Registered number
05616997
Platypus Research Limited
Unaudited Filleted Accounts
30 November 2023
Platypus Research Limited
Registered number: 05616997
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,536 2,408
Current assets
Debtors 4 1,682 36,883
Cash at bank and in hand 107,093 66,992
108,775 103,875
Creditors: amounts falling due within one year 5 (73,826) (50,656)
Net current assets 34,949 53,219
Total assets less current liabilities 38,485 55,627
Creditors: amounts falling due after more than one year 6 (15,333) (23,333)
Net assets 23,152 32,294
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 22,152 31,294
Shareholder's funds 23,152 32,294
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs J Smart
Director
Approved by the board on 30 July 2024
Platypus Research Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 15,725
Additions 1,887
At 30 November 2023 17,612
Depreciation
At 1 December 2022 13,317
Charge for the year 759
At 30 November 2023 14,076
Net book value
At 30 November 2023 3,536
At 30 November 2022 2,408
4 Debtors 2023 2022
£ £
Trade debtors - 20,160
Corporation tax recoverable 1,682 1,682
Directors loan account - 13,297
Other debtors - 1,744
1,682 36,883
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 8,000 8,000
Trade creditors 37,484 11,409
Taxation and social security costs 16,027 16,702
Other creditors 12,315 14,545
73,826 50,656
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,333 23,333
7 Related party transactions
Included within other creditors is an amount owing to Mrs Smart of £11,009 for her Director's loan account (Debtor 2022: £13,297).
8 Controlling party
Mrs J Smart is the managing director and owns 100% of the share capital.
9 Other information
Platypus Research Limited is a private company limited by shares and incorporated in England. Its registered office is:
Roseleigh
Headlands Road
Ossett
West Yorkshire
WF5 8HY
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