REGISTERED NUMBER: 08530523 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Plane Characters Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr M J Midgen

Mr R A Johnson

REGISTERED OFFICE:

Brown Heath House

Pound Green

Buxted

Uckfield

East Sussex

TN22 4PH

REGISTERED NUMBER:

08530523 (England and Wales)

ACCOUNTANTS:

Always Accounting Limited

Office 1 Monkhurst House

Sandy Cross Lane

Heathfield

East Sussex

TN21 8QR

FIXED ASSETS

Intangible assets

5

2,286

4,163

Tangible assets

6

-

-

2,286

4,163

CURRENT ASSETS

Stocks

7

2,000

2,529

Debtors

8

15,390

21,579

Cash at bank

731

904

18,121

25,012

CREDITORS

Amounts falling due within one year

9

28,140

28,140

NET CURRENT LIABILITIES

(10,019

)

(3,128

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(7,733

)

1,035

CREDITORS

Amounts falling due after more than one year

10

24,939

28,889

NET LIABILITIES

(32,672

)

(27,854

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

12

(32,674

)

(27,856

)

SHAREHOLDERS' FUNDS

(32,672

)

(27,854

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Mr M J Midgen - Director

1.	STATUTORY INFORMATION

Plane Characters Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In preparing the financial statements, management were not required to make any estimates or judgments, which materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trade marks are being amortised evenly over their estimated useful life of ten years.

Intellectual property are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Website development

-

33% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 Statement of Financial Position 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future payment discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors greater than one year are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5.	INTANGIBLE FIXED ASSETS

Trade

Intellectual

marks

property

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

6,927

11,860

18,787

AMORTISATION

At 1 January 2024

6,235

8,389

14,624

Amortisation for year

692

1,185

1,877

At 31 December 2024

6,927

9,574

16,501

NET BOOK VALUE

At 31 December 2024

-

2,286

2,286

At 31 December 2023

692

3,471

4,163

6.	TANGIBLE FIXED ASSETS

Website

Computer

development

equipment

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

5,878

1,568

7,446

DEPRECIATION

At 1 January 2024

and 31 December 2024

5,878

1,568

7,446

NET BOOK VALUE

At 31 December 2024

-

-

-

At 31 December 2023

-

-

-

7.

STOCKS

31.12.24

31.12.23

£

£

Stocks

2,000

2,529

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other debtors

14,547

20,681

VAT

843

898

15,390

21,579

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts (see note 11)

10,000

10,000

Directors' loan accounts

17,740

17,740

Accrued expenses

400

400

28,140

28,140

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans (see note 11)

24,939

28,889

11.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due within one year or on demand:

Bank loans

10,000

10,000

Amounts falling due between one and two years:

Bank loans - 1-2 years

20,000

20,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

4,939

8,889

12.

RESERVES

Retained

earnings

£

At 1 January 2024

(27,856

)

Deficit for the year

(4,818

)

At 31 December 2024

(32,674

)

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the company owed Mr M Midgen, a director and shareholder £8,640 (2023 - £8,657).

At the balance sheet date the company owed Mr R Johnson, a director and shareholder £9,100 (2023 - £9,100).

There are no terms attached to these loans.

14.	RELATED PARTY DISCLOSURES

As on statement of financial position date the Company owes M2X Ltd £500 (2023: £500) of which Mr M J Midgen is a 50% shareholder. The balance is interest free and repayable on demand.

As on statement of financial position date the Company was owed by Plane Characters Productions Limited £15,047 (2023: £21,181) of which Mr M J Midgen and Mr R Johnson are 50% shareholders. The balance is interest free and repayable on demand.

15.	GOING CONCERN

At the balance sheet date the directors have considered the companys ability to continue as a going concern and undertake to provide the company with sufficient funds to allow the company to meet any debts as they fall due or for the foreseeable future.