ACCOUNTS - Final Accounts

Analysis of the maturity of loans is given below:

PLANET LEASING LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-03-312017-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2016-04-01Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured: at fair value with changes recognised in the Statement of income and retained earnings if the shares are publicly traded or their fair value can otherwise be measured reliably; at cost less impairment for all other investments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives. 06160177 2016-04-01 2017-03-31 06160177 2015-04-01 2016-03-31 06160177 2017-03-31 06160177 2016-03-31 06160177 2015-04-01 06160177 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2016-03-31 06160177 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2015-04-01 2016-03-31 06160177 5 2016-04-01 2017-03-31 06160177 5 2015-04-01 2016-03-31 06160177 e:Director1 2016-04-01 2017-03-31 06160177 e:Director2 2016-04-01 2017-03-31 06160177 c:Buildings 2016-04-01 2017-03-31 06160177 c:Buildings 2017-03-31 06160177 c:Buildings 2016-03-31 06160177 c:LandBuildings 2017-03-31 06160177 c:LandBuildings 2016-03-31 06160177 c:MotorVehicles 2016-04-01 2017-03-31 06160177 c:MotorVehicles 2017-03-31 06160177 c:MotorVehicles 2016-03-31 06160177 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2016-04-01 2017-03-31 06160177 c:FurnitureFittings 2016-04-01 2017-03-31 06160177 c:FurnitureFittings 2017-03-31 06160177 c:FurnitureFittings 2016-03-31 06160177 c:FurnitureFittings c:OwnedOrFreeholdAssets 2016-04-01 2017-03-31 06160177 c:OfficeEquipment 2016-04-01 2017-03-31 06160177 c:OfficeEquipment 2017-03-31 06160177 c:OfficeEquipment 2016-03-31 06160177 c:OfficeEquipment c:OwnedOrFreeholdAssets 2016-04-01 2017-03-31 06160177 c:ComputerEquipment 2016-04-01 2017-03-31 06160177 c:ComputerEquipment 2017-03-31 06160177 c:ComputerEquipment 2016-03-31 06160177 c:ComputerEquipment c:OwnedOrFreeholdAssets 2016-04-01 2017-03-31 06160177 c:OwnedOrFreeholdAssets 2016-04-01 2017-03-31 06160177 c:LeasedAssetsHeldAsLessee 2016-04-01 2017-03-31 06160177 c:FreeholdInvestmentProperty 2016-04-01 2017-03-31 06160177 c:FreeholdInvestmentProperty 2017-03-31 06160177 c:FreeholdInvestmentProperty 2016-03-31 06160177 c:FreeholdInvestmentProperty 2 2016-04-01 2017-03-31 06160177 c:CurrentFinancialInstruments 2017-03-31 06160177 c:CurrentFinancialInstruments 2016-03-31 06160177 c:Non-currentFinancialInstruments 2017-03-31 06160177 c:Non-currentFinancialInstruments 2016-03-31 06160177 c:CurrentFinancialInstruments c:WithinOneYear 2017-03-31 06160177 c:CurrentFinancialInstruments c:WithinOneYear 2016-03-31 06160177 c:Non-currentFinancialInstruments c:AfterOneYear 2017-03-31 06160177 c:Non-currentFinancialInstruments c:AfterOneYear 2016-03-31 06160177 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2017-03-31 06160177 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2016-03-31 06160177 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2017-03-31 06160177 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2016-03-31 06160177 c:ShareCapital 2017-03-31 06160177 c:ShareCapital 2016-03-31 06160177 c:ShareCapital 2015-04-01 06160177 c:RevaluationReserve 2016-04-01 2017-03-31 06160177 c:RevaluationReserve 2017-03-31 06160177 c:RevaluationReserve 5 2016-04-01 2017-03-31 06160177 c:RevaluationReserve 2015-04-01 2016-03-31 06160177 c:RevaluationReserve 2016-03-31 06160177 c:RevaluationReserve 5 2015-04-01 2016-03-31 06160177 c:RetainedEarningsAccumulatedLosses 2016-04-01 2017-03-31 06160177 c:RetainedEarningsAccumulatedLosses 2017-03-31 06160177 c:RetainedEarningsAccumulatedLosses 2015-04-01 2016-03-31 06160177 c:RetainedEarningsAccumulatedLosses 2016-03-31 06160177 c:RetainedEarningsAccumulatedLosses 2015-04-01 06160177 c:AcceleratedTaxDepreciationDeferredTax 2017-03-31 06160177 e:FRS102 2016-04-01 2017-03-31 06160177 e:AuditExempt-NoAccountantsReport 2016-04-01 2017-03-31 06160177 e:FullAccounts 2016-04-01 2017-03-31 06160177 e:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 06160177 c:HirePurchaseContracts c:WithinOneYear 2017-03-31 06160177 c:HirePurchaseContracts c:WithinOneYear 2016-03-31 06160177 c:HirePurchaseContracts c:BetweenTwoFiveYears 2017-03-31 06160177 c:HirePurchaseContracts c:BetweenTwoFiveYears 2016-03-31 iso4217:GBP xbrli:pure

