Planit LGPM Limited
Unaudited Financial Statements
For the year ended 30 June 2022
For Filing with Registrar
Company Registration No. 07809594 (England and Wales)
Planit LGPM Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 7
Planit LGPM Limited
Balance Sheet
As at 30 June 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,577
Current assets
Stock
80,302
Debtors
4
988,944
552,556
Cash at bank and in hand
398,678
209,259
1,467,924
761,815
Creditors: amounts falling due within one year
5
(1,241,187)
(465,342)
Net current assets
226,737
296,473
Net assets
230,314
296,473
Capital and reserves
Called up share capital
6
7
7
Capital redemption reserve
3
3
Profit and loss reserves
230,304
296,463
Total equity
230,314
296,473
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 30 June 2022 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.
The 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.
Planit LGPM Limited
Balance Sheet (Continued)
As at 30 June 2022
Page 2
The financial statements were approved by the board of directors and authorised for issue on 23 June 2023 and are signed on its behalf by:
S Cox
Director
Company Registration No. 07809594
Planit LGPM Limited
Statement of Changes in Equity
For the year ended 30 June 2022
Page 3
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2020
8
2
330,001
330,011
Year ended 30 June 2021:
Profit and total comprehensive income for the year
-
-
143,462
143,462
Dividends
-
-
(150,000)
(150,000)
Own shares acquired
-
-
(27,000)
(27,000)
Other movements
(1)
1
-
-
Balance at 30 June 2021
7
3
296,463
296,473
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
-
183,841
183,841
Dividends
-
-
(250,000)
(250,000)
Balance at 30 June 2022
7
3
230,304
230,314
Planit LGPM Limited
Notes to the Financial Statements
For the year ended 30 June 2022
Page 4
1
Accounting policies
Company information
Planit LGPM Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20-22 Wenlock Road, London, England, N1 7GU.
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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
As at 30 June 2022, the company had a net profit after tax of £183,841 (2021: £143,462) and net assets of £230,314 (2021: £296,473).
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:
Fixtures and fittings
10%
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
Cash and cash equivalents
Cash and cash equivalents 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.
Planit LGPM Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
1
Accounting policies
(Continued)
Page 5
1.5
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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.
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.
Planit LGPM Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
1
Accounting policies
(Continued)
Page 6
1.10
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
15
14
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2021
Additions
3,833
At 30 June 2022
3,833
Depreciation and impairment
At 1 July 2021
Depreciation charged in the year
256
At 30 June 2022
256
Carrying amount
At 30 June 2022
3,577
At 30 June 2021
Planit LGPM Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
Page 7
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
934,988
478,519
Other debtors
53,956
74,037
988,944
552,556
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
539,137
167,011
Corporation tax
45,976
34,021
Other taxation and social security
172,535
88,113
Other creditors
483,539
176,197
1,241,187
465,342
6
Called up share capital
2022
2021
Ordinary share capital
Issued and fully paid
Ordinary shares issued and fully paid of £0.00001 each
625,000
625
As at 30 June 2021 company had 625 shares of £0.01 each. A sub-division of shares took place in May-22. As at 30 June 2022, company had 625,000 shares of £0.00001 each.
7
Related party transactions
As at the balance sheet date, the directors owed £30,057 (2021: £50,184) to the company. The balance was settled within 9 months after the year end. During the year directors were paid dividends of £250,000 (2021: £150,000).
8
Parent company
S Cox is the ultimate controlling party by virtue of his majority shareholding.