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Company No: 08404380 (England and Wales)

THE PLUGIN PEOPLE LTD

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

THE PLUGIN PEOPLE LTD

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

THE PLUGIN PEOPLE LTD

STATEMENT OF FINANCIAL POSITION

As at 29 February 2024
THE PLUGIN PEOPLE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 7,851 17,171
7,851 17,171
Current assets
Debtors 4 2,516,979 2,341,283
Cash at bank and in hand 18,656 258,373
2,535,635 2,599,656
Creditors: amounts falling due within one year 5 ( 130,151) ( 398,076)
Net current assets 2,405,484 2,201,580
Total assets less current liabilities 2,413,335 2,218,751
Creditors: amounts falling due after more than one year 6 0 ( 18,726)
Provision for liabilities ( 1,748) ( 4,152)
Net assets 2,411,587 2,195,873
Capital and reserves
Called-up share capital 7 1,000 1,000
Profit and loss account 2,410,587 2,194,873
Total shareholder's funds 2,411,587 2,195,873

For the financial year ending 29 February 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 financial statements of The Plugin People Ltd (registered number: 08404380) were approved and authorised for issue by the Director on 29 April 2024. They were signed on its behalf by:

A J Brook
Director
THE PLUGIN PEOPLE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
THE PLUGIN PEOPLE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Plugin People Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Pure Offices Cheltenham Office Park, Hatherley Lane, Cheltenham, GL51 6SH, England, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year error

Where material adjustments are found to comparative information, the prior period figures are restated to aid comparability.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of any relevant sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line/reducing balance] basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 9 7

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 March 2023 13,430 56,684 70,114
Additions 690 0 690
At 29 February 2024 14,120 56,684 70,804
Accumulated depreciation
At 01 March 2023 8,828 44,115 52,943
Charge for the financial year 1,657 8,353 10,010
At 29 February 2024 10,485 52,468 62,953
Net book value
At 29 February 2024 3,635 4,216 7,851
At 28 February 2023 4,602 12,569 17,171

4. Debtors

2024 2023
£ £
Trade debtors 407,623 171,854
Amounts owed by Group undertakings 2,106,332 2,109,828
Prepayments 553 1,100
Corporation tax 0 58,501
Other debtors 2,471 0
2,516,979 2,341,283

5. Creditors: amounts falling due within one year

2024 2023
£ £
Accruals and deferred income 25,531 392,242
Taxation and social security 104,620 4,843
Other creditors 0 991
130,151 398,076

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Deferred income 0 18,726

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 10.00 each 1,000 1,000