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Registration number: 07510089

E Planet Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

E Planet Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

E Planet Limited

Company Information

Director

Mr William Devitt

Registered office

9 Hare & Billet Road
Blackheath
SE3 0RB

Accountants

Field Sullivan Limited
9 Hare & Billet Road
Blackheath
SE3 0RB

 

E Planet Limited

(Registration number: 07510089)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

6

-

308,778

Current assets

 

Cash at bank and in hand

 

377,086

75,522

Creditors: Amounts falling due within one year

8

(48,325)

(11,137)

Net current assets

 

328,761

64,385

Total assets less current liabilities

 

328,761

373,163

Provisions for liabilities

-

(19,123)

Net assets

 

328,761

354,040

Capital and reserves

 

Called up share capital

10

1

1

Revaluation reserve

-

81,522

Retained earnings

328,760

272,517

Shareholders' funds

 

328,761

354,040

For the financial year ending 31 January 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

E Planet Limited

(Registration number: 07510089)
Balance Sheet as at 31 January 2024

Approved and authorised by the director on 5 March 2024
 

.........................................
Mr William Devitt
Director

 

E Planet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
9 Hare & Billet Road
Blackheath
SE3 0RB

The principal place of business is:
59 Vanburgh Court
Wincott Street
London
SE11 4NR

These financial statements were authorised for issue by the director on 5 March 2024.

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.

Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the periods in which the estimate is revised where revisions affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.

 

E Planet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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 and after eliminating sales within the company.

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;

Turnover represents the fair value of services provided under contracts with customers to the extent that there is a right to consideration. It is measured at the fair value of the consideration due. Where a service is incomplete at the year end, turnover represents the value of the service provided to that date based on an appropriate proportion of the ottal expected consideration at the completion.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

E Planet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

33% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 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.

Going concern

The financial statements have not been prepared on a going concern basis as the director has decided to wind up the company within the next twelve months.

 

E Planet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

157

-

Foreign tax

21,250

-

Total current income tax

21,407

-

Deferred taxation

Arising from reclassification from equity to profit or loss

(19,123)

-

Tax expense in the income statement

2,284

-

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

19,123

   

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £- (2023 - £19,123).

 

E Planet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

2,312

2,312

Disposals

(2,312)

(2,312)

At 31 January 2024

-

-

Depreciation

At 1 February 2023

2,312

2,312

Eliminated on disposal

(2,312)

(2,312)

At 31 January 2024

-

-

Carrying amount

At 31 January 2024

-

-

6

Investment properties

2024
£

At 1 February

308,778

Additions

2,304

Disposals

(311,082)

At 31 January

-

7

Debtors

Current

2024
£

2023
£

 

-

-

 

E Planet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Director's loan account

12

46,518

10,573

Taxation and social security

 

157

104

Accruals and deferred income

 

1,650

460

 

48,325

11,137

9

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 February 2023

19,123

19,123

Provisions used

(19,123)

(19,123)

At 31 January 2024

-

-

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         

11

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £42,500.00 (2023 - £2,650.00) per ordinary share

 

42,500

 

2,650

         
 

E Planet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

12

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,428

11,313

Summary of transactions with other related parties

William Devitt
 (Director)
 During the year W. Devitt was paid dividends totalling £42,500 (2023: £2,650). He incurred £1,635 (2023: £12,230) of expenses on behalf of the company and withdrew £8,189 from the company. At the balance sheet date the amount due to William Devitt was £46,518 (2023: £10,573).
 

13

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on property, plant and equipment revaluation

(81,522)

81,522

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

81,522

81,522