Registered number
05873377
Plan B Management Solutions Limited
Unaudited Filleted Accounts
31 July 2023
Plan B Management Solutions Limited
Registered number: 05873377
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 10,948 7,421
Current assets
Stocks 559,370 583,504
Debtors 4 1,115,856 1,411,681
Cash at bank and in hand 2,356,850 2,565,358
4,032,076 4,560,543
Creditors: amounts falling due within one year 5 (2,693,143) (3,689,198)
Net current assets 1,338,933 871,345
Total assets less current liabilities 1,349,881 878,766
Provisions for liabilities (2,737) (1,702)
Net assets 1,347,144 877,064
Capital and reserves
Called up share capital 51 51
Profit and loss account 1,347,093 877,013
Shareholders' funds 1,347,144 877,064
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Cutajar
Director
Approved by the board on 15 November 2023
Plan B Management Solutions Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The directors have considered the current year trading, current bank balances, available facilities and are confident that the company will be able to meet its debts as they fall due for the period of 12 months after the approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Grant income
Grant income from local authorities and agency bodies is accounted for on an accruals basis.
Development costs
Development expenditure is charged directly to the profit and loss account in the year of expenditure.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3 years
Fixtures, fittings, tools and equipment over 3 years
Stocks
Stocks and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell. When physical stocks are held, cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 18 14
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022 19,518
Additions 8,816
At 31 July 2023 28,334
Depreciation
At 1 August 2022 12,097
Charge for the year 5,289
At 31 July 2023 17,386
Net book value
At 31 July 2023 10,948
At 31 July 2022 7,421
4 Debtors 2023 2022
£ £
Trade debtors 1,066,124 1,385,778
Other debtors 49,732 25,903
1,115,856 1,411,681
Included in other debtors above are prepayments of £49,127 (2022: £25,903).
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 904,576 712,362
Taxation and social security costs 256,390 378,765
Other creditors 1,532,177 2,598,071
2,693,143 3,689,198
Included in other creditors above are accruals of £475,839 (2022: £1,537,095).
6 Share Capital 2023 2022
£ £
Allotted, called up share capital which has been paid up
5,100 ordinary share of £0.01 each 51 51
51 51
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 18,903 41,848
8 Controlling party
The company is under the joint control of CA Cutajar and M Akhtar, who each hold 48% of the issued ordinary share capital of the company.
9 Other information
Plan B Management Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
Gilmarde House
47 South Bar Street
Banbury
Oxfordshire
OX16 9AB
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