0 false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 391,095 391,095 391,095 xbrli:pure xbrli:shares iso4217:GBP 13406518 2023-06-01 2024-05-31 13406518 2024-05-31 13406518 2023-05-31 13406518 2022-06-01 2023-05-31 13406518 2023-05-31 13406518 2022-05-31 13406518 bus:Director1 2023-06-01 2024-05-31 13406518 bus:Director3 2023-06-01 2024-05-31 13406518 bus:Director2 2023-06-01 2024-05-31 13406518 bus:Director4 2023-06-01 2024-05-31 13406518 core:WithinOneYear 2024-05-31 13406518 core:WithinOneYear 2023-05-31 13406518 core:AfterOneYear 2024-05-31 13406518 core:AfterOneYear 2023-05-31 13406518 core:UKTax 2023-06-01 2024-05-31 13406518 core:UKTax 2022-06-01 2023-05-31 13406518 core:ShareCapital 2024-05-31 13406518 core:ShareCapital 2023-05-31 13406518 core:RetainedEarningsAccumulatedLosses 2024-05-31 13406518 core:RetainedEarningsAccumulatedLosses 2023-05-31 13406518 core:LandBuildings core:OwnedOrFreeholdAssets 2024-05-31 13406518 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 13406518 bus:Director1 2023-05-31 13406518 bus:Director1 2024-05-31 13406518 bus:Director2 2023-05-31 13406518 bus:Director2 2024-05-31 13406518 bus:Director3 2023-05-31 13406518 bus:Director3 2024-05-31 13406518 bus:Director4 2023-05-31 13406518 bus:Director4 2024-05-31 13406518 bus:Director1 2022-05-31 13406518 bus:Director1 2023-05-31 13406518 bus:Director2 2022-05-31 13406518 bus:Director2 2023-05-31 13406518 bus:Director3 2022-05-31 13406518 bus:Director3 2023-05-31 13406518 bus:Director4 2022-05-31 13406518 bus:Director4 2023-05-31 13406518 bus:Director1 2022-06-01 2023-05-31 13406518 bus:Director2 2022-06-01 2023-05-31 13406518 bus:Director3 2022-06-01 2023-05-31 13406518 bus:Director4 2022-06-01 2023-05-31 13406518 bus:SmallEntities 2023-06-01 2024-05-31 13406518 bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 13406518 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 13406518 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 13406518 bus:FullAccounts 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 13406518
Plymport Limited
Filleted Unaudited Financial Statements
31 May 2024
Plymport Limited
Statement of Financial Position
31 May 2024
2024
2023
(restated)
Note
£
£
Fixed assets
Tangible assets
5
391,095
391,095
Current assets
Debtors
6
13,733
9,808
Cash at bank and in hand
41,879
22,319
--------
--------
55,612
32,127
Creditors: amounts falling due within one year
7
203,537
199,050
---------
---------
Net current liabilities
147,925
166,923
---------
---------
Total assets less current liabilities
243,170
224,172
Creditors: amounts falling due after more than one year
8
188,415
201,077
---------
---------
Net assets
54,755
23,095
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
54,655
22,995
--------
--------
Shareholders funds
54,755
23,095
--------
--------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 .
Plymport Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 4 November 2024 , and are signed on behalf of the board by:
R Smith Esq
M Walton Esq
Director
Director
Company registration number: 13406518
Plymport Limited
Notes to the Financial Statements
Year ended 31 May 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 TML House, 1a The Anchorage, Gosport, PO12 1LY, United Kingdom.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Tax on profit
Major components of tax expense
2024
2023
(restated)
£
£
Current tax:
UK current tax expense
12,961
9,082
Adjustments in respect of prior periods
506
--------
-------
Total current tax
13,467
9,082
--------
-------
--------
-------
Tax on profit
13,467
9,082
--------
-------
5. Tangible assets
Freehold property
£
Cost
At 1 June 2023 (as restated) and 31 May 2024
391,095
---------
Depreciation
At 1 June 2023 and 31 May 2024
---------
Carrying amount
At 31 May 2024
391,095
---------
At 31 May 2023
391,095
---------
The company holds investment property with a cost price of £391,095. The property is reflected in the accounts at fair value at the balance sheet date. The valuation is carried out annually by the directors.
6. Debtors
2024
2023
(restated)
£
£
Other debtors
13,733
9,808
--------
-------
7. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
12,197
11,169
Trade creditors
5,315
1,707
Corporation tax
16,438
16,460
Social security and other taxes
1,750
2,014
Other creditors
167,837
167,700
---------
---------
203,537
199,050
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
188,415
201,077
---------
---------
The above figure includes a mortgage of £188,415 (2023: £201,077) from Barclays Bank Plc. This sum is secured by way of a fixed charge over the investment property.
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
R Smith Esq
( 48)
( 126)
( 174)
Miss L Harris
( 48)
( 126)
( 174)
M Walton Esq
( 48)
350
302
Mrs D Walton
9,952
350
10,302
-------
----
--------
9,808
448
10,256
-------
----
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
R Smith Esq
( 7,303)
7,255
( 48)
Miss L Harris
( 7,303)
7,255
( 48)
M Walton Esq
( 7,302)
7,254
( 48)
Mrs D Walton
( 7,302)
17,254
9,952
--------
--------
-------
( 29,210)
39,018
9,808
--------
--------
-------
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Smith Brothers Marine Limited
( 166,266)
( 166,266)
----
----
---------
---------
Smith Brothers Marine Limited is a company under the control of R Smith Esq and Miss L Harris .