Planetkeys Ltd SC590821 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of recording studio services, music tuition and performing arts. Digita Accounts Production Advanced 6.30.9574.0 true SC590821 2023-04-01 2024-03-31 SC590821 2024-03-31 SC590821 bus:Director1 1 2024-03-31 SC590821 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC590821 core:ShareCapital 2024-03-31 SC590821 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 SC590821 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 SC590821 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2024-03-31 SC590821 core:CurrentFinancialInstruments 2024-03-31 SC590821 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC590821 core:Non-currentFinancialInstruments 2024-03-31 SC590821 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 SC590821 core:FurnitureFittings 2024-03-31 SC590821 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 SC590821 core:MotorVehicles 2024-03-31 SC590821 core:PlantMachinery 2024-03-31 SC590821 bus:SmallEntities 2023-04-01 2024-03-31 SC590821 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC590821 bus:FilletedAccounts 2023-04-01 2024-03-31 SC590821 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC590821 bus:RegisteredOffice 2023-04-01 2024-03-31 SC590821 bus:Director1 2023-04-01 2024-03-31 SC590821 bus:Director1 1 2023-04-01 2024-03-31 SC590821 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC590821 bus:Agent1 2023-04-01 2024-03-31 SC590821 core:FurnitureFittings 2023-04-01 2024-03-31 SC590821 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC590821 core:LeaseholdImprovements 2023-04-01 2024-03-31 SC590821 core:MotorCars 2023-04-01 2024-03-31 SC590821 core:MotorVehicles 2023-04-01 2024-03-31 SC590821 core:PlantMachinery 2023-04-01 2024-03-31 SC590821 countries:Scotland 2023-04-01 2024-03-31 SC590821 2023-03-31 SC590821 bus:Director1 1 2023-03-31 SC590821 core:FurnitureFittings 2023-03-31 SC590821 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 SC590821 core:MotorVehicles 2023-03-31 SC590821 core:PlantMachinery 2023-03-31 SC590821 2022-04-01 2023-03-31 SC590821 2023-03-31 SC590821 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC590821 core:ShareCapital 2023-03-31 SC590821 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 SC590821 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 SC590821 core:CurrentFinancialInstruments 2023-03-31 SC590821 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC590821 core:Non-currentFinancialInstruments 2023-03-31 SC590821 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 SC590821 core:FurnitureFittings 2023-03-31 SC590821 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 SC590821 core:MotorVehicles 2023-03-31 SC590821 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: SC590821

Planetkeys Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Planetkeys Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

Accountants' Report

10

 

Planetkeys Ltd

Company Information

Director

Mr Brian Hurren

Registered office

Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
Stirlingshire
FK3 8WX

Accountants

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Planetkeys Ltd

(Registration number: SC590821)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

80,543

51,741

Other financial assets

5

20,661

46,067

 

101,204

97,808

Current assets

 

Debtors

6

4,470

7,671

Cash at bank and in hand

 

9,052

9,652

 

13,522

17,323

Creditors: Amounts falling due within one year

7

(16,534)

(20,833)

Net current liabilities

 

(3,012)

(3,510)

Total assets less current liabilities

 

98,192

94,298

Creditors: Amounts falling due after more than one year

7

(36,232)

(5,393)

Provisions for liabilities

(9,237)

(7,756)

Net assets

 

52,723

81,149

Capital and reserves

 

Called up share capital

100

100

Retained earnings

52,623

81,049

Shareholders' funds

 

52,723

81,149

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 September 2024
 

 

Planetkeys Ltd

(Registration number: SC590821)
Balance Sheet as at 31 March 2024

.........................................
Mr Brian Hurren
Director

 

Planetkeys Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Planetkeys Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

25% Reducing Balance

Plant and Machinery

25% Reducing Balance

Motor Cars

25% Reducing Balance

Leasehold Improvements

10% Straight Line

Investments

Investments are measured at fair value and the unrealised gains/losses have been allocated to the profit and loss account.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 2).

 

Planetkeys Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Leasehold Improvements
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

-

10,136

152,470

3,444

Additions

9,812

276

1,701

41,899

At 31 March 2024

9,812

10,412

154,171

45,343

Depreciation

At 1 April 2023

-

5,319

106,363

2,627

Charge for the year

981

1,274

11,952

10,679

At 31 March 2024

981

6,593

118,315

13,306

Carrying amount

At 31 March 2024

8,831

3,819

35,856

32,037

At 31 March 2023

-

4,817

46,107

817

Total
£

Cost or valuation

At 1 April 2023

166,050

Additions

53,688

At 31 March 2024

219,738

Depreciation

At 1 April 2023

114,309

Charge for the year

24,886

At 31 March 2024

139,195

Carrying amount

At 31 March 2024

80,543

At 31 March 2023

51,741

 

Planetkeys Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

46,067

46,067

Fair value adjustments

2,594

2,594

Disposals

(28,000)

(28,000)

At 31 March 2024

20,661

20,661

Impairment

Carrying amount

At 31 March 2024

20,661

20,661

6

Debtors

Current

2024
£

2023
£

Prepayments

3,114

3,114

Other debtors

1,356

4,557

 

4,470

7,671

 

Planetkeys Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

9,644

10,814

Taxation and social security

 

4,546

10,019

Other creditors

 

2,344

-

 

16,534

20,833

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

36,232

5,393

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,855

5,393

Hire purchase contracts

33,377

-

36,232

5,393

Current loans and borrowings

2024
£

2023
£

Bank borrowings

2,777

2,839

Bank overdrafts

4,236

7,975

Hire purchase contracts

2,631

-

9,644

10,814

 

Planetkeys Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
 

2024
 £

2023
 £

Within one year

11,500

11,500

Between one and five years

19,167

30,667

30,667

42,167

10

Related party transactions

Transactions with directors

Debtors include the following amounts which are owed from individuals who were directors of the company during the year:

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

Mr Brian Hurren

4,558

(4,558)

-

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

Mr Brian Hurren

541

 

541

The maximum balance outstanding during the year amounted to £540.

The directors current account is repayable on demand.

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Planetkeys Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Planetkeys Ltd for the year ended 31 March 2024 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Planetkeys Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Planetkeys Ltd and state those matters that we have agreed to state to the Board of Directors of Planetkeys Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Planetkeys Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Planetkeys Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Planetkeys Ltd. You consider that Planetkeys Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Planetkeys Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

11 September 2024