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Registered number: 08336348









Planet Eclipse Holdings Limited









Annual Report and Financial Statements

For the Year Ended 31 March 2024

 
Planet Eclipse Holdings Limited
 
 
Company Information


Directors
J R Carr 
A Leadbetter 




Registered number
08336348



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

Cheshire

SK1 3GG





 
Planet Eclipse Holdings Limited
 

Contents



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Independent Auditors' Report
 
6 - 9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Balance Sheet
 
11
Company Balance Sheet
 
12
Consolidated Statement of Changes in Equity
 
13 - 14
Company Statement of Changes in Equity
 
15
Consolidated Statement of Cash Flows
 
16 - 17
Consolidated Analysis of Net Debt
 
17
Notes to the Financial Statements
 
18 - 37


 
Planet Eclipse Holdings Limited
 
 
Group Strategic Report
For the Year Ended 31 March 2024

Introduction
 
The Directors present their Group Strategic Report for the year ending 31 March 2023.

Business review
 
Planet Eclipse continues to expand its horizons as a universal leader in the manufacture of social sports equipment, primarily producing equipment used in the sport and pastime of paintball games.
Planet Eclipse Holdings is the UK based parent company with a UK design base, Planet Eclipse Limited, and a branch in Taiwan. The Group has a USA distribution company, Planet Eclipse LLC, and a German distribution and retail company, PE Paintball.de GmbH.
In the interest of compliance, I have composed this ‘Directors' Strategic Report’ for the 2024 year end. I am not sure why you would want to, but if you are so inclined, feel free to have a gander at the facts, figures and opinions, I am sure you will find it to be a reet good read.
Turnover has continued to increase, marginally, during the 2023-24 financial year, by approximately 3% from £14.8m to £15.3m. Once again, we have been very lucky to benefit from the increased interest in paintball worldwide. Throughout the year, more people were playing the sport, which lead to an increase in equipment sales both to the private individual and to the Paintball Field. 
The expanded range of products produced by Planet Eclipse has continued to sell well to both these areas of business. 
Unfortunately, the cost of everything is still higher than it should be; this has led to an approximate 23% increase in our cost of sales, and gross margin has fallen from 61% to 53%. The increase in cost of sales, marginally eased by a slight reduction in our operating expenses, along with a bit of interest, has led to an overall reduction of approximately 12% in our pre-tax profit, when compared to last year. 
The continued increase in the cost of power and raw materials, aided and abetted by the increased level of bureaucracy and the UK’s separation from Europe, has undoubtedly lead to a continued increase in the cost of everything. In these times, when we all have to become more careful with our spending, we have done our best to absorb the increased costs and reduced the price of some of our product lines in order to help make them more affordable. 
Once again, we must say a big thanks to our loyal customers, because of your support Planet Eclipse is able to reinvest in the development of new products. Without your support we would not be here.
As always, the plan/strategy is to concentrate on making the best products that we can, ensure that our customers receive the best customer support and continue to just get on with it. 
If you did happen to have a gander at the above, I must once again apologise for its lack of interesting points, although, as I have mentioned in previous iterations, it is a Strategic report, so what did you expect ;)

Page 1

 
Planet Eclipse Holdings Limited
 

Group Strategic Report (continued)
For the Year Ended 31 March 2024

Principal risks and uncertainties
 
Planet Eclipse, like any company in the sporting goods industry, faces several principal risks and uncertainties.
Market competion and technological advancements - the industry is competitive and continuous product development is required, along with the implementation of marketing strategies to maintain/grow market share. The rapid pace of technological change in sports equipment means that the Group must innovate continually. 
Economic Conditions - Economic downturns can affect consumer spending on recreational activities, including paintball. A decline in disposable income may lead to reduced sales.
Supply Chain Disruptions: Global supply chain issues, such as delays or shortages of raw materials, can impact production timelines and costs. This is particularly relevant in the wake of recent global events that have affected manufacturing and logistics.
Regulatory Changes: Changes in regulations regarding safety standards, environmental impact, or import/export laws can pose challenges. Compliance with these regulations is crucial for operational continuity.
Consumer Preferences: Shifts in consumer interests and preferences can affect demand. For example, trends towards alternative recreational activities could impact sales.
Global Events: Events such as pandemics or geopolitical tensions can disrupt operations and affect consumer behavior, leading to uncertainties in sales forecasts.
We keep a close eye on things and take whatever action can be taken to mitigate these risks.

