ACCOUNTS - Final Accounts preparation

PLANETRIDGE LIMITED - Company Information

SC180052 PLANETRIDGE LIMITED 2015-10-01 2016-09-30 false true 2016-09-30 SC180052 c:EntityAccountantsOrAuditors 2016-09-30 SC180052 2015-10-01 2016-09-30 SC180052 2016-09-30 SC180052 2015-09-30 SC180052 d:FixturesFittingsToolsEquipment 2015-10-01 2016-09-30 SC180052 c:OrdinaryShareClass1 2016-09-30 SC180052 c:OrdinaryShareClass1 2015-09-30 SC180052 c:OrdinaryShareClass1 2015-10-01 2016-09-30 SC180052 c:Director1 2015-10-01 2016-09-30 SC180052 d:PlantMachinery 2015-10-01 2016-09-30 SC180052 d:LandBuildings d:OwnedOrFreeholdTangibleFixedAssets 2015-10-01 2016-09-30 SC180052 d:NetGoodwill 2015-10-01 2016-09-30 SC180052 d:ProvisionsForDeferredTaxation 2015-09-30 SC180052 c:EntityAccountantsOrAuditors 2015-10-01 2016-09-30 iso4217:GBP xbrli:shares

Company registration number SC180052


	PLANETRIDGE LIMITED

	ABBREVIATED ACCOUNTS
	FOR THE YEAR ENDED 30 SEPTEMBER 2016

PLANETRIDGE LIMITED

CONTENTS

	Page
Accountants' Report	1
Balance Sheet	2 - 3
Notes to the Abbreviated Accounts	4 - 6

PLANETRIDGE LIMITED

The following reproduces the text of the Report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PLANETRIDGE LIMITED
FOR THE YEAR ENDED 30 SEPTEMBER 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Planetridge Limited for the year ended 30 September 2016 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.

As a member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/technical-resources/
framework-for-the-preparation-of-accounts-revised-april-2010.

This report is made solely to the director of Planetridge Limited in accordance with the terms of our engagement letter dated 24 November 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Planetridge Limited and state those matters that we have agreed to state to the director of Planetridge Limited in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-april-2010. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Planetridge Limited and its director for our work or for this report.

It is your duty to ensure that Planetridge 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 Planetridge Limited. You consider that Planetridge Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Planetridge 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.

Findlay & Company

Chartered Accountants

11 Dudhope Terrace

Dundee

DD3 6TS

14 December 2016

Page 1

PLANETRIDGE LIMITED

REGISTERED NUMBER: SC180052

ABBREVIATED BALANCE SHEET

AS AT 30 SEPTEMBER 2016

2016

2015

	Note	£	£	£	£
FIXED ASSETS
Tangible assets	3		813,358		829,593

CURRENT ASSETS
Stocks		17,133		12,840
Debtors		1,029,261		1,063,893
Cash in hand		3,820		3,681

		1,050,214		1,080,414
CREDITORS: amounts falling due within one year	4	(374,582)		(406,987)
NET CURRENT ASSETS			675,632		673,427

TOTAL ASSETS LESS CURRENT LIABILITIES

1,488,990

1,503,020

CREDITORS: amounts falling due after more than one year	5	(675,595)	(768,814)
PROVISIONS FOR LIABILITIES
Deferred tax		(12,534)	(14,171)
NET ASSETS		800,861	720,035

CAPITAL AND RESERVES
Called up share capital	6	240,000	240,000
Profit and loss account		560,861	480,035

SHAREHOLDERS' FUNDS

800,861

720,035

The director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 September 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Page 2

PLANETRIDGE LIMITED

ABBREVIATED BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2016

The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 14 December 2016.

Alexander G. Sneddon

Director

The notes on pages 4 to 6 form part of these financial statements.

Page 3

PLANETRIDGE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

1.ACCOUNTING POLICIES

	1.1	Basis of preparation of financial statements
		The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	1.2	Turnover
		Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

	1.3	Intangible fixed assets and amortisation
		Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and Loss Account over its estimated economic life.

	1.4	Tangible fixed assets and depreciation
		Tangible fixed assets are stated at cost less depreciation. Depreciation is not charged on freehold land. Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property	-	Land nil. Buildings straight line over 50 years
Plant and machinery	-	25% Reducing balance
Fixtures and fittings	-	15% - 33.33% Reducing balance

	1.5	Stocks
		Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

	1.6	Deferred taxation
		Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
		A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted.

	1.7	Pensions
		The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

Page 4

PLANETRIDGE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

2.INTANGIBLE FIXED ASSETS

		£
	Cost
	At 1 October 2015 and 30 September 2016	120,000
	Amortisation
	At 1 October 2015 and 30 September 2016	120,000

	Net book value
	At 30 September 2016	-

Goodwill arose on the purchase of the company's hotel business in 1997 and has been amortised over 10 years. In the opinion of the directors this represents a prudent estimate of the years over which the company will derive economic benefit from the business acquired.

3.TANGIBLE FIXED ASSETS

		£
	Cost
	At 1 October 2015	1,350,926
	Additions	12,474
	At 30 September 2016	1,363,400

	Depreciation
	At 1 October 2015	521,333
	Charge for the year	28,709
	At 30 September 2016	550,042

	Net book value
	At 30 September 2016	813,358
	At 30 September 2015	829,593

Land is not depreciated

4.CREDITORS:
Amounts falling due within one year

The company has given security for £138,888(2015- £179,760) of creditors due within one year.

Page 5

PLANETRIDGE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

5.CREDITORS:
Amounts falling due after more than one year

Creditors include amounts not wholly repayable within 5 years as follows:

	2016	2015
	£	£

Repayable by instalments	263,915	373,280

The company has given security for £675,595(2015- £768,814) of creditors due after more than one year.

6.SHARE CAPITAL

	2016	2015
	£	£
Allotted, called up and fully paid

240,000 Ordinary shares of £1 each	240,000	240,000

7.ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The company is a subsidiary of Flatoffice Limited, a company incorporated in Scotland.
The Company is ultimately controlled by Alexander G. Sneddon, the director, due to his 100% ownership of the parent undertaking Flatoffice Limited.

Page 6