Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-312024-05-312025-05-122falsefalse2023-06-012truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02772725 2023-06-01 2024-05-31 02772725 2022-06-01 2023-05-31 02772725 2024-05-31 02772725 2023-05-31 02772725 c:Director1 2023-06-01 2024-05-31 02772725 d:MotorVehicles 2023-06-01 2024-05-31 02772725 d:MotorVehicles 2024-05-31 02772725 d:MotorVehicles 2023-05-31 02772725 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02772725 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 02772725 d:FurnitureFittings 2023-06-01 2024-05-31 02772725 d:FurnitureFittings 2024-05-31 02772725 d:FurnitureFittings 2023-05-31 02772725 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02772725 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 02772725 d:OfficeEquipment 2023-06-01 2024-05-31 02772725 d:OfficeEquipment 2024-05-31 02772725 d:OfficeEquipment 2023-05-31 02772725 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02772725 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 02772725 d:ComputerEquipment 2023-06-01 2024-05-31 02772725 d:ComputerEquipment 2024-05-31 02772725 d:ComputerEquipment 2023-05-31 02772725 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02772725 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 02772725 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02772725 d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 02772725 d:CurrentFinancialInstruments 2024-05-31 02772725 d:CurrentFinancialInstruments 2023-05-31 02772725 d:Non-currentFinancialInstruments 2024-05-31 02772725 d:Non-currentFinancialInstruments 2023-05-31 02772725 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 02772725 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 02772725 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 02772725 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 02772725 d:ShareCapital 2024-05-31 02772725 d:ShareCapital 2023-05-31 02772725 d:RetainedEarningsAccumulatedLosses 2024-05-31 02772725 d:RetainedEarningsAccumulatedLosses 2023-05-31 02772725 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 02772725 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 02772725 c:OrdinaryShareClass1 2023-06-01 2024-05-31 02772725 c:OrdinaryShareClass1 2024-05-31 02772725 c:FRS102 2023-06-01 2024-05-31 02772725 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 02772725 c:FullAccounts 2023-06-01 2024-05-31 02772725 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 02772725 2 2023-06-01 2024-05-31 02772725 6 2023-06-01 2024-05-31 02772725 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 02772725












PLANLOCK LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MAY 2024

 
PLANLOCK LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 10


 
PLANLOCK LIMITED
REGISTERED NUMBER: 02772725

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
67,313
90,700

Current assets
  

Stocks
 5 
1,545,206
1,545,206

Debtors: amounts falling due within one year
 6 
284,147
296,497

Current asset investments
 7 
20
20

Cash at bank and in hand
  
370,948
445,571

  
2,200,321
2,287,294

Creditors: amounts falling due within one year
 8 
(888,410)
(851,025)

Net current assets
  
 
 
1,311,911
 
 
1,436,269

Total assets less current liabilities
  
1,379,224
1,526,969

Creditors: amounts falling due after more than one year
 9 
(64,944)
(71,755)

Provisions for liabilities
  

Deferred tax
  
(9,099)
(12,778)

Net assets
  
1,305,181
1,442,436


Capital and reserves
  

Called up share capital 
 11 
1,000
1,000

Profit and loss account
  
1,304,181
1,441,436

  
1,305,181
1,442,436


Page 1

 
PLANLOCK LIMITED
REGISTERED NUMBER: 02772725

BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


M A Morris
Director

Date: 12 May 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
PLANLOCK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


GENERAL INFORMATION

Planlock Limited is a private company, limited by shares, incorporated in England and Wales. The address of its registered office is 5 Miram House, 387 Cockfosters Road, Hadley Wood, Hertfordshire, EN4 0JS.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

REVENUE

Turnover comprises proceeds from property sales and rental income and is stated net of value added tax where appropriate.
Rental income is recognised on a straight line basis under the term of the lease or tenancy agreement.

 
2.3

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
on reducing balance
Fixtures and fittings
-
20%
on straight-line
Office equipment
-
15%
on reducing balance
Computer equipment
-
25%
on straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

VALUATION OF INVESTMENTS

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 3

 
PLANLOCK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

STOCKS

Stock, which comprises development properties held for resale, is valued at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less future costs expected to be incurred prior to disposal.
Cost includes all fees relating to the purchase of land, site development costs and project management fees incurred on the acquisition and development of the property. Interest costs and loan arrangement fees are written off as incurred.

Property acquisitions and sales are accounted for when legally binding contracts, which are irrevocable and effectively unconditional, are exchanged and, in the case of sales, where completion has taken place prior to the date on which the financial statements are approved.

 
2.6

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

FINANCIAL INSTRUMENTS

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.
Page 4

 
PLANLOCK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.7
FINANCIAL INSTRUMENTS (continued)


Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.8

GOVERNMENT GRANTS

Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.9

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 5

 
PLANLOCK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.10

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

LEASED ASSETS: THE COMPANY AS LESSEE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.12

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.13

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.14

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation, that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured as the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account the related risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 6

 
PLANLOCK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.15

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 7

 
PLANLOCK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


TANGIBLE FIXED ASSETS





Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 June 2023
84,495
35,731
18,554
5,714
144,494



At 31 May 2024

84,495
35,731
18,554
5,714
144,494



Depreciation


At 1 June 2023
7,041
33,846
8,794
4,113
53,794


Charge for the year on owned assets
-
1,885
1,464
674
4,023


Charge for the year on financed assets
19,364
-
-
-
19,364



At 31 May 2024

26,405
35,731
10,258
4,787
77,181



Net book value



At 31 May 2024
58,090
-
8,296
927
67,313



At 31 May 2023
77,454
1,885
9,760
1,601
90,700


5.


STOCKS

2024
2023
£
£

Development properties
1,545,206
1,545,206


Page 8

 
PLANLOCK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


DEBTORS

2024
2023
£
£


Other debtors
283,422
296,005

Prepayments and accrued income
725
492

284,147
296,497



7.


CURRENT ASSET INVESTMENTS

2024
2023
£
£

Unlisted investments
20
20



8.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Bank loans
5,400
5,568

Trade creditors
-
1,584

Corporation tax
3,625
2,949

Obligations under finance lease and hire purchase contracts
5,147
4,340

Other creditors
819,086
788,324

Accruals and deferred income
55,152
48,260

888,410
851,025



9.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
6,072
11,435

Net obligations under finance leases and hire purchase contracts
58,872
60,320

64,944
71,755


Included within creditors are secured debts amounting to £64,019 (2023 - £64,660) which are secured via a charge on the assets purchased under the finance agreement.

Page 9

 
PLANLOCK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


DEFERRED TAXATION




2024


£






At beginning of year
(12,778)


Charged to the profit or loss
3,679



At end of year
(9,099)

The provision for deferred taxation is made up as follows:

2024
2023
£
£



Accelerated capital allowances
(9,099)
(12,778)


11.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



1,000 Ordinary shares of £1.00 each
1,000
1,000



12.


RELATED PARTY TRANSACTIONS

At the balance sheet date the following amounts were owed to the related party stated:


2024
2023
£
£

Director
11,688
15,817


Page 10