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PLANET MORTGAGES GROUP LTD

Registered Number
13306834
(England and Wales)

Unaudited Financial Statements for the Period ended
31 December 2024

PLANET MORTGAGES GROUP LTD
Company Information
for the period from 1 April 2024 to 31 December 2024

Director

BOWERS, Frankie John

Registered Address

2 Colchester Road
St. Osyth
Clacton-On-Sea
CO16 8HA

Registered Number

13306834 (England and Wales)
PLANET MORTGAGES GROUP LTD
Balance Sheet as at
31 December 2024

Notes

31 Dec 2024

31 Mar 2024

£

£

£

£

Fixed assets
Tangible assets353,0251,374
53,0251,374
Current assets
Debtors439,6124,250
Cash at bank and on hand134,88053,352
174,49257,602
Creditors amounts falling due within one year5(136,100)(57,162)
Net current assets (liabilities)38,392440
Total assets less current liabilities91,4171,814
Creditors amounts falling due after one year6(56,173)-
Provisions for liabilities8(5,916)-
Net assets29,3281,814
Capital and reserves
Called up share capital100100
Profit and loss account29,2281,714
Shareholders' funds29,3281,814
The financial statements were approved and authorised for issue by the Director on 28 February 2025, and are signed on its behalf by:
BOWERS, Frankie John
Director
Registered Company No. 13306834
PLANET MORTGAGES GROUP LTD
Notes to the Financial Statements
for the period ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Vehicles25
Office Equipment25
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
2.Average number of employees

20242024
Average number of employees during the year64
3.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 April 24-2,7012,701
Additions33,97024,70958,679
At 31 December 2433,97027,41061,380
Depreciation and impairment
At 01 April 24-1,3271,327
Charge for year5,6621,3667,028
At 31 December 245,6622,6938,355
Net book value
At 31 December 2428,30824,71753,025
At 31 March 24-1,3741,374
4.Debtors: amounts due within one year

2024

2024

££
Trade debtors / trade receivables27,060-
Other debtors7,2004,250
Prepayments and accrued income5,352-
Total39,6124,250
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
5.Creditors: amounts due within one year

2024

2024

££
Trade creditors / trade payables36,1767,825
Taxation and social security34,44418,380
Finance lease and HP contracts4,621-
Other creditors46,71130,957
Accrued liabilities and deferred income14,148-
Total136,10057,162
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due after one year

2024

2024

££
Other creditors56,173-
Total56,173-
7.Obligations under finance leases

2024

2024

££
Finance lease and HP contracts23,673-
8.Provisions for liabilities

2024

2024

££
Net deferred tax liability (asset)5,916-
Total5,916-
9.Operating lease commitments
At 31 December 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £6,380.
10.Related party transactions
Included within other creditors are amounts due Lorenzo Capital Ltd of £46,035 (31.03.24 - £539), which is a company wholly owned by the director.