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Registration number: 06528765

PLACR Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2023

 

PLACR Limited

Contents

Statement of Financial Position

1 to 2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 10

 

PLACR Limited

(Registration number: 06528765)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

564,254

581,921

Tangible assets

5

1,181

192

Investments

6

267

267

 

565,702

582,380

Current assets

 

Debtors

7

129,372

133,523

Cash at bank and in hand

 

66,457

1,259

 

195,829

134,782

Creditors: Amounts falling due within one year

8

(455,655)

(372,218)

Net current liabilities

 

(259,826)

(237,436)

Total assets less current liabilities

 

305,876

344,944

Creditors: Amounts falling due after more than one year

8

(209,515)

(34,009)

Net assets

 

96,361

310,935

Capital and reserves

 

Called up share capital

9

106

106

Share premium reserve

479,976

479,976

Other reserves

-

198,400

Profit and loss account

(383,721)

(367,547)

Shareholders' funds

 

96,361

310,935

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 1 March 2024 and signed on its behalf by:

 

PLACR Limited

(Registration number: 06528765)
Statement of Financial Position as at 31 March 2023



.........................................

J F Raper

Company secretary and director

 

PLACR Limited

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Share premium
£

Other reserves
£

Profit and loss account
£

Total
£

At 1 April 2022

106

479,976

198,400

(367,547)

310,935

Loss for the year

-

-

-

(16,174)

(16,174)

Total comprehensive income

-

-

-

(16,174)

(16,174)

Transfers

-

-

(198,400)

-

(198,400)

At 31 March 2023

106

479,976

-

(383,721)

96,361

Share capital
£

Share premium
£

Other reserves
£

Profit and loss account
£

Total
£

At 1 April 2021

106

479,976

198,400

(171,776)

506,706

Loss for the year

-

-

-

(195,771)

(195,771)

At 31 March 2022

106

479,976

198,400

(367,547)

310,935

 

PLACR Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. United Kingdom.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis due to the continued support of the the company's directors and creditors.

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.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

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.

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.

 

PLACR Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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

Fittings, fixtures and equipment

25% reducing balance

Computer equipment

50% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Development costs

Development costs associated with producing 'TransportAPI' software have been capitalised as the directors believe that the software meets the criteria for an intangible asset. The costs are written off over three years.

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

Software development costs

Straight line over 3 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

 

PLACR Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Reserves and loans

The agreement surrounding the advance of £198,400 over the period to 31 March 2021 has continued to evolve. In preivous years it was the directors' intent that the amounts owed would be converted to share capital and so has been treated as quasi-capital in the accounts since 2021 as it was felt that this treatement presented a fairer reflection of the reality of the capital that the business had employed. The interest was waived for 2021 and 2022 by the lender.However following more recent developments, the captial has now ben partially repaid and a loan premium charge has agreed. The remaining balance has been converted to a loan.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 5).

 

PLACR Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 April 2022

2,365,548

2,365,548

Additions internally developed

374,973

374,973

Disposals

(6,289)

(6,289)

At 31 March 2023

2,734,232

2,734,232

Amortisation

At 1 April 2022

1,783,627

1,783,627

Amortisation charge

392,816

392,816

Amortisation eliminated on disposals

(6,465)

(6,465)

At 31 March 2023

2,169,978

2,169,978

Carrying amount

At 31 March 2023

564,254

564,254

At 31 March 2022

581,921

581,921

5

Tangible assets

Fixtures and fittings
£

Computer equipment
£

Total
£

Cost or valuation

At 1 April 2022

1,038

7,743

8,781

Additions

-

2,079

2,079

Disposals

-

(2,821)

(2,821)

At 31 March 2023

1,038

7,001

8,039

Depreciation

At 1 April 2022

855

7,734

8,589

Charge for the year

46

1,040

1,086

Eliminated on disposal

-

(2,817)

(2,817)

At 31 March 2023

901

5,957

6,858

Carrying amount

At 31 March 2023

137

1,044

1,181

At 31 March 2022

183

9

192

 

PLACR Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

217

217

Investments in associates

50

50

267

267

Subsidiaries

£

Cost or valuation

At 1 April 2022

217

Provision

Carrying amount

At 31 March 2023

217

At 31 March 2022

217

Associates

£

Cost

At 1 April 2022

50

Provision

Carrying amount

At 31 March 2023

50

At 31 March 2022

50

7

Debtors

2023
£

2022
£

Trade debtors

55,694

18,413

Other debtors

69,555

107,275

Prepayments

4,123

6,232

Accrued income

-

1,603

129,372

133,523

 

PLACR Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

10

110,458

17,745

Trade creditors

 

48,933

47,406

Taxation and social security

 

70,949

85,638

Accruals and deferred income

 

216,310

192,256

Other creditors

 

9,005

29,173

 

455,655

372,218

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

10

209,515

34,009

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.0001 each

1,060,000

106.00

1,060,000

106.00

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,115

34,009

Other borrowings

185,400

-

209,515

34,009

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,905

10,561

Bank overdrafts

-

7,184

Other borrowings

100,553

-

110,458

17,745

 

PLACR Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

11

Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of the director.