Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Mr W T Cross 12/10/2010 Mr J Holmes 12/12/2011 Mr A P Moulding 12/12/2011 29 October 2024 The principal activity of the Company during the financial year is textile import and design. 07122242 2024-01-31 07122242 bus:Director1 2024-01-31 07122242 bus:Director2 2024-01-31 07122242 bus:Director3 2024-01-31 07122242 2023-01-31 07122242 core:CurrentFinancialInstruments 2024-01-31 07122242 core:CurrentFinancialInstruments 2023-01-31 07122242 core:Non-currentFinancialInstruments 2024-01-31 07122242 core:Non-currentFinancialInstruments 2023-01-31 07122242 core:ShareCapital 2024-01-31 07122242 core:ShareCapital 2023-01-31 07122242 core:RetainedEarningsAccumulatedLosses 2024-01-31 07122242 core:RetainedEarningsAccumulatedLosses 2023-01-31 07122242 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-31 07122242 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-31 07122242 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-01-31 07122242 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-31 07122242 core:PatentsTrademarksLicencesConcessionsSimilar 2024-01-31 07122242 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-01-31 07122242 core:LandBuildings 2023-01-31 07122242 core:PlantMachinery 2023-01-31 07122242 core:Vehicles 2023-01-31 07122242 core:FurnitureFittings 2023-01-31 07122242 core:OfficeEquipment 2023-01-31 07122242 core:LandBuildings 2024-01-31 07122242 core:PlantMachinery 2024-01-31 07122242 core:Vehicles 2024-01-31 07122242 core:FurnitureFittings 2024-01-31 07122242 core:OfficeEquipment 2024-01-31 07122242 bus:OrdinaryShareClass1 2024-01-31 07122242 bus:OrdinaryShareClass2 2024-01-31 07122242 bus:OrdinaryShareClass3 2024-01-31 07122242 bus:OrdinaryShareClass4 2024-01-31 07122242 bus:OrdinaryShareClass5 2024-01-31 07122242 2023-02-01 2024-01-31 07122242 bus:FilletedAccounts 2023-02-01 2024-01-31 07122242 bus:SmallEntities 2023-02-01 2024-01-31 07122242 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 07122242 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07122242 bus:Director1 2023-02-01 2024-01-31 07122242 bus:Director2 2023-02-01 2024-01-31 07122242 bus:Director3 2023-02-01 2024-01-31 07122242 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2023-02-01 2024-01-31 07122242 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-02-01 2024-01-31 07122242 core:LandBuildings core:TopRangeValue 2023-02-01 2024-01-31 07122242 core:PlantMachinery core:TopRangeValue 2023-02-01 2024-01-31 07122242 core:Vehicles 2023-02-01 2024-01-31 07122242 core:FurnitureFittings core:TopRangeValue 2023-02-01 2024-01-31 07122242 core:OfficeEquipment core:TopRangeValue 2023-02-01 2024-01-31 07122242 2022-02-01 2023-01-31 07122242 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-01 2024-01-31 07122242 core:PatentsTrademarksLicencesConcessionsSimilar 2023-02-01 2024-01-31 07122242 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-02-01 2024-01-31 07122242 core:LandBuildings 2023-02-01 2024-01-31 07122242 core:PlantMachinery 2023-02-01 2024-01-31 07122242 core:FurnitureFittings 2023-02-01 2024-01-31 07122242 core:OfficeEquipment 2023-02-01 2024-01-31 07122242 core:Non-currentFinancialInstruments 2023-02-01 2024-01-31 07122242 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 07122242 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 07122242 bus:OrdinaryShareClass2 2023-02-01 2024-01-31 07122242 bus:OrdinaryShareClass2 2022-02-01 2023-01-31 07122242 bus:OrdinaryShareClass3 2023-02-01 2024-01-31 07122242 bus:OrdinaryShareClass3 2022-02-01 2023-01-31 07122242 bus:OrdinaryShareClass4 2023-02-01 2024-01-31 07122242 bus:OrdinaryShareClass4 2022-02-01 2023-01-31 07122242 bus:OrdinaryShareClass5 2023-02-01 2024-01-31 07122242 bus:OrdinaryShareClass5 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07122242 (England and Wales)

PLAN B INTERNATIONAL SOLUTIONS LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

PLAN B INTERNATIONAL SOLUTIONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

