New Red Planet Limited 11924166 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is that of payroll services. New Red Planet Limited provide a range of payroll models: standard PAYE, Umbrella, PEO and CIS. Digita Accounts Production Advanced 6.30.9574.0 true false true 11924166 2023-05-01 2024-04-30 11924166 2024-04-30 11924166 bus:OrdinaryShareClass1 2024-04-30 11924166 core:CurrentFinancialInstruments 2024-04-30 11924166 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 11924166 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 11924166 core:Goodwill 2024-04-30 11924166 core:BetweenTwoFiveYears 2024-04-30 11924166 core:WithinOneYear 2024-04-30 11924166 core:FurnitureFittingsToolsEquipment 2024-04-30 11924166 bus:SmallEntities 2023-05-01 2024-04-30 11924166 bus:Audited 2023-05-01 2024-04-30 11924166 bus:FilletedAccounts 2023-05-01 2024-04-30 11924166 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 11924166 bus:RegisteredOffice 2023-05-01 2024-04-30 11924166 bus:Director1 2023-05-01 2024-04-30 11924166 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 11924166 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 11924166 core:Goodwill 2023-05-01 2024-04-30 11924166 core:FurnitureFittings 2023-05-01 2024-04-30 11924166 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 11924166 1 2023-05-01 2024-04-30 11924166 countries:EnglandWales 2023-05-01 2024-04-30 11924166 2023-04-30 11924166 core:Goodwill 2023-04-30 11924166 core:FurnitureFittingsToolsEquipment 2023-04-30 11924166 2022-05-01 2023-04-30 11924166 2023-04-30 11924166 bus:OrdinaryShareClass1 2023-04-30 11924166 core:CurrentFinancialInstruments 2023-04-30 11924166 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 11924166 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 11924166 core:Goodwill 2023-04-30 11924166 core:BetweenTwoFiveYears 2023-04-30 11924166 core:WithinOneYear 2023-04-30 11924166 core:FurnitureFittingsToolsEquipment 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11924166

New Red Planet Limited

Filleted Financial Statements

for the Year Ended 30 April 2024

 

New Red Planet Limited

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 8

 

New Red Planet Limited

(Registration number: 11924166)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

150,475

159,327

Tangible assets

5

2,259

3,015

 

152,734

162,342

Current assets

 

Debtors

6

818,279

301,750

Cash at bank and in hand

 

759,847

1,301,487

 

1,578,126

1,603,237

Creditors: Amounts falling due within one year

7

(1,645,643)

(1,707,912)

Net current liabilities

 

(67,517)

(104,675)

Net assets

 

85,217

57,667

Capital and reserves

 

Called up share capital

8

110

110

Retained earnings

85,107

57,557

Shareholders' funds

 

85,217

57,667

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 Income Statement.

Approved and authorised by the director on 14 November 2024
 

.........................................
Mr Phil Whelan
Director

   
     
 

New Red Planet Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Glasshouse Suite 2f3
Alderley Park
Macclesfield
Cheshire
SK10 4ZE

These financial statements were authorised for issue by the director on 14 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

Going concern

The financial statements have been prepared on a going concern basis.

 

New Red Planet Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 14 November 2024 was Iain Round BSc FCA, who signed for and on behalf of Beever and Struthers.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements
These are no key judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Intangible and tangible fixed assets - These are amortised/depreciated over their useful economic lives taking into account residual value, where appropriate. The actual lives of the assets and residual values are assessed annually. The amortisation and depreciation charge for the year and the total provision at the balance sheet date are disclosed within the intangible and tangible fixed assets notes.

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 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

New Red Planet Limited

Notes to the Financial Statements for the Year Ended 30 April 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

20% straight line but NIL in first year

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

New Red Planet Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2023 - 8).

 

New Red Planet Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

177,030

177,030

At 30 April 2024

177,030

177,030

Amortisation

At 1 May 2023

17,703

17,703

Amortisation charge

8,852

8,852

At 30 April 2024

26,555

26,555

Carrying amount

At 30 April 2024

150,475

150,475

At 30 April 2023

159,327

159,327

5

Tangible assets

Fixtures and fittings
 £

Total
£

Cost or valuation

At 1 May 2023

3,770

3,770

At 30 April 2024

3,770

3,770

Depreciation

At 1 May 2023

755

755

Charge for the year

756

756

At 30 April 2024

1,511

1,511

Carrying amount

At 30 April 2024

2,259

2,259

At 30 April 2023

3,015

3,015

 

New Red Planet Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

6

Debtors

2024
£

2023
£

Trade debtors

263,190

290,355

Other debtors

537,297

-

Prepayments

17,792

11,395

818,279

301,750

The debtors above include the following amounts falling due after more than one year:

2024
£

2023
£

Other debtors

537,297

-

 

537,297

-

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

11,177

6,233

Taxation and social security

1,456,780

1,449,340

Accruals and deferred income

84,715

63,733

Other creditors

92,971

188,606

1,645,643

1,707,912

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

110

110

110

110

       
 

New Red Planet Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

34,047

14,088

Later than one year and not later than five years

208,585

-

242,632

14,088

10

Controlling party

The ultimate controlling party is Mr P Whelan.