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Report of the Director and |
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Financial Statements for the Period 31 October 2014 to 31 March 2016 |
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Plant Lipids UK Limited |
REGISTERED NUMBER:
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Report of the Director and |
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Financial Statements for the Period 31 October 2014 to 31 March 2016 |
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for |
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Plant Lipids UK Limited |
Plant Lipids UK Limited (Registered number: 09290313) |
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Contents of the Financial Statements |
for the period 31 October 2014 to 31 March 2016 |
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Page |
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Company Information | 1 |
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Report of the Director | 2 |
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Report of the Independent Auditors | 3 |
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Statement of Comprehensive Income | 5 |
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Balance Sheet | 6 |
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Statement of Changes in Equity | 7 |
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Notes to the Financial Statements | 8 |
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Plant Lipids UK Limited |
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Company Information |
for the period 31 October 2014 to 31 March 2016 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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81 Melton Road |
West Bridgford |
Nottingham |
Nottinghamshire |
NG2 6EN |
Plant Lipids UK Limited (Registered number: 09290313) |
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Report of the Director |
for the period 31 October 2014 to 31 March 2016 |
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The director presents his report with the financial statements of the company for the period 31 October 2014 to 31 March 2016. |
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INCORPORATION |
The company was incorporated on 31 October 2014 . |
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DIRECTORS |
The directors who have held office during the period from 31 October 2014 to the date of this report are as follows: |
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The director who is eligible offers himself for election at the forthcoming first Annual General Meeting. |
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DIRECTOR'S RESPONSIBILITIES STATEMENT |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with |
applicable law and regulations. |
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Company law requires the director to prepare financial statements for each financial year. Under that law the director |
has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not |
approve the financial statements unless he is 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 director is |
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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The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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, Longley & Company, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Plant Lipids UK Limited |
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We have audited the financial statements of Plant Lipids UK Limited for the period ended 31 March 2016 on pages five |
to twelve. The financial reporting framework that has been applied in their preparation is applicable law and United |
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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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 a Report of the Auditors 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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Respective responsibilities of director and auditors |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. |
This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and |
have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by |
the director; and the overall presentation of the financial statements. In addition, we read all the financial and |
non-financial information in the Report of the Director to identify material inconsistencies with the audited financial |
statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent |
with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material |
misstatements or inconsistencies we consider the implications for our report. |
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Opinion on financial statements |
In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 March 2016 and of its loss for the 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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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion the information given in the Report of the Director for the financial year for which the financial |
statements are prepared is consistent with the financial statements. |
Report of the Independent Auditors to the Members of |
Plant Lipids UK Limited |
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Matters on which we are required to report by exception |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the director was not entitled to prepare the financial statements in accordance with the small companies regime and
take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director. |
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for and on behalf of
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81 Melton Road |
West Bridgford |
Nottingham |
Nottinghamshire |
NG2 6EN |
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Plant Lipids UK Limited (Registered number: 09290313) |
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Statement of Comprehensive Income |
for the period 31 October 2014 to 31 March 2016 |
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Notes | £ |
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TURNOVER | 2 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING LOSS | 4 | ( |
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Interest payable and similar charges |
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LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION |
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Tax on loss on ordinary activities | 5 |
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LOSS FOR THE FINANCIAL PERIOD | ( |
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OTHER COMPREHENSIVE INCOME | - |
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD |
( |
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Plant Lipids UK Limited (Registered number: 09290313) |
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Balance Sheet |
31 March 2016 |
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Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
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Investments | 7 |
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CURRENT ASSETS |
Stocks |
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Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Retained earnings | 12 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The financial statements were approved by the director on
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Plant Lipids UK Limited (Registered number: 09290313) |
