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REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
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FOR |
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PLASTI-KOTE LIMITED |
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REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
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FOR |
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PLASTI-KOTE LIMITED |
PLASTI-KOTE LIMITED (REGISTERED NUMBER: 02013215) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Income Statement | 7 |
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Statement of Comprehensive Income/(Loss) | 8 |
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Statement of Financial Position | 9 |
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Statement of Changes in Equity | 10 |
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Notes to the Financial Statements | 11 |
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PLASTI-KOTE LIMITED |
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COMPANY INFORMATION |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Forbury Road |
Reading |
RG1 1YE |
PLASTI-KOTE LIMITED (REGISTERED NUMBER: 02013215) |
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STRATEGIC REPORT |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
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The directors present their strategic report for the period 1 October 2016 to 31 December 2017. |
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PRINCIPAL ACTIVITIES |
The principal activity of the Company during the period was the licensing of the Intellectual Property to Motip Dupli. |
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REVIEW OF BUSINESS |
In August 2016 Plastikote licenced its business to a third party, Motip Dupli. Motip are a Netherlands based Aerosols |
company, both manufacturing and selling. In return for the licensing rights Plastikote receives a royalty from Motip. |
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The profit for the period, after taxation, amounted to £314,445 (2016 loss £1,732,805). |
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The company's key financial and other performance indicators during the period were as follows: |
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2017 | 2016 |
£'000 | £'000 |
Turnover | 760 | 8,537 |
Gross profit/(loss) | 397 | (239 | ) |
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PRINCIPAL RISKS AND UNCERTAINTIES |
Due to Plastikote licensing its IP and customer base to Motip the risks and uncertainties facing the company have |
reduced. The principal risks and uncertainties facing the company now are specifically linked to Motips business |
operations impacting the licence fee received. Sherwin-Williams is available to support customer relations should Motip |
require this to safeguard future revenues. |
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ON BEHALF OF THE BOARD: |
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PLASTI-KOTE LIMITED (REGISTERED NUMBER: 02013215) |
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REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
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The directors present their report with the financial statements of the company for the period 1 October 2016 to 31 December 2017. |
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DIVIDENDS |
No dividends were declared or paid during the period ended 31 December 2017 (2016 - £nil). |
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CURRENT DEVELOPMENTS |
During the period The Valspar Corporation was acquired by Sherwin-Williams, details of the ultimate parent company |
can be found in note 14. |
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FUTURE DEVELOPMENTS |
To continue with the licence of the business to Motip. |
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EVENTS SINCE THE PERIOD END DATE |
There have not been any significant matters subsequent to the balance sheet date. |
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DIRECTORS |
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Other changes in directors holding office are as follows: |
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DIRECTORS LIABILITIES |
The company has granted an indemnity to one or more of its directors against liability in respect of proceedings brought |
by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity |
provision remains in force as at the date of approving the directors' report. |
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GOING CONCERN |
The financial statements have been prepared on a going concern basis as Sherwin-Williams, the ultimate parent |
undertaking, as of the date of signing these financial statements, has agreed to provide adequate support to enable the |
company to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these |
financial statements. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
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PLASTI-KOTE LIMITED (REGISTERED NUMBER: 02013215) |
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REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken |
as a director in order to make himself aware of any relevant audit information and to establish that the company's |
auditors are aware of that information. |
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AUDITORS |
The auditors, Ernst & Young LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PLASTI-KOTE LIMITED |
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Opinion |
We have audited the financial statements of Plasti-Kote Limited for the 15 months period ended 31 December 2017 |
which comprise of the Income Statement, the Statement of comprehensive income, Statement of Financial Position, the |
Statement of Changes in Equity and the related notes 1 to 14, including a summary of significant accounting policies. |
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom |
Accounting Standards including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland". |
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In our opinion, the financial statements: |
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- give a true and fair view of the company's affairs as at as at 31 December 2017 and of its profit for the 15 month period |
then ended; |
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the |
financial statements section of our report below. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. |
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We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not |
appropriate; or |
- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant |
doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least |
twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The other information comprises the information included in the annual report, other than the financial statements and |
our auditor's report thereon. The directors are responsible for the other information. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in this report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude |
that there is a material misstatement of the other information, we are required to report that fact. |
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We have nothing to report in this regard. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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- the information given in the strategic report and the directors' report for the financial year for which the financial |
