Planet Property Development (Glos) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06214877 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2019

for

Planet Property Development

(Gloucestershire) Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

P G Wood

REGISTERED OFFICE:

162 Hucclecote Road

Hucclecote

Gloucester

GL3 3SH

REGISTERED NUMBER:

06214877 (England and Wales)

ACCOUNTANTS:

HATS Gloucester Ltd

The White House

162 Hucclecote Road

Hucclecote

Gloucester

Gloucestershire

GL3 3SH

BANKERS:

HSBC

2 The Promenade

Cheltenham

GL50 1LR

FIXED ASSETS

Tangible assets

4

2,873

3,846

CURRENT ASSETS

Stocks

195,932

433,564

Debtors

5

63,264

5,007

Cash at bank

79,117

18,092

338,313

456,663

CREDITORS

Amounts falling due within one year

6

145,038

332,707

NET CURRENT ASSETS

193,275

123,956

TOTAL ASSETS LESS CURRENT LIABILITIES

196,148

127,802

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

196,146

127,800

SHAREHOLDERS' FUNDS

196,148

127,802

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 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 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 director on 22 October 2019 and were signed by:

P G Wood - Director

1.	STATUTORY INFORMATION

Planet Property Development (Gloucestershire) 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

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

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.

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

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

Cost

At 1 June 2018

and 31 May 2019

23,155

3,065

26,220

Depreciation

At 1 June 2018

19,446

2,928

22,374

Charge for year

927

46

973

At 31 May 2019

20,373

2,974

23,347

Net book value

At 31 May 2019

2,782

91

2,873

At 31 May 2018

3,709

137

3,846

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/19

31/5/18

£

£

Trade debtors

62,269

2,693

Other debtors

995

2,314

63,264

5,007

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/19

31/5/18

£

£

Trade creditors

5,413

69,351

Taxation and social security

35,893

26,246

Other creditors

103,732

237,110

145,038

332,707

7.	RELATED PARTY TRANSACTIONS

P G Wood

Director

The director has loaned funds to the company. During the year, the loan was partly repaid and at the

year end the balance owed to the director was £74,956 (2018 - £200,174). The loan is interest free

and has no fixed repayment date.

During the year, the director purchased a development property from the company at its open market

value.