Planar Systems Limited - Limited company accounts 18.2

Planar Systems Limited - Limited company accounts 18.2

PLANAR SYSTEMS LIMITED - Company Information

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REGISTERED NUMBER: 02906320 (England and Wales)













REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

PLANAR SYSTEMS LIMITED
PLANAR SYSTEMS LIMITED (REGISTERED NUMBER: 02906320)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018




Page

Company Information 1

Report of the Director 2

Abridged Statement of Income and Retained Earnings 3

Balance Sheet 4

Notes to the Financial Statements 5


PLANAR SYSTEMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2018







DIRECTOR: R Gray



REGISTERED OFFICE: Lexham House
Forest Road
Binfield
Bracknell
Berkshire
RG42 4HP



REGISTERED NUMBER: 02906320 (England and Wales)



ACCOUNTANTS: Harlows Accountants
Lexham House Forest Road
Binfield
Bracknell
Berkshire
RG42 4HP



BANKERS: Silicon Valley Bank
Alphabeta
14-18 Finsbury Square
London
EC2A 1BR
Page 1
PLANAR SYSTEMS LIMITED (REGISTERED NUMBER: 02906320)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2018

The director presents his report with the financial statements of the company for the year ended 31 December 2018.

PRINCIPAL ACTIVITY
marketing electronic digital display products.

DIRECTOR
R Gray held office during the whole of the period from 1 January 2018 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small
companies.

ON BEHALF OF THE BOARD:





R Gray - Director


20 September 2019

Page 2
PLANAR SYSTEMS LIMITED (REGISTERED NUMBER: 02906320)

ABRIDGED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2018

31/12/18 31/12/17
Notes £    £    £    £   

GROSS PROFIT 119,869 64,050

Distribution costs 280 -
Administrative expenses 101,730 56,965
102,010 56,965
OPERATING PROFIT 4 17,859 7,085

Interest receivable and similar income 11 -
PROFIT BEFORE TAXATION 17,870 7,085

Tax on profit 5 2,733 2,667
PROFIT FOR THE FINANCIAL YEAR 15,137 4,418

Retained earnings at beginning of year 43,889 39,471

RETAINED EARNINGS AT END OF
YEAR
59,026
43,889

The notes form part of these financial statements

Page 3
PLANAR SYSTEMS LIMITED (REGISTERED NUMBER: 02906320)

BALANCE SHEET
31 DECEMBER 2018

31/12/18 31/12/17
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 1,013 2,814

CURRENT ASSETS
Debtors 7 16,164 169,666
Cash at bank 64,784 27,752
80,948 197,418
CREDITORS
Amounts falling due within one year 8 22,925 156,333
NET CURRENT ASSETS 58,023 41,085
TOTAL ASSETS LESS CURRENT
LIABILITIES
59,036
43,899

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 59,026 43,889
SHAREHOLDERS' FUNDS 59,036 43,899

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings for the year ended 31 December 2018 in accordance with Section 444(2A) of the Companies Act 2006.

The financial statements were approved by the director on 20 September 2019 and were signed by:





R Gray - Director


The notes form part of these financial statements

Page 4
PLANAR SYSTEMS LIMITED (REGISTERED NUMBER: 02906320)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

1. STATUTORY INFORMATION

Planar Systems 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.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on cost

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 it is probable that they
will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension
scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
31/12/18 31/12/17
£    £   
Wages and salaries 189,819 69,536
Social security costs 25,200 8,230
Other pension costs 1,580 2,280
216,599 80,046

Page 5 continued...
PLANAR SYSTEMS LIMITED (REGISTERED NUMBER: 02906320)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2018

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31/12/18 31/12/17

Directors 1 1
Sales Personnel 3 2
4 3

4. OPERATING PROFIT

The operating profit is stated after charging:

31/12/18 31/12/17
£    £   
Depreciation - owned assets 1,801 1,677

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/12/18 31/12/17
£    £   
Current tax:
UK corporation tax 3,777 2,667
Over-provision in prior year (1,044 ) -

Tax on profit 2,733 2,667

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2018
and 31 December 2018 5,067
DEPRECIATION
At 1 January 2018 2,253
Charge for year 1,801
At 31 December 2018 4,054
NET BOOK VALUE
At 31 December 2018 1,013
At 31 December 2017 2,814

Page 6 continued...
PLANAR SYSTEMS LIMITED (REGISTERED NUMBER: 02906320)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2018

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/18 31/12/17
£    £   
Amounts owed by group undertakings 7,782 -
VAT 2,249 163,188
Prepayments 6,133 6,478
16,164 169,666

Group undertaking is Planar Systems Inc (Incorporated in the United States of America)

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/18 31/12/17
£    £   
Trade Creditors 1,015 1,140
Amounts owed to group undertakings - 136,730
Corporation Tax 3,777 2,781
Social Security and Other Taxes 7,314 5,288
Nest Pension 288 117
Other Creditors 915 -
Accrued Expenses 228 4,818
Holiday Pay Accrued 9,388 5,459
22,925 156,333

9. ULTIMATE CONTROLLING PARTY

Planar Systems Incorporated of Beaverton, Oregon, USA, a Leyard company and a member of the Leyard
American Corporation.

Page 7