REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2024 TO 31 AUGUST 2024 |
FOR |
PLANETNEW LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2024 TO 31 AUGUST 2024 |
FOR |
PLANETNEW LIMITED |
PLANETNEW LIMITED (REGISTERED NUMBER: 04242883) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2024 TO 31 AUGUST 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
PLANETNEW LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 JULY 2024 TO 31 AUGUST 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
869 High Road |
London |
N12 8QA |
PLANETNEW LIMITED (REGISTERED NUMBER: 04242883) |
STATEMENT OF FINANCIAL POSITION |
31 AUGUST 2024 |
2024 | 2024 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
The financial statements were approved by the director and authorised for issue on |
PLANETNEW LIMITED (REGISTERED NUMBER: 04242883) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2024 TO 31 AUGUST 2024 |
1. | STATUTORY INFORMATION |
Planetnew Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover represents net rent receivable. |
INVESTMENT PROPERTY |
Investment property is carried at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. |
Deferred taxation is provided on these surpluses at the rate expected to apply when the investment is sold. No depreciation is provided in respect of investment properties. |
The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in The Financial Reporting Standard 102 (Section 1A) for small entities. The director considers that, because the property is not held for consumption but for its investment potential, to depreciate it would not give a true and fair view and that it is necessary to adopt The Financial Reporting Standard 102 (Section 1A) for Smaller Entities in order to give a true and fair view. If this departure from the Act had not been made, the profit for the financial year would have been reduced by the amount of depreciation. |
TAXATION |
Taxation for the period 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 statement of financial position date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2024 - NIL). |
PLANETNEW LIMITED (REGISTERED NUMBER: 04242883) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2024 TO 31 AUGUST 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2024 |
and 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 30 June 2024 |
There are legal charges on the investment property owned by the company. |
Fair value at 31 August 2024 is represented by: |
£ |
Valuation in 2024 | 2,532,391 |
Cost | 1,217,609 |
3,750,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2024 |
£ | £ |
Cost | 1,217,609 | 1,217,609 |
Investment property was valued on a fair value basis on 31 August 2024 by the director . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2024 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2024 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | RELATED PARTY DISCLOSURES |
Included in creditors, amounts falling due within one year, is an interest free amount of £511,450 (2022: £411,450), owed to the director, Mr K L Tsentas. |
8. | ULTIMATE CONTROLLING PARTY |
The company's entire issued share capital is owned by Planethold Limited, which in turn is wholly owned by Candice International Investments Ltd, a company incorporated in the British Virgin Islands. The shares of that company are beneficially owned by the family of the director, Mr K L Tsentas, who is a resident of the United Arab Emirates. |