New Red Planet Limited 11924166 false 2022-05-01 2023-04-30 2023-04-30 The principal activity of the company is that of payroll services. New Red Planet provide a range of payroll models: standard PAYE, Umbrella, PEO and CIS. Digita Accounts Production Advanced 6.30.9574.0 true true 11924166 2022-05-01 2023-04-30 11924166 2023-04-30 11924166 bus:OrdinaryShareClass1 2023-04-30 11924166 bus:Original 2023-04-30 11924166 core:CurrentFinancialInstruments 2023-04-30 11924166 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 11924166 core:Goodwill 2023-04-30 11924166 core:FurnitureFittingsToolsEquipment 2023-04-30 11924166 bus:SmallEntities 2022-05-01 2023-04-30 11924166 bus:Audited 2022-05-01 2023-04-30 11924166 bus:FullAccounts 2022-05-01 2023-04-30 11924166 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 11924166 bus:RegisteredOffice 2022-05-01 2023-04-30 11924166 bus:Director1 2022-05-01 2023-04-30 11924166 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 11924166 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 11924166 core:Goodwill 2022-05-01 2023-04-30 11924166 core:FurnitureFittings 2022-05-01 2023-04-30 11924166 core:FurnitureFittingsToolsEquipment 2022-05-01 2023-04-30 11924166 countries:EnglandWales 2022-05-01 2023-04-30 11924166 2022-04-30 11924166 core:Goodwill 2022-04-30 11924166 core:FurnitureFittingsToolsEquipment 2022-04-30 11924166 2021-05-01 2022-04-30 11924166 2022-04-30 11924166 bus:OrdinaryShareClass1 2022-04-30 11924166 core:CurrentFinancialInstruments 2022-04-30 11924166 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 11924166 core:Goodwill 2022-04-30 11924166 core:FurnitureFittingsToolsEquipment 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11924166

New Red Planet Limited

Financial Statements

for the Year Ended 30 April 2023

 

New Red Planet Limited

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 6

 

New Red Planet Limited

(Registration number: 11924166)
Statement of Financial Position as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

159,327

168,178

Tangible assets

5

3,015

3,770

 

162,342

171,948

Current assets

 

Debtors

6

301,750

304,958

Cash at bank and in hand

 

1,301,487

904,011

 

1,603,237

1,208,969

Creditors: Amounts falling due within one year

7

(1,707,912)

(1,348,045)

Net current liabilities

 

(104,675)

(139,076)

Net assets

 

57,667

32,872

Capital and reserves

 

Called up share capital

8

110

110

Retained earnings

57,557

32,762

Shareholders' funds

 

57,667

32,872

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.

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 Income Statement.

Approved and authorised by the director on 20 November 2023
 

.........................................
Mr Phil Whelan
Director

 

New Red Planet Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

1

General information

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

The address of its registered office is:
Glasshouse Suite 2f1
Alderley Park
Macclesfield
Cheshire
SK10 4ZE

These financial statements were authorised for issue by the director on 20 November 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 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 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.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 20 November 2023 was Iain Round BSc FCA, who signed for and on behalf of Beever and Struthers.

.

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 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.

 

New Red Planet Limited

Notes to the Financial Statements for the Year Ended 30 April 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Fixtures and fittings

20% straight line but NIL in first year

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 20 years

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.

 

New Red Planet Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2022 - 7).

 

New Red Planet Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

177,030

177,030

At 30 April 2023

177,030

177,030

Amortisation

At 1 May 2022

8,852

8,852

Amortisation charge

8,851

8,851

At 30 April 2023

17,703

17,703

Carrying amount

At 30 April 2023

159,327

159,327

At 30 April 2022

168,178

168,178

5

Tangible assets

Fixtures and fittings
 £

Total
£

Cost or valuation

At 1 May 2022

3,770

3,770

At 30 April 2023

3,770

3,770

Depreciation

Charge for the year

755

755

At 30 April 2023

755

755

Carrying amount

At 30 April 2023

3,015

3,015

At 30 April 2022

3,770

3,770

6

Debtors

2023
£

2022
£

Trade debtors

290,355

296,221

Prepayments

11,395

8,737

301,750

304,958

 

New Red Planet Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

6,233

14,646

Taxation and social security

1,449,340

1,030,479

Accruals and deferred income

63,733

66,561

Other creditors

188,606

236,359

1,707,912

1,348,045

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

110

110

110

110