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Registered number: 05220077
Planet Interior Projects Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2025
BV Accountants Group Limited
7 St Petersgate
Stockport
Cheshire
SK1 1EB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05220077
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 123,776 54,903
123,776 54,903
CURRENT ASSETS
Stocks 5 297,500 -
Debtors 6 690,236 654,849
Cash at bank and in hand 86,073 496,589
1,073,809 1,151,438
Creditors: Amounts Falling Due Within One Year 7 (755,409 ) (838,222 )
NET CURRENT ASSETS (LIABILITIES) 318,400 313,216
TOTAL ASSETS LESS CURRENT LIABILITIES 442,176 368,119
Creditors: Amounts Falling Due After More Than One Year 8 (71,350 ) (5,208 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,300 ) -
NET ASSETS 367,526 362,911
CAPITAL AND RESERVES
Called up share capital 11 2 2
Profit and Loss Account 367,524 362,909
SHAREHOLDERS' FUNDS 367,526 362,911
Page 1
Page 2
For the year ending 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jeff Noon
Director
29 May 2026
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Planet Interior Projects Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05220077 . The registered office is Empress Business Centre, 380 Chester Road, Manchester, Old Trafford, M16 9EA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts 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 the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2024: 5)
6 5
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 June 2024 96,393 26,149 122,542
Additions 130,409 6,565 136,974
Disposals (76,893 ) - (76,893 )
As at 31 May 2025 149,909 32,714 182,623
Depreciation
As at 1 June 2024 54,611 13,028 67,639
Provided during the period 31,771 2,089 33,860
Disposals (42,652 ) - (42,652 )
As at 31 May 2025 43,730 15,117 58,847
Net Book Value
As at 31 May 2025 106,179 17,597 123,776
As at 1 June 2024 41,782 13,121 54,903
5. Stocks
2025 2024
£ £
Work in progress 297,500 -
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6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 88,627 113,553
Other debtors 601,609 541,296
690,236 654,849
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 20,615 8,454
Trade creditors 304,771 568,229
Bank loans and overdrafts 71,111 62,500
Other creditors 18,795 8,584
Taxation and social security 340,117 190,455
755,409 838,222
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 71,350 -
Bank loans - 5,208
71,350 5,208
9. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 20,615 8,454
Later than one year and not later than five years 71,350 -
91,965 8,454
91,965 8,454
10. Provisions for Liabilities
Deferred Tax Total
£ £
Additions 3,300 3,300
Balance at 31 May 2025 3,300 3,300
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11. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 2 2
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2024 Amounts advanced Amounts repaid Amounts written off As at 31 May 2025
£ £ £ £ £
Mrs Susan Noon 263,532 196,230 188,532 - 271,230
Mr Jeff Noon 263,533 196,230 188,533 - 271,230
The above loan is unsecured, interest free and repayable on demand.
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