Financial key performance indicators
 
The directors consider the group's key performance indicators ("KPI's") to be income growth, operating profit, EBITDA, stock turnover and debtor days.  
- Turnover has increased by £0.5m (3%) from £14.8m to £15.3m.
- Consolidated profit after tax totalled £2.2m (2023: £2.3m).
- EBITDA has decreased from £3.1m to £2.7m, mainly due to the reduction in gross profit.
-  Gross profit margin decreased from 61% to 53%.
-  Operating profit totals £2.6m (2023: £3.1m) - reduction in gross profit exceeding the reduction in admin costs..
-  Inventory turnover has increased from 0.73 to 1.21.
- Debtor days have increased to 31.1 (2023: 18.1).
Well done, you made it to the end of this very uninteresting, 2024 Directors' Group Strategic Report.


This report was approved by the board and signed on its behalf.


J R Carr
Director

Date: 27 November 2024

Page 2

 
Planet Eclipse Holdings Limited
 
 
 
Directors' Report
For the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,156,438 (2023 - £2,272,727).

Dividends paid during the year amounted to £165,000 (2023: £70,000).
The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

J R Carr 
A Leadbetter 

Future developments

The Group's strategy is to continue to develop and make the best products for its customers.

Page 3

 
Planet Eclipse Holdings Limited
 
 
 
Directors' Report (continued)
For the Year Ended 31 March 2024

Financial instruments

The Group uses various financial instruments, includings cash, loans and overdrafts, as well as various items such as trade debtors and trade creditors arising from its operations. The main purpose of these financial instruments is to raise finance for the Group's operations. The Group has in place a risk management programme that seeks to limit the adverse effects on financial performance by monitoring the facctors that effect relevant financial risks.
The main risks arising from the Group's financial instruments are cash flow risk, interest rate risk, credit risk, liquidity risk and exchange rate risk.
Credit risk - The Group does not generally extend credit to customers, exposure to bad debts is limited by the standard payment terms, payment for goods must be made prior to shipping or on receipt of goods.
Exchange rate risk - The Group does have direct investments in operations outside of the UK and also buys and sells goods in currencies other than Sterling.
As a result, the value of the Group's non-Sterling sales, purchases, assets and liabilities can be affected by fluctuations in the Sterling, Euro, US Dollar and TW Dollar exchange rates. The Group does not enter into long term exchange rate contracts, but seeks to mitigate the exchange rate fluctuations risk by utilising an offset currency overdraft facility so that currency exchange can be delayed until such time as the rate is favourable and, where possible, re-using the currency rather than exchanging the currency unnecessarily.
To reiterate a quick message to all the FX companies that will pull our records from Companies House. I know many of you did not believe me last year, or most likely did not read the Directors' Report and this woefully uninteresting Financial Instruments section. Hopefully, this year you will have the chance to read it. We really do not use FX as we recycle most of our currency. Please do not waste your time calling to ask for our FX business, there really is none.
Interest rate risk - The Group does not have significant exposure to interest rate or liquidity risk since the group does not have any structured debt or long term borrowings, except for a small Bank loan in one of the Group's foreign subsidiary companies, for which agreement was made during the Coronavirus pandemic.

Research and development activities

The group continues to invest in research and development with the purpose of creating products for resale.

Branches outside the United Kingdom

The group has an overseas branch in Taiwan.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 4

 
Planet Eclipse Holdings Limited
 
 
 
Directors' Report (continued)
For the Year Ended 31 March 2024

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 


J R Carr
Director

Date: 27 November 2024

Page 5

 
Planet Eclipse Holdings Limited
 
 
 
Independent Auditors' Report to the Members of Planet Eclipse Holdings Limited
 

Opinion


We have audited the financial statements of Planet Eclipse Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 6

 
Planet Eclipse Holdings Limited
 
 
 
Independent Auditors' Report to the Members of Planet Eclipse Holdings Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
Planet Eclipse Holdings Limited
 
 
 
