Company registration number 04715047 (England and Wales)
PLAN B IT SOLUTIONS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
PLAN B IT SOLUTIONS LIMITED
CONTENTS
Page
Directors' report
1
Statement of income and retained earnings
2
Balance sheet
3
Notes to the financial statements
4 - 8
PLAN B IT SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
The directors present their annual report and financial statements for the year ended 30 June 2023.
Principal activities
The principal activity of the company is the wholesale of computers, computer peripheral equipment and software.
Results and dividends
The results for the year are set out on page 2.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J J Green
M M Green
A Verde
Small companies exemption
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
J J Green
Director
6 November 2023
PLAN B IT SOLUTIONS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
2023
2022
Notes
€
€
Turnover
4,440,149
4,972,680
Cost of sales
(3,681,212)
(4,189,773)
Gross profit
758,937
782,907
Administrative expenses
(736,062)
(760,555)
Operating profit
22,875
22,352
Interest payable and similar expenses
(1,599)
(3,823)
Profit before taxation
21,276
18,529
Tax on profit
4
(8,425)
(6,711)
Profit for the financial year
12,851
11,818
Retained earnings brought forward
466,599
454,781
Retained earnings carried forward
479,450
466,599
The profit and loss account has been prepared on the basis that all operations are continuing operations.
PLAN B IT SOLUTIONS LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 3 -
2023
2022
Notes
€
€
€
€
Fixed assets
Tangible assets
5
1,985
2,333
Current assets
Stocks
13,391
10,218
Debtors
6
658,281
891,294
Cash at bank and in hand
763,862
102,701
1,435,534
1,004,213
Creditors: amounts falling due within one year
7
(933,726)
(504,004)
Net current assets
501,808
500,209
Total assets less current liabilities
503,793
502,542
Creditors: amounts falling due after more than one year
8
(24,225)
(35,825)
Net assets
479,568
466,717
Capital and reserves
Called up share capital
118
118
Profit and loss reserves
479,450
466,599
Total equity
479,568
466,717
For the financial year ended 30 June 2023 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 and Financial Reporting Standard 102 (Section 1A).
The financial statements were approved by the board of directors and authorised for issue on 6 November 2023 and are signed on its behalf by:
J J Green
Director
Company Registration No. 04715047
PLAN B IT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information
Plan B IT Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.
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 euros, 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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
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, fittings & equipment
25% - 50% Reducing balance
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.5
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.
PLAN B IT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.6
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.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
PLAN B IT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.7
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 leases asset are consumed.
1.8
Foreign exchange
Transactions in currencies other than euros 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 are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
9
9
3
Directors' remuneration
2023
2022
€
€
Remuneration paid to directors
241,435
255,750
4
Taxation
2023
2022
€
€
Current tax
UK corporation tax on profits for the current period
3,776
3,596
Foreign current tax on profits for the current period
4,649
3,115
Total current tax
8,425
6,711
PLAN B IT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
5
Tangible fixed assets
Plant and machinery etc
€
Cost
At 1 July 2022
42,957
Additions
470
At 30 June 2023
43,427
Depreciation and impairment
At 1 July 2022
40,624
Depreciation charged in the year
818
At 30 June 2023
41,442
Carrying amount
At 30 June 2023
1,985
At 30 June 2022
2,333
6
Debtors
2023
2022
Amounts falling due within one year:
€
€
Trade debtors
648,691
764,640
Corporation tax recoverable
3,739
Other debtors
9,590
122,915
658,281
891,294
7
Creditors: amounts falling due within one year
2023
2022
€
€
Bank loans and overdrafts
11,628
11,619
Trade creditors
228,911
324,848
Corporation tax
8,538
6,712
Other creditors
128,317
160,825
Factor advance
556,332
-
933,726
504,004
PLAN B IT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
8
Creditors: amounts falling due after more than one year
2023
2022
€
€
Bank loans and overdrafts
24,225
35,825
9
Financial commitments, guarantees and contingent liabilities
BNP Paribas Commercial Finance holds a fixed and floating charge against all the assets of the company.
10
Control
The company is controlled by JJ Green, a director of the company, by virtue of his shareholding.