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 2015

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 2015

- 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 2015 set out on pages 2 to 5 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.

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 its 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

11 August 2016

PLANET KNOX LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

- 2 -

2015

2014

Notes

Fixed assets

Tangible assets

29,574

36,861

Current assets

Stocks

459,296

405,256

Debtors

97,883

115,542

Cash at bank and in hand

51,444

70,251

608,623

591,049

Creditors: amounts falling due within one year

(447,434)

(415,695)

Net current assets

161,189

175,354

Total assets less current liabilities

190,763

212,215

Creditors: amounts falling due after more than one year

(56,000)

(77,000)

Provisions for liabilities

(1,897)

(2,472)

132,866

132,743

Capital and reserves

Called up share capital

1,000

Profit and loss account

131,866

131,743

Shareholders' funds

132,866

132,743

PLANET KNOX LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2015

- 3 -

For the financial year ended 31 December 2015 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 3 August 2016

Mrs M M Travell

Director

Company Registration No. 03440649

PLANET KNOX LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

- 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 January 2015).

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

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.

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.

PLANET KNOX LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 5 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 January 2015

10,000

495,171

505,171

Additions

12,538

At 31 December 2015

10,000

507,709

517,709

Depreciation

At 1 January 2015

10,000

458,312

468,312

Charge for the year

19,823

At 31 December 2015

10,000

478,135

488,135

Net book value

At 31 December 2015

29,574

At 31 December 2014

36,861

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £56,300 (2014 - £26,956).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £56,000 (2014 - £77,000).

Share capital

2015

2014

Allotted, called up and fully paid

475 'A' Ordinary of £1 each

475

475 'B' Ordinary of £1 each

475

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.