Planet Property Development (Glos) Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06214877 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2017

for

Planet Property Development

(Gloucestershire) Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

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

4

4,823

7,008

CURRENT ASSETS

Stocks

176,222

-

Debtors

5

44,169

237,861

Cash at bank

58

12,609

220,449

250,470

CREDITORS

Amounts falling due within one year

6

159,379

204,553

NET CURRENT ASSETS

61,070

45,917

TOTAL ASSETS LESS CURRENT LIABILITIES

65,893

52,925

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

65,891

52,923

SHAREHOLDERS' FUNDS

65,893

52,925

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 14 September 2017 and were signed by:

P G Wood - Director

1.	STATUTORY INFORMATION

Planet Property Development (Gloucestershire) 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

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 statement of financial position date.

Deferred tax

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

the statement of financial position 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.

Hire purchase and leasing commitments

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 operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

Cost

At 1 June 2016

and 31 May 2017

22,605

2,882

25,487

Depreciation

At 1 June 2016

16,744

1,735

18,479

Charge for year

1,465

720

2,185

At 31 May 2017

18,209

2,455

20,664

Net book value

At 31 May 2017

4,396

427

4,823

At 31 May 2016

5,861

1,147

7,008

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/17

31/5/16

£

£

Trade debtors

43,272

57,447

Other debtors

897

180,414

44,169

237,861

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/17

31/5/16

£

£

Bank loans and overdrafts

6,483

-

Trade creditors

18,883

53,701

Taxation and social security

20,949

19,690

Other creditors

113,064

131,162

159,379

204,553

7.	RELATED PARTY TRANSACTIONS

Planet Building Design Ltd

A company controlled by P G Wood.

During the year, Planet Building Design Ltd invoiced the company £10,000 for design work and project

management fees (2016 - £25,000).

At the year end, the balance owed to Planet Building Design Ltd was £17,969 (2016 - £169,266 owed

by Planet Building Design Ltd). The balance outstanding is interest free and has no fixed repayment

terms.

P G Wood

Director

The director has loaned funds to the company. During the year, the loan has been partly repaid and at

the year end the balance owed to the director was £93,063 (2016 - £129,640). The loan is interest free

and has no fixed repayment date.

8.	ULTIMATE CONTROLLING PARTY

The controlling party is P G Wood.