Company registration number 03655609 (England and Wales)
PLANET AID UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PLANET AID UK LIMITED
COMPANY INFORMATION
Directors
Mrs B Soe
Mr R H Jakobsson
Mr. M Bor
Mr O Thomsen
(Appointed 10 September 2024)
Secretary
Mrs B Soe
Company number
03655609
Registered office
33 Maylan Road
Earlstree Industrial Estate
Corby
Northamptonshire
United Kingdom
NN17 4DR
Accountants
Azets
Thorpe House
93 Headlands
Kettering
Northamptonshire
United Kingdom
NN15 6BL
PLANET AID UK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PLANET AID UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
191,081
287,574
Current assets
Stocks
21,993
70,460
Debtors
5
180,255
146,050
Cash at bank and in hand
31
985
202,279
217,495
Creditors: amounts falling due within one year
6
(180,022)
(199,470)
Net current assets
22,257
18,025
Total assets less current liabilities
213,338
305,599
Creditors: amounts falling due after more than one year
7
(141,084)
(188,450)
Provisions for liabilities
(26,493)
(33,737)
Net assets
45,761
83,412
Capital and reserves
Profit and loss reserves
45,761
83,412
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial 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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PLANET AID UK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 August 2025 and are signed on its behalf by:
Mr O Thomsen
Director
Company Registration No. 03655609
PLANET AID UK LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 3 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
Planet Aid UK Limited is a private company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2
Turnover
Turnover represents amounts receivable for goods supplied and services provided, excluding value added tax and trade discounts.
The turnover is attributable to the company's principal activity.
2.3
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Production equipment
25% on cost
Fixtures and fittings
25% on cost
Office equipment
25% on cost
Motor vehicles
25% on cost
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.
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
PLANET AID UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 4 -
2.4
Stocks
Stocks of donated clothes and other donated goods held for resale are valued at the lower of estimated cost and net realisable value.
Estimated cost is calculated by applying the estimated direct costs relating to collection, sorting and packing per tonne of donated goods to the actual tonnage of such goods held at the year end.
2.5
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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 is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2.7
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
2.8
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and depreciated over their estimated useful lives.
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as liability.
Rentals paid under operating lease contracts are charged to the profit and loss as incurred.
PLANET AID UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 10 (2023 - 23).
2024
2023
Number
Number
Total
10
23
4
Tangible fixed assets
Production equipment
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
609,766
19,484
2,053
255,371
886,674
Additions
3,000
3,000
Disposals
(77,798)
(77,798)
At 31 December 2024
609,766
19,484
2,053
180,573
811,876
Depreciation and impairment
At 1 January 2024
489,148
9,809
1,147
98,996
599,100
Depreciation charged in the year
21,395
4,871
513
36,065
62,844
Eliminated in respect of disposals
(41,149)
(41,149)
At 31 December 2024
510,543
14,680
1,660
93,912
620,795
Carrying amount
At 31 December 2024
99,223
4,804
393
86,661
191,081
At 31 December 2023
120,618
9,675
906
156,375
287,574
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
74,798
30,919
Other debtors
28,500
15,062
Prepayments and accrued income
3,635
178
106,933
46,159
PLANET AID UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Debtors
(Continued)
- 6 -
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
73,322
99,891
Total debtors
180,255
146,050
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
15,829
34,916
Obligations under finance leases
32,312
38,644
Other borrowings
65,681
14,811
Trade creditors
50,566
71,489
Taxation and social security
5,832
25,099
Other creditors
4,852
9,561
Accruals and deferred income
4,950
4,950
180,022
199,470
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
10,878
21,223
Obligations under finance leases
15,689
48,001
Other borrowings
114,517
119,226
141,084
188,450
PLANET AID UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
8
Secured debts
The following secured debts are included within creditors:
The hire purchase liabilities are secured under normal commercial terms.
The hire purchase liabilities are repayable within five years.
The bank loan and overdraft are secured by debenture.
9
Other financial commitments
The company has total future commitments of £7,654 (2023: £57,291) in respect of operating leases for land and buildings which expire in 2025.
10
Related party transactions
At 31 December 2024 other creditors include £3,950 (2023: £3,950) owing to Mrs B Soe in respect of amounts paid by her on behalf of the company.
11
Parent company
The Board of Directors consider themselves to be the ultimate controlling party of the company.