Planet Coms Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06432941 (England and Wales)

Financial Statements

for the Year Ended 31 March 2021

for

Planet Coms Ltd.

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

W Allen

REGISTERED OFFICE:

34 Howsman Road

Barnes

London

SW13 9AP

REGISTERED NUMBER:

06432941 (England and Wales)

ACCOUNTANTS:

Barnbrook Sinclair

Chartered Accountants

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

FIXED ASSETS

Property, plant and equipment

5

1,207

2,215

CURRENT ASSETS

Debtors

6

3,462

26,517

Cash at bank

20,437

-

23,899

26,517

CREDITORS

Amounts falling due within one year

7

(10,810

)

(18,673

)

NET CURRENT ASSETS

13,089

7,844

TOTAL ASSETS LESS CURRENT LIABILITIES

14,296

10,059

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

14,196

9,959

14,296

10,059

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 November 2021 and were signed by:

W Allen - Director

1.	STATUTORY INFORMATION

Planet Coms Ltd. 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover, which represents copywriting services, is recognised, excluding value added tax, when it is probable that an economic benefit will flow to the company and the revenue and costs can be reliably measured.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

Cost

At 1 April 2020

and 31 March 2021

723

13,342

14,065

Depreciation

At 1 April 2020

461

11,389

11,850

Charge for year

87

921

1,008

At 31 March 2021

548

12,310

12,858

Net book value

At 31 March 2021

175

1,032

1,207

At 31 March 2020

262

1,953

2,215

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

£

£

Trade debtors

3,462

6,141

Other debtors

-

20,376

3,462

26,517

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

£

£

Bank loans and overdrafts

-

708

Taxation and social security

8,566

15,858

Other creditors

2,244

2,107

10,810

18,673

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020:

31/3/21

31/3/20

£

£

W Allen

Balance outstanding at start of year

20,000

-

Amounts advanced

-

20,000

Amounts repaid

(20,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

20,000

The loan carried loan interest at 2.5%.