Planning Solutions Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03138503 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

PLANNING SOLUTIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

11

DIRECTOR:

Mr M L Stickland

REGISTERED OFFICE:

1st Floor

Chilworth Point

1 Chilworth Road

Southampton

Hampshire

SO16 7JQ

REGISTERED NUMBER:

03138503 (England and Wales)

ACCOUNTANTS:

Rothmans LLP

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

SO16 7JQ

FIXED ASSETS

Tangible assets

4

2,855,124

2,664,809

Investments

5

725

725

Investment property

6

-

200,000

2,855,849

2,865,534

CURRENT ASSETS

Stocks

654,129

392,358

Debtors

7

885,672

861,158

Cash at bank and in hand

496,129

331,200

2,035,930

1,584,716

CREDITORS

Amounts falling due within one year

8

2,843,588

3,201,069

NET CURRENT LIABILITIES

(807,658

)

(1,616,353

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,048,191

1,249,181

CREDITORS

Amounts falling due after more than one year

9

(890,546

)

(199,998

)

PROVISIONS FOR LIABILITIES

(166,145

)

(185,117

)

NET ASSETS

991,500

864,066

CAPITAL AND RESERVES

Called up share capital

6,600

6,600

Fair value reserve

12

176,927

112,430

Retained earnings

12

807,973

745,036

SHAREHOLDERS' FUNDS

991,500

864,066

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 26 June 2023 and were signed by:

Mr M L Stickland - Director

1.	STATUTORY INFORMATION

Planning Solutions 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.

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

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 as modified by the revaluation of certain assets.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

The financial statements contain information about Planning Solutions Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

REVENUE RECOGNITION

Turnover is the amount derived from the provision of leisure activities and property development, and is stated net of VAT and recognised upon invoicing the customer.

Revenue for admissions is recognised at the date of entry. Revenue from sales of pre-paid tickets through third party discount websites are deferred until the payment is received.

Retail and catering revenue is recognised when the goods or services are supplied.

Deposits from letting of bedroom and suite accommodation are recognised as sales when payments are received. Room sales are also recognised as sales when payments are received from customers.

Revenue from property development is recognised when completion occurs.

GRANT INCOME

Grants, inclusive of job retention scheme income, are recognised when receivable. In the event that a grant is subject to fulfilling performance conditions before the company is entitled to the funds, the income is deferred and not recognised until it is probable that those conditions will be fulfilled in the reporting period.

OTHER INCOME - NATIONAL BREWERY CLOSURE

During the year under review the company ceased operation of the National Brewery Centre due to the lessor terminating the agreement to use the premises at which this operation was based.

Associated with the closure the company has received compensation for the termination of the lease and costs incurred.

Income from such compensation payments is recognised when the company is entitled to the compensation and intends to claim it.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Long leasehold

-

Over the length of the lease

Improvements to property

-

Over the length of the lease

Plant and machinery

-

Over 7 to 10 years

Fixtures and fittings

-

Straight line over 10 years

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost included 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.

The assets' residual values, useful lives and depreciation methods are reviewed and if appropriate are adjusted if there is an indication of a significant change since the last reporting date.

Mr M Stickland, the director of the company, ensures that the long leasehold property is included in the balance sheet at its open market value. The value of property is determined in accordance with land registry research carried out by Mr M Stickland.

INVESTMENTS IN SUBSIDIARIES

Investments in subsidiary undertakings are measured at cost less impairments.

INVESTMENT PROPERTY

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Mr M Stickland, the director of the company, ensures that the investment properties held are included in the balance sheet at their open market value. The value of property is determined in accordance with land registry research carried out by Mr M Stickland.

STOCK AND WORK IN PROGRESS

Stocks are valued at the lower of cost and net realisable value. Cost is computed on a first in first out basis. The cost of work in progress includes all production overheads and the attributable proportion of indirect overheads based on the normal level of activity. Net realisable value is based on estimated selling price less the estimated cost of disposal.

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.

PROVISIONS FOR LIABILITIES - 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.

LEASES AND HIRE PURCHASE CONTRACTS

Assets obtained under hire purchase contracts are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.

