Planb Professional Services Limited - Period Ending 2022-10-31
Planb Professional Services Limited - Period Ending 2022-10-31
Planb Professional Services Limited
for the Year Ended 31 October 2022
Registration number:
Planb Professional Services Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of comprehensive income and retained earnings |
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Statement of financial position |
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Notes to the Financial Statements |
Planb Professional Services Limited
Company Information
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Directors |
Mr I Bruce Miss O Hamilton |
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Company secretary |
Mr C Whiteford |
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Registered office |
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Bankers |
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Auditors |
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Planb Professional Services Limited
Strategic Report for the Year Ended 31 October 2022
The Directors present their strategic report for the year ended 31 October 2022.
Principal activities and review of business
The principal activity of the company is an outcome based provider of consultancy and project delivery services.
Planb Professional Services Limited is a limited company. Its statement of financial position is disclosed on page 12 and the company's statement of income and retained earnings is set out on page 11 and shows a profit after taxation for the year of £978,053 (2021 : £807,539).
The continued expansion into the financial services sector had a positive effect on the trading performance, with the addition of further blue-chip clients to the expanding portfolio. The company continues to service clients in a wide variety of sectors to include its traditional core oil and gas clients, travel, construction and financial services.
Key performance indicators
The Company's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2022 |
2021 |
|
Turnover |
£m |
17.74 |
14.72 |
|
Gross margin |
% |
14.67 |
13.80 |
|
Gross profit |
£m |
2.60 |
2.03 |
The directors consider performance against these KPIs to be satisfactory.
Principal risks and uncertainties
The management of the business and execution of strategy are subject to a number of risks and the company has procedures to manage this.
The key business risk affecting the company is considered to relate to the competitive nature of the market in which the company operates. The company's revenue has also historically been dominated by customers in the oil and gas sector.
The company seeks to manage these risks by maintaining strong relationships with its customers and seek additional opportunities in both this and other sectors via its high quality customer offering.
Planb Professional Services Limited
Strategic Report for the Year Ended 31 October 2022
Financial Instruments
The company uses various financial instruments. These include cash, debt factoring, trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below.
Price risk:
The company mitigates its price risk exposure by agreeing daily rates with subcontractors prior to the commencement of each project. As a result, the daily rates charged by each subcontractor are guaranteed, thereby preserving the company's anticipated margins from its customers.
Liquidity risk:
The company seeks to manage liquidity risk by ensuring sufficient cash resources are available to meet foreseeable needs. The company has a policy of maintaining a substantial margin of slack on its debt factoring facility to ensure any unforeseen cashflow issues will not impact the operating activities. The company also has a prudent profit extraction policy ensuring financial resources are retained to fund future expansion plans.
Interest Rate Risk:
The company finances its operations principally through retained profits, creditors and debt factoring. Cash and creditors do not expose the company to interest rate fluctuations. The factor loan is maintained at a very low proportion in respect to overall creditors, in order to minimise the impact any interest rate fluctuations would have on operations.
Credit Risk:
The company's principle financial assets are cash and trade debtors. The credit risk associated with cash is limited; the principle credit risk therefore arises from its trade debtors, materially all of which are factored via the Royal Bank of Scotland (RBS). RBS closely monitor the financial health of each entity with which the company transacts business, in order to ensure it is not exposing its own line of credit. This management, coupled with a diversified customer base, allows the company to maintain credit risk within acceptable limits.
Currency Risk:
The company is not materially exposed to foreign exchange translation risks, as business transacted in foreign currencies represents a small proportion of overall activities. The risk is further reduced as trade debtors are closely controlled, therefore the timing of payments from foreign customers closely aligns the billing point, reducing exposure to exchange rate fluctuations over time.
Planb Professional Services Limited
Strategic Report for the Year Ended 31 October 2022
Future developments
There are not any future developments that are expected to have a material impact on the trading ability of the company within the next twelve months.
