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REGISTERED NUMBER: SC623740 (Scotland)





















Unaudited Financial Statements

For The Year Ended 31 March 2024

for

Planet Decorators Limited

Planet Decorators Limited (Registered number: SC623740)






Contents of the Financial Statements
For The Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Planet Decorators Limited

Company Information
For The Year Ended 31 March 2024







DIRECTORS: C McNeill
Mrs J McNeill
I Smith
J A Cummings





SECRETARY: Mrs J McNeill





REGISTERED OFFICE: 36 Milton Road
East Kilbride
Glasgow
G74 5BU





REGISTERED NUMBER: SC623740 (Scotland)





ACCOUNTANTS: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH

Planet Decorators Limited (Registered number: SC623740)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 35,278 4,532

CURRENT ASSETS
Stocks 4,000 3,000
Debtors 5 162,954 82,890
Cash at bank 3,815 11,991
170,769 97,881
CREDITORS
Amounts falling due within one year 6 130,561 67,997
NET CURRENT ASSETS 40,208 29,884
TOTAL ASSETS LESS CURRENT
LIABILITIES

75,486

34,416

CREDITORS
Amounts falling due after more than one
year

7

(32,944

)

-

PROVISIONS FOR LIABILITIES 8 (6,703 ) (861 )
NET ASSETS 35,839 33,555

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 35,838 33,554
SHAREHOLDERS' FUNDS 35,839 33,555

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

Planet Decorators Limited (Registered number: SC623740)

Balance Sheet - continued
31 March 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2024 and were signed on its behalf by:





C McNeill - Director


Planet Decorators Limited (Registered number: SC623740)

Notes to the Financial Statements
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

Planet Decorators Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Motor vehicles - 25% 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.

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances
Cash and bank balances are measured at the transaction price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Planet Decorators Limited (Registered number: SC623740)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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 year 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.

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 year was 8 (2023 - 21 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 5,665 - 5,665
Additions - 42,505 42,505
At 31 March 2024 5,665 42,505 48,170
DEPRECIATION
At 1 April 2023 1,133 - 1,133
Charge for year 1,133 10,626 11,759
At 31 March 2024 2,266 10,626 12,892
NET BOOK VALUE
At 31 March 2024 3,399 31,879 35,278
At 31 March 2023 4,532 - 4,532

Planet Decorators Limited (Registered number: SC623740)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 42,505
At 31 March 2024 42,505
DEPRECIATION
Charge for year 10,626
At 31 March 2024 10,626
NET BOOK VALUE
At 31 March 2024 31,879

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 145,647 11,004
Amounts owed by group undertakings - 55,957
Other debtors 17,307 15,929
162,954 82,890

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 9,266 -
Trade creditors 75,371 12,831
Amounts owed to group undertakings 30,655 35,000
Taxation and social security 7,537 12,733
Other creditors 7,732 7,433
130,561 67,997

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 32,944 -

8. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 6,703 861

Planet Decorators Limited (Registered number: SC623740)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 861
Provided during year 5,842
Balance at 31 March 2024 6,703

9. RELATED PARTY DISCLOSURES

The directors of Planet Decorators Ltd are also directors in the following companies. The outstanding balances are interest free.




Management
Charges
Receivable


Purchases
Net trading
balances due
from/(to)

Loan balances
due from/(to)
£ £ £ £
Cosmos Projects (Group) Ltd - - - (30,612)
Cosmos Projects Ltd - - - (£43)
Planet Roofing & Cladding Ltd - - - -

During the year, Planet Decorators Ltd paid a dividend of £30,000 to Cosmos Projects (Group) Ltd.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Planet Decorators Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Planet Decorators Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes 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 Planet Decorators Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Planet Decorators Limited and state those matters that we have agreed to state to the Board of Directors of Planet Decorators Limited, 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 the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Planet Decorators Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Planet Decorators Limited. You consider that Planet Decorators Limited 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 financial statements of Planet Decorators Limited. 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 financial statements.






Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH


19 November 2024