Registered number: 06160177

PLANET LEASING LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

PLANET LEASING LTD

REGISTERED NUMBER: 06160177

BALANCE SHEET

AS AT 31 MARCH 2017

		2017		2016
Note		£		£

Fixed assets
Tangible assets	4		770,508		691,598
Investment property	5		675,000		525,000
			1,445,508		1,216,598
Current assets
Debtors: amounts falling due within one year	6	226,092		193,189
Cash at bank and in hand	7	233,570		79,377
		459,662		272,566
Creditors: amounts falling due within one year	8	(186,014)		(119,552)
Net current assets			273,648		153,014
Total assets less current liabilities			1,719,156		1,369,612
Creditors: amounts falling due after more than one year	9		(399,398)		(411,679)
Provisions for liabilities
Deferred tax	12	(153,438)		(119,493)
			(153,438)		(119,493)
Net assets			1,166,320		838,440

Capital and reserves
Called up share capital	4	4
Revaluation reserve	271,254	211,254
Profit and loss account	895,062	627,182
	1,166,320	838,440

Page 1

PLANET LEASING LTD

REGISTERED NUMBER: 06160177

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2017

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 July 2017.

G Rose	H Nash
Director	Director

The notes on pages 4 to 15 form part of these financial statements.

Page 2

PLANET LEASING LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2017

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2015	4	-	250,760	250,764
Comprehensive income for the year
Profit for the year	-	-	498,422	498,422
Surplus on revaluation of freehold property	-	211,254	-	211,254
Other comprehensive income for the year	-	211,254	-	211,254
Total comprehensive income for the year	-	211,254	498,422	709,676
Dividends: Equity capital	-	-	(122,000)	(122,000)
Total transactions with owners	-	-	(122,000)	(122,000)

At 1 April 2016	4	211,254	627,182	838,440
Comprehensive income for the year
Profit for the year	-	-	399,880	399,880
Surplus on revaluation of freehold property	-	60,000	-	60,000
Other comprehensive income for the year	-	60,000	-	60,000
Total comprehensive income for the year	-	60,000	399,880	459,880
Dividends: Equity capital	-	-	(132,000)	(132,000)
Total transactions with owners	-	-	(132,000)	(132,000)
At 31 March 2017	4	271,254	895,062	1,166,320

Page 3

PLANET LEASING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

1.Accounting policies

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

1.3

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property	-	Not depreciated
Motor vehicles	-	5 years straight line
Fixtures and fittings	-	33% reducing balance
Office equipment	-	33% reducing balance
Computer equipment	-	33% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

Page 4

PLANET LEASING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

1.Accounting policies (continued)

1.4

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in the Statement of income and retained earnings unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

1.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of income and retained earnings.

1.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.8

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured:

∙at fair value with changes recognised in the Statement of income and retained earnings if the shares are publicly traded or their fair value can otherwise be measured reliably;

Page 5

PLANET LEASING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

1.Accounting policies (continued)

1.8

Financial instruments (continued)

∙at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

1.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.10

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

1.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Page 6

PLANET LEASING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

1.Accounting policies (continued)

1.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

1.13

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

1.14

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

1.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

1.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

2.	General information

Planet Leasing Limited is a limited company incorporated in England and Wales.
The Registered Office is Kingsridge House, 601 London Road, Westcliff on sea, Essex, SS0 9PE.

Page 7

PLANET LEASING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

Employees

The average monthly number of employees, including directors, during the year was 16 (2016 - 17).

4.	Tangible fixed assets

	Freehold property	Motor vehicles	Fixtures and fittings	Office equipment	Computer equipment
	£	£	£	£	£
Cost or valuation
At 1 April 2016	650,000	13,750	30,480	3,409	46,085
Additions	-	-	2,483	2,562	13,762
Revaluations	75,000	-	-	-	-
At 31 March 2017	725,000	13,750	32,963	5,971	59,847
Depreciation
At 1 April 2016	-	2,521	22,351	273	26,982
Charge for the year on owned assets	-	-	3,314	1,565	7,268
Charge for the year on financed assets	-	2,750	-	-	-
At 31 March 2017	-	5,271	25,665	1,838	34,250
Net book value
At 31 March 2017	725,000	8,479	7,298	4,133	25,597
At 31 March 2016	650,000	11,229	8,129	3,137	19,103

Page 8

PLANET LEASING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

4.Tangible fixed assets (continued)

		Total
		£
	Cost or valuation
	At 1 April 2016	743,724
	Additions	18,807
	Revaluations	75,000
	At 31 March 2017	837,531
	Depreciation
	At 1 April 2016	52,127
	Charge for the year on owned assets	12,147
	Charge for the year on financed assets	2,750
	At 31 March 2017	67,024
	Net book value
	At 31 March 2017	770,507
	At 31 March 2016	691,598

The net book value of land and buildings may be further analysed as follows:
	2017	2016
	£	£

Freehold	725,000	650,000
	725,000	650,000

Page 9

PLANET LEASING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

5.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 April 2016	525,000
	Additions at cost	59,752
	Surplus on revaluation	90,248
	At 31 March 2017	675,000

The 2017 valuations were made by the directors, on an open market value for existing use basis.

