Plant Genetics International Limited - Period Ending 2020-12-31

Plant Genetics International Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Plant Genetics International Limited

Company Information

Directors

Mr D W Langmead Mrs F D Marley Mr E C P Marley Mr E L S Bourne Mrs C G Bourne

Registered office

Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Accountants

Francis Clark LLP Chartered Accountants Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Plant Genetics International Limited

Balance Sheet

31 December 2020

	Note	2020 £	2019 £
Fixed assets
Intangible assets	4	220,000	275,000
Investments	5	467,403	467,403
		687,403	742,403
Current assets
Debtors	6	665,276	585,538
Cash at bank and in hand		3,303	24,676
		668,579	610,214
Creditors: Amounts falling due within one year	7	(669,979)	(647,781)
Net current liabilities		(1,400)	(37,567)
Total assets less current liabilities		686,003	704,836
Creditors: Amounts falling due after more than one year	7	(94,024)	(89,547)
Net assets		591,979	615,289
Capital and reserves
Called up share capital	9	400	400
Share premium reserve		419,780	419,780
Other reserves		25,977	30,454
Profit and loss account		145,822	164,655
Shareholders' funds		591,979	615,289

Plant Genetics International Limited

Balance Sheet

31 December 2020

For the financial year ending 31 December 2020 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 August 2021 and signed on its behalf by:
 

......................................... Mr E C P Marley Director

Company Registration Number: 09506669

Plant Genetics International Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

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:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

The principal place of business is:
Ashcombe Road
Dawlish
Devon
EX7 0QP

These financial statements were authorised for issue by the Board on 5 August 2021.

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. There are no material departures from FRS102.

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.

Covid-19

The directors of Plant Genetics International Limited have considered the impact of COVID-19.

In the opinion of the directors, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore 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 provision of goods and services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Plant Genetics International Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

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 corporation 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.

Intangible assets

Intagible fixed assets relates to intellectual property acquired by the company.

The directors have considered the estimated useful economic life of the intellectual property to determine the amortisation rate to be applied.

Amortisation

Amortisation is provided on intangible assets at the following annual rates in order to write off each aset over its estimated useful life.

Asset class	Amortisation method and rate
Intellectual Property	10% on cost

Investments

Investments in subsidiary undertakings are recognised at cost.

Other reserves

The company has a long term loan which is classified as a financing arrangement. The difference between the initial consideration and the present value of future payments, discounted at a market rate of interest, has been credited to "other reserves". Amounts equivalent to the notional interest charge are transferred between reserves until the loans are repaid.

Plant Genetics International Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2019 - 5).

Plant Genetics International Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

4	Intangible assets

	Intellectual property  £	Total £
Cost or valuation
At 1 January 2020	550,000	550,000
At 31 December 2020	550,000	550,000
Amortisation
At 1 January 2020	275,000	275,000
Amortisation charge	55,000	55,000
At 31 December 2020	330,000	330,000
Carrying amount
At 31 December 2020	220,000	220,000
At 31 December 2019	275,000	275,000

5	Investments

	2020 £	2019 £
Investments in subsidiaries	467,403	467,403

Subsidiaries	£
Cost or valuation
At 1 January 2020	467,403
Provision
Carrying amount
At 31 December 2020	467,403
At 31 December 2019	467,403

Plant Genetics International Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

6

Debtors

	Note	2020 £	2019 £
Trade debtors		4,000	3,092
Amounts owed by group undertakings and undertakings in which the company has a participating interest	10	487,418	508,851
Prepayments		-	73,415
Other debtors		173,858	180
		665,276	585,538

7

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019  £
Due within one year
Trade creditors		182,228	129,326
Amounts due to group undertakings	10	469,129	469,129
Corporation tax		8,485	-
Social security and other taxes		-	8,689
Other creditors		49	49
Accrued expenses		10,088	40,588
		669,979	647,781

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	8	94,024	89,547

Plant Genetics International Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

8	Loans and borrowings

	2020 £	2019 £
Loans and borrowings due after one year
Other borrowings	94,024	89,547

9	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary A of £1 each	380	380	380	380
Ordinary B of £1 each	20	20	20	20
	400	400	400	400

Rights, preferences and restrictions

All rights as specified in the Companies Act 2006. Dividends may be declared seperately on the Ordinary A and Ordinary B classes of shares or on one class and not the other.

10	Related party transactions

Summary of transactions with all joint ventures

A loan for £40,000 was drawn by the related party. Interest is charged on the loan at 10% which is considered a market rate of interest.

During the year, the company invoiced a total of £21,500 (2019 - £17,470) to the related party as a recharge of set up costs and loan interest up to the year end. The company were also invoiced a management charge of £30,000 (2019 - £30,000) from the related party for research into plant genetics up to the year end.

At the year end, the company was owed a total of £45,500 (2019 - £43,008) from the related party.