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Company registration number: 09095988
PL1 Events Limited
Unaudited filleted financial statements
30 June 2024
PL1 Events Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
PL1 Events Limited
Directors and other information
Directors Mr M Buckingham
Ms L Selleck
Company number 09095988
Registered office Unit 23-24 Bell Park
Bell Park Close
Newnham INdustrial Estate
Plympton
PL7 4TA
Business address Units 23-24 Bell Park
Bell Close
Newnham Industrial Estate
Plympton
PL7 4TA
Accountants Franklins Accountants LLP
Astor House
2 Alexandra Road
Mutley
Plymouth
PL4 7JR
PL1 Events Limited
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 206,850 198,511
_______ _______
206,850 198,511
Current assets
Debtors 6 139,975 73,353
Cash at bank and in hand 77,285 147,443
_______ _______
217,260 220,796
Creditors: amounts falling due
within one year 7 ( 177,786) ( 142,993)
_______ _______
Net current assets 39,474 77,803
_______ _______
Total assets less current liabilities 246,324 276,314
Creditors: amounts falling due
after more than one year 8 ( 11,820) ( 21,700)
_______ _______
Net assets 234,504 254,614
_______ _______
Capital and reserves
Called up share capital 200 200
Profit and loss account 234,304 254,414
_______ _______
Shareholders funds 234,504 254,614
_______ _______
For the year ending 30 June 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.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 March 2025 , and are signed on behalf of the board by:
Ms L Selleck
Director
Company registration number: 09095988
PL1 Events Limited
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 23-24 Bell Park, Bell Park Close, Newnham INdustrial Estate, Plympton, PL7 4TA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 in finance costs 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 9 (2023: 8 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 419,731 29,638 75,368 524,737
Additions 46,958 3,711 - 50,669
Disposals ( 2,633) ( 704) - ( 3,337)
_______ _______ _______ _______
At 30 June 2024 464,056 32,645 75,368 572,069
_______ _______ _______ _______
Depreciation
At 1 July 2023 242,325 21,698 62,201 326,224
Charge for the year 33,416 4,032 3,292 40,740
Disposals ( 1,041) ( 704) - ( 1,745)
_______ _______ _______ _______
At 30 June 2024 274,700 25,026 65,493 365,219
_______ _______ _______ _______
Carrying amount
At 30 June 2024 189,356 7,619 9,875 206,850
_______ _______ _______ _______
At 30 June 2023 177,406 7,940 13,167 198,513
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 108,210 50,595
Other debtors 31,765 22,758
_______ _______
139,975 73,353
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,680 10,800
Trade creditors 121,196 73,379
Corporation tax 4,938 18,352
Social security and other taxes 29,383 33,168
Other creditors 11,589 7,294
_______ _______
177,786 142,993
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 11,820 21,700
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Later than 1 year and not later than 5 years 93,975 -
_______ _______
10. 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 Amounts repaid Balance o/standing
£ £ £ £
Mr M Buckingham ( 1,857) 24,661 ( 25,000) ( 2,196)
Ms L Selleck ( 1,847) 23,472 ( 24,000) ( 2,375)
_______ _______ _______ _______
( 3,704) 48,133 ( 49,000) ( 4,571)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr M Buckingham ( 1,286) 23,829 ( 24,400) ( 1,857)
Ms L Selleck ( 1,245) 23,798 ( 24,400) ( 1,847)
_______ _______ _______ _______
( 2,531) 47,627 ( 48,800) ( 3,704)
_______ _______ _______ _______
The directors have loaned the company £4,571.34 at the year end date. This loan is interest free and repayable in less than one year.