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COMPANY REGISTRATION NUMBER: 01303923
Planned Office Interiors Limited
Filleted Unaudited Financial Statements
30 April 2024
Planned Office Interiors Limited
Financial Statements
Year ended 30 April 2024
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 7
Planned Office Interiors Limited
Balance Sheet
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
123,944
127,553
Investments
6
5,337
5,337
---------
---------
129,281
132,890
Current assets
Stocks
1,974
2,467
Debtors
7
564,345
724,909
Cash at bank and in hand
344,402
109,297
---------
---------
910,721
836,673
Creditors: amounts falling due within one year
8
946,972
764,070
---------
---------
Net current (liabilities)/assets
( 36,251)
72,603
---------
---------
Total assets less current liabilities
93,030
205,493
Creditors: amounts falling due after more than one year
9
12,500
22,500
Provisions
27,578
26,555
--------
---------
Net assets
52,952
156,438
--------
---------
Capital and reserves
Called up share capital
166
166
Capital redemption reserve
502
502
Profit and loss account
52,284
155,770
--------
---------
Shareholders funds
52,952
156,438
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Planned Office Interiors Limited
Balance Sheet (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 24 January 2025 , and are signed on behalf of the board by:
Mr R J Simpson
Mrs P Simpson
Director
Director
Company registration number: 01303923
Planned Office Interiors Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Forge Farm Offices, Stafford Road, Aston by Stone, Staffordshire, ST15 0BH. The company registration number is 01303923 .
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of VAT. In respect of long-term contracts, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% reducing balance
Investments
Investments comprise investments in personalised number plates which are measured at fair value. Changes in fair value are recognised in the profit and loss account. Fair value is estimated using market information available for similar assets.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.. Cost is calculated using the FIFO method.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2023: 26 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
40,253
11,927
171,677
22,446
246,303
Additions
8,792
41,748
3,429
53,969
Disposals
( 59,934)
( 59,934)
--------
--------
---------
--------
---------
At 30 April 2024
49,045
11,927
153,491
25,875
240,338
--------
--------
---------
--------
---------
Depreciation
At 1 May 2023
20,677
9,867
74,934
13,272
118,750
Charge for the year
6,676
412
30,962
4,160
42,210
Disposals
( 44,566)
( 44,566)
--------
--------
---------
--------
---------
At 30 April 2024
27,353
10,279
61,330
17,432
116,394
--------
--------
---------
--------
---------
Carrying amount
At 30 April 2024
21,692
1,648
92,161
8,443
123,944
--------
--------
---------
--------
---------
At 30 April 2023
19,576
2,060
96,743
9,174
127,553
--------
--------
---------
--------
---------
6. Investments
Personalised number plate
£
Cost
At 1 May 2023 and 30 April 2024
5,337
-------
Impairment
At 1 May 2023 and 30 April 2024
-------
Carrying amount
At 30 April 2024
5,337
-------
At 30 April 2023
5,337
-------
7. Debtors
2024
2023
£
£
Trade debtors
110,421
374,100
Amounts owed by group undertakings and undertakings in which the company has a participating interest
425,334
322,768
Other debtors
28,590
28,041
---------
---------
564,345
724,909
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
330,580
402,827
Corporation tax
12,140
35,368
Social security and other taxes
116,949
93,023
Other creditors
477,303
222,852
---------
---------
946,972
764,070
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,500
22,500
--------
--------
The bank loan in favour of Barclays Bank Plc is unsecured.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
68,256
71,897
Later than 1 year and not later than 5 years
125,769
177,069
---------
---------
194,025
248,966
---------
---------
11. Directors' advances, credits and guarantees
During the year, the directors maintained current accounts with the company. The balances at the start of the year totalled £5,912 (2023 - £Nil). Total advances during the year were £Nil (2023 - £5,912). Total repayments during the year were £5,947 (2023 - £Nil). The balances at the end of the year totalled £35 (2023 - £5,912) and are included within other creditors (2023 - other debtors). All advances were made on an interest free basis.
12. Related party transactions
The company is a wholly owned subsidiary of P O I Limited, a company incorporated and registered in England and Wales. The registered office address is 1 Forge Farm Offices, Stafford Road, Aston by Stone, Staffordshire, ST15 0BH. The company has taken advantage of the exemption under FRS102 Section 1A Related Parties not to report group related party transactions.