PLANET SOUNDS LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05614685 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2020

for

PLANET SOUNDS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

T S Betts

SECRETARY:

Mrs A J Betts

REGISTERED OFFICE:

The Gatehouse

Wick Drive

New Milton

Hampshire

BH25 6SJ

REGISTERED NUMBER:

05614685 (England and Wales)

ACCOUNTANTS:

Richard Baker & Co.

The Gatehouse

Wick Drive

New Milton

Hampshire

BH25 6SJ

FIXED ASSETS

Intangible assets

4

11,900

13,600

Tangible assets

5

4,961

5,328

16,861

18,928

CURRENT ASSETS

Cash at bank and in hand

148

15

CREDITORS

Amounts falling due within one year

6

17,413

15,054

NET CURRENT LIABILITIES

(17,265

)

(15,039

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(404

)

3,889

CREDITORS

Amounts falling due after more than one year

7

-

(1,097

)

PROVISIONS FOR LIABILITIES

(932

)

(796

)

NET (LIABILITIES)/ASSETS

(1,336

)

1,996

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(1,436

)

1,896

SHAREHOLDERS' FUNDS

(1,336

)

1,996

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 and authorised for issue on 18 February 2021 and were signed by:

T S Betts - Director

1.	STATUTORY INFORMATION

PLANET SOUNDS 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment, fixtures & fittings 15% per annum reducing balance basis.

Computer equipment 20% per annum reducing balance basis.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

34,000

AMORTISATION

At 1 April 2019

20,400

Charge for year

1,700

At 31 March 2020

22,100

NET BOOK VALUE

At 31 March 2020

11,900

At 31 March 2019

13,600

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2019

13,096

1,719

14,815

Additions

525

-

525

At 31 March 2020

13,621

1,719

15,340

DEPRECIATION

At 1 April 2019

8,064

1,423

9,487

Charge for year

833

59

892

At 31 March 2020

8,897

1,482

10,379

NET BOOK VALUE

At 31 March 2020

4,724

237

4,961

At 31 March 2019

5,032

296

5,328

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

431

510

Other creditors

16,982

14,544

17,413

15,054

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans

-

1,097