Debtors

					2017	2016
					£	£


Trade debtors	188,174	155,364
Other debtors	36,754	33,806
Prepayments and accrued income	1,164	4,019
	226,092	193,189

7.	Cash and cash equivalents
		2017	2016
		£	£

Cash at bank and in hand	233,570	79,377
	233,570	79,377

Page 10

PLANET LEASING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

8.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Bank loans	11,037	6,729
Other loans	-	3,000
Trade creditors	16,033	14,906
Corporation tax	98,468	56,622
Other taxation and social security	51,691	33,927
Obligations under finance lease and hire purchase contracts	1,218	1,034
Accruals and deferred income	7,567	3,334
	186,014	119,552

					2017	2016
					£	£

Other taxation and social security
PAYE/NI control	7,185	5,474
VAT control	44,507	28,453
	51,692	33,927

Secured loans

Included within creditors falling due within one year is an amount totalling £11,037 which is secured by way of a fixed and floating charge over the company's assets.
Included within creditors falling due within one year is an amount totalling £1,218 which relates to assets under finance leases and which is secured against an associated asset.

9.	Creditors: Amounts falling due after more than one year
		2017	2016
		£	£

Bank loans	390,006	401,069
Net obligations under finance leases and hire purchase contracts	9,392	10,610
	399,398	411,679

Secured loans

Included within creditors greater than one year are amounts totalling £390,006 which are secured by way of fixed and floating charges over all of the companies assets.
ncluded within creditors greater than one year is an amount totalling £9,392 which relates to assets under finance leases and which is secured against an associated asset.

Page 11

PLANET LEASING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

Amounts falling due within one year
Bank loans	11,037	6,729
Other loans	-	3,000
	11,037	9,729

Amounts falling due 2-5 years
Bank loans	55,509	52,230
	55,509	52,230
Amounts falling due after more than 5 years
Bank loans	334,497	348,839
	334,497	348,839
	401,043	410,798

Within one year	1,218	1,034
Between 2-5 years	9,392	10,610
	10,610	11,644

12.	Deferred taxation

		2017
		£

	At beginning of year	(119,493)
	Charged to profit or loss	(33,945)
	At end of year	(153,438)

Page 12

PLANET LEASING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

12.Deferred taxation (continued)

	The provision for deferred taxation is made up as follows:
					2017
					£

	Accelerated capital allowances	(153,439)
		(153,439)

13.	Related party transactions
	During the year dividends of £66,000 (2016 : £61,000) were paid to each director and their spouse.

Page 13


		PLANET LEASING LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

14.	First time adoption of FRS 102
	The Company transitioned to FRS 102 from previously extant UK GAAP as at 1 April 2015. The impact of the transition to FRS 102 is as follows:
		As previously stated 1 April 2015	Effect of transition 1 April 2015	FRS 102 (as restated) 1 April 2015	As previously stated 31 March 2016	Effect of transition 31 March 2016	FRS 102 (as restated) 31 March 2016
	Note	£	£	£	£	£	£

Fixed assets	38,301	-	38,301	1,216,598	-	1,216,598
Current assets	345,940	-	345,940	272,567	-	272,567
Creditors: amounts falling due within one year	(129,216)	-	(129,216)	(119,552)	-	(119,552)
Net current assets	216,724	-	216,724	153,015	-	153,015
Total assets less current liabilities	255,025	-	255,025	1,369,613	-	1,369,613
Creditors: amounts falling due after more than one year	-	-	-	(411,679)	-	(411,679)
Provisions for liabilities	(4,261)	-	(4,261)	(7,686)	(111,807)	(119,493)
Net assets	250,764	-	250,764	950,248	(111,807)	838,441

Capital and reserves

250,764

950,249

(111,808)

838,441

Page 14


		PLANET LEASING LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

14.First time adoption of FRS 102 (continued)

			As previously stated 31 March 2016	Effect of transition 31 March 2016	FRS 102 (as restated) 31 March 2016
		Note	£	£	£

Turnover	1,044,643	-	1,044,643
Cost of sales	(72,732)	-	(72,732)
	971,911	-	971,911
Administrative expenses	(644,416)	-	(644,416)
Other operating income	-	294,965	294,965
Operating profit	327,495	294,965	622,460
Interest receivable and similar income	189	-	189
Interest payable and similar charges	(5,685)	-	(5,685)
Taxation	(59,548)	(58,994)	(118,542)
Profit on ordinary activities after taxation and for the financial year	262,451	235,971	498,422

Explanation of changes to previously reported profit and equity:

FRS 102 requires deferred tax to be provided on all revaluations and the fair value movements relating to the open market value of investment property to be shown in the Statement of Income and Retained Earnings.

Page 15