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Registration number: 06160177

Planet Leasing Limited

Report of the Directors and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Planet Leasing Limited

Contents of The Financial Statements
for the Year Ended 31 March 2024

 

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 13

 

Planet Leasing Limited

Company Information
for the Year Ended 31 March 2024

Directors

G Rose

H Nash

Company secretary

J Rose

Registered office

10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

Accountants

Insight Strategic Associates
Chartered Certified Accountants
10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Planet Leasing Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Planet Leasing Limited for the year ended 31 March 2024 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.
 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
 

This report is made solely to the Board of Directors of Planet Leasing Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Planet Leasing Limited and state those matters that we have agreed to state to the Board of Directors of Planet Leasing Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Planet Leasing Limited and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Planet Leasing Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Planet Leasing Limited. You consider that Planet Leasing Limited is exempt from the statutory audit requirement for the year.
 

We have not been instructed to carry out an audit or a review of the accounts of Planet Leasing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Insight Strategic Associates
Chartered Certified Accountants

10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

14 August 2024

 

Planet Leasing Limited

(Registration number: 06160177 )
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,016,311

1,151,440

Investment property

5

742,500

742,500

 

1,758,811

1,893,940

Current assets

 

Debtors

6

119,605

127,842

Cash at bank and in hand

 

462,776

478,346

 

582,381

606,188

Creditors: Amounts falling due within one year

7

(184,017)

(170,006)

Net current assets

 

398,364

436,182

Total assets less current liabilities

 

2,157,175

2,330,122

Creditors: Amounts falling due after more than one year

7

(336,427)

(345,164)

Provisions for liabilities

(222,280)

(242,300)

Net assets

 

1,598,468

1,742,658

Capital and reserves

 

Called up share capital

8

4

4

Revaluation reserve

403,138

403,138

Retained earnings

1,195,326

1,339,516

Shareholders' funds

 

1,598,468

1,742,658

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Planet Leasing Limited

(Registration number: 06160177 )
Balance Sheet as at 31 March 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 August 2024 and signed on its behalf by:
 

.........................................
G Rose
Director

 

Planet Leasing Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 April 2023

4

403,138

1,339,896

1,743,038

Loss for the year

-

-

(570)

(570)

Dividends

-

-

(144,000)

(144,000)

At 31 March 2024

4

403,138

1,195,326

1,598,468

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 April 2022

4

385,754

1,214,186

1,599,944

Profit for the year

-

-

269,330

269,330

Other comprehensive income

-

17,384

-

17,384

Total comprehensive income

-

17,384

269,330

286,714

Dividends

-

-

(144,000)

(144,000)

At 31 March 2023

4

403,138

1,339,516

1,742,658

 

Planet Leasing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Towerfield Road
Shoeburyness
Essex
SS3 9QE
England

The principal place of business is:
91-93 Leigh Road
Leigh on Sea
Essex
SS9 1JL

These financial statements were authorised for issue by the Board on 14 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Planet Leasing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Planet Leasing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Freehold Property

Not Depreciated

Motor Vehicles

25% Reducing balance

Motor Cars

5 years straight line

Office & Computer Equipment

33% Reducing balance

Fixtures and Fittings

33% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Planet Leasing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 21).

 

Planet Leasing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

923,450

152,567

522,642

1,598,659

Additions

-

6,495

131,991

138,486

Disposals

-

-

(519,355)

(519,355)

At 31 March 2024

923,450

159,062

135,278

1,217,790

Depreciation

At 1 April 2023

14,500

131,801

300,918

447,219

Charge for the year

18,469

8,996

27,056

54,521

Eliminated on disposal

-

-

(300,261)

(300,261)

At 31 March 2024

32,969

140,797

27,713

201,479

Carrying amount

At 31 March 2024

890,481

18,265

107,565

1,016,311

At 31 March 2023

908,950

20,766

221,724

1,151,440

Included within the net book value of land and buildings above is £890,481 (2023 - £908,950) in respect of freehold land and buildings.
 

 

Planet Leasing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets (continued)

Revaluation

The directors consider the freehold property valuation to be adequate. The following are the movements in valuation.

2016 £264,067
2017 £ 75,000
2022 £114,500
2023 £83,950.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £385,933 (2023 - £385,933).

5

Investment properties

2024
£

At 1 April

742,500

At 31 March

742,500

The 2023 valuation has been considered by directors on an open market value for existing use basis. The following are the movement in valuation.
2016 £294,965
2017 £ 90,248
2023 £ 67,500

6

Debtors

Current

2024
£

2023
£

Trade debtors

113,340

107,625

Prepayments

2,265

2,388

Other debtors

4,000

17,829

 

119,605

127,842

 

Planet Leasing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

13,133

17,278

Trade creditors

 

28,171

33,052

Taxation and social security

 

138,208

116,558

Accruals and deferred income

 

1,633

1,534

Other creditors

 

2,872

1,584

 

184,017

170,006

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

336,427

345,164

2024
£

2023
£

Due after more than five years

After more than five years by instalments

312,479

293,427

-

-

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 of £1 each

4

4

4

4

       
 

Planet Leasing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

336,427

345,164

Current loans and borrowings

2024
£

2023
£

Bank borrowings

13,133

17,278

Bank borrowings

The carrying amount of the loan at year end is £327,125 (2023 - £330,054).

The mortgage is secured on the property of the company.

The carrying amount of the loan at year end is £22,435 (2023 - £32,387).

The bounce back loan in guaranteed by the government.