Plane Business Limited - Accounts to registrar (filleted) - small 18.2
Plane Business Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| PLANE BUSINESS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2021 |
| PLANE BUSINESS LIMITED (REGISTERED NUMBER: 04070116) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2021 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| PLANE BUSINESS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants |
| Sterling House |
| Fulbourne Road |
| Walthamstow |
| London |
| E17 4EE |
| PLANE BUSINESS LIMITED (REGISTERED NUMBER: 04070116) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2021 |
| 31.12.21 | 31.12.20 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings | 10 |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| PLANE BUSINESS LIMITED (REGISTERED NUMBER: 04070116) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 DECEMBER 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PLANE BUSINESS LIMITED (REGISTERED NUMBER: 04070116) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2021 |
| 1. | STATUTORY INFORMATION |
| Plane Business Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Significant judgements and estimates |
| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: |
| Provision for bad and doubtful debts |
| The company reviews its trade and other receivables for evidence of their recoverability. Such evidence includes the customer's payment record and the customer's overall financial position. If indications of irrecoverability exist, the recoverable amount is estimated and a respective provision for bad and doubtful debts is made. The amount of the provision is charged through profit or loss. The review of credit risk is continuous and the methodology and assumptions used for estimating the provision are reviewed regularly and adjusted accordingly. |
| Corporation tax |
| Significant judgement is required in determining the provision for corporation taxes. There are transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognises liabilities for anticipated tax issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the corporation tax and deferred tax provisions in the period in which such determination is made. |
| PLANE BUSINESS LIMITED (REGISTERED NUMBER: 04070116) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover and other income |
| Turnover is measured at the fair value of the consideration received or receivable net of VAT. The policies adopted for the recognition of turnover are as follows: |
| Rendering of services |
| When the outcome of a transaction can be estimated reliably, turnover from commissions receivable, excluding value added tax is recognised when the company obtains the right to consideration under individual lease/contract terms.Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. |
| Where a contract has only been partially completed at the balance sheet date, turnover represent the value of services provided to date based on a portion of the total contract value. Fees earned but not invoiced by the balance sheet date are treated as accrued income and including as part of debtors due within one year. |
| Interest receivable |
| Interest income is recognised using the effective interest method. |
| Tangible fixed assets |
| Short leasehold | - |
| Furniture | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| PLANE BUSINESS LIMITED (REGISTERED NUMBER: 04070116) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Investments |
| Fixed asset investments for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss account for the year. |
| Other fixed asset investments are stated at cost less provision for diminution in value recognised in profit or loss account for the year. |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| 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. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to the profit and loss account as incurred. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Short | and | Computer |
| leasehold | Furniture | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2021 |
| and 31 December 2021 |
| DEPRECIATION |
| At 1 January 2021 |
| Charge for year |
| At 31 December 2021 |
| NET BOOK VALUE |
| At 31 December 2021 |
| At 31 December 2020 |
| PLANE BUSINESS LIMITED (REGISTERED NUMBER: 04070116) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2021 |
| 5. | FIXED ASSET INVESTMENTS |
| 31.12.21 | 31.12.20 |
| £ | £ |
| Shares in group undertakings |
| Other investments not loans |
| Additional information is as follows: |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2021 |
| and 31 December 2021 |
| NET BOOK VALUE |
| At 31 December 2021 |
| At 31 December 2020 |
| Investments (neither listed nor unlisted) were as follows: |
| 31.12.21 | 31.12.20 |
| £ | £ |
| Cost or Valuation | 3,800 | 3,800 |
| 6. | DEBTORS |
| 31.12.21 | 31.12.20 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Amounts owed by group undertakings |
| Aggregate amounts |
| PLANE BUSINESS LIMITED (REGISTERED NUMBER: 04070116) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2021 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.21 | 31.12.20 |
| £ | £ |
| Trade creditors |
| Social security and other taxes |
| VAT | 26,207 | 4,125 |
| Other creditors |
| Clients' control account | - | 12,181 |
| Accruals and deferred income |
| Client control account is represented by money held in client accounts which is included in bank balances. |
| 8. | PROVISIONS FOR LIABILITIES |
| 31.12.21 | 31.12.20 |
| £ | £ |
| Deferred tax | 1,542 | 3,143 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2021 |
| Accelerated capital allowances | (1,601 | ) |
| Balance at 31 December 2021 |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.21 | 31.12.20 |
| value: | £ | £ |
| Ordinary | £1 | 75 | 75 |
| 10. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2021 |
| Deficit for the year | ( |
) |
| At 31 December 2021 |
| 11. | CONTROLLING PARTY |
| The holding company is Kayan Aviation holding Ltd an company incorporated in England and Wales. |
| The ultimate controlling party is Dr U N Nayak by virtue of holding 84.7% ordinary shares of the holding company. |