Company Registration No. 03440649 (England and Wales)
PLANET KNOX LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
PLANET KNOX LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
PLANET KNOX LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
120,664
148,992
Current assets
Stocks
548,419
622,160
Debtors
5
525,650
272,351
Cash at bank and in hand
234,665
3,894
1,308,734
898,405
Creditors: amounts falling due within one year
6
(620,739)
(638,681)
Net current assets
687,995
259,724
Total assets less current liabilities
808,659
408,716
Creditors: amounts falling due after more than one year
7
(45,935)
(25,824)
Provisions for liabilities
(19,825)
(21,358)
Net assets
742,899
361,534
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
741,899
360,534
Total equity
742,899
361,534
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 December 2020 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.
PLANET KNOX LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2020
31 December 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 July 2021 and are signed on its behalf by:
Mr G N Travell
Mrs M M Travell
Director
Director
Company Registration No. 03440649
PLANET KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
1
Accounting policies
Company information
Planet Knox Limited is a
private
company
limited by shares
incorporated in England and Wales under Company Registration Number 03440649.
The registered office is
Unit 5, Derwent Mills Commercial Park, Cockermouth, CA13 0HT.
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
Going concern
The rapid escalation in the Covid – 19 pandemic has created significant economic uncertainty. Information to inform expectations, together with the actions of Government, are changing daily. We are aware of the support that Government has pledged to the business community, to do everything they believe necessary, including time to pay arrangements, bank loan guarantees, grants, The Coronavirus Job Retention Scheme and other reliefs. We will take advantage of the support available as and when required, ensuring that we continue to operate within our available cash reserves and bank facilities through this period of uncertainty. In view of this the directors consider it appropriate to prepare the financial statements on a going concern basis.
true
1.3
Turnover
Turnover represents amounts receivable for goods
, along with any delivery charges, provided in the normal course of business,
net of
any
discounts and VAT.
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 form the warehouse, and to the extent that the company has a right to consideration arising from the performance of its contractual arrangements.
Revenue from
delivery charges
is recognised
along with the sale of the goods, and to the extent that the company has a right to consideration arising from the performance of its contractual arrangements.
1.4
Tangible fixed assets
Tangible fixed assets
are
stated at cost less
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:
Property improvements
6.67 years straight line
Plant and machinery
5 / 10 years straight line
Fixtures, fittings & computer equipment
3 / 4 years straight line
Motor vehicles
25% straight line
PLANET KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
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
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
1.6
Stocks
Stocks
are stated at the lower of cost
and net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PLANET KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.10
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.
1.11
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 profit or loss 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
profit or loss
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
s
asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
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
in the period
are included in profit or loss.
PLANET KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
21
29
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2020 and 31 December 2020
10,000
Amortisation and impairment
At 1 January 2020 and 31 December 2020
10,000
Carrying amount
At 31 December 2020
-
At 31 December 2019
-
4
Tangible fixed assets
Property improvements
Plant and machinery
Fixtures, fittings & computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2020
37,629
207,465
65,288
55,746
366,128
Additions
5,340
8,569
6,681
16,520
37,110
Disposals
-
(6,615)
(2,484)
(34,258)
(43,357)
At 31 December 2020
42,969
209,419
69,485
38,008
359,881
Depreciation and impairment
At 1 January 2020
21,377
98,953
53,178
43,628
217,136
Depreciation charged in the year
3,863
36,150
7,089
9,592
56,694
Eliminated in respect of disposals
-
(4,812)
(725)
(29,076)
(34,613)
At 31 December 2020
25,240
130,291
59,542
24,144
239,217
Carrying amount
At 31 December 2020
17,729
79,128
9,943
13,864
120,664
At 31 December 2019
16,252
108,512
12,110
12,118
148,992
PLANET KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
379,198
179,011
Other debtors
26,686
20,007
Prepayments and accrued income
119,766
73,333
525,650
272,351
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
4,065
22,572
Trade creditors
260,529
424,416
Taxation and social security
124,915
26,334
Other creditors
231,230
165,359
620,739
638,681
The company's bank loans due within one year of £4,065 (2019: £22,572) are secured by way of HSBC Bank PLC holding fixed and floating charges over all the assets, present and future, of the company.
Hire purchase obligations of £nil (2019: £5,703) shown as falling due within one year are secured on the asset to which they relate.
7
Creditors: amounts falling due after more than one year
2020
2019
Notes
£
£
Bank loans and overdrafts
45,935
18,353
Obligations under finance leases
-
7,471
45,935
25,824
The company's bank loans due after more than one year of £45,935 (2019: £18,353) are secured by way of HSBC Bank PLC holding fixed and floating charges over all the assets, present and future, of the company.
Hire purchase obligations of £nil (2019: £7,471) shown as falling due after more than one year are secured on the asset to which they relate.
PLANET KNOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 8 -
8
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary of £1 each
475
475
475
475
'B' Ordinary of £1 each
475
475
475
475
'C' Ordinary of £1 each
50
50
50
50
1,000
1,000
1,000
1,000
Each class of share rank pari passu in all respects save that the directors may at any time resolve to declare a dividend on one class of share and not another class.