Independent Auditors' Report to the Members of Planet Eclipse Holdings Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The engagement partner's assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's:
• Understanding of, and practical experience with audit engagements of a similar nature and complexity through    appropriate training and participation;    
• Knowledge of the industry in which the entity operates;
• Understanding of the legal and regulatory requirements specific to the entity.
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
• The nature of the industry and sector in which the Group operates; the control environment and business     performance including key drivers for directors' remuneration, bonus levels and performance targets.
• The outcome of enquiries of management, including whether management was aware of any instances of non-   compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged   fraud. 
• Supporting documentation relating to the Group's policies and procedures for:
    - Identifying, evaluating, and complying with laws and regulations
    - Detecting and responding to the risks of fraud
• The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
• The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the    financial statements and any potential indicators of fraud.
• The legal and regulatory framework in which the Group operates, particularly those laws and regulations which    have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or    which had a fundamental effect on the operations of the Company, including General Data Protection requirements,   and Anti-bribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
• Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with    the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
• Discussions with management, including consideration of known or suspected instances of non-compliance with laws  and regulations and fraud. Procedures to identify non-compliance with relevant laws and regulations were performed   at all components within the scope of our audit.
• Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
• Enquiring of management about any actual and potential litigation and claims.
• Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of    material misstatement due to fraud.
 
Page 8

 
Planet Eclipse Holdings Limited
 
 
 
Independent Auditors' Report to the Members of Planet Eclipse Holdings Limited (continued)


We have also considered the risk of fraud through management override of controls by:
• Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to    identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or   error. 
• Challenging assumptions made by management in their significant accounting estimates, and assessing whether the    judgements made in making accounting estimates are indicative of a potential bias; and
• Evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Helen Besant-Roberts (Senior Statutory Auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG

27 November 2024
Page 9

 
Planet Eclipse Holdings Limited
 
 
Consolidated Statement of Comprehensive Income
For the Year Ended 31 March 2024

2024
2023
Note
£
£

  

Turnover
 4 
15,345,210
14,776,127

Cost of sales
  
(7,165,382)
(5,830,002)

Gross profit
  
8,179,828
8,946,125

Administrative expenses
  
(5,540,078)
(5,842,864)

Operating profit
 5 
2,639,750
3,103,261

Interest receivable and similar income
 9 
114,850
17,442

Interest payable and similar expenses
 10 
(25,165)
(23,209)

Profit before taxation
  
2,729,435
3,097,494

Tax on profit
 11 
(572,997)
(824,767)

Profit for the financial year
  
2,156,438
2,272,727

  

Currency translation differences
  
(206,973)
448,986

Other comprehensive income for the year
  
(206,973)
448,986

Total comprehensive income for the year
  
1,949,465
2,721,713

Profit for the year attributable to:
  

Owners of the parent Company
  
2,156,438
2,272,727

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,949,465
2,721,713

The notes on pages 18 to 37 form part of these financial statements.

Page 10

 
Planet Eclipse Holdings Limited
Registered number: 08336348

Consolidated Balance Sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
3,752
4,443

Tangible assets
 14 
154,757
98,335

  
158,509
102,778

Current assets
  

Stocks
 16 
5,931,969
7,414,231

Debtors: amounts falling due within one year
 17 
1,970,398
1,683,214

Cash at bank and in hand
 18 
7,230,383
5,059,399

  
15,132,750
14,156,844

Creditors: amounts falling due within one year
 19 
(1,433,446)
(2,143,961)

Net current assets
  
 
 
13,699,304
 
 
12,012,883

Total assets less current liabilities
  
13,857,813
12,115,661

Creditors: amounts falling due after more than one year
 20 
(4,579)
(61,164)

Provisions for liabilities
  

Deferred taxation
 22 
(23,127)
(8,855)

Net assets
  
13,830,107
12,045,642


Capital and reserves
  

Called up share capital 
 23 
50,000
50,000

Other reserves
 24 
7,416,001
7,416,001

Profit and loss account
 24 
6,364,106
4,579,641

Equity attributable to owners of the parent Company
  
13,830,107
12,045,642


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 18 to 37 form part of these financial statements.

Page 11

 
Planet Eclipse Holdings Limited
Registered number: 08336348

Company Balance Sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
7,466,100
7,466,100

  
7,466,100
7,466,100

Current assets
  

Cash at bank and in hand
 18 
1
1

  
1
1

Creditors: amounts falling due within one year
 19 
(100)
(100)

Net current liabilities
  
 
 
(99)
 
 
(99)

Total assets less current liabilities
  
7,466,001
7,466,001

Net assets
  
7,466,001
7,466,001


Capital and reserves
  

Called up share capital 
 23 
50,000
50,000

Other reserves
 24 
7,416,001
7,416,001

Profit and loss account brought forward
  
-
-

Profit for the year
  
165,000
70,000

Other changes in the profit and loss account

  

(165,000)
(70,000)

Profit and loss account carried forward
  
-
-

  
7,466,001
7,466,001


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 18 to 37 form part of these financial statements.