The interest element of these obligations is charged to the profit or loss on a straight line basis over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company makes contributions into a recognised UK defined contribution scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. Obligations for contributions to defined contribution pension schemes are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 249 (2021 - 245 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

Long

to

Plant and

property

leasehold

property

machinery

£

£

£

£

COST OR VALUATION

At 1 January 2022

800

899,278

750,722

3,082,073

Additions

-

-

56,215

188,392

Revaluations

-

110,674

-

-

At 31 December 2022

800

1,009,952

806,937

3,270,465

DEPRECIATION

At 1 January 2022

-

6,056

5,090

2,172,761

Charge for year

-

3,385

2,735

319,674

At 31 December 2022

-

9,441

7,825

2,492,435

NET BOOK VALUE

At 31 December 2022

800

1,000,511

799,112

778,030

At 31 December 2021

800

893,222

745,632

909,312

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2022

471,625

32,036

157,206

5,393,740

Additions

182,761

25,245

3,038

455,651

Revaluations

-

-

-

110,674

At 31 December 2022

654,386

57,281

160,244

5,960,065

DEPRECIATION

At 1 January 2022

402,894

14,720

127,410

2,728,931

Charge for year

32,000

10,640

7,576

376,010

At 31 December 2022

434,894

25,360

134,986

3,104,941

NET BOOK VALUE

At 31 December 2022

219,492

31,921

25,258

2,855,124

At 31 December 2021

68,731

17,316

29,796

2,664,809

Cost or valuation at 31 December 2022 is represented by:

Improvements

Freehold

Long

to

Plant and

property

leasehold

property

machinery

£

£

£

£

Valuation in 2018

-

19,787

-

-

Valuation in 2020

-

70,922

-

-

Valuation in 2022

-

110,674

-

-

Cost

800

808,569

806,937

3,270,465

800

1,009,952

806,937

3,270,465

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

Valuation in 2018

-

-

-

19,787

Valuation in 2020

-

-

-

70,922

Valuation in 2022

-

-

-

110,674

Cost

654,386

57,281

160,244

5,758,682

654,386

57,281

160,244

5,960,065

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST OR VALUATION

At 1 January 2022

and 31 December 2022

39,311

DEPRECIATION

At 1 January 2022

28,079

Charge for year

5,616

At 31 December 2022

33,695

NET BOOK VALUE

At 31 December 2022

5,616

At 31 December 2021

11,232

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2022

and 31 December 2022

725

NET BOOK VALUE

At 31 December 2022

725

At 31 December 2021

725

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

200,000

Disposals

(200,000

)

At 31 December 2022

-

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

200,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

as restated

£

£

Trade debtors

112,390

104,264

Other debtors

119,198

124,642

Boxleaf Ltd

-

300,000

Prepayments and accrued income

654,084

332,252

885,672

861,158

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

as restated

£

£

Bank loans and overdrafts

76,382

840,945

Hire purchase contracts (see note 10)

-

1,900

Trade creditors

338,847

294,827

Tax

-

16,807

Social security and other taxes

47,120

53,851

VAT

139,898

77,695

Other creditors and payments

on account

18,000

166,868

Directors' current accounts

772,793

828,994

Deferred income

64,065

47,590

Accrued expenses

1,386,483

871,592

2,843,588

3,201,069

The director's current account is repayable on demand and no interest is being charged on this balance.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

as restated

£

£

Bank loans - 1-2 years

77,698

9,496

Bank loans - 2-5 years

238,322

25,692

Bank loans more 5 yrs

non-installments

409,716

-

Other creditors

164,810

164,810

890,546

199,998

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs

non-installments

409,716

-

409,716

-

Within other creditors repayable after more than one year is a loan of £164,810 (2021: £164,810) from the Company's Small Self - Administered Pension Scheme of which a director is a member.

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2022

2021

as restated

£

£

Net obligations repayable:

Within one year

-

1,900

Non-cancellable operating

leases

2022

2021

as restated

£

£

Within one year

34,000

34,000

Between one and five years

26,750

60,750

60,750

94,750

11.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

as restated

£

£

Bank loans

802,118

876,133

Hire purchase contracts

-

1,900

802,118

878,033

The secured loans above are in the form of both a fixed charge with respect to the long leasehold property and a floating charge over the assets of the company, the director has also provided a personal guarantee to the value of £350,000. The hire purchase debts are secured against the assets to which they relate.

12.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 January 2022

745,036

112,430

857,466

Profit for the year

23,981

23,981

Revaluation of tangible assets

-

103,453

103,453

Transfer of non-distributable reserves

38,956

(38,956

)

-

At 31 December 2022

807,973

176,927

984,900

Retained earnings show the net value of accumulated gains and losses.

The fair value reserve shows accumulated unrealised gains on assets.

13.	RELATED PARTY DISCLOSURES

As at the start of the year, an amount of £300,000 was outstanding from a company under the control of a close family member of Mr M Stickland. During the year the loan was repaid in full and no balance was due at the year end. No interest has been charged on the loan.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Planning Solutions Limited for the year ended 31 December 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Planning Solutions Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Planning Solutions Limited and state those matters that we have agreed to state to the director of Planning Solutions Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Planning Solutions Limited and its director for our work or for this report.

It is your duty to ensure that Planning Solutions 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 Planning Solutions Limited. You consider that Planning Solutions 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 Planning Solutions 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.

Rothmans LLP

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

SO16 7JQ

Date: .............................................