REGISTERED NUMBER: |
Plus-Plus UK & Ireland Limited |
Financial Statements |
for the period |
20 October 2022 to 31 December 2023 |
REGISTERED NUMBER: |
Plus-Plus UK & Ireland Limited |
Financial Statements |
for the period |
20 October 2022 to 31 December 2023 |
Plus-Plus UK & Ireland Limited (Registered number: 14433084) |
Contents of the Financial Statements |
for the period 20 October 2022 to 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Plus-Plus UK & Ireland Limited |
Company Information |
for the period 20 October 2022 to 31 December 2023 |
Director: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
178 Buckingham Avenue |
Slough |
Berkshire |
SL1 4RD |
Plus-Plus UK & Ireland Limited (Registered number: 14433084) |
Balance Sheet |
31 December 2023 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) |
Total assets less current liabilities | ( |
) |
Capital and reserves |
Called up share capital | 7 |
Retained earnings | ( |
) |
Shareholders' funds | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Plus-Plus UK & Ireland Limited (Registered number: 14433084) |
Notes to the Financial Statements |
for the period 20 October 2022 to 31 December 2023 |
1. | Statutory information |
Plus-Plus UK & Ireland Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
Going concern |
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. They continue to adopt the going concern basis of accounting in preparing the annual financial statements. Signed confirmation of support has been received from the parent company for at least 12 months from the date of approval of these financial statements. |
Significant judgements and estimates |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating bad debt provisions. A full review of trade debtors is carried out at the year end and whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provision do not match the level of debts which ultimately prove to be uncollectable. |
There is also estimation uncertainty in calculating stock provisions. Slow moving and obsolete stocks are |
monitored during the year. Whilst every attempt is made to ensure that the stock provisions are as accurate as possible, there remain a risk that the provisions do not match the ultimate unrealised value of stock held. |
There is also estimation uncertainty in calculating deferred tax liability due to temporary timing differences. Unrelieved tax losses and other deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates and the physical condition of the assets. |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received, or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Turnover from sales of goods is recognised on the date of despatch to the client's premises, at the invoice value, net of value added tax. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life (or if held under finance lease, over the lease term, whichever is the shorter. |
Fixtures and fittings | - 20% on cost |
Computer equipment | - 20% on cost |
Plus-Plus UK & Ireland Limited (Registered number: 14433084) |
Notes to the Financial Statements - continued |
for the period 20 October 2022 to 31 December 2023 |
2. | Accounting policies - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Management have not recognised a deferred tax asset as the current forecasts for the following financial year do not show a sufficient profit to enable the losses to be utilised in the short term. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | Employees and directors |
The average number of employees during the period was |
Plus-Plus UK & Ireland Limited (Registered number: 14433084) |
Notes to the Financial Statements - continued |
for the period 20 October 2022 to 31 December 2023 |
4. | Tangible fixed assets |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
Cost |
Additions |
At 31 December 2023 |
Depreciation |
Charge for period |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
5. | Debtors: amounts falling due within one year |
£ |
Trade debtors |
Prepayments |
6. | Creditors: amounts falling due within one year |
£ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 31,590 |
Pension Control | 1,526 |
Accrued expenses |
7. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | 1 | 1 |
8. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
9. | Ultimate controlling party |
The immediate and ultimate parent undertaking and controlling party is Plus-Plus A/S, which prepares group financial statements. The registered office of Plus-Plus A/S is Borupvej 20, Holbaek, Denmark, 4300. |