Page 12

 
Planet Eclipse Holdings Limited
 

Consolidated Statement of Changes in Equity
For the Year Ended 31 March 2024


Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 April 2023
50,000
7,416,001
4,579,641
12,045,642
12,045,642


Comprehensive income for the year

Profit for the year

-
-
2,156,438
2,156,438
2,156,438

Foreign exchange adjustments arising on retranslation of foreign subsidiaries/branches
-
-
(206,973)
(206,973)
(206,973)


Other comprehensive income for the year
-
-
(206,973)
(206,973)
(206,973)


Total comprehensive income for the year
-
-
1,949,465
1,949,465
1,949,465


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(165,000)
(165,000)
(165,000)


Total transactions with owners
-
-
(165,000)
(165,000)
(165,000)


At 31 March 2024
50,000
7,416,001
6,364,106
13,830,107
13,830,107


The notes on pages 18 to 37 form part of these financial statements.

Page 13

 
Planet Eclipse Holdings Limited
 

Consolidated Statement of Changes in Equity
For the Year Ended 31 March 2023


Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 April 2022
50,000
7,416,001
1,927,928
9,393,929
9,393,929


Comprehensive income for the year

Profit for the year

-
-
2,272,727
2,272,727
2,272,727

Foreign exchange adjustments arising on retranslation of foreign subsidiaries/branches
-
-
448,986
448,986
448,986


Other comprehensive income for the year
-
-
448,986
448,986
448,986


Total comprehensive income for the year
-
-
2,721,713
2,721,713
2,721,713


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(70,000)
(70,000)
(70,000)


Total transactions with owners
-
-
(70,000)
(70,000)
(70,000)


At 31 March 2023
50,000
7,416,001
4,579,641
12,045,642
12,045,642


The notes on pages 18 to 37 form part of these financial statements.

Page 14

 
Planet Eclipse Holdings Limited
 

Company Statement of Changes in Equity
For the Year Ended 31 March 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 April 2023
50,000
7,416,001
-
7,466,001


Comprehensive income for the year

Profit for the year
-
-
165,000
165,000
Total comprehensive income for the year
-
-
165,000
165,000


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(165,000)
(165,000)


Total transactions with owners
-
-
(165,000)
(165,000)


At 31 March 2024
50,000
7,416,001
-
7,466,001


The notes on pages 18 to 37 form part of these financial statements.


Company Statement of Changes in Equity
For the Year Ended 31 March 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022
50,000
7,416,001
-
7,466,001


Comprehensive income for the year

Profit for the year
-
-
70,000
70,000
Total comprehensive income for the year
-
-
70,000
70,000


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(70,000)
(70,000)


Total transactions with owners
-
-
(70,000)
(70,000)


At 31 March 2023
50,000
7,416,001
-
7,466,001


The notes on pages 18 to 37 form part of these financial statements.

Page 15

 
Planet Eclipse Holdings Limited
 

Consolidated Statement of Cash Flows
For the Year Ended 31 March 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,156,438
2,272,727

Adjustments for:

Amortisation of intangible assets
691
382

Depreciation of tangible assets
41,175
41,658

Interest paid
25,165
23,209

Interest received
(114,850)
(17,442)

Taxation charge
572,997
824,767

Decrease/(increase) in stocks
1,482,262
(2,486,052)

(Increase) in debtors
(421,663)
(263,068)

Decrease/(increase) in amounts owed by related parties
2,831
(7,872)

(Decrease)/increase in creditors
(682,206)
139,748

Corporation tax paid
(618,572)
(1,040,580)

Foreign exchange movement
11,080
246,449

Net cash generated from/(used in) operating activities

2,455,348
(266,074)


Cash flows from investing activities

Purchase of tangible fixed assets
(97,142)
(32,985)

Interest received
114,850
17,442

Net cash from/(used in) investing activities

17,708
(15,543)

