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Registered number: 02772725 PLANLOCK LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MAY 2025
PLANLOCK LIMITED CONTENTS
| Page
Balance Sheet | 1 - 2
Notes to the Financial Statements | 3 - 10
PLANLOCK LIMITED REGISTERED NUMBER: 02772725 BALANCE SHEET AS AT 31 MAY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 51,023 |  | 67,313
Current assets |  |  |  |  |
Stocks | 5 | 1,548,325 |  | 1,545,206 |
Debtors: amounts falling due within one year | 6 | 283,497 |  | 284,147 |
Current asset investments | 7 | 20 |  | 20 |
Cash at bank and in hand |  | 266,121 |  | 370,948 |
|  | 2,097,963 |  | 2,200,321 |
Creditors: amounts falling due within one year | 8 | (920,608) |  | (888,410) |
Net current assets |  |  | 1,177,355 |  | 1,311,911
Total assets less current liabilities |  |  | 1,228,378 |  | 1,379,224
Creditors: amounts falling due after more than one year | 9 |  | (53,200) |  | (64,944)
Provisions for liabilities |  |  |  |  |
Deferred tax |  |  | - |  | (9,099)
Net assets |  |  | 1,175,178 |  | 1,305,181
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 1,000 |  | 1,000
Profit and loss account |  |  | 1,174,178 |  | 1,304,181
|  |  | 1,175,178 |  | 1,305,181
Page 1
PLANLOCK LIMITED REGISTERED NUMBER: 02772725 BALANCE SHEET (CONTINUED) AS AT 31 MAY 2025 The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M A Morris
Director
Date: 15 May 2026
The notes on pages 3 to 10 form part of these financial statements. Page 2
PLANLOCK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
1. | GENERAL INFORMATION
Planlock Limited is a private company, limited by shares, incorporated in England and Wales. The address of its registered office is 5 Miram House, 387 Cockfosters Road, Hadley Wood, Hertfordshire, EN4 0JS. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | REVENUE
Turnover comprises proceeds from property sales and rental income and is stated net of value added tax where appropriate. Rental income is recognised on a straight line basis under the term of the lease or tenancy agreement.
| 2.3 | TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method. Depreciation is provided on the following basis:
|  |  |  | Motor vehicles | - | 25% | on reducing balance
|  |  |  | Fixtures and fittings | - | 20% | on straight-line
|  |  |  | Office equipment | - | 15% | on reducing balance
|  |  |  | Computer equipment | - | 25% | on straight-line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.4 | VALUATION OF INVESTMENTS
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Page 3
PLANLOCK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.5 | STOCKS
Stock, which comprises development properties held for resale, is valued at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less future costs expected to be incurred prior to disposal. Cost includes all fees relating to the purchase of land, site development costs and project management fees incurred on the acquisition and development of the property. Interest costs and loan arrangement fees are written off as incurred. Property acquisitions and sales are accounted for when legally binding contracts, which are irrevocable and effectively unconditional, are exchanged and, in the case of sales, where completion has taken place prior to the date on which the financial statements are approved.
| 2.6 | CASH AND CASH EQUIVALENTS
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.7 | FINANCIAL INSTRUMENTS
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. 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 the deduction of all its liabilities. Page 4
PLANLOCK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.7 | FINANCIAL INSTRUMENTS (continued)
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.8 | GOVERNMENT GRANTS
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
| 2.9 | FOREIGN CURRENCY TRANSLATION
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 5
PLANLOCK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.10 | DIVIDENDS
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.11 | LEASED ASSETS: THE COMPANY AS LESSEE
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.12 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.13 | BORROWING COSTS
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.14 | PROVISIONS FOR LIABILITIES
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation, that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured as the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account the related risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet. Page 6
PLANLOCK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.15 | CURRENT AND DEFERRED TAXATION
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
3. | EMPLOYEES
The average monthly number of employees, including directors, during the year was 2 (2024 - 2). Page 7
PLANLOCK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
4. | TANGIBLE FIXED ASSETS
|  | Motor vehicles | Fixtures and fittings | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 June 2024 | 84,495 | 35,731 | 18,554 | 5,714 | 144,494
| Disposals | - | (5,503) | - | - | (5,503)
| At 31 May 2025 | 84,495 | 30,228 | 18,554 | 5,714 | 138,991
| Depreciation |  |  |  |  |
| At 1 June 2024 | 26,405 | 35,731 | 10,258 | 4,787 | 77,181
| Charge for the year on owned assets | - | - | 1,245 | 522 | 1,767
| Charge for the year on financed assets | 14,523 | - | - | - | 14,523
| Disposals | - | (5,503) | - | - | (5,503)
| At 31 May 2025 | 40,928 | 30,228 | 11,503 | 5,309 | 87,968
| Net book value |  |  |  |  |
| At 31 May 2025 | 43,567 | - | 7,051 | 405 | 51,023
| At 31 May 2024 | 58,090 | - | 8,296 | 927 | 67,313
5. | STOCKS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Development properties | 1,548,325 | 1,545,206
Page 8
PLANLOCK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
6. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 283,089 | 283,422
| Prepayments and accrued income | 87 | 725
| Deferred taxation | 321 | -
|  | 283,497 | 284,147
7. | CURRENT ASSET INVESTMENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Unlisted investments | 20 | 20
8. | CREDITORS: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 5,803 | 5,400
| Trade creditors | 6,180 | -
| Corporation tax | 860 | 3,625
| Obligations under finance lease and hire purchase contracts | 5,671 | 5,147
| Other creditors | 846,280 | 819,086
| Accruals and deferred income | 55,814 | 55,152
|  | 920,608 | 888,410
9. | CREDITORS: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 6,072
| Net obligations under finance leases and hire purchase contracts | 53,200 | 58,872
|  | 53,200 | 64,944
| Included within creditors are secured debts amounting to £58,871 (2024 - £64,019) which are secured via a charge on the assets purchased under the finance agreement.
Page 9
PLANLOCK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
10. | DEFERRED TAXATION
|  | 2025
|  | £
| At beginning of year | (9,099)
| Charged to the profit or loss | 9,420
| At end of year | 321
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 321 | (9,099)
11. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2024 - 1,000) Ordinary shares of £1 each | 1,000 | 1,000
12. | RELATED PARTY TRANSACTIONS
| At the balance sheet date, the company owed the director £7,634 (2024: £11,688). The balance was interest free and repayable on demand.
Page 10