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Registered Number: 01539827
England and Wales

 

 

 

PHYTO PRODUCTS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
Director Dawn Parkin
Registered Number 01539827
Registered Office Unit 2 Sherbrook Enterprise
100 Sherbrook Road
Daybrook
Nottingham
NG5 6AB
Accountants Equinox Accounting Limited
Unit 2 Sherbrook Road
Daybrook
Nottingham
Nottinghamshire
NG5 6AB
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 73,201    60,423 
73,201    60,423 
Current assets      
Stocks 4 308,244    296,473 
Debtors 5 43,470    36,634 
Cash at bank and in hand 464,499    549,390 
816,213    882,497 
Creditors: amount falling due within one year 6 (33,875)   (105,900)
Net current assets 782,338    776,597 
 
Total assets less current liabilities 855,539    837,020 
Net assets 855,539    837,020 
 

Capital and reserves
     
Called up share capital 7 100    100 
Profit and loss account 855,439    836,920 
Shareholders' funds 855,539    837,020 
 


For the 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.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 23 December 2024 and were signed by:


-------------------------------
Dawn Parkin
Director
2
General Information
Phyto Products Limited is a private company, limited by shares, registered in England and Wales, registration number 01539827, registration address Unit 2 Sherbrook Enterprise, 100 Sherbrook Road, Daybrook, Nottingham, NG5 6AB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Revenue Recognition
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 2% Straight Line
Plant and Machinery 25% Straight Line
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 15% Straight Line
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
2.

Average number of employees

Average number of employees during the year was 4 (2023 : 4).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £   £
At 01 April 2023 117,581    39,950    13,990    47,280    218,801 
Additions     22,950    270    23,220 
Disposals     (13,990)   (31,693)   (45,683)
At 31 March 2024 117,581    39,950    22,950    15,857    196,338 
Depreciation
At 01 April 2023 65,158    39,950    12,940    40,330    158,378 
Charge for year 2,352      4,781    2,259    9,392 
On disposals     (12,940)   (31,693)   (44,633)
At 31 March 2024 67,510    39,950    4,781    10,896    123,137 
Net book values
Closing balance as at 31 March 2024 50,071      18,169    4,961    73,201 
Opening balance as at 01 April 2023 52,423      1,050    6,950    60,423 


4.

Stocks

2024
£
  2023
£
Stocks 308,244    296,473 
308,244    296,473 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 35,098    23,326 
Prepayments & Accrued Income 8,372    8,308 
PAYE & Social Security   5,000 
43,470    36,634 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 3,379    2,573 
Corporation Tax 6,513    22,927 
Accrued Expenses 3,835    3,672 
Directors' Current Accounts 1,587    60,336 
VAT 18,561    16,392 
33,875    105,900 

7.

Share Capital

Authorised
100 Ordinary shares of £1.00 each
Allotted, called up and fully paid
2024
£
  2023
£
100 Ordinary shares of £1.00 each 100    100 
100    100 

8.

Related Party Transactions

During the year a loan existed, made to the company by Ms Dawn Parkin, a director and shareholder of the company.
The maximum amount outstanding during the year was £60,336.
The balance at the end of the year, included within creditors, was £1,587 (2023 - £60,336).
3