Cash flows from financing activities

Repayment of loans
(58,153)
(49,408)

Dividends paid
(165,000)
(70,000)

Interest paid
(25,165)
(23,209)

Net cash used in financing activities
(248,318)
(142,617)

Net increase/(decrease) in cash and cash equivalents
2,224,738
(424,234)

Cash and cash equivalents at beginning of year
4,914,674
5,259,231

Foreign exchange gains and losses
(277,958)
79,677

Cash and cash equivalents at the end of year
6,861,454
4,914,674
Page 16

 
Planet Eclipse Holdings Limited
 

Consolidated Statement of Cash Flows (continued)
For the Year Ended 31 March 2024


2024
2023

£
£



Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
7,230,383
5,059,399

Bank overdrafts
(368,929)
(144,725)

6,861,454
4,914,674



Consolidated Analysis of Net Debt
For the Year Ended 31 March 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

5,059,399

2,170,984

7,230,383

Bank overdrafts

(144,725)

(224,204)

(368,929)

Debt due after 1 year

(61,164)

56,585

(4,579)

Debt due within 1 year

(66,278)

9,450

(56,828)


4,787,232
2,012,815
6,800,047

The notes on pages 18 to 37 form part of these financial statements.

Page 17

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

1.


General information

Planet Eclipse Holdings 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.  The company's registered number is 08336348.
The nature of the Group's operations and its principal activity is the manufacture of social sports equipment, primarily equipment used in the sport and pastime of paintball games.
The nature of the Company's operations and its principal activity is that of a holding company.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in Sterling (£).

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2014.

Therefore, the Group continues to recognise a merger reserve which arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time.

Page 18

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

2.Accounting policies (continued)

  
2.3

Financial reporting standard 102 - reduced discolsure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirement of Section 7 Statement of Cash Flows;
- the requirement of Section 3 Financial Statement Presentation paragraph 3.17 (d).
The Company's information is included in the consolidated financial statements.

 
2.4

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 and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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 profit or loss.

Foreign exchange gains and losses are presented in the Consolidated Statement of Comprehensive Income 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 19

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

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

 
2.6

Operating leases: the Group as lessee

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

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

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

 
2.9

Borrowing costs

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

Page 20

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

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.11

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 and the Group operate and generate 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.

Page 21

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

2.Accounting policies (continued)

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other 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:

Licence
-
5
years
Customer lists
-
5
years
Goodwill
-
5
years
Purchased goodwill
-
15
years
Intellectual property rights
-
5
years
Website development
-
3
years

 
2.13

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
10%
straight line
Plant and machinery
-
30%
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.

Page 22

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

2.Accounting policies (continued)

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.

 
2.15

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.

 
2.16

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. 

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

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.

 
2.18

Financial instruments

The Group 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 Group's Balance Sheet when the Group 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.
Page 23

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

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Discounting is omitted where the effect of discounting is immaterial. The Group'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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and loans due to and from fellow group companies, 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.

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 Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.

Page 24

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

2.Accounting policies (continued)

 
2.19

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.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions. The judgements, estimates and assumptions that have the most significant effect on the carrying value of assets and liabilities of the Group as at 31 March 2024 are discussed below.
Key sources of estimation uncertainty:
Provision for unrealised profit
Intra-group transactions occur between subsidiary companies.  Group management exercises judgement in estimating the provision for unrealised profit associated with intra-group sales of inventory.


4.


Turnover

The whole of the turnover is attributable to the manufacture and sale of paintball markers and related products.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
1,598,679
1,745,702

Rest of Europe
2,654,179
2,994,826

Rest of the world
11,092,352
10,035,599

15,345,210
14,776,127


Page 25

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

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Research & development charged as an expense
1,980
4,556

Exchange differences
(20,806)
177,626

Other operating lease rentals - land and buildings
330,328
329,452

Other operating lease rentals - plant and machinery
10,816
12,617


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
15,575
13,950

2024
2023
£
£



The auditing of the Group's subsidiaries pursuant to legislation
13,150
11,750

Taxation compliance services
2,350
2,225

Other advisory services
4,450
20,000

19,950
33,975

Page 26

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

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
2024
Group
2023
£
£



Wages and salaries
2,401,371
2,267,781

Social security costs
266,883
263,833

Cost of defined contribution scheme
53,312
45,380

2,721,566
2,576,994

The Company has no staff costs (2023: £nil).

