ACCOUNTS - Final Accounts

PLAN IT HOME IMPROVEMENTS LIMITED - Company Information

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Registered number: 05627172

PLAN IT HOME IMPROVEMENTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2019

PLAN IT HOME IMPROVEMENTS LIMITED

REGISTERED NUMBER: 05627172

BALANCE SHEET

AS AT 31 DECEMBER 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	4		395		592
			395		592
Current assets
Stocks		29,498		17,895
Debtors: amounts falling due within one year	5	13,210		-
Cash at bank and in hand	6	35,855		78,123
		78,563		96,018
Creditors: amounts falling due within one year	7	(60,042)		(84,905)
Net current assets			18,521		11,113
Total assets less current liabilities			18,916		11,705

Net assets			18,916		11,705

Capital and reserves
Called up share capital	2	2
Profit and loss account	18,914	11,703
	18,916	11,705

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PLAN IT HOME IMPROVEMENTS LIMITED

REGISTERED NUMBER: 05627172

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2019

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 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:

................................................

S Fogden

Director

Date: 15 June 2020

The notes on pages 3 to 6 form part of these financial statements.

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PLAN IT HOME IMPROVEMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

1.	General information

Plan IT Home Improvements Limited is a private limited company guaranteed by shares. The company is incorporated in England and Wales and its registered office is Aston House, Cornwall Avenue, London, N3 1LF. The company number is 05627172.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

2.4

Taxation

Tax is recognised in the Statement of income and retained earnings, 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 income 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.

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PLAN IT HOME IMPROVEMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

2.Accounting policies (continued)

2.5

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles

33%

on a reducing balance

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 the Statement of income and retained earnings.

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

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.

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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PLAN IT HOME IMPROVEMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

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.

Employees

The average monthly number of employees, including directors, during the year was 1 (2018 - 1).

4.	Tangible fixed assets

		Motor vehicles
		£
	Cost or valuation
	At 1 January 2019	18,721
	At 31 December 2019	18,721
	Depreciation
	At 1 January 2019	18,128
	Charge for the year on owned assets	198
	At 31 December 2019	18,326
	Net book value
	At 31 December 2019	395

Debtors

					2019	2018
					£	£


Trade debtors	5,500	-
Other debtors	7,710	-
	13,210	-

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PLAN IT HOME IMPROVEMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

6.	Cash and cash equivalents
		2019	2018
		£	£

Cash at bank and in hand	35,855	78,123
	35,855	78,123

7.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Trade creditors	37,659	49,766
Corporation tax	9,948	10,512
Other taxation and social security	1,335	4,090
Other creditors	5,800	17,288
Accruals and deferred income	5,300	3,250
	60,042	84,906

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