PLANET_KNOX_LIMITED - Accounts

PLANET KNOX LIMITED - Company Information

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Company Registration No. 03440649 (England and Wales)

PLANET KNOX LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

PLANET KNOX LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

2 - 3

Notes to the abbreviated accounts

4 - 5

PLANET KNOX LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PLANET KNOX LIMITED FOR THE YEAR ENDED 31 DECEMBER 2014

- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Planet Knox Limited for the year ended 31 December 2014 set out on pages 2 to 5 from the company's accounting records and from information and explanations you have given to us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Planet Knox Limited, as a body, in accordance with the terms of our engagement letter dated 15 July 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Planet Knox Limited and state those matters that we have agreed to state to the Board of Directors of Planet Knox Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Planet Knox Limited and it's Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Planet Knox Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Planet Knox Limited. You consider that Planet Knox Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Planet Knox Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moore and Smalley LLP

Chartered Accountants

Priory Close

St Marys Gate

Lancaster

LA1 1XB

22 July 2015

PLANET KNOX LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2014

- 2 -

2014

2013

Notes

Fixed assets

Tangible assets

36,861

61,211

Current assets

Stocks

405,256

306,559

Debtors

115,542

136,012

Cash at bank and in hand

70,251

24,914

591,049

467,485

Creditors: amounts falling due within one year

(415,695)

(372,002)

Net current assets

175,354

95,483

Total assets less current liabilities

212,215

156,694

Creditors: amounts falling due after more than one year

(77,000)

(35,750)

Provisions for liabilities

(2,472)

(6,268)

132,743

114,676

Capital and reserves

Called up share capital

1,000

Profit and loss account

131,743

113,676

Shareholders' funds

132,743

114,676

PLANET KNOX LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2014

- 3 -

For the financial year ended 31 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 21 July 2015

Mrs M M Travell

Director

Company Registration No. 03440649

PLANET KNOX LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

- 4 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts, to the extent that the business has a right to consideration arising from the performance of its contractual arrangements.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Property improvmts

3 years straight line

Plant and machinery

5 years / 3 years straight line

Fixtures, fittings & equipment

4 years / 3 years straight line (computer equipment)

Motor vehicles

25% reducing balance

1.6

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.7

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due consideration for obsolete and slow-moving items.

1.8

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.9

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

PLANET KNOX LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

Accounting policies

(Continued)

- 5 -

1.10

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 January 2014

10,000

488,718

498,718

Additions

6,453

At 31 December 2014

10,000

495,171

505,171

Depreciation

At 1 January 2014

10,000

427,506

437,506

Charge for the year

30,804

At 31 December 2014

10,000

458,310

468,310

Net book value

At 31 December 2014

36,861

At 31 December 2013

61,211

Share capital

2014

2013

Allotted, called up and fully paid

475 'A' Ordinary of £1 each

475

500

475 'B' Ordinary of £1 each

475

500

50 'C' Ordinary of £1 each

1,000

Each class of share rank pari passu in all respects save that the directors may at any time resolve to declare a dividend on one class of share and not another class.

On 8th December 2014, 25 'A' Ordinary shares of £1 each and 25 'B' Ordinary shares of £1 each were re-designated into 50 'C' Ordinary shares of £1 each.