The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Administrative, Sales and Production staff
55
55
2
2


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
323,955
282,426

Group contributions to defined contribution pension schemes
25,968
19,897

349,923
302,323


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £149,167 (2023 - £140,000).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).

Page 27

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

9.


Interest receivable

2024
2023
£
£


Other interest receivable
114,850
17,442


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
24,608
23,209

Other interest payable
557
-

25,165
23,209


11.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
(85,011)
(1,608)


(85,011)
(1,608)

Foreign tax


Foreign tax on income for the year
643,736
851,519

Foreign tax in respect of prior periods
-
(25,144)

643,736
826,375

Total current tax
558,725
824,767

Deferred tax


Changes to tax rates
14,272
-

Total deferred tax
14,272
-


Tax on profit
572,997
824,767
Page 28

 
Planet Eclipse Holdings Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,729,435
3,097,494


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
682,359
588,524

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
63
4,026

Capital allowances for year in excess of depreciation
807
(5,454)

Higher rate taxes on overseas earnings
330,156
624,228

Adjustments to tax charge in respect of prior periods
(85,011)
(1,608)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(93,072)

Provision for unrealised profits
(37,562)
32,823

Double taxation relief
(317,969)
(322,090)

Other differences leading to an increase (decrease) in the tax charge
154
(2,610)

Total tax charge for the year
572,997
824,767


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends paid on equity capital
165,000
70,000

Page 29

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

13.


Intangible assets

Group 





Licences
Website development
Intellectual property rights
Goodwill
Total

£
£
£
£
£



Cost


At 1 April 2023
258,064
48,660
106,527
4,317,525
4,730,776



At 31 March 2024

258,064
48,660
106,527
4,317,525
4,730,776



Amortisation


At 1 April 2023
258,064
48,660
106,527
4,313,082
4,726,333


Charge for the year on owned assets
-
-
-
691
691



At 31 March 2024

258,064
48,660
106,527
4,313,773
4,727,024



Net book value



At 31 March 2024
-
-
-
3,752
3,752



At 31 March 2023
-
-
-
4,443
4,443

Amortisation of intangible assets is included in administrative expenses.
Goodwill which arose upon the acquisition by the company of Planet Eclipse Limited and Planet Eclipse LLC in 2013 has a carrying value of nil (2023: £nil). Other goodwill has a carrying value of £3,752 (2023: £4,443) and a remaining amortisation period of 7 years.
No impairment losses on intangible assets have been recognised in the statement of comprehensive income during the period.



Page 30

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

14.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
100,984
157,188
75,334
343,906
677,412


Additions
-
50,921
-
46,221
97,142


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



At 31 March 2024

100,984
206,436
75,334
390,127
772,881



Depreciation


At 1 April 2023
100,984
128,782
75,334
273,977
579,077


Charge for the year on owned assets
-
25,618
-
15,557
41,175


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



At 31 March 2024

100,984
152,272
75,334
289,534
618,124



Net book value



At 31 March 2024
-
54,164
-
100,593
154,757



At 31 March 2023
-
28,406
-
69,929
98,335

Page 31

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

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
7,466,100



At 31 March 2024
7,466,100






Net book value



At 31 March 2024
7,466,100



At 31 March 2023
7,466,100

Page 32

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

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Planet Eclipse Limited
Ordinary
100%
Planet Eclipse LLC
Ordinary
100%
Planet Eclipse Europe Limited
Ordinary
100%
Planet Eclipse UK Limited
Dormant
100%
PE-Paintball.de GmbH*
Ordinary
100%

Registered offices of subsidiaries
The registered office address of Planet Eclipse Limited, Planet Eclipse Europe Limited and Planet Eclipse UK Limited is at Unit 14, Premier Park, Acheson Way, Trafford Park Road, Trafford Park, Manchester, M17 1GA.
The registered office address of Planet Eclipse, LLC is at 130 Franklin Street, Warren, Rhode Island 02885, United States.
The registered office address  of PE-Paintball.de GmbH is at Langenberger Str. 9, 40233 Dusseldorf, Germany.
Principal activities of subsidiaries
The principal activity of Planet Eclipse Limited, Planet Eclipse, LLC and PE Paintball.de GmbH is sports and entertainment products and events.
The principal activity of Planet Eclipse Europe Limited is that of an intermediate parent company holding intellectual property.
Planet Eclipse UK Limited is a dormant company.
*PE-Paintball.de GmbH is an indirect subsidiary of Planet Eclipse Holdings Limited. 


