Plamil Foods Limited 0680603 false 2016-02-01 2017-01-31 2017-01-31 The principal activity of the company is the manufacture and sale of non-dairy food products Digita Accounts Production Advanced 6.20.8420.0 Software true false false 0680603 2016-02-01 2017-01-31 0680603 2017-01-31 0680603 core:CapitalRedemptionReserve 2017-01-31 0680603 core:RetainedEarningsAccumulatedLosses 2017-01-31 0680603 core:RevaluationReserve 2017-01-31 0680603 core:ShareCapital 2017-01-31 0680603 core:CurrentFinancialInstruments 2017-01-31 0680603 core:CurrentFinancialInstruments core:WithinOneYear 2017-01-31 0680603 core:FurnitureFittingsToolsEquipment 2017-01-31 0680603 core:LandBuildings 2017-01-31 0680603 core:OtherPropertyPlantEquipment 2017-01-31 0680603 core:AllSubsidiaries 2017-01-31 0680603 bus:SmallEntities 2016-02-01 2017-01-31 0680603 bus:AuditExemptWithAccountantsReport 2016-02-01 2017-01-31 0680603 bus:FullAccounts 2016-02-01 2017-01-31 0680603 bus:RegisteredOffice 2016-02-01 2017-01-31 0680603 bus:Director1 2016-02-01 2017-01-31 0680603 bus:Director4 2016-02-01 2017-01-31 0680603 bus:OrdinaryShareClass1 2016-02-01 2017-01-31 0680603 bus:PrivateLimitedCompanyLtd 2016-02-01 2017-01-31 0680603 core:CapitalRedemptionReserve 2016-02-01 2017-01-31 0680603 core:RetainedEarningsAccumulatedLosses 2016-02-01 2017-01-31 0680603 core:RevaluationReserve 2016-02-01 2017-01-31 0680603 core:ShareCapital 2016-02-01 2017-01-31 0680603 core:FurnitureFittingsToolsEquipment 2016-02-01 2017-01-31 0680603 core:LandBuildings 2016-02-01 2017-01-31 0680603 core:LeaseholdImprovements 2016-02-01 2017-01-31 0680603 core:OfficeEquipment 2016-02-01 2017-01-31 0680603 core:OtherPropertyPlantEquipment 2016-02-01 2017-01-31 0680603 core:PlantMachinery 2016-02-01 2017-01-31 0680603 core:AllSubsidiaries 2016-02-01 2017-01-31 0680603 core:AllSubsidiaries core:SaleOrPurchaseGoods 2016-02-01 2017-01-31 0680603 core:Subsidiary1 2016-02-01 2017-01-31 0680603 core:Subsidiary1 countries:England 2016-02-01 2017-01-31 0680603 countries:AllCountries 2016-02-01 2017-01-31 0680603 2016-01-31 0680603 core:CapitalRedemptionReserve 2016-01-31 0680603 core:RetainedEarningsAccumulatedLosses 2016-01-31 0680603 core:RevaluationReserve 2016-01-31 0680603 core:ShareCapital 2016-01-31 0680603 core:FurnitureFittingsToolsEquipment 2016-01-31 0680603 core:LandBuildings 2016-01-31 0680603 core:OtherPropertyPlantEquipment 2016-01-31 0680603 core:AllSubsidiaries 2016-01-31 0680603 2015-02-01 2016-01-31 0680603 2016-01-31 0680603 core:CapitalRedemptionReserve 2016-01-31 0680603 core:RetainedEarningsAccumulatedLosses core:RestatedAmount 2016-01-31 0680603 core:RevaluationReserve 2016-01-31 0680603 core:ShareCapital 2016-01-31 0680603 core:CurrentFinancialInstruments 2016-01-31 0680603 core:CurrentFinancialInstruments core:WithinOneYear core:RestatedAmount 2016-01-31 0680603 core:CostValuation 2016-01-31 0680603 core:FurnitureFittingsToolsEquipment 2016-01-31 0680603 core:LandBuildings 2016-01-31 0680603 core:OtherPropertyPlantEquipment 2016-01-31 0680603 core:AllSubsidiaries 2016-01-31 0680603 core:RestatedAmount 2016-01-31 0680603 bus:OrdinaryShareClass1 2015-02-01 2016-01-31 0680603 core:CapitalRedemptionReserve 2015-02-01 2016-01-31 0680603 core:RetainedEarningsAccumulatedLosses 2015-02-01 2016-01-31 0680603 core:RetainedEarningsAccumulatedLosses core:RestatedAmount 2015-02-01 2016-01-31 0680603 core:RevaluationReserve 2015-02-01 2016-01-31 0680603 core:ShareCapital 2015-02-01 2016-01-31 0680603 core:AllSubsidiaries 2015-02-01 2016-01-31 0680603 core:AllSubsidiaries core:SaleOrPurchaseGoods 2015-02-01 2016-01-31 0680603 core:RestatedAmount 2015-02-01 2016-01-31 0680603 core:Subsidiary1 2015-02-01 2016-01-31 0680603 2015-01-31 0680603 core:CapitalRedemptionReserve 2015-01-31 0680603 core:RetainedEarningsAccumulatedLosses 2015-01-31 0680603 core:RevaluationReserve 2015-01-31 0680603 core:ShareCapital 2015-01-31 iso4217:GBP xbrli:pure