Approved and authorised by the
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Planb Professional Services Limited
Directors' Report for the Year Ended 31 October 2022
The Directors present their report and the financial statements for the year ended 31 October 2022.
Directors of the Company
The Directors who held office during the year were as follows:
Dividends
Particulars of dividends paid are detailed in note 12 to the financial statements.
Disclosure of information in the strategic report
The Company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of financial instruments and future developments.
Disclosure of information to the auditors
Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Planb Professional Services Limited
Directors' Report for the Year Ended 31 October 2022
Statement of Directors' Responsibilities
The Directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Planb Professional Services Limited
Independent Auditor's Report to the Members of Planb Professional Services Limited
Opinion
We have audited the financial statements of Planb Professional Services Limited (the 'Company') for the year ended 31 October 2022, which comprise the Statement of comprehensive income and retained earnings, Statement of financial position, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the Company's affairs as at 31 October 2022 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Planb Professional Services Limited
Independent Auditor's Report to the Members of Planb Professional Services Limited
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic report and Directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic report and Directors’ report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report and Directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors Responsibilities, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Planb Professional Services Limited
Independent Auditor's Report to the Members of Planb Professional Services Limited
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement principal ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and experience of the industry sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate the risk of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Planb Professional Services Limited
Independent Auditor's Report to the Members of Planb Professional Services Limited
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
Barttelot Court
Barttelot Road
Horsham
West Sussex
RH12 1DQ
Planb Professional Services Limited
Statement of comprehensive income and retained earnings
for the Year Ended 31 October 2022
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Note |
2022 |
2021 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
- |
|
|
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Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
- |
|
|
Interest payable and similar charges |
( |
( |
|
|
1,158 |
(6,521) |
||
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Retained earnings brought forward |
1,341,309 |
1,283,182 |
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|
Dividends paid |
( |
( |
|
|
Retained earnings carried forward |
1,305,245 |
1,341,309 |
Planb Professional Services Limited
(Registration number: 06484746)
Statement of financial position as at 31 October 2022
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Note |
2022 |
2021 |
|
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Fixed assets |
|||
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Tangible assets |
|
|
|
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Current assets |
|||
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Debtors |
|
|
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Cash at bank and in hand |
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|
|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
|
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Net current assets |
|
|
|
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Total assets less current liabilities |
|
|
|
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
100 |
100 |
|
|
Profit and loss account |
1,305,245 |
1,341,309 |
|
|
Shareholders' funds |
1,305,345 |
1,341,409 |
Approved and authorised by the
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Planb Professional Services Limited
Notes to the Financial Statements for the Year Ended 31 October 2022
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General information |
The Company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Financial reporting standard 102 - reduced disclosure exemptions
The company has taken advantage of the exemption of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 4 Statement of Financial Position paragraph 4.12 (a)(iv);
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 11 Financial Instruments paragraphs 11.40 to 11.48A;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Planb (Holdings) Limited as at 31 October 2022 and these financial statements may be obtained from First Floor, 70 Queens Road, Aberdeen, AB15 4YE.
Planb Professional Services Limited
Notes to the Financial Statements for the Year Ended 31 October 2022
Turnover
Turnover is measured at the fair value of the consideration received or receivable for good supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of project services (including consultancy and project delivery) is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Revenue from temporary placements, which represents amounts billed for the service of consultants on a time basis, is recognised when the service has been provided.
Any unbilled services at the year end are included in turnover and disclosed under debtors as accrued income.
Government grants
Government grants in respect of salary costs relating to employees received under the Coronavirus Job Retention Scheme are included within Other operating income in the profit and loss account. The grant amount received under the Coronavirus Job Retention Scheme in the prior year is disclosed in note 4.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Foreign currencies
Operating leases
Operating leases rentals are charged to profit or loss on a straight-line basis over the period of the lease.
