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REGISTERED NUMBER: 04242883 (England and Wales)











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: Mr Kypros L Tsentas





SECRETARY: EA Secretarial Services Limited





REGISTERED OFFICE: 869 High Road
London
N12 8QA





REGISTERED NUMBER: 04242883 (England and Wales)





ACCOUNTANTS: EA
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 3,750,000 3,750,000

CURRENT ASSETS
Debtors 5 897,895 897,897
Cash at bank 24,657 24,981
922,552 922,878
CREDITORS
Amounts falling due within one year 6 549,685 560,853
NET CURRENT ASSETS 372,867 362,025
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,122,867

4,112,025

PROVISIONS FOR LIABILITIES 463,700 463,700
NET ASSETS 3,659,167 3,648,325

CAPITAL AND RESERVES
Called up share capital 100 100
Non-distributable reserves 2,068,691 2,068,691
Retained earnings 1,590,376 1,579,534
SHAREHOLDERS' FUNDS 3,659,167 3,648,325

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

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 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 director and authorised for issue on 25 September 2024 and were signed by:





Mr Kypros L Tsentas - Director


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 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 as modified by the revaluation of certain assets.

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 3,750,000
NET BOOK VALUE
At 31 August 2024 3,750,000
At 30 June 2024 3,750,000

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 897,895 897,249
Other debtors - 648
897,895 897,897

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2024
£    £   
Trade creditors - 286
Taxation and social security 22,008 -
Other creditors 527,677 560,567
549,685 560,853

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.