Registration number:
E Planet Limited
for the Year Ended 31 January 2024
E Planet Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
E Planet Limited
Company Information
Director |
Mr William Devitt |
Registered office |
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Accountants |
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E Planet Limited
(Registration number: 07510089)
Balance Sheet as at 31 January 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
- |
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Current assets |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Revaluation reserve |
- |
81,522 |
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Retained earnings |
328,760 |
272,517 |
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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:
• |
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• |
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
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E Planet Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
59 Vanburgh Court
Wincott Street
London
SE11 4NR
These financial statements were authorised for issue by the
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
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
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
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Taxation |
Tax charged/(credited) in the income statement
2024 |
2023 |
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Current taxation |
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UK corporation tax |
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- |
Foreign tax |
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- |
Total current income tax |
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- |
Deferred taxation |
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Arising from reclassification from equity to profit or loss |
( |
- |
Tax expense in the income statement |
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- |
Deferred tax
Deferred tax assets and liabilities
2023 |
Liability |
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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
Tangible assets |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 February 2023 |
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Disposals |
( |
( |
At 31 January 2024 |
- |
- |
Depreciation |
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At 1 February 2023 |
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Eliminated on disposal |
( |
( |
At 31 January 2024 |
- |
- |
Carrying amount |
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At 31 January 2024 |
- |
- |
Investment properties |
2024 |
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At 1 February |
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Additions |
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Disposals |
( |
At 31 January |
- |
Debtors |
Current |
2024 |
2023 |
- |
- |
E Planet Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Director's loan account |
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Taxation and social security |
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Accruals and deferred income |
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Deferred tax and other provisions |
Deferred tax |
Total |
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At 1 February 2023 |
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Provisions used |
( |
( |
At 31 January 2024 |
- |
- |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Dividends |
2024 |
2023 |
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£ |
£ |
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Interim dividend of £ |
42,500 |
2,650 |
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E Planet Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Related party transactions |
Director's remuneration
The director's remuneration for the year was as follows:
2024 |
2023 |
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Remuneration |
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Summary of transactions with other related parties
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).
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 |
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Surplus/deficit on property, plant and equipment revaluation |
( |
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The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
Total |
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Surplus/deficit on property, plant and equipment revaluation |
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