Where the company has a legal obligation, a dilapidations provision is created on inception of a lease. These provisions are a best estimate of the cost required to return leased properties to their original condition upon termination of the lease. Where the obligation arises from 'wear and tear', the provision is accrued as the 'wear and tear' occurs.
Planb Professional Services Limited
Notes to the Financial Statements for the Year Ended 31 October 2022
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Asset class |
Depreciation method and rate |
|
Fixture, fittings and equipment |
33% straight line |
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use.
For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Financial assets
Financial assets are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment.
Financial liabilities and equity
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost.
Finance costs
Financial costs are charged to profit and loss over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
Planb Professional Services Limited
Notes to the Financial Statements for the Year Ended 31 October 2022
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Judgements and key sources of estimation uncertainty
Critical judgements in applying the company’s accounting policies
The directors do not feel that they have made any critical judgements in the year in the process of applying the company’s accounting policies, apart from those involving estimations (which are dealt with separately below).
Key sources of estimation uncertainty
The key assumptions or estimation uncertainties at the statement of financial position date, 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.
Trade debtor provision
Trade debtors are held at invoiced amount less provisions. Trade debtor recoverability is determined via regular review by management in light of the available economic information specific to each debtor with specific provisions recognised for balances considered to be irrecoverable.
Revenue recognition
Revenue recognised on project work is based on the stage of completion, via reference to the days of service provided and the known status of the project, taking into account overruns and other pertinent items as necessary. The actual results may however differ to that estimated by management.
Planb Professional Services Limited
Notes to the Financial Statements for the Year Ended 31 October 2022
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Revenue |
Turnover arises from:
|
2022 |
2021 |
|
|
Rendering of services |
|
|
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
|
2022 |
2021 |
|
|
UK |
|
|
|
Rest of world |
|
|
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2022 |
2021 |
|
|
Coronavirus Job Retention Scheme |
- |
|
|
Operating profit |
Arrived at after charging:
|
2022 |
2021 |
|
|
Depreciation of tangible assets |
|
|
|
Operating lease rentals |
|
|
|
Foreign exchange (gains)/losses |
( |
|
|
Other interest receivable and similar income |
|
2022 |
2021 |
|
|
Interest receivable |
|
- |
Planb Professional Services Limited
Notes to the Financial Statements for the Year Ended 31 October 2022
|
Interest payable and similar expenses |
|
2022 |
2021 |
|
|
Interest expense on other finance liabilities |
|
|
|
Factoring interest |
- |
|
|
|
|
|
Staff costs |
The average number of persons employed by the company (including directors) amounted to:
|
2022 |
2021 |
|
|
Field staff |
|
|
|
Administration and support |
|
|
|
|
|
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2022 |
2021 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Staff health insurance |
|
|
|
Defined contribution scheme pension costs |
|
|
|
|
|
Planb Professional Services Limited
Notes to the Financial Statements for the Year Ended 31 October 2022
|
Directors' remuneration |
The directors' aggregate remuneration in respect of qualifying services for the year was:
|
2022 |
2021 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
168,971 |
138,151 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2022 |
2021 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2022 |
2021 |
|
|
Audit of the financial statements |
|
|
Planb Professional Services Limited
Notes to the Financial Statements for the Year Ended 31 October 2022
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Taxation |
Tax charged in the income statement:
|
2022 |
2021 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2021 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2022 |
2021 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Movement in deferred tax provision |
|
( |
|
Tax decrease from effect of capital allowances and depreciation |
( |
- |
|
Total tax charge |
|
|
|
Dividends |
Equity dividends paid during the year were £1,014,117 (2021 : £749,412).
