Registered number
13548805
PLASMAPEN LTD
Unaudited Filleted Accounts
31 October 2023
PLASMAPEN LTD
Registered number: 13548805
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 15,000 20,000
Tangible assets 4 10,561 14,169
Investments 5 307,528 -
333,089 34,169
Current assets
Stocks 170,000 49,090
Debtors 6 228,157 3,808
Cash at bank and in hand 186,232 147,625
584,389 200,523
Creditors: amounts falling due within one year 7 (840,206) (156,853)
Net current (liabilities)/assets (255,817) 43,670
Net assets 77,272 77,839
Capital and reserves
Called up share capital 1 1
Profit and loss account 77,271 77,838
Shareholders' funds 77,272 77,839
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Bolger
Director
Approved by the board on 31 October 2024
PLASMAPEN LTD
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment 25% reducing balance
Computer equipment 33% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 8
3 Intangible fixed assets £
Website
Cost
At 1 November 2022 25,000
At 31 October 2023 25,000
Amortisation
At 1 November 2022 5,000
Provided during the year 5,000
At 31 October 2023 10,000
Net book value
At 31 October 2023 15,000
At 31 October 2022 20,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Office Equipment Computer equipment Total
£ £ £
Cost
At 1 November 2022 18,043 674 18,717
At 31 October 2023 18,043 674 18,717
Depreciation
At 1 November 2022 4,511 37 4,548
Charge for the year 3,383 225 3,608
At 31 October 2023 7,894 262 8,156
Net book value
At 31 October 2023 10,149 412 10,561
At 31 October 2022 13,532 637 14,169
5 Investments
Other
investments
£
Cost
Additions 307,528
At 31 October 2023 307,528
6 Debtors 2023 2022
£ £
Other debtors 228,157 3,808
7 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 27,775 28,031
Other creditors 812,431 128,822
840,206 156,853
8 Other information
PLASMAPEN LTD is a private company limited by shares and incorporated in England. Its registered office is:
300 St Marys Road
Garston
Liverpool
Merseyside
L19 0NQ
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