IRIS Accounts Production v24.2.0.383 03724847 Board of Directors 1.4.23 31.3.24 31.3.24 true false true false false false true false Ordinary 1.00000 A Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh037248472023-03-31037248472024-03-31037248472023-04-012024-03-31037248472022-03-31037248472022-04-012023-03-31037248472023-03-3103724847ns15:EnglandWales2023-04-012024-03-3103724847ns14:PoundSterling2023-04-012024-03-3103724847ns10:Director12023-04-012024-03-3103724847ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3103724847ns10:SmallEntities2023-04-012024-03-3103724847ns10:AuditExemptWithAccountantsReport2023-04-012024-03-3103724847ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3103724847ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3103724847ns10:FullAccounts2023-04-012024-03-310372484712023-04-012024-03-3103724847ns10:OrdinaryShareClass12023-04-012024-03-3103724847ns10:OrdinaryShareClass22023-04-012024-03-3103724847ns10:Director22023-04-012024-03-3103724847ns10:CompanySecretary12023-04-012024-03-3103724847ns10:RegisteredOffice2023-04-012024-03-3103724847ns5:CurrentFinancialInstruments2024-03-3103724847ns5:CurrentFinancialInstruments2023-03-3103724847ns5:ShareCapital2024-03-3103724847ns5:ShareCapital2023-03-3103724847ns5:RetainedEarningsAccumulatedLosses2024-03-3103724847ns5:RetainedEarningsAccumulatedLosses2023-03-3103724847ns5:FurnitureFittings2023-04-012024-03-3103724847ns5:MotorVehicles2023-04-012024-03-3103724847ns5:NetGoodwill2023-03-3103724847ns5:NetGoodwill2023-04-012024-03-3103724847ns5:NetGoodwill2024-03-3103724847ns5:NetGoodwill2023-03-3103724847ns5:FurnitureFittings2023-03-3103724847ns5:MotorVehicles2023-03-3103724847ns5:FurnitureFittings2024-03-3103724847ns5:MotorVehicles2024-03-3103724847ns5:FurnitureFittings2023-03-3103724847ns5:MotorVehicles2023-03-3103724847ns5:CostValuation2023-03-3103724847ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3103724847ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3103724847ns10:OrdinaryShareClass12024-03-3103724847ns10:OrdinaryShareClass22024-03-31
REGISTERED NUMBER: 03724847 (England and Wales)















Unaudited Financial Statements

for the Year Ended

31 March 2024

for

Planet Drive Company Limited

Planet Drive Company Limited (Registered number: 03724847)

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










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Planet Drive Company Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: A N Swain
G R Morris





SECRETARY: G R Morris





REGISTERED OFFICE: 45 Oswin Road
Brailsford Industrial Park
Leicester
Leicestershire
LE3 1HR





REGISTERED NUMBER: 03724847 (England and Wales)





ACCOUNTANTS: The Rowleys Partnership Ltd
Chartered Accountants
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
Leicestershire
LE19 1WP

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Planet Drive Company Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

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 Drive Company Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Planet Drive Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Planet Drive Company Limited and state those matters that we have agreed to state to the Board of Directors of Planet Drive Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Planet Drive Company Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Planet Drive Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Planet Drive Company Limited. You consider that Planet Drive Company 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 financial statements of Planet Drive Company 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 financial statements.






The Rowleys Partnership Ltd
Chartered Accountants
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
Leicestershire
LE19 1WP


23 August 2024

Planet Drive Company Limited (Registered number: 03724847)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 - 31,895
Investments 6 86,000 86,000
86,000 117,895

CURRENT ASSETS
Stocks - 75,159
Debtors 7 561,992 393,019
Cash at bank and in hand 866,623 552,330
1,428,615 1,020,508
CREDITORS
Amounts falling due within one year 8 436,388 267,957
NET CURRENT ASSETS 992,227 752,551
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,078,227

870,446

CAPITAL AND RESERVES
Called up share capital 9 20 20
Retained earnings 1,078,207 870,426
SHAREHOLDERS' FUNDS 1,078,227 870,446

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Drive Company Limited (Registered number: 03724847)

Balance Sheet - continued
31 March 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 23 August 2024 and were signed on its behalf by:





A N Swain - Director


Planet Drive Company Limited (Registered number: 03724847)

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


1. STATUTORY INFORMATION

Planet Drive Company 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.

Preparation of consolidated financial statements
The financial statements contain information about Planet Drive Company Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents sales of goods net of VAT. Turnover is recognised when goods are physically delivered to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% reducing balance and 20% reducing balance
Motor vehicles - 25% reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula.

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 Drive Company Limited (Registered number: 03724847)

Notes to the Financial Statements - continued
for the Year Ended 31 March 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.

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.

Fixed asset investments
Investments in group undertakings are stated at cost, less provision for permanent diminution in value. Listed investments are stated at valuation at the balance sheet date, translated into sterling, where applicable, at the rates of exchange ruling at the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023 15,000
Disposals (15,000 )
At 31 March 2024 -
AMORTISATION
At 1 April 2023 15,000
Eliminated on disposal (15,000 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

Planet Drive Company Limited (Registered number: 03724847)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2023 7,172 64,639 71,811
Disposals (7,172 ) (64,639 ) (71,811 )
At 31 March 2024 - - -
DEPRECIATION
At 1 April 2023 6,133 33,783 39,916
Eliminated on disposal (6,133 ) (33,783 ) (39,916 )
At 31 March 2024 - - -
NET BOOK VALUE
At 31 March 2024 - - -
At 31 March 2023 1,039 30,856 31,895

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 86,000
NET BOOK VALUE
At 31 March 2024 86,000
At 31 March 2023 86,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 405,509 373,821
Other trade debtors 154,512 15,169
Prepayments and accrued income 1,971 4,029
561,992 393,019

Planet Drive Company Limited (Registered number: 03724847)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 216,447 140,446
Corporation tax 104,305 48,935
Social security and other taxes 1,311 1,222
VAT 67,080 52,634
Other creditors 23,936 17,403
Directors' current accounts 1,853 1,853
Accruals and deferred income 21,456 5,464
436,388 267,957

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
9 Ordinary £1 9 9
11 A Ordinary £1 11 11
20 20