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Company registration number: 08684438
Planet Metals Clay Cross Limited
Unaudited filleted financial statements
30 September 2023
Planet Metals Clay Cross Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Planet Metals Clay Cross Limited
Directors and other information
Directors David Silcock
Stacey Silcock
Steven Silcock
Company number 08684438
Registered office Unit 4, Incomol Buildings
Derby Road
Clay Cross
Derbyshire
S45 9AG
Accountants Henry Bramall and Co Limited
Unit 8 Acorn Business Park
Woodseats Close
Sheffield
South Yorkshire
S8 0TB
Planet Metals Clay Cross Limited
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 5,000 6,000
Tangible assets 6 186,810 177,830
_______ _______
191,810 183,830
Current assets
Stocks 37,267 59,283
Debtors 7 317,213 253,032
Cash at bank and in hand 119,679 162,672
_______ _______
474,159 474,987
Creditors: amounts falling due
within one year 8 ( 195,201) ( 177,776)
_______ _______
Net current assets 278,958 297,211
_______ _______
Total assets less current liabilities 470,768 481,041
Creditors: amounts falling due
after more than one year 9 ( 33,544) ( 66,281)
Provisions for liabilities ( 33,281) ( 33,281)
_______ _______
Net assets 403,943 381,479
_______ _______
Capital and reserves
Called up share capital 100 1
Profit and loss account 403,843 381,478
_______ _______
Shareholders funds 403,943 381,479
_______ _______
For the year ending 30 September 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 September 2024 , and are signed on behalf of the board by:
David Silcock
Director
Company registration number: 08684438
Planet Metals Clay Cross Limited
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 4, Incomol Buildings, Derby Road, Clay Cross, Derbyshire, S45 9AG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured 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 the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 122,065 167,536
Social security costs 5,882 -
Other pension costs 2,217 -
_______ _______
130,164 167,536
_______ _______
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 October 2022 and 30 September 2023 10,000 10,000
_______ _______
Amortisation
At 1 October 2022 4,000 4,000
Charge for the year 1,000 1,000
_______ _______
At 30 September 2023 5,000 5,000
_______ _______
Carrying amount
At 30 September 2023 5,000 5,000
_______ _______
At 30 September 2022 6,000 6,000
_______ _______
6. Tangible assets
Long leasehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 October 2022 2,670 274,715 19,132 296,517
Additions - 12,045 32,350 44,395
_______ _______ _______ _______
At 30 September 2023 2,670 286,760 51,482 340,912
_______ _______ _______ _______
Depreciation
At 1 October 2022 - 110,908 7,778 118,686
Charge for the year - 31,755 3,661 35,416
_______ _______ _______ _______
At 30 September 2023 - 142,663 11,439 154,102
_______ _______ _______ _______
Carrying amount
At 30 September 2023 2,670 144,097 40,043 186,810
_______ _______ _______ _______
At 30 September 2022 2,670 163,807 11,354 177,831
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 47,324 48,143
Other debtors 269,889 204,889
_______ _______
317,213 253,032
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 23,000 7,167
Trade creditors 109,748 98,354
Corporation tax 22,579 32,796
Social security and other taxes 30,078 32,912
Other creditors 9,796 6,547
_______ _______
195,201 177,776
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 19,467 66,281
Other creditors 14,077 -
_______ _______
33,544 66,281
_______ _______