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Statement of Changes in Equity |
for the period 31 October 2014 to 31 March 2016 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Changes in equity |
Issue of share capital |
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Total comprehensive income | - | ( |
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Balance at 31 March 2016 |
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Plant Lipids UK Limited (Registered number: 09290313) |
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Notes to the Financial Statements |
for the period 31 October 2014 to 31 March 2016 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Financial reporting standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption 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. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery etc | - | 33% on cost and 10% on cost |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet 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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Grants receivable |
Grants that are received of a capital nature are released to the profit and loss account to match the expected |
useful life of the asset to which they relate. Any grant received but not yet amortised is included under creditors |
due after more than one year. |
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Going concern |
The financial statements are prepared on a going concern basis which assumes that the company will continue |
trading for the foreseeable future. The director considers this to be appropriate and in the interest of the |
shareholder. The company incurred a loss during the year and has net liabilities at the year end. The |
appropriateness of the going concern basis is dependent upon continued support from within the group. Plant |
Lipids Limited, the parent company, has agreed to maintain financial support to the company for a period of at |
least 12 months from the signing of these accounts. The director has made his own enquiries of the going |
concern status of the parent company and is satisfied that it is able to maintain financial support for the relevant |
period. |
Plant Lipids UK Limited (Registered number: 09290313) |
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Notes to the Financial Statements - continued |
for the period 31 October 2014 to 31 March 2016 |
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2. | TURNOVER |
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The turnover and 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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United Kingdom | 39.95% |
Europe | 60.05% |
100.00% |
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3. | STAFF COSTS |
£ |
Wages and salaries |
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Social security costs |
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The average monthly number of employees during the period was as follows: |
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Sales and Management | 2 |
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4. | OPERATING LOSS |
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The operating loss is stated after charging: |
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£ |
Other operating leases |
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Depreciation - owned assets |
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Auditors' remuneration |
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Foreign exchange differences |
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Directors' remuneration and other benefits etc |
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5. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose on ordinary activities for the period. |
Plant Lipids UK Limited (Registered number: 09290313) |
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Notes to the Financial Statements - continued |
for the period 31 October 2014 to 31 March 2016 |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
Additions |
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At 31 March 2016 |
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DEPRECIATION |
Charge for period |
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At 31 March 2016 |
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NET BOOK VALUE |
At 31 March 2016 |
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7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
Additions |
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At 31 March 2016 |
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NET BOOK VALUE |
At 31 March 2016 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Country of incorporation:
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Nature of business:
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Class of shares: | holding |
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2016 |
£ |
Aggregate capital and reserves |
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Profit for the period |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Plant Lipids UK Limited (Registered number: 09290313) |
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Notes to the Financial Statements - continued |
for the period 31 October 2014 to 31 March 2016 |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
£ |
Amounts owed to group undertakings |
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Other creditors |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
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Ordinary | £1 | 200,000 |
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12. | RESERVES |
Retained |
earnings |
£ |
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Deficit for the period | ( |
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At 31 March 2016 | ( |
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13. | ULTIMATE PARENT COMPANY |
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Plant Lipids Limited (incorporated in India ) is regarded by the director as being the company's ultimate parent |
company. |
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14. | OTHER FINANCIAL COMMITMENTS |
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As at the 31 March 2016 the company had the following commitments under non-cancellable operating leases- |
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2016 |
Rental of land and buildings - lease expires in 2 to 5 years | £20,000 |
Plant Lipids UK Limited (Registered number: 09290313) |
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Notes to the Financial Statements - continued |
for the period 31 October 2014 to 31 March 2016 |
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15. | RELATED PARTY DISCLOSURES |
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Plant Lipids Limited |
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Plant Lipids Limited is the parent company of Plant Lipids UK Limited |
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During the period this company purchased stock from Plant Lipids Limited totalling £175,738 and this was still |
uppaid at the year end. In addition to this, Plant Lipids Limited also provided a loan to this company of |
£225,000 on which interest of £3,652 was charged. |
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Plant Lipids Europe |
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Plant Lipids Europe is in the same group as Plant Lipids UK Limited |
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During the period sales of £55,396 were made to Plant Lipids Europe, of which £9,569 was still outstanding at |
the period end. |