PLAN B INTERNATIONAL SOLUTIONS LIMITED

BALANCE SHEET

As at 31 January 2024
PLAN B INTERNATIONAL SOLUTIONS LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Intangible assets 4 6,548 8,346
Tangible assets 5 47,787 40,819
Investments 1 1
54,336 49,166
Current assets
Debtors 6 485,627 216,634
Cash at bank and in hand 33,316 1,757
518,943 218,391
Creditors: amounts falling due within one year 7 ( 571,601) ( 297,160)
Net current liabilities (52,658) (78,769)
Total assets less current liabilities 1,678 (29,603)
Creditors: amounts falling due after more than one year 8 ( 82,557) ( 122,919)
Provision for liabilities ( 2,877) ( 829)
Net liabilities ( 83,756) ( 153,351)
Capital and reserves
Called-up share capital 9 5 5
Profit and loss account ( 83,761 ) ( 153,356 )
Total shareholders' deficit ( 83,756) ( 153,351)

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Plan B International Solutions Limited (registered number: 07122242) were approved and authorised for issue by the Board of Directors on 29 October 2024. They were signed on its behalf by:

Mr W T Cross
Director
PLAN B INTERNATIONAL SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
PLAN B INTERNATIONAL SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Plan B International Solutions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Unit 18, 23 Melville Building East, Royal William Yard, Plymouth, PL1 3GW, United Kingdom. The principal place of business is Unit 6 Seaton Park, Plymouth PL6 5WR.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year error

The prior year accounts have been restated for a accrual of a purchase invoice. Please see the note for further details of this.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 3 years straight line
Trademarks, patents and licences 10 years straight line
Website costs not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line, and reducing balance basis over its expected useful life, as follows:

Land and buildings 5 years straight line
Plant and machinery 3 years straight line
Vehicles 15 % reducing balance
Fixtures and fittings 3 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Prior year adjustment

During the year it was identified that a purchase invoice was omitted from the year ended 31 January 2023 and this has been restated as below.

As previously reported Adjustment As restated
Year ended 31 January 2023 £ £ £
Purchases 232,219 98,862 331,081
Accruals (3,475) (98,862) (102,337)

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 4

4. Intangible assets

Development costs Trademarks, patents
and licences
Website costs Total
£ £ £ £
Cost
At 01 February 2023 7,390 5,582 3,600 16,572
At 31 January 2024 7,390 5,582 3,600 16,572
Accumulated amortisation
At 01 February 2023 7,350 776 100 8,226
Charge for the financial year 40 558 1,200 1,798
At 31 January 2024 7,390 1,334 1,300 10,024
Net book value
At 31 January 2024 0 4,248 2,300 6,548
At 31 January 2023 40 4,806 3,500 8,346

5. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 February 2023 65,280 7,888 45,181 5,227 27,828 151,404
Additions 0 0 0 16,275 4,507 20,782
Disposals ( 65,280) 0 0 0 0 ( 65,280)
At 31 January 2024 0 7,888 45,181 21,502 32,335 106,906
Accumulated depreciation
At 01 February 2023 65,280 7,129 12,537 3,784 21,855 110,585
Charge for the financial year 0 570 4,897 4,554 3,793 13,814
Disposals ( 65,280) 0 0 0 0 ( 65,280)
At 31 January 2024 0 7,699 17,434 8,338 25,648 59,119
Net book value
At 31 January 2024 0 189 27,747 13,164 6,687 47,787
At 31 January 2023 0 759 32,644 1,443 5,973 40,819

6. Debtors

2024 2023
£ £
Trade debtors 112,127 196,886
Prepayments 227,770 108
Other debtors 145,730 19,640
485,627 216,634

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 97,836 94,823
Trade creditors 323,237 60,863
Amounts owed to Group undertakings 1 1
Amounts owed to directors 26,696 21,069
Accruals 82,930 102,337
Other taxation and social security 11,040 65
Obligations under finance leases and hire purchase contracts 5,362 5,192
Other creditors 24,499 12,810
571,601 297,160

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 77,500 112,500
Obligations under finance leases and hire purchase contracts 5,057 10,419
82,557 122,919

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
24 Ordinary A shares of £ 0.10 each 2.40 2.40
14 Ordinary B shares of £ 0.10 each 1.40 1.40
8 Ordinary C shares of £ 0.10 each 0.80 0.80
2 Ordinary D shares of £ 0.10 each 0.20 0.20
2 Ordinary E shares of £ 0.10 each 0.20 0.20
5.00 5.00

10. Related party transactions

Other related party transactions

During the year Plan B International Solutions Limited was owed £145,730 (2023: Nil) from Plan B Recycling Technologies Limited. A company in which Mr W T Cross is also a director.