Registered number
06610808
Circuit Planet Ltd
Unaudited Filleted Accounts
30 June 2024
Circuit Planet Ltd
Registered number: 06610808
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 340,277 346,693
Current assets
Stocks 33,262 40,461
Debtors 5 109,668 106,975
Cash at bank and in hand 49,809 107,954
192,739 255,390
Creditors: amounts falling due within one year 6 (126,505) (170,127)
Net current assets 66,234 85,263
Total assets less current liabilities 406,511 431,956
Creditors: amounts falling due after more than one year 7 (206,956) (208,490)
Provisions for liabilities (1,559) (1,516)
Net assets 197,996 221,950
Capital and reserves
Called up share capital 2 2
Profit and loss account 197,994 221,948
Shareholders' funds 197,996 221,950
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Catherine Liu
Director
Approved by the board on 25 April 2025
Circuit Planet Ltd
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery 15% straight line
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 1,500
Disposals (1,500)
At 30 June 2024 -
Amortisation
At 1 July 2023 1,500
On disposals (1,500)
At 30 June 2024 -
Net book value
At 30 June 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 300,819 13,664 50,947 365,430
Additions - 2,904 - 2,904
At 30 June 2024 300,819 16,568 50,947 368,334
Depreciation
At 1 July 2023 - 11,947 6,790 18,737
Charge for the year - 483 8,837 9,320
At 30 June 2024 - 12,430 15,627 28,057
Net book value
At 30 June 2024 300,819 4,138 35,320 340,277
At 30 June 2023 300,819 1,717 44,157 346,693
5 Debtors 2024 2023
£ £
Trade debtors 307 13,822
Other debtors 109,361 93,153
109,668 106,975
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 3,069 3,070
Obligations under finance lease and hire purchase contracts 15,000 -
Trade creditors 28,439 65,998
Taxation and social security costs 40,459 70,930
Other creditors 39,538 30,129
126,505 170,127
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 206,956 208,490
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 209,956 211,560
The mortgage on the property is secured by means of a fixed charge
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Catherine Liu
[Loan 2] - 7,373 - 7,373
Kwok Wah Liu
Directors Loan - 7,373 - 7,373
- 14,746 - 14,746
10 Related party transactions
During the year the company advanced loans to each of the Directors Mr & Mars Liu of £7,373 each. The loans were charged to interest at a rate of 2.5% and fully repaid within 2 months of the year end
11 Controlling party
The company was under the joint control of the Directors Mr & Mrs Liu
12 Other information
Circuit Planet Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 6 Priestley Street
Warrington
WA5 1TF
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