Company Registration No. 04179396 (England and Wales)
ORANGE PLANT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
ORANGE PLANT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ORANGE PLANT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,652,494
1,639,180
Investments
5
1
1
2,652,495
1,639,181
Current assets
Stocks
596,005
1,745,441
Debtors
6
543,311
653,807
Cash at bank and in hand
46,202
36,953
1,185,518
2,436,201
Creditors: amounts falling due within one year
7
(1,173,300)
(1,449,849)
Net current assets
12,218
986,352
Total assets less current liabilities
2,664,713
2,625,533
Creditors: amounts falling due after more than one year
8
(2,143,608)
(1,490,293)
Net assets
521,105
1,135,240
Capital and reserves
Called up share capital
9
300,100
300,100
Profit and loss reserves
221,005
835,140
Total equity
521,105
1,135,240
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
ORANGE PLANT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 December 2018 and are signed on its behalf by:
Miss J Chapman
Director
Company Registration No. 04179396
ORANGE PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
Orange Plant Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Express Works, Brunswick Industrial Estate, Newcastle upon Tyne, NE13 7BA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
2% Straight Line
Plant and machinery
7% and 10% Straight Line
Fixtures, fittings & equipment
25% Reducing Balance
Computer equipment
25% Reducing Balance
Motor vehicles
25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
ORANGE PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
ORANGE PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
2
Change in accounting policy
The entity's pri
mary
trade is in the hire and sale of plant. In previous reporting periods, the sale of plant was recognised as
a
disposal from fixed assets
,
with
the
corresponding gains or losses on disposal recognised in the profit and loss account.
The sale of plant in the current period is recognised in turnover, with any assets sold
which are carried in fixed assets
first
being
transferred to trading stock.
It is now considered that the sale of these items of plant is integral to the trade of the entity, rather than incidental to it.
Had this policy of recognising the sale of plant in turnover not been adopted this year, there would have been no net effect on stated profit, only a reclassification between turnover, cost of sales and (profit)/ loss on disposal of tangible assets.
Had this policy been adopted in the previous reporting period, there would have been no effect on the balance sheet. There would have been no taxation effect. There would have been no net effect on stated profit, only a reclassification between turnover, cost of sales and (profit)/ loss on disposal of tangible assets.
There would be no effect on brought forward retained earnings in the comparitive period as far as it is practicable to determine.
In the current and future reporting periods, t
ransfers between
fixed assets and stock
will be conducted when reviewed by management at the end of each reporting period
. Plant held for sale will be recognised in trading stock, whereas plant held for hire will be recognised in fixed assets.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 27 (2017 - 30).
ORANGE PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2017
491,085
1,174,610
85,307
59,405
328,921
2,139,328
Additions
-
1,499,780
246
1,112
90,554
1,591,692
Disposals
-
-
-
(1,000)
(54,197)
(55,197)
Transfers
-
(352,302)
-
-
-
(352,302)
At 31 March 2018
491,085
2,322,088
85,553
59,517
365,278
3,323,521
Depreciation and impairment
At 1 April 2017
77,788
123,316
54,678
42,902
201,464
500,148
Depreciation charged in the year
9,182
75,422
7,662
4,308
64,758
161,332
Impairment losses
-
113,469
-
-
-
113,469
Eliminated in respect of disposals
-
-
-
(784)
(40,367)
(41,151)
Transfers
-
(62,771)
-
-
-
(62,771)
At 31 March 2018
86,970
249,436
62,340
46,426
225,855
671,027
Carrying amount
At 31 March 2018
404,115
2,072,652
23,213
13,091
139,423
2,652,494
At 31 March 2017
413,297
1,051,294
30,629
16,503
127,457
1,639,180
ORANGE PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
5
Fixed asset investments
2018
2017
£
£
Investments
1
1
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
479,393
616,796
Corporation tax recoverable
-
1,338
Other debtors
63,918
35,673
543,311
653,807
7
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
36,391
-
Obligations under hire purchase agreements
264,875
300,404
Other borrowings
83,308
581,480
Trade creditors
454,285
155,603
Debt factoring account
223,990
204,051
Other taxation and social security
77,647
46,627
Other creditors
-
111,750
Accruals and deferred income
32,804
49,934
1,173,300
1,449,849
Secured borrowings
The debt factoring account was secured by a fixed and floating charge over all the property or undertakings on the company at the reporting end date. The charge was registered on 28 April 2016 and was satisfied on 30 August 2018.
The amounts due in respect of obligations under hire purchase agreements are secured upon the specific assets to which they relate.
ORANGE PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 8 -
8
Creditors: amounts falling due after more than one year
2018
2017
£
£
Obligations under hire purchase agreements
252,792
287,491
Other finance loans
838,232
121,780
Directors' loan accounts
1,052,584
1,081,022
2,143,608
1,490,293
Secured borrowings
The amounts due in respect of obligations under hire purchase agreements are secured upon the specific assets to which they relate.
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 of £1 each
100
100
100
100
Preference share capital
Issued and fully paid
300,000 of £1 each
300,000
300,000
300,000
300,000
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
171,896
83,025