Company registration number 03655609 (England and Wales)
PLANET AID UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PLANET AID UK LIMITED
COMPANY INFORMATION
Directors
Mrs B Soe
Mr R H Jakobsson
Ms H Nielsen
Mr. M Bor
(Appointed 23 September 2023)
Secretary
Mrs B Soe
Company number
03655609
Registered office
33 Maylan Road
Earlstree Industrial Estate
Corby
Northamptonshire
United Kingdom
NN17 4DR
Accountants
Azets
Thorpe House
93 Headlands
Kettering
Northamptonshire
United Kingdom
NN15 6BL
PLANET AID UK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PLANET AID UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
287,574
340,268
Current assets
Stocks
70,460
70,748
Debtors
5
146,050
82,503
Cash at bank and in hand
985
1,249
217,495
154,500
Creditors: amounts falling due within one year
6
(199,470)
(193,035)
Net current assets/(liabilities)
18,025
(38,535)
Total assets less current liabilities
305,599
301,733
Creditors: amounts falling due after more than one year
7
(188,450)
(122,709)
Provisions for liabilities
(33,737)
(47,938)
Net assets
83,412
131,086
Capital and reserves
Profit and loss reserves
83,412
131,086
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PLANET AID UK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 August 2024 and are signed on its behalf by:
Mrs B Soe
Director
Company Registration No. 03655609
PLANET AID UK LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
1
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 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.
2
Accounting policies
Company information
Planet Aid UK Limited is a private company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.1
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.
2.2
Turnover
Turnover represents amounts receivable for goods supplied and services provided, excluding value added tax and trade discounts.
The turnover is attributable to the company's principal activity.
2.3
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Production equipment
25% on cost
Fixtures and fittings
25% on cost
Office equipment
25% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
PLANET AID UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 4 -
2.4
Stocks
Stocks of donated clothes and other donated goods held for resale are valued at the lower of estimated cost and net realisable value.
Estimated cost is calculated by applying the estimated direct costs relating to collection, sorting and packing per tonne of donated goods to the actual tonnage of such goods held at the year end.
2.5
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2.7
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
2.8
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and depreciated over their estimated useful lives.
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as liability.
Rentals paid under operating lease contracts are charged to the profit and loss as incurred.
PLANET AID UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 23 (2022 - 26).
2023
2022
Number
Number
Total
23
26
4
Tangible fixed assets
Production equipment
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
595,059
19,484
2,053
364,408
981,004
Additions
14,707
16,217
30,924
Disposals
(125,254)
(125,254)
At 31 December 2023
609,766
19,484
2,053
255,371
886,674
Depreciation and impairment
At 1 January 2023
465,689
4,938
634
169,475
640,736
Depreciation charged in the year
23,459
4,871
513
48,611
77,454
Eliminated in respect of disposals
(119,090)
(119,090)
At 31 December 2023
489,148
9,809
1,147
98,996
599,100
Carrying amount
At 31 December 2023
120,618
9,675
906
156,375
287,574
At 31 December 2022
129,370
14,546
1,419
194,933
340,268
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
30,919
82,300
Other debtors
15,062
Prepayments and accrued income
178
203
46,159
82,503
PLANET AID UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Debtors
(Continued)
- 6 -
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
99,891
Total debtors
146,050
82,503
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
34,916
32,889
Obligations under finance leases
38,644
40,090
Other borrowings
14,811
Trade creditors
71,489
73,028
Taxation and social security
25,099
16,559
Other creditors
9,561
21,387
Accruals and deferred income
4,950
9,082
199,470
193,035
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
21,223
44,862
Obligations under finance leases
48,001
77,847
Other borrowings
119,226
188,450
122,709
PLANET AID UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Secured debts
The following secured debts are included within creditors:
The hire purchase liabilities are secured under normal commercial terms.
The hire purchase liabilities are repayable within five years.
The bank loan and overdraft are secured by debenture.
9
Other financial commitments
The company has total future commitments of £57,291 (2022: £106,928) in respect of operating leases for land and buildings which expire in 2025.
10
Related party transactions
At 31 December 2023 other creditors include £3,950 (2022: £3,867) owing to Mrs B Soe in respect of amounts paid by her on behalf of the company.
11
Parent company
The Board of Directors consider themselves to be the ultimate controlling party of the company.