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Registered number: 04965388


PLANET IT LIMITED








AUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PLANET IT LIMITED
 
 
COMPANY INFORMATION


Directors
Mr S Smith 
Mr G Jones 
Mr A Sweeney 
Mr N Johns 




Company secretary
Mr G Jones



Registered number
04965388



Registered office
85f Park Drive
Milton Park

Abingdon

Oxfordshire

OX14 4RY




Independent auditors
Wellers
Accountants & Statutory Auditors

8 King Edward Street

Oxford

OX1 4HL





 
PLANET IT LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of income and retained earnings
8
Balance sheet
9 - 10
Statement of cash flows
11
Analysis of net debt
12
Notes to the financial statements
13 - 30


 
PLANET IT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
Award winning Oxfordshire based IT company, Planet IT offers a complete out-sourced IT solution to organisations across the UK and beyond, for hardware, software, licensing, projects and support.  
Providing a first-class service is at the heart of what we do. Thanks to our platinum, gold and high-level partnerships with major hardware and software vendors such as Sophos, Microsoft, Dell, HP, Crowdstrike, Lenovo, Veeam, VM Ware, Barracuda and others, we continue to provide, consult and maintain our client’s cybersecurity protection, networking, back-up & disaster recovery, telephony & connectivity, cloud computing and all-around IT solutions.

Business review
 
Our business plan evolves annually to ensure we adapt to any new trends or significant changes in our industry, we have taken some necessary risks including an exciting new vendor which we expect to be in our top 5 products by 2026.  We have also decided to invest in sales staff in a completely different region hoping to expand to an office to cover the north of the UK.
Our biggest driver in growth will come from 3 key areas. More support contracts and more monthly subscriptions (MRR – Monthly recurring revenue) both increasing our EBITDA more than regular hardware and software sales can achieve.  Lastly, as well as new client growth, the sales staff ramp up will be pivotal to our success.
 

Principal risks and uncertainties
 
As with most companies currently in the IT space has more uncertainty around the skills requirement shortage in people available. Staff additions in 2021 and 2022 were hugely significant cost wise in both fees to agencies and lots salary uplifting trying to help with inflation, this will continue to be challenging however with the staff presence in a new region, we believe it will work well.

Financial key performance indicators
 
Planet IT is still growing in terms of monthly recurring revenue and annual recurring revenue, sales targets are being focused to drive more sales in this direction, roughly 45% of our company gross profit is from monthly recurring revenue and this continues to grow.  We are forecasting 50% companywide gross profit via recurring monthly revenue by the end of 2023.

Other key performance indicators
 
We truly believe we differ to other MSP’s/IT Resellers.  With our huge focus on staff development and personal wellbeing.  Completing quarterly engagement surveys where we implement suggestions made by staff is vital.  This being a huge focus as obviously the cost to retain staff is dwarfed by the cost of replacing staff.


This report was approved by the board and signed on its behalf.



................................................
Mr S Smith
Director

................................................
Mr G Jones
Director


Date: 25 September 2024


Page 1

 
PLANET IT LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The company trades in computer equipment and software sales. In recent years, Planet IT has also evolved into managed support and cloud services helping build it’s recurring revenue stream on a monthly basis. The company also has a spread of clients across the corporate, small to medium size businesses, educational sector, charity and public sector.

Results and dividends

The profit for the year, after taxation, amounted to £103,972 (2022 - £385,007).

Dividends for the year amounted to £271,860 (2022: £260,080). 

Directors

The Directors who served during the year were:

Mr S Smith 
Mr G Jones 
Mr A Sweeney 
Mr N Johns 

Page 2

 
PLANET IT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWellerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Mr S Smith
Director
................................................
Mr G Jones
Director


Date: 25 September 2024
Date: 25 September 2024

Page 3

 
PLANET IT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLANET IT LIMITED
 

Opinion


We have audited the financial statements of Planet IT Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
PLANET IT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLANET IT LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
PLANET IT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLANET IT LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions  were  held  with,  and  enquiries  made  of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements.  During  the  engagement  team  briefing,  the  outcomes  of  these  discussions  and  enquiries  were shared with the team, as well as consideration as to where and how fraud may occur in the entity. 
Those laws and regulations considered to have a direct effect on the financial statements include UK financial
reporting standards, Company Law, Tax and Pensions legislation, health and safety and employment law.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and
non-compliance  with  laws  and  regulations)  comprised  of:  inquiries  of  management  and  those  charged  with governance  as  to  whether  the  entity  complies  with  such  laws  and  regulations;  enquiries  with  the  same concerning  any  actual  or  potential  litigation  or  claims;  inspection  of  relevant  legal  correspondence;  review  of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions  around  the  end  of  the  reporting  period;  and  the  performance  of  analytical  procedures  to  identify unexpected movements in account balances which may be indicative of fraud.
No  instances  of  material  non-compliance  were  identified.  However,  the  likelihood  of  detecting  irregularities, including  fraud,  is  limited  by  the  inherent  difficulty  in  detecting  irregularities,  the  effectiveness  of  the  entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases  the  more  that  compliance  with  a  law  or  regulation  is  removed  from  the  events  and  transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The  risk  is  also  greater  regarding  irregularities  occurring  due  to  fraud  rather  than  error,  as  fraud  involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 
PLANET IT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLANET IT LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Ms Christina Nawrocki (Senior Statutory Auditor)
for and on behalf of
Wellers
Accountants
Statutory Auditors
8 King Edward Street
Oxford
OX1 4HL

