

The Kent Dark Chocolate Company Limited

The principal activity of The Kent Dark Chocolate Company Limited is Chocolate products.

 

Plamil Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

6

Stocks

2024
£

2023
£

Raw materials and consumables

331,999

431,738

Finished goods and goods for resale

125,817

98,570

457,816

530,308

7

Debtors

Current

2024
£

2023
£

Trade debtors

720,585

672,974

Prepayments

50,270

22,520

Other debtors

46,372

53,805

 

817,227

749,299

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

359,207

489,129

Taxation and social security

38,305

23,622

Accruals and deferred income

28,263

123,336

Other creditors

40,402

39,300

466,177

675,387

9

Dividends

2024

2023

£

£

Final dividend of £0.10 (2023 - £0.10) per ordinary share

2,971

3,061

 

 
 

Plamil Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

167,324

141,574

Contributions paid to money purchase schemes

9,002

5,776

176,326

147,350

During the year the number of directors who were receiving benefits was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

2

2