Company registration number 10594914 (England and Wales)
PLANETREE DEVELOPMENTS LIMITED
Financial statements
For the year ended 31 August 2023
Pages for filing with registrar
PLANETREE DEVELOPMENTS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
PLANETREE DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Inventories
4
-
3,188,765
Trade and other receivables
5
32,513
30,100
Cash and cash equivalents
1,471,977
38,458
1,504,490
3,257,323
Current liabilities
6
(25,134)
(31,510)
Net current assets
1,479,356
3,225,813
Non-current liabilities
7
(1,449,999)
(3,181,999)
Net assets
29,357
43,814
Equity
Called up share capital
8
1
1
Retained earnings
29,356
43,813
Total equity
29,357
43,814

The director of the company has elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 16 July 2024 and are signed on its behalf by:
Mrs J B Burgess OBE
Director
Company registration number 10594914 (England and Wales)
PLANETREE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2023
- 2 -
1
Accounting policies
Company information

Planetree Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Station Road, Motspur Park, New Malden, KT3 6JJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The completion date for sale of the final property was during this period, on 30 March 2023. The company continued to incur post-sale expenses, however Planetree is not expected to receive further income. Formal confirmation of development completion and trade cessation is imminent and expected within the 12 months of the period end date. As such, the Company is no longer considered to be a going concern and the financial statements have not been prepared on such a basis.true

 

In preparing the financial statements on a basis other than that of a going concern, assets have been recognised at their net realisable value.

 

Inventory is deemed to have been held at its fair value as at 31 August 2023. For all other assets, including debtor balances, the fair value is considered to be the book value.

 

The financial statements do not include any provision for the future costs of ceasing to trade, except to the extent that such costs were committed at the date of the Statement of Financial Position.

1.3
Revenue

Revenue 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 VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

 

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

PLANETREE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 August 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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 current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

PLANETREE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 August 2023
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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 period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
4
Inventories
2023
2022
£
£
Inventories
-
3,188,765

The inventories balance comprises of the work in progress of the housing development.

5
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Other receivables
32,512
30,100
6
Current liabilities
2023
2022
£
£
Trade payables
12,119
11,910
Other payables
13,015
19,600
25,134
31,510
PLANETREE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 August 2023
- 5 -
7
Non-current liabilities
2023
2022
£
£
Amounts due to group undertakings
1,449,999
3,181,999

In the prior year, Lanend Limited, the parent company of Planetree Developments Limited, waived a portion of the intercompany loan with the company.

8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 ordinary share of £1 each
1
1
1
1

 

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter

We draw attention to note 1.2 of the financial statements which explains that the Company has ceased trading post year end and therefore the Directors do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 1.2.

 

Our opinion is not modified in respect of this matter.

 

Senior Statutory Auditor:
Wendy Patterson
Statutory Auditor:
WSM Advisors Limited
10
Related party transactions

During the period, the company made payments of £51,851 to Coronado Property Developments Limited, for sale of property expenses and remediation works. Coronado Property Developments resigned as directors on the 10th December 2023.

PLANETREE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 August 2023
- 6 -
11
Parent company

The company is a subsidiary of Lanend Limited, who owns 100% of the share capital and is the ultimate controlling party. Lanend Limited draws up consolidated accounts in which it incorporates Planetree Developments Limited. Their registered office is Station Road, Motspur Park, New Malden, KT3 6JJ. The smallest and largest group in which its results are consolidated is Lanend Limited.

 

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