25 September 2024
Page 7

 
PLANET IT LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 3 
16,267,273
15,465,814

Cost of sales
  
(11,258,242)
(11,043,007)

Gross profit
  
5,009,031
4,422,807

Distribution costs
  
(78,742)
(92,697)

Administrative expenses
  
(4,805,456)
(3,862,042)

Operating profit
 4 
124,833
468,068

Interest receivable and similar income
 8 
21,915
15,932

Interest payable and similar expenses
 9 
(3,063)
(1,013)

Profit before tax
  
143,685
482,987

Tax on profit
 10 
(39,713)
(97,980)

Profit after tax
  
103,972
385,007

  

  

Retained earnings at the beginning of the year
  
1,592,382
1,467,455

  
1,592,382
1,467,455

Profit for the year
  
103,972
385,007

Dividends declared and paid
  
(271,860)
(260,080)

Retained earnings at the end of the year
  
1,424,494
1,592,382
The notes on pages 13 to 30 form part of these financial statements.

Page 8

 
PLANET IT LIMITED
REGISTERED NUMBER: 04965388

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
83,362
84,542

  
83,362
84,542

Current assets
  

Stocks
 13 
213,616
152,821

Debtors: amounts falling due within one year
 14 
3,914,267
3,486,320

Cash at bank and in hand
 15 
534,830
384,343

  
4,662,713
4,023,484

Creditors: amounts falling due within one year
 16 
(3,285,539)
(2,469,308)

Net current assets
  
 
 
1,377,174
 
 
1,554,176

Total assets less current liabilities
  
1,460,536
1,638,718

Creditors: amounts falling due after more than one year
 17 
(15,000)
(25,000)

Provisions for liabilities
  

Deferred tax
 19 
(20,841)
(21,136)

  
 
 
(20,841)
 
 
(21,136)

Net assets
  
1,424,695
1,592,582


Capital and reserves
  

Called up share capital 
 20 
200
200

Profit and loss account
 21 
1,424,495
1,592,382

  
1,424,695
1,592,582


Page 9

 
PLANET IT LIMITED
REGISTERED NUMBER: 04965388
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr S Smith
................................................
Mr G Jones
Director
Director


Date: 25 September 2024
Date:25 September 2024

The notes on pages 13 to 30 form part of these financial statements.

Page 10

 
PLANET IT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
103,972
385,007

Adjustments for:

Depreciation of tangible assets
47,274
44,396

Loss on disposal of tangible assets
1,300
7,459

Interest paid
3,063
1,013

Interest received
(21,915)
(15,932)

Taxation charge
39,713
97,980

(Increase)/decrease in stocks
(60,796)
17,359

(Increase) in debtors
(427,948)
(8,813)

Increase/(decrease) in creditors
935,470
(208,758)

Corporation tax (paid)/received
(158,562)
9,483

Net cash generated from operating activities

461,571
329,194


Cash flows from investing activities

Purchase of tangible fixed assets
(48,992)
(41,561)

Sale of tangible fixed assets
1,600
(1,680)

Interest received
21,915
15,932

Net cash from investing activities

(25,477)
(27,309)

Cash flows from financing activities

Repayment of loans
(10,000)
(10,000)

Dividends paid
(271,860)
(260,080)

Interest paid
(3,063)
(1,013)

Net cash used in financing activities
(284,923)
(271,093)

Net increase in cash and cash equivalents
151,171
30,792

Cash and cash equivalents at beginning of year
383,659
352,867

Cash and cash equivalents at the end of year
534,830
383,659


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
534,830
384,343

Bank overdrafts
-
(684)

534,830
383,659


Page 11

 
PLANET IT LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

384,343

150,487

534,830

Bank overdrafts

(684)

684

-

Debt due after 1 year

(25,000)

10,000

(15,000)

Debt due within 1 year

(10,000)

(23,890)

(33,890)


348,659
137,281
485,940

The notes on pages 13 to 30 form part of these financial statements.