Planb Professional Services Limited
Notes to the Financial Statements for the Year Ended 31 October 2022
|
Tangible assets |
|
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
||
|
At 1 November 2021 |
|
|
|
Additions |
|
|
|
Disposals |
( |
( |
|
At 31 October 2022 |
|
|
|
Depreciation |
||
|
At 1 November 2021 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
( |
( |
|
At 31 October 2022 |
|
|
|
Carrying amount |
||
|
At 31 October 2022 |
|
|
|
At 31 October 2021 |
|
|
|
Debtors |
|
Current |
Note |
2022 |
2021 |
|
Trade debtors |
|
|
|
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Amounts owed by related parties |
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Other debtors |
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Prepayments |
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Accrued income |
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Planb Professional Services Limited
Notes to the Financial Statements for the Year Ended 31 October 2022
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Cash and cash equivalents |
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2022 |
2021 |
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Cash at bank |
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Creditors |
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Note |
2022 |
2021 |
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Due within one year |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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The company has use of a factoring facility, included within 'Cash at bank and in hand', which is secured by an unlimited debenture dated May 2008 consisting of a fixed and floating charge over the assets of the company.
Planb Professional Services Limited
Notes to the Financial Statements for the Year Ended 31 October 2022
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Deferred tax and other provisions |
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Deferred tax |
Total |
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At 1 November 2021 |
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Increase in existing provisions |
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At 31 October 2022 |
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The deferred tax account consists of the tax effect of timing differences in respect of accelerated capital allowances.
The net deferred tax liability expected to reverse in 2023 is £649. This relates to the reversal of timing differences on capital allowances.
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Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
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Share capital |
Allotted, called up and fully paid shares
|
2022 |
2021 |
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|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
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100 |
The ordinary shares carry one vote per share and each share gives equal rights to dividends and distribution of the company's assets in the event of winding up or sale.
Planb Professional Services Limited
Notes to the Financial Statements for the Year Ended 31 October 2022
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Reserves |
The company's reserves are as follows:
- Called up share capital reserve represents the nominal value of the shares issued.
- Profit and loss account represents cumulative profit or losses, net of dividends paid and other adjustments.
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Obligations under leases and hire purchase contracts |
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2022 |
2021 |
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Not later than one year |
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Later than one year and not later than five years |
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- |
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Planb Professional Services Limited
Notes to the Financial Statements for the Year Ended 31 October 2022
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Related party transactions |
During the year the directors entered into the following advances and credits with the company:
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2022 |
At 1 November 2021 |
Advances to Director |
Repayments by Director |
At 31 October 2022 |
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Mr I Bruce |
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( |
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( |
( |
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2021 |
At 1 November 2020 |
Advances to Director |
Repayments by Director |
At 31 October 2021 |
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Mr I Bruce |
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( |
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( |
( |
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Transactions with Directors |
The maximum balance outstanding during the period was £134,966 (2021 : £63,151).
Summary of transactions with parent
Summary of transactions with other related parties
Columbus Technologies Ltd is under the control of Mr I Bruce by way of his ownership of 100% of the issued share capital. Columbus Technologies Ltd is separate from the Group. During the year there were no trading transactions with Columbus Technologies Ltd and as at the reporting date there was a balance owed to the company of £7,800 (2021 : £7,800).
Planb (Holdings) Ltd is under the control of Mr I Bruce and is the ultimate parent company of Planb Professional Services Ltd. During the year there were no trading transactions with Planb (Holdings) Ltd and a balance due to the company of £41,829 (2021 : £37,004).
Planb Professional Services Limited
Notes to the Financial Statements for the Year Ended 31 October 2022
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Parent and ultimate parent undertaking |
The company is a wholly owned subsidiary of Planb Corporation Limited, registered in England No. 07884623.
The company's ultimate parent company is Planb (Holdings) Limited, which owns 85% of the equity of Planb Corporation Limited. Planb (Holdings) Limited is under the control of Mr I Bruce by way of his ownership of 100% of the issued share capital. The smallest and largest group into which the entity is consolidated is that headed by Planb (Holdings) Limited. The consolidated accounts of Planb (Holdings) Limited can be obtained from First Floor, 70 Queens Road, Aberdeen, AB15 4YE.