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Registered number: 03668224









Planet Eclipse Limited









Financial statements

For the Year Ended 31 March 2024

 
Planet Eclipse Limited
 
 
Company Information


Directors
J R Carr 
A Leadbetter 




Company secretary
S Carr



Registered number
03668224



Registered office
Unit 14, Premier Park
Acheson Way

Trafford Park

Manchester

M17 1GA




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

SK1 3GG





 
Planet Eclipse Limited
 

Contents



Page
Balance sheet
 
1
Notes to the financial statements
 
2 - 11


 
Planet Eclipse Limited
Registered number: 03668224

Balance Sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
130,248
76,327

  
130,248
76,327

Current assets
  

Stocks
 7 
2,443,495
3,036,029

Debtors: amounts falling due within one year
 8 
1,740,319
2,128,059

Cash at bank and in hand
 9 
4,920,554
4,326,598

  
9,104,368
9,490,686

Creditors: amounts falling due within one year
 10 
(1,044,264)
(2,234,310)

Net current assets
  
 
 
8,060,104
 
 
7,256,376

Total assets less current liabilities
  
8,190,352
7,332,703

Provisions for liabilities
  

Deferred tax
  
(23,127)
(8,855)

Net assets
  
8,167,225
7,323,848


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
8,166,225
7,322,848

  
8,167,225
7,323,848


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

J R Carr
Director

Date: 27 November 2024

The notes on pages 2 to 11 form part of these financial statements.

Page 1

 
Planet Eclipse Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

1.


General information

Planet Eclipse Limited is a private company limited by shares and incorporated in England.  The address of the registered office and principal place of business is Unit 14, Premier Park, Acheson Way, Trafford Park Road, Trafford Park, Manchester, M17 1GA.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account.
Foreign exchange gains and losses are presented in the Profit and Loss Account within 'administrative expenses'.
On consolidation, the results of overseas operations are translated into sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 2

 
Planet Eclipse Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue is recognised upon despatch of goods.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Research and development

Research and development expenditure is recognised as an expense in the year in which it is incurred.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
Planet Eclipse Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Patents
-
5
years

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 4

 
Planet Eclipse Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight-line method, and on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
straight line
Plant and machinery
-
15%
straight line
Motor vehicles
-
20%
straight line
Fixtures and fittings
-
15%
reducing balance
Office equipment
-
33%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
Planet Eclipse Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, and bank overdrafts are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.



 
Page 6

 
Planet Eclipse Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 35 (2023: 35).


4.


Dividends

2024
2023
£
£


Dividends paid on equity capital
165,000
70,000

Page 7

 
Planet Eclipse Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

5.


Intangible assets




Licences
Negative goodwill
Total

£
£
£



Cost


At 1 April 2023
258,064
28,719
286,783



At 31 March 2024

258,064
28,719
286,783



Amortisation


At 1 April 2023
258,064
28,719
286,783



At 31 March 2024

258,064
28,719
286,783



Net book value



At 31 March 2024
-
-
-



At 31 March 2023
-
-
-



Page 8

 
Planet Eclipse Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

6.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
155,742
124,745
30,419
52,928
268,375
632,209


Additions
-
50,921
-
124
31,125
82,170


Exchange adjustments
-
(1,673)
-
-
-
(1,673)



At 31 March 2024

155,742
173,993
30,419
53,052
299,500
712,706



Depreciation


At 1 April 2023
155,742
104,908
30,419
33,018
231,795
555,882


Charge for the year
-
13,147
-
2,998
12,559
28,704


Exchange adjustments
-
(2,128)
-
-
-
(2,128)



At 31 March 2024

155,742
115,927
30,419
36,016
244,354
582,458



Net book value



At 31 March 2024
-
58,066
-
17,036
55,146
130,248



At 31 March 2023
-
19,837
-
19,910
36,580
76,327


7.


Stocks

2024
2023
£
£

Raw materials and consumables
194,323
309,189

Work in progress
358,747
422,143

Finished goods and goods for resale
1,890,425
2,304,697

2,443,495
3,036,029


Page 9

 
Planet Eclipse Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

8.


Debtors

2024
2023
£
£


Trade debtors
95,871
147,496

Amounts owed by group undertakings
1,427,937
1,733,176

Other debtors
30,849
103,983

Prepayments and accrued income
100,651
143,404

Tax recoverable
85,011
-

1,740,319
2,128,059


Amounts owed by group undertakings include a loan totalling £757,696 (2023: £757,696) which is subordinated in favour of other creditors. £439,560 of this amount is treated as additional paid-in capital in the accounts of the group company.


9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,920,554
4,326,598

Less: bank overdrafts
(350,611)
(136,328)

4,569,943
4,190,270



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
350,611
136,328

Trade creditors
281,332
765,511

Amounts owed to group undertakings
142,495
808,800

Corporation tax
29,740
326,918

Other taxation and social security
35,656
34,070

Other creditors
90,861
86,208

Accruals and deferred income
113,569
76,475

1,044,264
2,234,310


The bank overdraft is secured by a fixed and floating charge on the Company's assets.

Page 10

 
Planet Eclipse Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

11.


Financial commitments

The company has future operating lease commitments of £77,928 (2023: £175,275)


12.


Pension commitments

The Group operates a defined contribution penson scheme.  The assets of the scheme are held separately from those of the Group in an independently administered fund.  The pension cost charge represents contributions payable by the Group to the fund and amounted to £41,642 (2023 - £35,509). No contributions (2023 - £Nil) were payable to the fund at the balance sheet date.


13.


Controlling party

Planet Eclipse Holdings Limited is the parent undertaking and is the parent of the smallest group for which consolidated financial statements are drawn up of which the company is a member.
There is no overall controlling party of Planet Eclipse Holdings Limited.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 27 November 2024 by Helen Besant-Roberts (senior statutory auditor) on behalf of Hurst Accountants Limited.

Page 11