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Registration number: 03930970

Planet Interactive Arts Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Planet Interactive Arts Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Planet Interactive Arts Limited

(Registration number: 03930970)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Tangible assets

6

8,031

7,710

Investments

7

100

100

 

8,131

7,810

Current assets

 

Stocks

8

15,000

15,000

Debtors

9

29,653

51,867

Cash at bank and in hand

 

10,411

42,229

 

55,064

109,096

Creditors: Amounts falling due within one year

10

(53,549)

(99,966)

Net current assets

 

1,515

9,130

Total assets less current liabilities

 

9,646

16,940

Creditors: Amounts falling due after more than one year

10

(7,333)

(15,333)

Provisions for liabilities

(2,008)

(1,465)

Net assets

 

305

142

Capital and reserves

 

Called up share capital

100

100

Retained earnings

205

42

Shareholders' funds

 

305

142

 

Planet Interactive Arts Limited

(Registration number: 03930970)
Balance Sheet as at 31 July 2024

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 February 2025
 

.........................................
C J P Higgins
Director

 

Planet Interactive Arts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite I Windrush Court
Abingdon Business Park
Abingdon
Oxfordshire
OX14 1SY
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for web design and IT consultancy. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Planet Interactive Arts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

 

Planet Interactive Arts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Other operating income

2024

2023

£

£

Government grants

570

819

570

819

4

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2023 - 7).

 

Planet Interactive Arts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

50,000

50,000

At 31 July 2024

50,000

50,000

Amortisation

At 1 August 2023

50,000

50,000

At 31 July 2024

50,000

50,000

Carrying amount

At 31 July 2024

-

-

 

Planet Interactive Arts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Negative goodwill

6

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 August 2023

62,481

62,481

Additions

4,352

4,352

Disposals

(44,704)

(44,704)

At 31 July 2024

22,129

22,129

Depreciation

At 1 August 2023

54,771

54,771

Charge for the year

3,914

3,914

Eliminated on disposal

(44,587)

(44,587)

At 31 July 2024

14,098

14,098

Carrying amount

At 31 July 2024

8,031

8,031

At 31 July 2023

7,710

7,710

7

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 August 2023

100

Provision

Carrying amount

At 31 July 2024

100

At 31 July 2023

100

 

Planet Interactive Arts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Stocks

2024
£

2023
£

Work in progress

15,000

15,000

9

Debtors

Current

2024
£

2023
£

Trade debtors

16,144

27,421

Prepayments

367

4,431

Other debtors

13,142

20,015

 

29,653

51,867

 

Planet Interactive Arts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

20,004

9,818

Trade creditors

 

2,930

6,906

Taxation and social security

 

26,423

24,102

Other creditors

 

4,192

59,140

 

53,549

99,966

11

Related party transactions

Transactions with the director

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

C J P Higgins

Movement during the year

20,015

12,000

(18,873)

13,142

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

C J P Higgins

Movement during the year

56,665

23,350

(60,000)

20,015