Company registration number 11390861 (England and Wales)
PLENTY OF BANG LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
PLENTY OF BANG LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
PLENTY OF BANG LTD
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,323
8,323
Tangible assets
4
163,914
190,125
168,237
198,448
Current assets
Stocks
200,200
163,576
Debtors
5
105,166
84,333
Cash at bank and in hand
595,851
255,000
901,217
502,909
Creditors: amounts falling due within one year
6
(521,870)
(106,474)
Net current assets
379,347
396,435
Total assets less current liabilities
547,584
594,883
Creditors: amounts falling due after more than one year
7
-
0
(49,149)
Provisions for liabilities
(40,979)
(54,130)
Net assets
506,605
491,604
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
506,505
491,504
Total equity
506,605
491,604
PLENTY OF BANG LTD
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
Mr A J Reihl
Director
Company registration number 11390861 (England and Wales)
PLENTY OF BANG LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Plenty of Bang Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Trade marks and domain names
3 years straight line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
3 years and 10 years straight line
Fixtures and fittings
3 years straight line
Computers
Full provision and 3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

PLENTY OF BANG LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

PLENTY OF BANG LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

PLENTY OF BANG LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
7
3
Intangible fixed assets
Trade marks and domain names
£
Cost
At 1 July 2023 and 30 June 2024
12,000
Amortisation and impairment
At 1 July 2023
3,677
Amortisation charged for the year
4,000
At 30 June 2024
7,677
Carrying amount
At 30 June 2024
4,323
At 30 June 2023
8,323
PLENTY OF BANG LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 and 30 June 2024
254,441
Depreciation and impairment
At 1 July 2023
64,316
Depreciation charged in the year
26,211
At 30 June 2024
90,527
Carrying amount
At 30 June 2024
163,914
At 30 June 2023
190,125

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and equipment
158,906
179,642
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
98,839
72,323
Other debtors
1,936
7,195
Prepayments and accrued income
4,391
4,815
105,166
84,333
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
48,817
62,948
Trade creditors
141,714
2,336
Corporation tax
18,398
8,669
Other taxation and social security
31,858
8,862
Other creditors
229,557
-
0
Accruals and deferred income
51,526
23,659
521,870
106,474
PLENTY OF BANG LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Creditors: amounts falling due within one year
(Continued)
- 8 -

Trade creditors includes an amount of £78,446 (2023 - £2,330) due to a company under common control.

 

Other creditors represents amounts owed to a company under common control.

 

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
-
0
49,149
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Total future commitments
735
28,524
2024-06-302023-07-01falsefalsefalse26 March 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr A J ReihlMr S H TanMrs D Wells-ReihlMrs L A TanMr D Farmer113908612023-07-012024-06-30113908612024-06-30113908612023-06-3011390861core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-06-3011390861core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-06-3011390861core:OtherPropertyPlantEquipment2024-06-3011390861core:OtherPropertyPlantEquipment2023-06-3011390861core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3011390861core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3011390861core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-3011390861core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3011390861core:CurrentFinancialInstruments2024-06-3011390861core:CurrentFinancialInstruments2023-06-3011390861core:ShareCapital2024-06-3011390861core:ShareCapital2023-06-3011390861core:RetainedEarningsAccumulatedLosses2024-06-3011390861core:RetainedEarningsAccumulatedLosses2023-06-3011390861bus:Director12023-07-012024-06-3011390861core:IntangibleAssetsOtherThanGoodwill2023-07-012024-06-3011390861core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-07-012024-06-3011390861core:PlantMachinery2023-07-012024-06-3011390861core:FurnitureFittings2023-07-012024-06-3011390861core:ComputerEquipment2023-07-012024-06-30113908612022-07-012023-06-3011390861core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-06-3011390861core:OtherPropertyPlantEquipment2023-06-3011390861core:OtherPropertyPlantEquipment2023-07-012024-06-3011390861core:Non-currentFinancialInstruments2024-06-3011390861core:Non-currentFinancialInstruments2023-06-3011390861bus:PrivateLimitedCompanyLtd2023-07-012024-06-3011390861bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3011390861bus:FRS1022023-07-012024-06-3011390861bus:AuditExemptWithAccountantsReport2023-07-012024-06-3011390861bus:Director22023-07-012024-06-3011390861bus:Director32023-07-012024-06-3011390861bus:Director42023-07-012024-06-3011390861bus:Director52023-07-012024-06-3011390861bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP