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Registration number: 0680603

Plamil Foods Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2018

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

 

Plamil Foods Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Financial Statements

5 to 12

 

Plamil Foods Limited

Company Information

Directors

Mr A J Ling

Mr H Atkinson

Mrs P Milton

Registered office

Plamil House
Bowles Well Gardens
Folkestone
Kent
CT19 6PQ

 

Plamil Foods Limited

(Registration number: 0680603)
Balance Sheet as at 31 January 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

566,525

655,588

Investments

5

100

100

 

566,625

655,688

Current assets

 

Stocks

6

467,900

628,062

Debtors

7

814,142

630,498

Cash at bank and in hand

 

670,143

375,571

 

1,952,185

1,634,131

Creditors: Amounts falling due within one year

8

(457,404)

(327,681)

Net current assets

 

1,494,781

1,306,450

Total assets less current liabilities

 

2,061,406

1,962,138

Provisions for liabilities

(52,923)

(70,244)

Net assets

 

2,008,483

1,891,894

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

1,910,792

1,794,203

Total equity

 

2,008,483

1,891,894

 

Plamil Foods Limited

(Registration number: 0680603)
Balance Sheet as at 31 January 2018

For the financial year ending 31 January 2018 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 5 September 2018 and signed on its behalf by:
 

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

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

 
     
 

Plamil Foods Limited

Statement of Changes in Equity for the Year Ended 31 January 2018

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 February 2017

54,125

1,000

42,566

1,794,203

1,891,894

Profit for the year

-

-

-

121,992

121,992

Total comprehensive income

-

-

-

121,992

121,992

Dividends

-

-

-

(5,403)

(5,403)

At 31 January 2018

54,125

1,000

42,566

1,910,792

2,008,483

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

 

Plamil Foods Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

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.

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.

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.

 

Plamil Foods Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

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.

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.

 

Plamil Foods Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

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.

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 45 (2017 - 45).

 

Plamil Foods Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

4

Tangible assets

Land and buildings
£

Short leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 February 2017

255,015

50,505

1,033,535

62,581

Additions

-

-

24,824

804

At 31 January 2018

255,015

50,505

1,058,359

63,385

Depreciation

At 1 February 2017

-

29,459

669,844

46,745

Charge for the year

-

5,050

104,719

4,922

At 31 January 2018

-

34,509

774,563

51,667

Carrying amount

At 31 January 2018

255,015

15,996

283,796

11,718

At 31 January 2017

255,015

21,046

363,691

15,836

Total
£

Cost or valuation

At 1 February 2017

1,401,636

Additions

25,628

At 31 January 2018

1,427,264

Depreciation

At 1 February 2017

746,048

Charge for the year

114,691

At 31 January 2018

860,739

Carrying amount

At 31 January 2018

566,525

At 31 January 2017

655,588

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.

Included within the net book value of land and buildings above is £255,015 (2017 - £255,015) in respect of freehold land and buildings and £15,997 (2017 - £21,047) in respect of short leasehold land and buildings.
 

 

Plamil Foods Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

5

Investments

2018
£

2017
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 February 2017

100

Provision

Carrying amount

At 31 January 2018

100

At 31 January 2017

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

     

2018

2017

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

The profit for the financial period of The Kent Dark Chocolate Company Limited was £1,499 and the aggregate amount of capital and reserves at the end of the period was £(10,209).

 

Plamil Foods Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

6

Stocks

2018
£

2017
£

Raw materials and consumables

326,567

464,177

Finished goods and goods for resale

141,333

163,885

467,900

628,062

7

Debtors

Note

2018
£

2017
£

Trade debtors

 

742,278

551,193

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

10

13,560

21,445

Prepayments

 

38,428

38,382

Other debtors

 

19,876

19,478

 

814,142

630,498

 

Plamil Foods Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

8

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Trade creditors

 

301,778

220,040

Taxation and social security

 

17,674

16,515

Other creditors

 

137,952

91,126

 

457,404

327,681

9

Dividends

Final dividends paid

   

2018
£

 

2017
£

Final dividend of £0.10 (2017 - £0.20) per each Ordinary share

 

5,403

 

10,806

         

Recommended final dividends paid and not recognised in the accounts

The directors are proposing the following final dividends:

£0.10 per each Ordinary share totalling £5,403.00 (2017 - £5,403.00)

These dividends have not been accrued in the Balance Sheet.

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2018
£

2017
£

Remuneration

117,256

100,000

Contributions paid to money purchase schemes

4,009

3,394

121,265

103,394

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

2018
No.

2017
No.

Accruing benefits under money purchase pension scheme

2

1

 

Plamil Foods Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

Summary of transactions with subsidiaries

The Kent Dark Chocolate Company Limited
 

Income and receivables from related parties

2018

Subsidiary
£

Sale of goods

1,883

2017

Subsidiary
£

Sale of goods

1,184

Loans to related parties

2018

Subsidiary
£

At start of period

21,445

Repaid

(7,885)

At end of period

13,560

2017

Subsidiary
£

At start of period

19,540

Advanced

1,905

At end of period

21,445


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