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REGISTERED NUMBER: 10665881 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

PLAN B RESTORATIONS LTD

PLAN B RESTORATIONS LTD (REGISTERED NUMBER: 10665881)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PLAN B RESTORATIONS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: M Beeney





REGISTERED OFFICE: 29 Gildredge Road
Eastbourne
East Sussex
BN21 4RU





BUSINESS ADDRESS: Unit 30, The Vinery
Arundel Road
Poling
West Sussex
BN18 9PY





REGISTERED NUMBER: 10665881 (England and Wales)





ACCOUNTANTS: Advanta
Chartered Accountants
29 Gildredge Road
Eastbourne
East Sussex
BN21 4RU

PLAN B RESTORATIONS LTD (REGISTERED NUMBER: 10665881)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 21,287 28,632

CURRENT ASSETS
Stocks 5 7,800 5,300
Debtors 6 7,041 5,865
Cash at bank 752 4,144
15,593 15,309
CREDITORS
Amounts falling due within one year 7 30,903 34,404
NET CURRENT LIABILITIES (15,310 ) (19,095 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,977

9,537

CREDITORS
Amounts falling due after more than one
year

8

(1,867

)

(3,467

)

PROVISIONS FOR LIABILITIES 10 (4,045 ) (5,440 )
NET ASSETS 65 630

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 63 628
SHAREHOLDERS' FUNDS 65 630

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 director acknowledges his 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.

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 director and authorised for issue on 25 November 2024 and were signed by:




M Beeney - Director


PLAN B RESTORATIONS LTD (REGISTERED NUMBER: 10665881)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Plan B Restorations Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 represents amounts receivable for restoration and repair of antique and vintage items net of VAT.

Revenue from the sale of services is recognised by reference to the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Revenue from the sale of goods is recognised when the significant risks and rewards and ownership of the goods have been passed to the buyer (usually on dispatch of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transactions will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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
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.

PLAN B RESTORATIONS LTD (REGISTERED NUMBER: 10665881)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant & Furniture,fittings Motor Computer
machinery & equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023
and 31 March 2024 37,656 140 10,917 1,597 50,310
DEPRECIATION
At 1 April 2023 17,769 35 2,730 1,144 21,678
Charge for year 4,972 26 2,047 300 7,345
At 31 March 2024 22,741 61 4,777 1,444 29,023
NET BOOK VALUE
At 31 March 2024 14,915 79 6,140 153 21,287
At 31 March 2023 19,887 105 8,187 453 28,632

5. STOCKS
2024 2023
£    £   
Stocks 7,800 5,300

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,956 2,022
Other debtors 3,525 3,525
Prepayments 560 318
7,041 5,865

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 4,261 1,600
Tax 4,532 199
PAYE 10 866
VAT 2,371 2,964
Other creditors 100 -
Credit card 100 1,491
Directors' current accounts 17,813 26,158
Accrued expenses 1,716 1,126
30,903 34,404

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 1,600 1,600
Bank loans - 2-5 years 267 1,867
1,867 3,467

PLAN B RESTORATIONS LTD (REGISTERED NUMBER: 10665881)

NOTES TO THE FINANCIAL STATEMENTS - continued
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 13,750 13,000
Between one and five years 8,021 20,583
21,771 33,583

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 4,045 5,440

Deferred
tax
£   
Balance at 1 April 2023 5,440
Credit to Income Statement during year (1,395 )
Balance at 31 March 2024 4,045

11. ULTIMATE CONTROLLING PARTY

The controlling party is M Beeney.