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Registered Number: 11990486
England and Wales

 

 

 

PLANET RECRUITMENT SERVICES LTD



Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2024

End date: 31 December 2024
Directors Graham Cole
Darren Fuller
Gavin Jones
Sean Smith
Registered Number 11990486
Registered Office 85f Park Drive
Milton Park
Abingdon
OX14 4RY
Accountants Cypher
Monkswell
Little Baldon
Oxford
OX44 9PU
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 4 5,317    13,587 
5,317    13,587 
Current assets      
Stocks 5 67,489    1,964 
Debtors 6 2,230,008    1,824,647 
Cash at bank and in hand 88,473    226,209 
2,385,970    2,052,820 
Creditors: amount falling due within one year 7 (610,415)   (599,007)
Net current assets 1,775,555    1,453,813 
 
Total assets less current liabilities 1,780,872    1,467,400 
Creditors: amount falling due after more than one year 8 (2,629)   (8,594)
Provisions for liabilities 9 (7,168)   (9,979)
Net assets 1,771,075    1,448,827 
 

Capital and reserves
     
Called up share capital 1    1 
Profit and loss account 1,771,074    1,448,826 
Shareholders' funds 1,771,075    1,448,827 
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 21 July 2025 and were signed on its behalf by:


-------------------------------
Graham Cole
Director
-------------------------------
Darren Fuller
Director
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General Information
Planet Recruitment Services Ltd is a private company, limited by shares, registered in England and Wales, registration number 11990486, registration address 85f Park Drive, Milton Park, Abingdon, OX14 4RY.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 33% Straight Line
Computer Equipment 33% Straight Line
Stocks & work in progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work in progress and finished goods include labour and attributable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
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.
2.

Off Balance Sheet Arrangements

At year end the company had future minimum lease payments due under operating leases of £27,314 (2023: £46,376). The non current liability was £nil (2023: £12,314). 

3.

Average number of employees

Average number of employees during the year was 38 (2023 : 58).
4.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 January 2024 10,312    23,520    33,832 
Additions 1,331      1,331 
Disposals (1,606)     (1,606)
At 31 December 2024 10,037    23,520    33,557 
Depreciation
At 01 January 2024 6,123    14,122    20,245 
Charge for year 2,259    6,673    8,932 
On disposals (937)     (937)
At 31 December 2024 7,445    20,795    28,240 
Net book values
Closing balance as at 31 December 2024 2,592    2,725    5,317 
Opening balance as at 01 January 2024 4,189    9,398    13,587 


5.

Stocks

2024
£
  2023
£
Work in Progress 67,489    1,964 
67,489    1,964 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 2,188,955    1,712,058 
Provision for Doubtful Debts (2,963)  
Prepayments & Accrued Income 35,016    18,767 
Other Debtors 9,000    93,822 
2,230,008    1,824,647 
Secured debtors
Included within other debtors is an amount of £nil (2023: £87,822) from the RBS Facflow invoice finance facility secured against assigned debtors at year end. 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 55,741    8,607 
Bank Loans & Overdrafts 4,968    3,718 
Corporation Tax 209,412    201,888 
PAYE & Social Security 26,840    24,715 
Accruals & Deferred Income 66,444    77,445 
Other Creditors 45,044    152,045 
Wages & Salaries Control Account 7,267   
Directors' Current Accounts 56,857    33,095 
VAT 137,842    97,494 
610,415    599,007 
Secured Creditors
Included within other creditors is an amount of £36,466 (2023: £nil) from RBS Facflow invoice finance facility secured against assigned debtors at the year end.

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 2,629    8,594 
2,629    8,594 

9.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 3,601   
Charged to Profit & Loss (2,192)   3,601 
Pension Provisions 5,759    6,378 
7,168    9,979 

10.

Transactions with Related Parties

Planet Recruitment Services Ltd,  Planet IT Limited, and Planet IT Consulting Limited are related by virtue of common control. 

During the period Planet Recruitment Services Ltd provided recruitment services to Planet IT Limited for £8,836 (2023: £45,346). At the balance sheet date the amount owed by Planet IT Limited was £6,520 (2023: £9,515).

During the period Planet IT Limited charged Planet Recruitment Services Ltd for costs incurred on their behalf of £10,142 (2023: £15,283). At the balance sheet date the amount owed to Planet IT Limited was £1,518 (2023: £885).

During the period Planet Recruitment Services Ltd provided recruitment services to Planet IT Consulting Limited for £152,250 (2023: £120,890). At the balance sheet date the amount owed by Planet IT Consulting Limited was £36,200 (2023: £33,000).

A loan of £nil (2023: £150,000) from Planet IT Limited to Planet IT Recruitment Services Ltd is outstanding at balance sheet date. The loan is interest free and repayable on demand. 



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