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Registered number: 05627172









PLAN IT HOME IMPROVEMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PLAN IT HOME IMPROVEMENTS LIMITED
REGISTERED NUMBER: 05627172

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
28,297
33,291

  
28,297
33,291

Current assets
  

Stocks
  
13,117
31,495

Debtors: amounts falling due within one year
 5 
1,513
-

Cash at bank and in hand
 6 
87,259
78,408

  
101,889
109,903

Creditors: amounts falling due within one year
 7 
(69,353)
(63,221)

Net current assets
  
 
 
32,536
 
 
46,682

Total assets less current liabilities
  
60,833
79,973

Creditors: amounts falling due after more than one year
 8 
(32,867)
(42,121)

  

Net assets
  
27,966
37,852


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
27,964
37,850

  
27,966
37,852


Page 1

 
PLAN IT HOME IMPROVEMENTS LIMITED
REGISTERED NUMBER: 05627172
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 August 2024.




................................................
S Fogden
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PLAN IT HOME IMPROVEMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Plan IT Home Improvements Limited is a private limited company guaranteed by shares. The company is incorporated in England and Wales and its registered office is Aston House, Cornwall Avenue, London, N3 1LF. The company number is 05627172.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
PLAN IT HOME IMPROVEMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
15%
on a reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
PLAN IT HOME IMPROVEMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

2023
2022
£
£

Wages and salaries
14,465
17,965

Social security costs
186
582

14,651
18,547


The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 January 2023
36,990



At 31 December 2023

36,990



Depreciation


At 1 January 2023
3,699


Charge for the year on owned assets
4,994



At 31 December 2023

8,693



Net book value



At 31 December 2023
28,297

Page 5

 
PLAN IT HOME IMPROVEMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Other debtors
1,513
-

1,513
-



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
87,259
78,408

87,259
78,408



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,616
10,616

Trade creditors
31,964
39,421

Corporation tax
8,814
4,225

Other taxation and social security
-
792

Other creditors
3,846
4,166

Accruals and deferred income
14,113
4,001

69,353
63,221



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
32,867
42,121

32,867
42,121


Page 6

 
PLAN IT HOME IMPROVEMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,616
10,616


10,616
10,616

Amounts falling due 1-2 years

Bank loans
10,616
10,616


10,616
10,616

Amounts falling due 2-5 years

Bank loans
22,251
31,505


22,251
31,505


43,483
52,737


 
Page 7