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Company registration number:
07235258
PLANET PROPERTIES (LONDON) LTD
Unaudited Filleted Financial Statements for the year ended
31 December 2024
PLANET PROPERTIES (LONDON) LTD
Statement of Financial Position
31 December 2024
20242023
Note££
Fixed assets    
Tangible assets 5
18,552,160
 
17,300,000
 
Investments 6
1,000
 
1,000
 
18,553,160
 
17,301,000
 
Current assets    
Debtors 7
1,157,048
 
1,151,418
 
Cash at bank and in hand
1,187
 
285
 
1,158,235
 
1,151,703
 
Creditors: amounts falling due within one year 8
(4,402,677
 )
(4,346,669
 )
Net current liabilities
(3,244,442
 )
(3,194,966
 )
Total assets less current liabilities 15,308,718   14,106,034  
Creditors: amounts falling due after more than one year 9
(11,998,609
 )
(10,646,167
 )
Provisions for liabilities
(644,886
 )
(657,159
 )
Net assets
2,665,223
 
2,802,708
 
Capital and reserves    
Called up share capital
1,000
 
1,000
 
Profit and loss account
2,664,223
 
2,801,708
 
Shareholders funds
2,665,223
 
2,802,708
 
For the year ending
31 December 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 financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These
financial statements
were approved by the board of directors and authorised for issue on
29 September 2025
, and are signed on behalf of the board by:
Evie Olivia Demosthenous
Director
Company registration number:
07235258
PLANET PROPERTIES (LONDON) LTD
Notes to the Financial Statements
Year ended
31 December 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
42 Park Road
,
London
,
N8 8TD
, United Kingdom.
The principal activity of the company is that of property investment.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

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 estimates 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. There were no judgements and estimates that had significant effect on the amounts recognised in the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Revenue from the services rendered is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on rendering of the services; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Investment Property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2023:
1
).

5 Tangible assets

Land and buildings
£
Cost or valuation  
At
1 January 2024
17,300,000
 
Additions
1,532,160
 
Disposals
(231,786
 )
Revaluations
(48,214
 )
At
31 December 2024
18,552,160
 
Depreciation  
At
1 January 2024
and
31 December 2024
 -  
Carrying amount  
At
31 December 2024
18,552,160
 
At 31 December 2023
17,300,000
 
The fair value of the properties at 31 December 2024 has been arrived at on the basis of a valuation carried out at the date by Mrs. E Demosthenous, the director of the company who is not a professionally qualified valuer.
The historical cost of the freehold and leasehold properties was £12,464,955 and £2,278,828 respectively.

6 Investments

Shares in group undertakings and participating interests
£
Cost  
At
1 January 2024
1,000
 
At
31 December 2024
1,000
 
Impairment  
At
1 January 2024
and
31 December 2024
 -  
Carrying amount  
At
31 December 2024
1,000
 
At 31 December 2023
1,000
 

7 Debtors

20242023
££
Trade debtors -  
24,894
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,037,921
 
1,039,521
 
Other debtors
119,127
 
87,003
 
1,157,048
 
1,151,418
 

8 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
40,330
  -  
Trade creditors
29,406
 
31,273
 
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,756,822
 
1,667,663
 
Taxation and social security
23,993
 
23,993
 
Other creditors
2,552,126
 
2,623,740
 
4,402,677
 
4,346,669
 

9 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
11,998,609
 
10,646,167
 
The company in November 2022 has restructured it's loans with Cynergy Bank on terms of interest only loans with interest rates becoming 4.8% per annum of the facility amount. The interest rate will be fixed for the term.
The balance of these loans as at 31 December 2024 were £10,650,583 (2023 - £10,646,167)
During the current year, the company took out four loans with Cynergy Bank. These are 5 year and 3 year interest only loans with interest charged at a variable rate of 7.65%. The loans are secured by a first legal charge over the properties of the company.
The balance of these loans as at 31 December 2024 were £1,348,026.

11 Controlling party

The ultimate controlling party is E Demosthenous.