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Registration number: 06810864

Phil Plumtree Projects Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 28 February 2023

 

Phil Plumtree Projects Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Phil Plumtree Projects Limited

Company Information

Director

P Plumtree

Registered office

91 Wimpole Street
Marylebone
London
W1G 0EF

Accountants

AIMS Accountants for Business
Suite 73
95 Wilton Road
London
SW1V 1BZ

 

Phil Plumtree Projects Limited

(Registration number: 06810864)
Abridged Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

47,093

61,627

Current assets

 

Debtors

5

238,692

307,783

Cash at bank and in hand

 

289,459

309,022

 

528,151

616,805

Prepayments and accrued income

 

43,795

1,959

Creditors: Amounts falling due within one year

(286,775)

(294,538)

Net current assets

 

285,171

324,226

Total assets less current liabilities

 

332,264

385,853

Provisions for liabilities

(8,782)

(11,709)

Accruals and deferred income

 

(1,313)

(1,313)

Net assets

 

322,169

372,831

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

322,069

372,731

Shareholders' funds

 

322,169

372,831

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 October 2023
 

 

Phil Plumtree Projects Limited

(Registration number: 06810864)
Abridged Balance Sheet as at 28 February 2023

.........................................
P Plumtree
Director

 

Phil Plumtree Projects Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
91 Wimpole Street
Marylebone
London
W1G 0EF
England

The principal place of business is:
91 Wimpole Street
Marylebone
London
W1G 0EF
England

These financial statements were authorised for issue by the director on 26 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Phil Plumtree Projects Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% Reducing Balance Basis

Motor Vehicles

25% Reducing Balance Basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Phil Plumtree Projects Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

Phil Plumtree Projects Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

47,738

77,200

124,938

Additions

1,164

-

1,164

At 28 February 2023

48,902

77,200

126,102

Depreciation

At 1 March 2022

33,243

30,068

63,311

Charge for the year

3,915

11,783

15,698

At 28 February 2023

37,158

41,851

79,009

Carrying amount

At 28 February 2023

11,744

35,349

47,093

At 28 February 2022

14,495

47,132

61,627

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

7

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £3,810 (2022 - £3,110) per each Ordinary Shares

 

381,000

 

311,000

         
 

Phil Plumtree Projects Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

8

Related party transactions

Transactions with the director

2023

At 1 March 2022
£

Repayments by director
£

At 28 February 2023
£

P Plumtree

Loans from the Director

(984)

512

(472)

       
     

 

2022

At 1 March 2021
£

Repayments by director
£

At 28 February 2022
£

Loans from the Director

(404)

(581)

(984)

       
     

 

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

10,000

10,000