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Company No: 07037949 (England and Wales)

ONE PLANET TRADING LTD

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

ONE PLANET TRADING LTD

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

ONE PLANET TRADING LTD

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
ONE PLANET TRADING LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 2024 2023
£ £
Restated - note 3
Fixed assets
Intangible assets 5 2,390 8,062
Tangible assets 6 9,334 34,441
11,724 42,503
Current assets
Stocks 23,029 40,261
Debtors 7 45,191 69,153
Cash at bank and in hand 8 65,581 62,684
133,801 172,098
Creditors: amounts falling due within one year 9 ( 92,837) ( 107,234)
Net current assets 40,964 64,864
Total assets less current liabilities 52,688 107,367
Creditors: amounts falling due after more than one year 10 ( 205,916) ( 179,709)
Provision for liabilities 11 ( 2,181) ( 7,579)
Net liabilities ( 155,409) ( 79,921)
Capital and reserves
Called-up share capital 12 792 763
Share premium account 1,209,127 1,151,637
Profit and loss account ( 1,365,328 ) ( 1,232,321 )
Total shareholders' deficit ( 155,409) ( 79,921)

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of One Planet Trading Ltd (registered number: 07037949) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Michael David Hill
Director

07 April 2025

ONE PLANET TRADING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
ONE PLANET TRADING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

One Planet Trading Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 29 Shreeve Road, Blofield, Norwich, NR13 4JP, United Kingdom. The principal place of business is Park Farm Norwich, Norwich Road Hethersett, NR9 3DL.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

[Disclose the nature of the prior period adjustment, and (if practicable);
(i) for each prior period presented, the amount of the correction for each financial statement line item affected; and
(ii) the amount of the correction at the beginning of the earliest prior period presented; or an explanation if it is not practicable to disclose these amounts for (i) and (ii).]

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 20 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Prior year adjustment

Adjustments have been made to correctly disclose intangible fixed assets as these had originally been include in the tangible asset total and amortisation has been split alongside this. An additional adjustment has been made in order to recognise deferred tax for the year.

An adjustment has been made to rectify the gift of shares incorrectly included in in advertisement as opposed to being recognised as a non cash gift.

As previously reported Adjustment As restated
Year ended 30 September 2023 £ £ £
Non current liabilities - Recognised deferred tax for the year. 0 (7,579) (7,579)
Non current assets - Software costs have been moved to be correctly disclosed as an intangible. 0 8,062 8,062
Non current assets - Software amortisation has been disclosed and removed from original deprecation figure. 0 5,672 5,672
Profit and Loss - Recognised deferred tax for the year. 0 (7,579) (7,579)
Profit and Loss - Software amortisation has been disclosed and removed from original deprecation figure. 0 5,672 5,672
Equity - Adjustment made to the share premium account for gifted shares. 0 4,706 4,706
Profit and Loss - Adjusted advertising costs for non cash items included incorrectly. 0 (4,706) (4,706)

4. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 7

5. Intangible assets

Computer software Total
£ £
Cost
At 01 October 2023 17,017 17,017
At 30 September 2024 17,017 17,017
Accumulated amortisation
At 01 October 2023 8,955 8,955
Charge for the financial year 5,672 5,672
At 30 September 2024 14,627 14,627
Net book value
At 30 September 2024 2,390 2,390
At 30 September 2023 8,062 8,062

6. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 October 2023 0 68,535 68,535
Disposals 0 ( 32,167) ( 32,167)
At 30 September 2024 0 36,368 36,368
Accumulated depreciation
At 01 October 2023 0 34,094 34,094
Charge for the financial year 0 ( 7,060) ( 7,060)
At 30 September 2024 0 27,034 27,034
Net book value
At 30 September 2024 0 9,334 9,334
At 30 September 2023 0 34,441 34,441

7. Debtors

2024 2023
£ £
Trade debtors 38,083 30,082
Prepayments 7,108 4,891
Corporation tax 0 34,180
45,191 69,153

8. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 65,581 62,684

9. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,754 10,496
Trade creditors 60,178 71,983
Other loans 19,568 19,568
Accruals 5,016 5,938
Other taxation and social security ( 2,679) ( 751)
92,837 107,234

10. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 11,187 21,663
Amounts owed to directors 38,046 48,046
Other loans (secured) 156,683 110,000
205,916 179,709

The loan, as detailed within other loans, is secured by way of a legal charge over the assets of the company.

11. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 7,579) 0
Credited/(charged) to the Income Statement 5,398 ( 7,579)
At the end of financial year ( 2,181) ( 7,579)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 2,181) ( 7,579)

12. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
79,235 Ordinary shares of £ 0.01 each (2023: 76,251 shares of £ 0.01 each) 792 763