5 false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 751,500 751,500 xbrli:pure xbrli:shares iso4217:GBP 05419694 2022-03-01 2023-02-28 05419694 2023-02-28 05419694 2022-02-28 05419694 2021-03-01 2022-02-28 05419694 2022-02-28 05419694 2021-02-28 05419694 core:LandBuildings core:LongLeaseholdAssets 2022-03-01 2023-02-28 05419694 core:FurnitureFittings 2022-03-01 2023-02-28 05419694 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 05419694 bus:Director4 2022-03-01 2023-02-28 05419694 core:NetGoodwill 2023-02-28 05419694 core:LandBuildings 2022-02-28 05419694 core:FurnitureFittings 2022-02-28 05419694 core:LandBuildings 2023-02-28 05419694 core:FurnitureFittings 2023-02-28 05419694 core:WithinOneYear 2023-02-28 05419694 core:WithinOneYear 2022-02-28 05419694 core:ShareCapital 2023-02-28 05419694 core:ShareCapital 2022-02-28 05419694 core:RetainedEarningsAccumulatedLosses 2023-02-28 05419694 core:RetainedEarningsAccumulatedLosses 2022-02-28 05419694 core:BetweenOneFiveYears 2023-02-28 05419694 core:BetweenOneFiveYears 2022-02-28 05419694 core:MoreThanFiveYears 2023-02-28 05419694 core:MoreThanFiveYears 2022-02-28 05419694 core:LandBuildings 2022-03-01 2023-02-28 05419694 core:LandBuildings 2022-02-28 05419694 core:FurnitureFittings 2022-02-28 05419694 bus:SmallEntities 2022-03-01 2023-02-28 05419694 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 05419694 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 05419694 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 05419694 bus:FullAccounts 2022-03-01 2023-02-28 05419694 bus:OrdinaryShareClass1 2023-02-28 05419694 bus:OrdinaryShareClass1 2022-02-28 05419694 core:NetGoodwill 2022-03-01 2023-02-28 05419694 core:ComputerEquipment 2022-03-01 2023-02-28 05419694 core:ComputerEquipment 2023-02-28 05419694 core:ComputerEquipment 2022-02-28
COMPANY REGISTRATION NUMBER: 05419694
PLEMONT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
28 February 2023
PLEMONT LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
PLEMONT LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
26,946
31,253
Current assets
Stocks
55,501
20,841
Debtors
7
22,762
71,653
Cash at bank and in hand
366,247
99,138
---------
---------
444,510
191,632
Creditors: amounts falling due within one year
8
212,801
167,866
---------
---------
Net current assets
231,709
23,766
---------
--------
Total assets less current liabilities
258,655
55,019
Provisions
Taxation including deferred tax
4,679
5,400
---------
--------
Net assets
253,976
49,619
---------
--------
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss account
252,976
48,619
---------
--------
Shareholders funds
253,976
49,619
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PLEMONT LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 18 November 2023 , and are signed on behalf of the board by:
S A Kosky
Director
Company registration number: 05419694
PLEMONT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 The Chambers, Vineyard, Abingdon-on-Thames. The trading address is 7 Broad Street, Oxford.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Trade and other debtors
Trade and other debtors are stated at cost less impairment losses for bad and doubtful debts.
Revenue recognition
The turnover shown in the profit and loss account represents shop takings during the year, exclusive of Value Added Tax.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.
Taxation
Tax on income represents the sum of tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the note to the accounts because of items of that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using the tax rates that have been enacted or subsequently enacted by the end of the accounting period. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when timing differences reverse, based on current tax rates and laws. Current or deferred tax for the year is recognised in the statement of income and retained earnings.
Related parties
For the purposes of these financial statements, a party is considered to be related to the Company if:
(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the Company in making financial and operating policy decisions, or has joint control over the Company;
(ii) the Company and the party are subject to common control;
(iii) the party is an associate of the Company or a joint venture in which the Company is a venturer;
(iv) the party is a member of key management personnel of the Company or the Company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;
(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or
(vi) the party is a post-employment benefit plan which is for the benefit of employees of the Company or of any entity that is a related party of the Company.
Close family members of an individual are those family members who it may be expected to influence, or be influenced by, that individual in their dealings with the entity.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
7 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
5% straight line
Fixtures and fittings
-
15% reducing balance
Computers and equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 1 ).
5. Intangible assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
751,500
---------
Amortisation
At 1 March 2022 and 28 February 2023
751,500
---------
Carrying amount
At 28 February 2023
---------
At 28 February 2022
---------
The useful economic life of purchased goodwill has been fully amortised.
6. Tangible assets
Leasehold property
Fixtures and fittings
Computers and equipment
Total
£
£
£
£
Cost
At 1 March 2022 and 28 February 2023
19,630
107,696
2,274
129,600
--------
---------
-------
---------
Depreciation
At 1 March 2022
10,541
85,535
2,271
98,347
Charge for the year
982
3,325
4,307
--------
---------
-------
---------
At 28 February 2023
11,523
88,860
2,271
102,654
--------
---------
-------
---------
Carrying amount
At 28 February 2023
8,107
18,836
3
26,946
--------
---------
-------
---------
At 28 February 2022
9,089
22,161
3
31,253
--------
---------
-------
---------
7. Debtors
2023
2022
£
£
Other debtors
22,762
71,653
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
122,262
134,242
Corporation tax
41,256
Social security and other taxes
4,493
318
Other creditors
44,790
33,306
---------
---------
212,801
167,866
---------
---------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
95,500
95,500
Later than 1 year and not later than 5 years
382,000
382,000
Later than 5 years
7,958
103,458
---------
---------
485,458
580,958
---------
---------
11. Related party transactions
The company was under the control of Mrs J J Watson, by virtue of a controlling interest in the share capital throughout the current and previous year. There is a joint purchasing arrangement for stock with Flaggs Oxford Limited, a limited company in which Mr S Kosky is director and Mrs J J Watson is sole shareholder. All transactions are conducted on an arms length basis, and the arrangement exists to take advantage of bulk ordering discounts. The company also paid management charges to Flaggs Oxford Limited in respect of daily shop management provided to Plemont Ltd. The management charges payable for the year were £nil (2022 - £2,800).