Plan B International Solutions Limited - Period Ending 2018-01-31

Plan B International Solutions Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 January 2018

Registration number: 07122242

Plan B International Solutions Limited

Contents

Statement of Income and Retained Earnings	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 11

Plan B International Solutions Limited

Statement of Income and Retained Earnings

Year Ended 31 January 2018

	Note	2018 £	2017 £
Turnover		2,010,879	1,748,775
Cost of sales		(1,689,137)	(1,266,744)
Gross profit		321,742	482,031
Administrative expenses		(279,712)	(165,327)
Operating profit		42,030	316,704
Other interest receivable and similar income		-	11
Interest payable and similar charges		(2,590)	(1,958)
		(2,590)	(1,947)
Profit before tax		39,440	314,757
Taxation		29,218	(36,898)
Profit for the financial year		68,658	277,859
Retained earnings brought forward		310,342	238,301
Dividends paid		(237,047)	(205,818)
Retained earnings carried forward		141,953	310,342

The notes on pages 4 to 11 form an integral part of these financial statements.

Page 1

Plan B International Solutions Limited

Balance Sheet

31 January 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	45,848	23,383
Investments	5	1	1
		45,849	23,384
Current assets
Stocks		105,000	172,995
Debtors	6	334,792	500,394
Cash at bank and in hand		123,977	12,141
		563,769	685,530
Creditors: Amounts falling due within one year	7	(436,315)	(249,839)
Net current assets		127,454	435,691
Total assets less current liabilities		173,303	459,075
Creditors: Amounts falling due after more than one year	7	(35,451)	(17,591)
Provisions for liabilities		4,104	(131,139)
Net assets		141,956	310,345
Capital and reserves
Called up share capital		3	3
Profit and loss account		141,953	310,342
Total equity		141,956	310,345

The notes on pages 4 to 11 form an integral part of these financial statements.

Page 2

Plan B International Solutions Limited

Balance Sheet

31 January 2018

For the financial year ending 31 January 2018 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 6 September 2018 and signed on its behalf by:
 

......................................... Mr W T Cross Director

......................................... Mr A P Moulding Director

......................................... Mr J Holmes Director

Company Registration Number: 07122242

The notes on pages 4 to 11 form an integral part of these financial statements.

Page 3

Plan B International Solutions Limited

Notes to the Financial Statements

Year Ended 31 January 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Floor 8
71 Queen Victoria Street
London
EC4V 4AY

The principal place of business is:
Unit 6 Seaton Park
36 William Prance Road
Plymouth
Devon
PL6 5WR

2	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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Revenue is recognised when the order is delivered.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Page 4

Plan B International Solutions Limited

Notes to the Financial Statements

Year Ended 31 January 2018

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	33% straight line
Fixtures and fittings	33% straight line
Motor vehicles	33% straight line
Office equipment	33% straight line
Leasehold	Over the term of the lease

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Page 5

Plan B International Solutions Limited

Notes to the Financial Statements

Year Ended 31 January 2018

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 6

Plan B International Solutions Limited

Notes to the Financial Statements

Year Ended 31 January 2018

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2017 - 5).

Page 7

Plan B International Solutions Limited

Notes to the Financial Statements

Year Ended 31 January 2018

4	Tangible assets

	Leasehold £	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 February 2017	-	14,526	51,899	5,696	72,121
Additions	1,153	1,227	64,745	-	67,125
Disposals	-	-	(51,900)	-	(51,900)
At 31 January 2018	1,153	15,753	64,744	5,696	87,346
Depreciation
At 1 February 2017	-	13,556	30,098	5,084	48,738
Charge for the year	-	972	21,581	306	22,859
Eliminated on disposal	-	-	(30,099)	-	(30,099)
At 31 January 2018	-	14,528	21,580	5,390	41,498
Carrying amount
At 31 January 2018	1,153	1,225	43,164	306	45,848
At 31 January 2017	-	970	21,801	612	23,383

Included within the net book value of land and buildings above is £1,153 (2017 - £Nil) in respect of freehold land and buildings.
 

Page 8

Plan B International Solutions Limited

Notes to the Financial Statements

Year Ended 31 January 2018

5	Investments

	2018 £	2017 £
Investments in subsidiaries	1	1

Subsidiaries	£
Cost or valuation
At 1 February 2017	1
Provision
Carrying amount
At 31 January 2018	1
At 31 January 2017	1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2018	2017
Subsidiary undertakings
Plan B (R&D) Limited	North Quay House Sutton Harbour Plymouth PL4 0RA	Ordinary	100%	100%
	England and Wales

The principal activity of Plan B (R&D) Limited is that of a dormant company.

Page 9

Plan B International Solutions Limited

Notes to the Financial Statements

Year Ended 31 January 2018

6

Debtors

	2018  £	2017  £
Trade debtors	154,437	498,394
Other debtors	26,847	-
Prepayments	153,508	2,000
	334,792	500,394

7

Creditors

Creditors: amounts falling due within one year

	Note	2018  £	2017  £
Due within one year
Loans and borrowings	8	81,959	10,383
Trade creditors		7,435	8,251
Amounts due to group undertakings		1	1
Corporation tax		-	36,969
Social security and other taxes		14,088	32,932
Other creditors		58,534	40,470
Accrued expenses		274,298	120,833
		436,315	249,839

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	8	35,451	17,591

Page 10

Plan B International Solutions Limited

Notes to the Financial Statements

Year Ended 31 January 2018

8	Loans and borrowings

	2018 £	2017 £
Loans and borrowings due after one year
Bank borrowings	7,863	11,966
Finance lease liabilities	27,588	5,625
	35,451	17,591

	2018 £	2017 £
Current loans and borrowings
Bank borrowings	4,102	4,103
Bank overdrafts	67,927	-
Finance lease liabilities	7,350	2,500
Other borrowings	2,580	3,780
	81,959	10,383

9	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary A Shares of £0.10 each	8	0.80	8	0.80
Ordinary B Shares of £0.10 each	10	1.00	10	1.00
Ordinary C Shares of £0.10 each	8	0.80	8	0.80
Ordinary D Shares of £0.10 each	2	0.20	2	0.20
Ordinary E Shares of £0.10 each	2	0.20	2	0.20
	30	3	30	3

10	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £4,850 (2017 - £4,850).

Page 11