Page 12

 
PLANET IT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Planet IT Limited is a private limited company incorporated in England and Wales. 
The company's registered number is 04965388.
The registered office is 85F Park Drive, Milton Park, Abingdon, Oxfordshire, OX14 4RY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 13

 
PLANET IT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 14

 
PLANET IT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 15

 
PLANET IT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Page 16

 
PLANET IT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Fixtures & fittings
-
20%
Reducing balance
Computer equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Stock & work in progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 17

 
PLANET IT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 18

 
PLANET IT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Hardware
5,596,188
6,537,820

Software
4,675,595
4,230,364

Services
5,899,949
4,605,481

Other
95,541
92,149

16,267,273
15,465,814


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
15,832,417
14,979,331

Rest of Europe
434,856
474,803

Rest of the world
-
11,680

16,267,273
15,465,814



4.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
3,740
5,983

Other operating lease rentals
172,059
157,946


5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
13,000
12,000
Page 19

 
PLANET IT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Employees

Staff costs, including Directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
3,167,764
2,610,223

Social security costs
322,442
280,881

Cost of defined contribution scheme
183,306
44,657

3,673,512
2,935,761


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
4
4



Employees
82
88

86
92


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
149,660
140,829

Company contributions to defined contribution pension schemes
132,642
2,641

282,302
143,470


During the year retirement benefits were accruing to 2 Directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £11,896 (2022 - £64,167).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £65,000 (2022 - £1,321).

Page 20

 
PLANET IT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Interest receivable

2023
2022
£
£


Other interest receivable
21,915
15,932

21,915
15,932


9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
1,041
1,013

Other interest payable
2,022
-

3,063
1,013


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
40,008
94,633


40,008
94,633


Total current tax
40,008
94,633

Deferred tax


Origination and reversal of timing differences
(295)
3,347

Total deferred tax
(295)
3,347


Taxation on profit on ordinary activities
39,713
97,980
Page 21

 
PLANET IT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
143,685
482,987


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
33,795
91,766

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
6,059
3,280

Capital allowances for year in excess of depreciation
154
(413)

Other differences leading to an increase (decrease) in the tax charge
(295)
3,347

Total tax charge for the year
39,713
97,980


Factors that may affect future tax charges

Future tax charges will be affected by the differences in accounting and tax treatment of capital assets along with disallowed expenses.


11.


Dividends

2023
2022
£
£


Ordinary A shares
81,400
87,900


Ordinary B shares
95,600
73,700


Ordinary C shares
47,430
49,240


Ordinary D shares
47,430
49,240

271,860
260,080

Page 22

 
PLANET IT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets





Fixtures & fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
41,616
129,827
171,443


Additions
8,453
40,540
48,993


Disposals
-
(9,080)
(9,080)



At 31 December 2023

50,069
161,287
211,356



Depreciation


At 1 January 2023
13,038
73,864
86,902


Charge for the year on owned assets
5,640
41,633
47,273


Disposals
-
(6,181)
(6,181)



At 31 December 2023

18,678
109,316
127,994



Net book value



At 31 December 2023
31,391
51,971
83,362



At 31 December 2022
28,578
55,964
84,542


13.


Stock & work in progress

2023
2022
£
£

Raw materials and consumables
40,661
48,832

Work in progress
56,112
103,989

Finished goods and goods for resale
116,843
-

213,616
152,821


Page 23

 
PLANET IT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Debtors

2023
2022
£
£


Trade debtors
1,885,696
1,732,175

Other debtors
1,553,544
1,417,662

Prepayments and accrued income
475,027
336,483

3,914,267
3,486,320


Included within other debtors due within one year are loans to the following directors:

A loan to Mr G Jones amounting to £378,460 (2022: £345,400).The total advances made during the year was £141,641 (2022: £142,180) and the total repaid was £108,581 (2022: £52,104). The amount of Interest is charged using HMRC official rates and repayable on demand.  
A loan to Mr S Smith amounting to £623,809 (2022: £554,110). The total advances made during the year was £161,992 (2022: £257,950) and the total repaid was £92,293 (2022: £70,051). Interest is charged using HMRC official rates and repayable on demand.  
A loan to Mr N Johns amounting to £Nil (2022: £1,667). The total advances made during the year was £Nil (2022: £316) and the total repaid was £1,667 (2022: £5,316). No interest has been charged on this loan and the amount was repaid within 9 months of the year end. 


