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PLUG IT IN GROUP LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 OCTOBER 2022 TO 31 AUGUST 2023






PLUG IT IN GROUP LTD (REGISTERED NUMBER: 10953829)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 OCTOBER 2022 TO 31 AUGUST 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PLUG IT IN GROUP LTD

COMPANY INFORMATION
FOR THE PERIOD 1 OCTOBER 2022 TO 31 AUGUST 2023







DIRECTORS: J T Hopkinson
A P Jordan
Mrs H E Jordan





REGISTERED OFFICE: Bethel Hall
Morton Lane
East Morton
Keighley
West Yorkshire
BD20 5UE





REGISTERED NUMBER: 10953829 (England and Wales)





ACCOUNTANTS: Wilkinson and Partners
Chartered Accountants
Fairfax House
6a Mill Field Road
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PY

PLUG IT IN GROUP LTD (REGISTERED NUMBER: 10953829)

BALANCE SHEET
31 AUGUST 2023

31.8.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 32,751 42,107

CURRENT ASSETS
Stocks 13,225 9,345
Debtors 5 177,925 204,771
Cash at bank and in hand 23,481 12,372
214,631 226,488
CREDITORS
Amounts falling due within one year 6 197,105 197,024
NET CURRENT ASSETS 17,526 29,464
TOTAL ASSETS LESS CURRENT LIABILITIES 50,277 71,571

CREDITORS
Amounts falling due after more than one
year

7

(35,728

)

(58,313

)

PROVISIONS FOR LIABILITIES 8 - (193 )
NET ASSETS 14,549 13,065

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 14,449 12,965
SHAREHOLDERS' FUNDS 14,549 13,065

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

PLUG IT IN GROUP LTD (REGISTERED NUMBER: 10953829)

BALANCE SHEET - continued
31 AUGUST 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 October 2024 and were signed on its behalf by:





A P Jordan - Director


PLUG IT IN GROUP LTD (REGISTERED NUMBER: 10953829)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 OCTOBER 2022 TO 31 AUGUST 2023


1. STATUTORY INFORMATION

Plug It In Group Ltd 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

PLUG IT IN GROUP LTD (REGISTERED NUMBER: 10953829)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 AUGUST 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 6 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2022 - 62,133 539 62,672
Additions 601 - - 601
At 31 August 2023 601 62,133 539 63,273
DEPRECIATION
At 1 October 2022 - 20,207 358 20,565
Charge for period - 9,609 348 9,957
At 31 August 2023 - 29,816 706 30,522
NET BOOK VALUE
At 31 August 2023 601 32,317 (167 ) 32,751
At 30 September 2022 - 41,926 181 42,107

The net book value of tangible fixed assets includes £ 41,926 (2022 - £ 41,926 ) in respect of assets held under hire purchase contracts.

PLUG IT IN GROUP LTD (REGISTERED NUMBER: 10953829)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 AUGUST 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 30.9.22
£    £   
Trade debtors 53,032 36,569
Other debtors 73,748 87,522
Directors' current accounts 51,145 80,680
177,925 204,771

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 30.9.22
£    £   
Bank loans and overdrafts 10,000 56,163
Hire purchase contracts 14,246 14,638
Trade creditors 75,634 73,281
Social security and other taxes 27,137 20,355
VAT 34,856 11,717
Other creditors 10,827 18,540
Directors' current accounts 21,955 -
Accrued expenses 2,450 2,330
197,105 197,024

Loans from directors are interest free and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.8.23 30.9.22
£    £   
Bank loans - 1-2 years 20,833 30,000
Hire purchase contracts 14,895 28,313
35,728 58,313

8. PROVISIONS FOR LIABILITIES
31.8.23 30.9.22
£    £   
Deferred tax - 193

Deferred
tax
£   
Balance at 1 October 2022 193
Accelerated capital allowances (193 )
Balance at 31 August 2023 -

PLUG IT IN GROUP LTD (REGISTERED NUMBER: 10953829)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 AUGUST 2023


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.23 30.9.22
value: £    £   
100 Ordinary 1 100 100