Registration number: 0680603

Plamil Foods Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2017

Beresfords
Chartered Accountants
Castle House
Castle Hill Avenue
Folkestone
Kent
CT20 2TQ

 

Plamil Foods Limited

Contents

Company Information

1

Statement of Comprehensive Income

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Financial Statements

6 to 11

 

Plamil Foods Limited

Company Information

Directors

A J Ling

H Atkinson

Registered office

Plamil House
Bowles Well Gardens
Folkestone
Kent
CT19 6PQ

 

Plamil Foods Limited

Statement of Comprehensive Income for the Year Ended 31 January 2017

Note

2017
£

(As restated)

2016
£

Profit for the year

 

55,692

294,545

Total comprehensive income for the year

 

55,692

294,545

 

Plamil Foods Limited

(Registration number: 0680603)
Balance Sheet as at 31 January 2017

Note

2017
£

(As restated)

2016
£

Fixed assets

 

Tangible assets

4

655,588

493,252

Investments

5

100

100

 

655,688

493,352

Current assets

 

Stocks

6

628,062

428,857

Debtors

7

630,498

631,442

Cash at bank and in hand

 

375,571

689,899

 

1,634,131

1,750,198

Creditors: Amounts falling due within one year

8

(327,681)

(320,998)

Net current assets

 

1,306,450

1,429,200

Total assets less current liabilities

 

1,962,138

1,922,552

Provisions for liabilities

(70,244)

(75,543)

Net assets

 

1,891,894

1,847,009

Capital and reserves

 

Called up share capital

54,125

54,125

Capital redemption reserve

1,000

1,000

Revaluation reserve

42,566

42,566

Profit and loss account

1,794,203

1,749,318

Total equity

 

1,891,894

1,847,009

 

Plamil Foods Limited

(Registration number: 0680603)
Balance Sheet as at 31 January 2017

For the financial year ending 31 January 2017 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 September 2017 and signed on its behalf by:
 

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

.........................................
H Atkinson
Director

 
 

Plamil Foods Limited

Statement of Changes in Equity for the Year Ended 31 January 2017

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 February 2016

54,125

1,000

42,566

1,749,318

1,847,009

Profit for the year

-

-

-

55,692

55,692

Total comprehensive income

-

-

-

55,692

55,692

Dividends

-

-

-

(10,807)

(10,807)

At 31 January 2017

54,125

1,000

42,566

1,794,203

1,891,894

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 February 2015

54,125

1,000

42,566

1,465,579

1,563,270

Profit for the year

-

-

-

294,545

294,545

Total comprehensive income

-

-

-

294,545

294,545

Dividends

-

-

-

(10,806)

(10,806)

At 31 January 2016

54,125

1,000

42,566

1,749,318

1,847,009

 

Plamil Foods Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

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.