16.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
194,323
309,189

Work in progress (goods to be sold)
358,747
422,143

Finished goods and goods for resale
5,378,899
6,682,899

5,931,969
7,414,231


Impairment gains totalling £851 (2023: Impairment losses totalling £15,377) were recognised in profit and loss during the year.

Page 33

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

17.


Debtors

Group
Group
2024
2023
£
£


Trade debtors
1,308,957
731,900

Amounts owed by related parties
130,621
133,452

Other debtors
338,723
673,858

Prepayments and accrued income
107,086
144,004

Tax recoverable
85,011
-

1,970,398
1,683,214



18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
7,230,383
5,059,399
1
1

Less: bank overdrafts
(368,929)
(144,725)
-
-

6,861,454
4,914,674
1
1



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
368,929
144,725
-
-

Bank loans
54,942
56,510
-
-

Trade creditors
230,301
884,560
-
-

Corporation tax
162,830
413,775
-
-

Other taxation and social security
282,979
374,991
-
-

Other creditors
204,798
161,233
-
-

Accruals and deferred income
128,667
108,167
100
100

1,433,446
2,143,961
100
100


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

Page 34

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

20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
4,579
61,164





21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
54,942
56,510


54,942
56,510

Amounts falling due 1-2 years

Bank loans
4,579
56,459


4,579
56,459

Amounts falling due 2-5 years

Bank loans
-
4,705


-
4,705


59,521
117,674


A group undertaking entered in to a loan agreement in respect of a loan totalling €257,000 (£218,748 retranslated) from Germany's state-backed investment bank, KfW, and this was drawn down during May 2020. 
In relation to the first 12 months, the annual interest rate applicable was, in effect, 0%. Interest is payable by the group undertaking after the first 12 months at a rate of 3%. The group undertaking is repaying the loan by monthly repayments of €5,354. The first repayment was due 12 months after the date on which the loan was drawn, and the final instalment is due 60 months after the loan was drawn. The German government has guaranteed the bank loan.

Page 35

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

22.


Deferred taxation


Group



2024


£






At beginning of year
(8,855)


Charged to profit or loss
(14,272)



At end of year
(23,127)

Group
Group
2024
2023
£
£

Accelerated capital allowances
(23,127)
(8,855)

(23,127)
(8,855)


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50,000 (2023 - 50,000) Ordinary shares of £1.00 each
50,000
50,000



24.


Reserves

Other reserves
A merger reserve arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time.
Profit and loss account
The profit and loss account includes all current and prior period retained profits and losses, net of dividends paid.


25.


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 £53,312 (2023 - £45,380).  No contributions (2023 - £Nil) were payable to the fund at the balance sheet date.

Page 36

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

26.


Commitments under operating leases

At 31 March 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
72,877
97,346

Later than 1 year and not later than 5 years
5,052
77,928

77,929
175,274

27.


Related party transactions

In preparing these financial statements, the directors have taken advantage of the exemptions available under section
33 paragraph 1A of the Financial Reporting Standard 102, and have not disclosed transactions entered into between
wholly owned group undertakings.
The following transactions occurred during the year, and balances existed at the year end date, with directors of the parent company:


2024
2024
£
£

Directors' loan accounts (amounts owed to Directors)
(1,886)
(9,768)
Dividends paid to Directors
148,500
63,000
146,614
53,232

Loans to subsidiaries totalling £757,696 are subordinated in favour of other creditors.
Included within debtors is a loan balance of £130,621 (2023: £133,452) due from a company controlled by the directors of the Group.  The gross value of the loan in originating currency at 31 March 2024 was $404,862 (2023: $404,862).  This balance was assessed by the directors to be impaired by $239,862 during the year ending 31 March 2015 and this impairment provision continues to be accounted for at 31 March 2024.  The written down value of the loan at 31 March 2024 is $165,000 (2023: $165,000).  The difference between the opening and closing sterling balances after impairment relates to translation differences of £2,831.
Key management are considered to be the directors.  Key management compensation totalled £347,208 (2023: £302,323).


28.


Controlling party

There is no overall controlling party. 

Page 37