statements are prepared is consistent with the financial statements; and |
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- the strategic report and directors' report have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PLASTI-KOTE LIMITED |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the |
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal |
control as the directors determine is necessary to enable the preparation of financial statements that are free from |
material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
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Our responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs |
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted |
by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a |
body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Forbury Road |
Reading |
RG1 1YE |
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PLASTI-KOTE LIMITED (REGISTERED NUMBER: 02013215) |
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INCOME STATEMENT |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
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Period | Year Ended |
1.10.16 to 31.12.17 | 30.9.16 |
Notes | £ | £ | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT/(LOSS) |
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( |
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Distribution costs |
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Administrative expenses |
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6,102 | 1,390,918 |
OPERATING PROFIT/(LOSS) | 5 |
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( |
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Interest payable and similar expenses | 7 |
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PROFIT/(LOSS) BEFORE TAXATION |
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( |
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Tax on profit/(loss) | 8 |
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PROFIT/(LOSS) FOR THE FINANCIAL
PERIOD |
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( |
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PLASTI-KOTE LIMITED (REGISTERED NUMBER: 02013215) |
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STATEMENT OF COMPREHENSIVE INCOME/(LOSS) |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
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Period |
1.10.16 |
to | Year Ended |
31.12.17 | 30.9.16 |
Notes | £ | £ |
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PROFIT/(LOSS) FOR THE PERIOD |
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( |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE
INCOME/(LOSS) FOR THE PERIOD |
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( |
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PLASTI-KOTE LIMITED (REGISTERED NUMBER: 02013215) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2017 |
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31.12.17 | 30.9.16 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 9 |
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CREDITORS |
Amounts falling due within one year | 10 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The financial statements were approved by the Board of Directors on
by: |
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PLASTI-KOTE LIMITED (REGISTERED NUMBER: 02013215) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 October 2015 |
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( |
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Changes in equity |
Total comprehensive loss | - | ( |
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Balance at 30 September 2016 |
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( |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2017 |
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( |
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PLASTI-KOTE LIMITED (REGISTERED NUMBER: 02013215) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
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1. | STATEMENT OF COMPLIANCE |
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Plasti-Kote Limited is a limited company incorporated in England. The registered office is: |
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Avenue One |
Station Lane |
Witney |
Oxfordshire |
OX28 4XR |
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The Company's financial statements have been prepared in compliance with FRS 102 as it applies to the financial |
statements for the period ended 31 December 2017. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable accounting standards. The financial |
statements are prepared in sterling. The company has extended its accounting period to 31 December 2017 to be |
consistent across the group. These accounts therefore cover a 15 month period. |
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Going concern |
The financial statements have been prepared on a going concern basis as Sherwin-Williams, the ultimate parent |
undertaking, as of the date of signing these financial statements, has agreed to provide adequate support to enable |
the company to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of |
these financial statements. |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, |
as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of Section 33 Related Party Disclosures paragraph 33.7. |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions |
that affect the amounts reported for assets and liabilities as at the statement of financial position date and the |
amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual |
outcomes could differ from those estimates. Management have confirmed that there are no significant |
judgements and estimates within the financial statements. |
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Deferred tax |
Management estimation is required to determine the amount of deferred tax assets that can be recognised, based |
upon likely timing and level of future taxable profits together with an assessment of the effect of future tax |
planning strategies. |
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Revenue recognition |
Revenue is recognised to the extent the Company obtains the right to consideration in exchange for its |
performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, |
VAT and other sales taxes or duty. |
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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. |
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Royalties are recognised on an accrual basis in accordance with the substance of the relevant agreement. |
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PLASTI-KOTE LIMITED (REGISTERED NUMBER: 02013215) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current tax. Tax is recognised in the Income Statement, except to the extent |
that it relates to items recognised in other comprehensive income or directly in equity. |
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Current taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised respect of all timing differences that have originated but not reversed at the statement |
of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessment in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probate that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate |
of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the |
operating result. |
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Bad debt provision |
All balances over 90 days past due are provided for with the exception of credit balances and intercompany |
