Planet Property Development (Glos) Ltd - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 06214877 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 May 2015

for

Planet Property Development

(Gloucestershire) Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

P G Wood

REGISTERED OFFICE:

162 Hucclecote Road

Hucclecote

Gloucester

GL3 3SH

REGISTERED NUMBER:

06214877 (England and Wales)

ACCOUNTANTS:

HATS Gloucester Ltd

The White House

162 Hucclecote Road

Hucclecote

Gloucester

Gloucestershire

GL3 3SH

BANKERS:

HSBC Plc

2 The Promenade

Cheltenham

GL50 1LR

FIXED ASSETS

Tangible assets

2

9,682

11,299

CURRENT ASSETS

Stocks

170,742

-

Debtors

21,810

70,652

Cash at bank and in hand

24,629

75

217,181

70,727

CREDITORS

Amounts falling due within one year

231,723

96,882

NET CURRENT LIABILITIES

(14,542

)

(26,155

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,860

)

(14,856

)

CAPITAL AND RESERVES

Called up share capital

3

2

2

Profit and loss account

(4,862

)

(14,858

)

SHAREHOLDERS' FUNDS

(4,860

)

(14,856

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 28 November 2015 and were signed by:

P G Wood - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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.

Plant and machinery

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

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 the profit and loss account in the period to which they

relate.

2.	TANGIBLE FIXED ASSETS

Total

£

Cost

At 1 June 2014

23,778

Additions

1,709

At 31 May 2015

25,487

Depreciation

At 1 June 2014

12,479

Charge for year

3,326

At 31 May 2015

15,805

Net book value

At 31 May 2015

9,682

At 31 May 2014

11,299

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/5/15

31/5/14

value:

£

£

2

Ordinary

£1

2

2

4.	GOING CONCERN

Despite net current liabilities of £14,542 (31 May 2014 - £26,155), the director has reviewed the future

cash flows of the business and together with his continued financial support, considers the going

concern basis of preparation to be appropriate.