Planet Eclipse Europe Limited
Notes to the Financial Statements
For the Year Ended 31 March 2024
Planet Eclipse Europe Limited is a private company limited by shares and incorporated in England and Wales. 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
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Basis of preparation of financial statements
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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:
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Exemption from preparing consolidated financial statements
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The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
These financial statements have been prepared on a going concern basis which assumes the company will be able to repay its debts as they fall due for a period of at least 12 months from the approval of these financial statements.
Planet Eclipse Europe Limited is a holding company of its German subsidiary undertaking, PE-Paintball.de GmbH. The Company has net assets of £17,754 at 31 March 2024 (2023: £17,754) and has no creditors.
The directors believe it is appropriate, therefore, to prepare the financial statements for the year to 31 March 2024 on a going concern basis.
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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