2023-02-142024-02-292024-02-29false14662411PLANT EXIT 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PLANT EXIT LTD

Registered Number
14662411
(England and Wales)

Unaudited Financial Statements for the Period ended
29 February 2024

PLANT EXIT LTD
Company Information
for the period from 14 February 2023 to 29 February 2024

Director

BRANFORD, Julian Gurney

Registered Address

Anchor House School Lane
Chandler's Ford
Eastleigh
SO53 4DY

Registered Number

14662411 (England and Wales)
PLANT EXIT LTD
Balance Sheet as at
29 February 2024

Notes

2024

£

£

Fixed assets
Tangible assets3347,000
347,000
Current assets
Debtors60,579
Cash at bank and on hand17,773
78,352
Creditors amounts falling due within one year(165,853)
Net current assets (liabilities)(87,501)
Total assets less current liabilities259,499
Net assets259,499
Capital and reserves
Called up share capital1
Profit and loss account259,498
Shareholders' funds259,499
The financial statements were approved and authorised for issue by the Director on 6 August 2024, and are signed on its behalf by:
BRANFORD, Julian Gurney
Director
Registered Company No. 14662411
PLANT EXIT LTD
Notes to the Financial Statements
for the period ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery10
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

2024
Average number of employees during the year1
3.Tangible fixed assets

Total

£
Cost or valuation
Additions347,000
At 29 February 24347,000
Net book value
At 29 February 24347,000
At 13 February 23-
4.Related party transactions
Included within creditors are the following Director Loan accounts : J G Branford £ 18,963 Management fees receivable of £237,500 are due from Jackup GB Ltd a company in which the director J Branford is also a director and shareholder. At the 29th February 2024 £ 47,000 was owed to the reporting company.