Planet Logistics Limited 04449816 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is courier services Digita Accounts Production Advanced 6.30.9574.0 true 04449816 2023-09-01 2024-08-31 04449816 2024-08-31 04449816 bus:OrdinaryShareClass1 2024-08-31 04449816 bus:OrdinaryShareClass2 2024-08-31 04449816 bus:OrdinaryShareClass3 2024-08-31 04449816 core:CurrentFinancialInstruments 2024-08-31 04449816 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 04449816 core:Goodwill 2024-08-31 04449816 core:MotorVehicles 2024-08-31 04449816 core:OtherPropertyPlantEquipment 2024-08-31 04449816 bus:SmallEntities 2023-09-01 2024-08-31 04449816 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 04449816 bus:FilletedAccounts 2023-09-01 2024-08-31 04449816 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 04449816 bus:RegisteredOffice 2023-09-01 2024-08-31 04449816 bus:Director1 2023-09-01 2024-08-31 04449816 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 04449816 bus:OrdinaryShareClass2 2023-09-01 2024-08-31 04449816 bus:OrdinaryShareClass3 2023-09-01 2024-08-31 04449816 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 04449816 bus:Agent1 2023-09-01 2024-08-31 04449816 core:Goodwill 2023-09-01 2024-08-31 04449816 core:MotorVehicles 2023-09-01 2024-08-31 04449816 core:OtherPropertyPlantEquipment 2023-09-01 2024-08-31 04449816 core:PlantMachinery 2023-09-01 2024-08-31 04449816 countries:AllCountries 2023-09-01 2024-08-31 04449816 2023-08-31 04449816 core:Goodwill 2023-08-31 04449816 core:MotorVehicles 2023-08-31 04449816 core:OtherPropertyPlantEquipment 2023-08-31 04449816 2022-09-01 2023-08-31 04449816 2023-08-31 04449816 bus:OrdinaryShareClass1 2023-08-31 04449816 bus:OrdinaryShareClass2 2023-08-31 04449816 bus:OrdinaryShareClass3 2023-08-31 04449816 core:CurrentFinancialInstruments 2023-08-31 04449816 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 04449816 core:MotorVehicles 2023-08-31 04449816 core:OtherPropertyPlantEquipment 2023-08-31 04449816 bus:OrdinaryShareClass2 2022-09-01 2023-08-31 04449816 bus:OrdinaryShareClass3 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04449816

Planet Logistics Limited

trading as Planet Logistic Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Planet Logistics Limited

trading as Planet Logistic Limited

Company Information

Director

Mr David Summerhayes

Registered office

Unit B6 Brearley Place
Baird Road
Waterwells Business Park
Gloucester
Gloucestershire
GL2 2GB

Accountants

Castletons
Chartered Certified AccountantsThe Old Workshop
12B Kennerleys Lane
Wilmslow
Cheshire
SK9 5EQ

 

Planet Logistics Limited

trading as Planet Logistic Limited

(Registration number: 04449816)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

9,243

10,304

Current assets

 

Debtors

6

1,177,831

668,329

Cash at bank and in hand

 

96,687

579,788

 

1,274,518

1,248,117

Creditors: Amounts falling due within one year

7

(226,404)

(202,357)

Net current assets

 

1,048,114

1,045,760

Total assets less current liabilities

 

1,057,357

1,056,064

Provisions for liabilities

2,276

-

Net assets

 

1,059,633

1,056,064

Capital and reserves

 

Called up share capital

8

199

299

Capital redemption reserve

100

-

Retained earnings

1,059,334

1,055,765

Shareholders' funds

 

1,059,633

1,056,064

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 May 2025
 

 

Planet Logistics Limited

trading as Planet Logistic Limited

(Registration number: 04449816)
Balance Sheet as at 31 August 2024

.........................................
Mr David Summerhayes
Director

 

Planet Logistics Limited

trading as Planet Logistic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit B6 Brearley Place
Baird Road
Waterwells Business Park
Gloucester
Gloucestershire
GL2 2GB

These financial statements were authorised for issue by the director on 23 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

Planet Logistics Limited

trading as Planet Logistic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Motor vehicles

33.3% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Planet Logistics Limited

trading as Planet Logistic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 16 (2023 - 16).

 

Planet Logistics Limited

trading as Planet Logistic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

50,000

50,000

At 31 August 2024

50,000

50,000

Amortisation

At 1 September 2023

50,000

50,000

At 31 August 2024

50,000

50,000

Carrying amount

At 31 August 2024

-

-

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

313,957

66,114

380,071

Additions

-

8,204

8,204

Disposals

(77,495)

-

(77,495)

At 31 August 2024

236,462

74,318

310,780

Depreciation

At 1 September 2023

306,450

63,317

369,767

Charge for the year

7,499

1,762

9,261

Eliminated on disposal

(77,491)

-

(77,491)

At 31 August 2024

236,458

65,079

301,537

Carrying amount

At 31 August 2024

4

9,239

9,243

At 31 August 2023

7,507

2,797

10,304

 

Planet Logistics Limited

trading as Planet Logistic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

253,448

199,242

Amounts owed by related parties

693,500

172

Prepayments

 

12,514

10,869

Other debtors

 

218,369

458,046

   

1,177,831

668,329

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

112,223

82,181

Taxation and social security

66,176

63,346

Accruals and deferred income

43,750

52,675

Other creditors

4,255

4,155

226,404

202,357

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

199

199

100

100

Ordinary B of £0 (2023 - £1) each

-

-

100

100

Ordinary C of £0 (2023 - £1) each

-

-

99

99

199

199

299

299