balances. |
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Short-term debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the income statement in other operating |
income. |
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3. | TURNOVER |
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The turnover and profit (2016 - loss) before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by geographical market is given below: |
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Period |
1.10.16 |
to | Year Ended |
31.12.17 | 30.9.16 |
£ | £ |
United Kingdom |
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Europe |
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Rest of world | - | 301,728 |
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PLASTI-KOTE LIMITED (REGISTERED NUMBER: 02013215) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
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4. | EMPLOYEES AND DIRECTORS |
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Period |
1.10.16 |
to | Year Ended |
31.12.17 | 30.9.16 |
£ | £ |
Wages and salaries | - | 139,351 |
Social security costs | - | 10,523 |
Other pension costs | - | 3,017 |
- | 152,891 |
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The average monthly number of employees during the period was as follows: |
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Period |
1.10.16 |
to | Year Ended |
31.12.17 | 30.9.16 |
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Administrative staff | - | 3 |
- | 3 |
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Directors remuneration for the period ended 31 December 2017 and for the year ended 30 September 2016 has |
been borne by ultimate parent undertaking. The directors of the Company are also directors or officers of other |
companies within the Sherwin-Williams group. The directors' services to the Company do not occupy a |
significant amount of their time. As such, the directors do not consider that they have received any remuneration |
for their incidental services to the Company for the period ended 31 December 2017 and year ended 30 |
September 2016. |
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5. | OPERATING PROFIT/(LOSS) |
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The operating profit (2016 - operating loss) is stated after charging/(crediting): |
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Period |
1.10.16 |
to | Year Ended |
31.12.17 | 30.9.16 |
£ | £ |
Foreign exchange differences |
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( |
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6. | AUDITORS' REMUNERATION |
Period |
1.10.16 |
to | Year Ended |
31.12.17 | 30.9.16 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's
financial statements |
5,994 |
25,608 |
PLASTI-KOTE LIMITED (REGISTERED NUMBER: 02013215) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
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7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.10.16 |
to | Year Ended |
31.12.17 | 30.9.16 |
£ | £ |
Interest payable |
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8. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the period ended 31 December 2017 nor for the year ended |
30 September 2016. |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
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Period |
1.10.16 |
to | Year Ended |
31.12.17 | 30.9.16 |
£ | £ |
Profit/(loss) before tax |
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( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
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( |
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Effects of: |
Expenses not deductible for tax purposes |
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Utilisation of tax losses | ( |
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Loss carried forward | - | 346,468 |
Total tax charge | - | - |
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Deferred tax assets have not been recognised on the basis that the company is forecast to make a loss in the next |
financial year. It is therefore uncertain as to when the decelerated capital allowance will be utilised. |
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The deferred tax asset not recognised in the financial statements is as follows: |
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2017 | 2016 |
£ | £ |
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Decelerated capital allowances | 23,033 | 21,258 |
Tax losses carried forward | 779,806 | 841,236 |
802,839 | 862,494 |
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In his budget of 8 July 2015, the Chancellor announced reductions in the UK corporation tax rate to 18% with |
effect from 1 April 2020. |
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A decision has been made across the group that deferred tax is not considered to be recoverable and has |
therefore not been recognised. |
PLASTI-KOTE LIMITED (REGISTERED NUMBER: 02013215) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
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9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 30.9.16 |
£ | £ |
Trade debtors |
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Amounts owed by group |
undertakings | - | 179,022 |
VAT |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 30.9.16 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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VAT | - | 52,549 |
Amounts owed to group |
undertakings | 6,767,727 | 8,294,826 |
Accruals and deferred income |
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Amounts owed to group undertakings relate to notes payable, including discount, all of which are redeemable |
within one year. |
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The interest rate for the loan from the group undertaking was fixed at 0.4% (average 3 months daily LIBOR rate) |
from 1 October 2016 to 31 December 2017. |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.17 | 30.9.16 |
value: | £ | £ |
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Ordinary shares | £1 | 500 | 500 |
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12. | PENSION COMMITMENTS |
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The company operates a defined contribution scheme for its directors and a stakeholder scheme for other |
employees. The assets of the schemes are held separately from those of the company in independently |
administered funds. There are no pensions costs in the period (2016 - £2,332 in respect of defined contribution |
schemes). There were no unpaid contributions at the period end (2016: £nil). |
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13. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
PLASTI-KOTE LIMITED (REGISTERED NUMBER: 02013215) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
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14. | ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY |
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The Company's immediate parent undertaking is The Valspar Corporation, a Company incorporated in the |
United States of America. |
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As at 31 December 2017 the Company's ultimate parent undertaking and controlling party is Sherwin-Williams, |
which is incorporated in the United States of America. Copies of its group financial statements, which include |
the Company, are available from: |
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The Sherwin Williams Company |
101 W. Prospect Ave |
Cleveland |
Ohio |
USA |
44115-1075 |