 

Plamil Foods Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

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.

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.

 

Plamil Foods Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

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 43 (2016 - 41).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 February 2016

110,505

62,331

943,251

1,116,087

Additions

195,015

250

90,284

285,549

At 31 January 2017

305,520

62,581

1,033,535

1,401,636

Depreciation

At 1 February 2016

24,409

41,221

557,206

622,836

Charge for the year

5,050

5,524

112,638

123,212

At 31 January 2017

29,459

46,745

669,844

746,048

Carrying amount

At 31 January 2017

276,061

15,836

363,691

655,588

At 31 January 2016

86,096

21,111

386,045

493,252

Included within the net book value of land and buildings above is £255,015 (2016 - £60,000) in respect of freehold land and buildings and £21,047 (2016 - £26,097) in respect of short leasehold land and buildings.
 

During the year the company acquired freehold land at a cost of £195,015.

On I June 1985 the company's freehold land and buildings were revalued by an independent valuer, The property had an historic value of £17,434 and was valued at £60,000. The revaluation surplus of £42,566 was credited to reserves.

5

Investments

2017
£

2016
£

Investments in subsidiaries

100

100

 

Plamil Foods Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

Subsidiaries

£

Cost or valuation

At 1 February 2016

100

Provision

Carrying amount

At 31 January 2017

100

At 31 January 2016

100

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

     

2017

2016

Subsidiary undertakings

The Kent Dark Chocolate Company Limited

Plamil House
Bowles Well Gardens
Folkestone
Kent
CT19 6PQ

Ordinary shares

100%

100%

 

England

     

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

6

Stocks

2017
£

2016
£

Other inventories

628,062

428,857

7

Debtors

Note

2017
£

2016
£

Trade debtors

 

551,193

576,290

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

21,445

19,540

Other debtors

 

57,860

35,612

Total current trade and other debtors

 

630,498

631,442

 

Plamil Foods Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

8

Creditors

Note

2017
£

(As restated)

2016
£

Due within one year

 

Trade creditors

 

220,040

175,955

Taxation and social security

 

16,515

13,776

Other creditors

 

91,126

131,267

 

327,681

320,998

9

Dividends

Interim dividends paid

 

2017
£

2016
£

Interim dividend of £0.20 per each Ordinary share

10,806.00

10,806.00

     

Recommended final dividends paid and not recognised in the accounts

The directors are proposing the following final dividends:

£0.10 (2016 - £0.20) per each Ordinary share totalling £5,403.00 (2016 - £10,806.00)

These dividends have not been accrued in the Balance Sheet.

10

Related party transactions

Transactions with directors

2016

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2017
£

2016
£

Remuneration

100,000

100,000

Contributions paid to money purchase schemes

3,394

3,010

103,394

103,010

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

2017
No.

2016
No.

Accruing benefits under money purchase pension scheme

1

1

 

Plamil Foods Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

Other transactions with directors

Mr H Atkinson, a director and practising accountant, was paid £7,800 (2016 - £7,800) for services as a director.

Mrs L Hedges, a director, was paid £7,800 ( 2016 - £7,800) for consultancy services.

Summary of transactions with subsidiaries

The Kent Dark Chocolate Company Limited
 

Income and receivables from related parties

2017

Subsidiary
£

Sale of goods

1,184

2016

Subsidiary
£

Sale of goods

712

Loans to related parties

2017

Subsidiary
£

At start of period

19,540

Advanced

1,905

At end of period

21,445

2016

Subsidiary
£

Advanced

21,953

Repaid

(2,413)

At end of period

19,540


Options

Monitor

  • Receive an alert email on changes to financial status
  • Early indications of liquidity problems
  • Warns when company reporting is overdue
  • Free service, no spam emails
Monitor Now

Please Help Us!

Was this document useful to you? Please Like our page. The more Likes we get, the more documents we can supply you free. Thanks.