15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
534,830
384,343

Less: bank overdrafts
-
(684)

534,830
383,659


Page 24

 
PLANET IT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
684

Bank loans
10,000
10,000

Trade creditors
1,249,223
876,528

Corporation tax
74,689
193,244

Other taxation and social security
398,319
347,190

Other creditors
744,138
387,859

Accruals and deferred income
809,170
653,803

3,285,539
2,469,308



17.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,000
25,000

15,000
25,000


Page 25

 
PLANET IT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 2-5 years

Bank loans
5,000
15,000


5,000
15,000


25,000
35,000


Page 26

 
PLANET IT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Deferred taxation




2023


£






At beginning of year
(21,136)


Charged to profit or loss
295



At end of year
(20,841)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(20,841)
(21,136)

(20,841)
(21,136)


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



9,000 (2022 - 9,000) Ordinary A shares of £0.01 each
90
90
9,000 (2022 - 9,000) Ordinary B shares of £0.01 each
90
90
1,000 (2022 - 1,000) Ordinary C shares of £0.01 each
10
10
1,000 (2022 - 1,000) Ordinary D shares of £0.01 each
10
10

200

200

Each ordinary share carries one vote. Each share class ranks different for any dividend declared as more particularly described by the directors of the company at the time of distribution. Each share ranks equally for any distribution made on the sale or winding up of the company. 
On the 5 October 2022 all share classes were sub-divided from a nominal value of £1 each to a nominal value of £0.01 each. 



21.


Reserves

Profit & loss account

The Profit & loss account includes all current and prior period retained profits and losses.

Page 27

 
PLANET IT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Share-based payments

The outstanding share options recorded below relate to options held over Ordinary E shares.The company directors have measured fair value using agreements reached with UK tax authorities and market data to the greatest extent practicable to estimate what the price of the share options would be on the grant date in an arm's length transaction between knowledgeable, willing parties.

Weighted average exercise price (pence)
2023
Number
2023
Weighted average exercise price
(pence)
2022
Number
2022

Outstanding at the beginning of the year

1

500

 
-
 
Granted during the year


-

1
 
500
 
Outstanding at the end of the year

500

 
500
 



2023
2022
£
£


Equity-settled schemes
500
500

500
500


23.


Contingent liabilities

A contingent  liability  with  regards  to  the  lease  dilapidation  provisions has  been considered  in detail, however  a  reliable  estimate  has  not  been  arrived  at  nor  adjusted  in  the  accounts.  Due to  the nature of the lease works the Directors do not expect these to represent significant costs to the company. 


24.


Pension commitments

The company contributes to private money purchase scheme on behalf of employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £183,306 (2022 - £44,657). Contributions totalling £29,398 (2022 - £21,698) were payable to the fund at the balance sheet date and are included in creditors.

Page 28

 
PLANET IT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
143,045
128,290

Later than 1 year and not later than 5 years
157,301
276,670

300,346
404,960


26.


Related party transactions

During the year the following transactions occurred with Companies associated with Directors of Planet IT Limited. 
Planet IT Limited invoiced Planet E Bikes Ltd £3,613 (2022: £31,030) for recharged costs. At the year end Planet IT Limited was owed £45,729 (2022: £83,937) which is shown in trade debtors. In addition, Planet E Bikes Ltd invoiced Planet IT Limited £3,133 (2022: £1,410). At the year end Planet IT Limited owed £1,650 (2022: £nil)  which is shown in trade creditors. 
A further loan of  £43,241 (2022: £43,241) to Planet E Bikes Ltd is shown in other debtors. The loan is interest free and repayable on demand.     
Planet IT Limited invoiced Planet Ireland Ltd £567,157 (2022: £600,463) for services rendered and recharged costs. At the year end Planet IT was owed £41,141 (2022: £100,638) which is shown in trade debtors. 
A further loan of £475,543 (2022: £235,543) from Planet Ireland Ltd is shown in other debtors. The loan is interest free and repayable on demand.   
Planet IT Limited invoiced Planet Recruitment Services Ltd £12,338 (2022: £27,428) for services rendered. At the year end Planet IT Limited was owed £942 (2022: £1,292) which is shown in trade debtors.
 
Planet Recruitment Services Ltd invoiced Planet IT Limited £53,380 (2022: £120,001) for services rendered. At the year end Planet IT owed £10,235 (2022: £18,378) which is shown in trade creditors. 
Included within other debtors is a loan to Planet Recruitment Services Ltd of £150,000 (2022: £150,000). The loan is interest free and repayable on demand. 

Page 29

 
PLANET IT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

27.


Coronavirus government support

During the period under review, the company has taken advantage of the following government support 
available as a result of the Coronavirus pandemic: 
- Coronavirus job retention scheme - Amounts received are included within other operating income. 
-  A  Coronavirus Bounce Back Loan from Barclays of £50,000 was received in 2020 and is included 
within bank loans. Repayments were made during the year. This loan carries a government backed guarantee. 
- For the first 12 months of the loan interest incurred on the Coronavirus Bounce Back Loan was covered by  the UK government.


28.


Controlling party

During this and the prior period, there was no one controlling party. 
 
Page 30