Company registration number SC312849 (Scotland)
PLAN (BORDERS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PLAN (BORDERS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
PLAN (BORDERS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
84,106
19,512
Current assets
Debtors
7
2,207
44,919
Cash at bank and in hand
113,697
123,213
115,904
168,132
Creditors: amounts falling due within one year
8
(70,737)
(107,579)
Net current assets
45,167
60,553
Total assets less current liabilities
129,273
80,065
Creditors: amounts falling due after more than one year
9
(58,394)
(24,946)
Provisions for liabilities
11
(235)
(282)
Net assets
70,644
54,837
Capital and reserves
Called up share capital
12
100
100
Profit and loss reserves
13
70,544
54,737
Total equity
70,644
54,837
The director of the company has 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 director acknowledges his responsibilities for:
(a) ensuring that the company keeps accounting records which comply with Section 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 of the company.
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 of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
PLAN (BORDERS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 August 2024
Mr J Quaradeghini
Director
PLAN (BORDERS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
100
(1,003)
(903)
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
57,740
57,741
Dividends
-
(2,000)
(2,000)
Balance at 31 December 2022
100
54,737
54,837
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
25,807
25,807
Dividends
-
(10,000)
(10,000)
Balance at 31 December 2023
100
70,544
70,644
PLAN (BORDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Plan (Borders) Limited is a private company limited by shares incorporated in Scotland. The company's registered number and registered office address can be found on the Company Information page.
1.1
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents revenue recognised by the company in respect of services supplied during the period, exclusive of Value Added Tax.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, has now been fully amortised.
1.4
Intangible fixed assets other than goodwill
Intangible assets, being franchise fees of both Glasgow and Paisley, have now been fully amortised.
1.5
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.
Plant and machinery etc
25% reducing balance
Fixtures and fittings
15% straight line
Computers
25% straight line
Motor vehicles
25% reducing balance
1.6
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 tax
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.
PLAN (BORDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reserved 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 law that have been enacted or substantively enacted by the period 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.
1.7
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.
2
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Depreciation - owned assets
2,297
2,098
Franchise fee amortisation
-
926
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
6
4
Taxation
The tax charge on the profit for the year was as follows:
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
6,709
7,499
Adjustments in respect of prior periods
(26,300)
Total current tax
6,709
(18,801)
PLAN (BORDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Taxation
(Continued)
- 6 -
Deferred tax
Origination and reversal of timing differences
(48)
(123)
Total tax charge/(credit)
6,661
(18,924)
5
Intangible fixed assets
Goodwill
Franchise Fee
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
30,000
57,727
87,727
Amortisation and impairment
At 1 January 2023 and 31 December 2023
30,000
57,727
87,727
Carrying amount
At 31 December 2023
At 31 December 2022
6
Tangible fixed assets
Plant and machinery etc
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
9,196
2,941
7,703
66,410
86,250
Additions
87,215
87,215
Disposals
(66,410)
(66,410)
At 31 December 2023
9,196
2,941
7,703
87,215
107,055
Depreciation and impairment
At 1 January 2023
4,128
2,941
6,611
53,058
66,738
Depreciation charged in the year
1,267
519
10,384
12,170
Eliminated in respect of disposals
(55,959)
(55,959)
At 31 December 2023
5,395
2,941
7,130
7,483
22,949
Carrying amount
At 31 December 2023
3,801
573
79,732
84,106
At 31 December 2022
5,068
1,092
13,352
19,512
PLAN (BORDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Tangible fixed assets
(Continued)
- 7 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Motor vehicles
46,481
10,502
46,481
10,502
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
42,747
Prepayments and accrued income
2,207
2,172
2,207
44,919
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,140
9,890
Obligations under finance leases
6,876
11,783
Corporation tax
6,709
7,499
Other taxation and social security
12,268
12,224
Other creditors
31,952
63,402
Accruals and deferred income
2,792
2,781
70,737
107,579
9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
14,806
24,946
Hire purchase contracts
43,588
58,394
24,946
PLAN (BORDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
11
235
282
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
235
282
2023
Movements in the year:
£
Liability at 1 January 2023
282
Credit to profit or loss
(47)
Liability at 31 December 2023
235
12
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
13
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
54,738
(1,003)
Profit for the year
25,807
57,741
Dividends declared and paid in the year
(10,000)
(2,000)
At the end of the year
70,544
54,738
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