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REGISTERED NUMBER: 06584682 (England and Wales)















Unaudited Financial Statements

for the Year Ended

30 April 2024

for

Planet South Lakes Limited

Planet South Lakes Limited (Registered number: 06584682)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Planet South Lakes Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: S L Van Haazel
G Kane
M Giscombe
R Ashley
G R Oakes





REGISTERED OFFICE: Unit 3 Dockray Hall
Industrial Estate
Dockray Hall Road
Kendal
Cumbria
LA9 4RU





REGISTERED NUMBER: 06584682 (England and Wales)





ACCOUNTANTS: Equate Limited
Chartered Certified Accountants
The Hive
142 Thornes Lane
Wakefield
West Yorkshire
WF2 7RE

Planet South Lakes Limited (Registered number: 06584682)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 109,448 -
Tangible assets 5 18,550 -
127,998 -

CURRENT ASSETS
Stocks 22,385 -
Debtors 6 189,645 -
Cash at bank and in hand 65,998 100
278,028 100
CREDITORS
Amounts falling due within one year 7 378,925 -
NET CURRENT (LIABILITIES)/ASSETS (100,897 ) 100
TOTAL ASSETS LESS CURRENT
LIABILITIES

27,101

100

PROVISIONS FOR LIABILITIES 1,925 -
NET ASSETS 25,176 100

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 25,076 -
25,176 100

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Planet South Lakes Limited (Registered number: 06584682)

Balance Sheet - continued
30 April 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2024 and were signed on its behalf by:





G Kane - Director


Planet South Lakes Limited (Registered number: 06584682)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Planet South Lakes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 25% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.

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.


Planet South Lakes Limited (Registered number: 06584682)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
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 it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - NIL ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 121,609
At 30 April 2024 121,609
AMORTISATION
Amortisation for year 12,161
At 30 April 2024 12,161
NET BOOK VALUE
At 30 April 2024 109,448

Planet South Lakes Limited (Registered number: 06584682)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
Additions 11,891 2,231 7,350 21,472
At 30 April 2024 11,891 2,231 7,350 21,472
DEPRECIATION
Charge for year 1,042 372 1,508 2,922
At 30 April 2024 1,042 372 1,508 2,922
NET BOOK VALUE
At 30 April 2024 10,849 1,859 5,842 18,550

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 178,999 -
Prepayments and accrued income 10,646 -
189,645 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 53,456 -
Tax 10,901 -
Social security and other taxes 5,372 -
VAT 6,180 -
Other creditors 167,169 -
Accruals and deferred income 135,847 -
378,925 -

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.4.24 30.4.23
£    £   
Within one year 42,475 -
Between one and five years 160,000 -
In more than five years 40,000 -
242,475 -

9. RELATED PARTY DISCLOSURES

During the year the company was advanced loans from companies under the common control of the directors. The loans were non interest bearing and repayable on demand. The loans outstanding at the year end date was £52,067.