Platinum One Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05917708 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2019

for

Platinum One Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

J Cheema

SECRETARY:

Brisan Secretaries Limited

REGISTERED OFFICE:

Unit C7

Spectrum Business Centre

Anthony's Way

Rochester

Kent

ME2 4NP

REGISTERED NUMBER:

05917708 (England and Wales)

ACCOUNTANT:

Aspirations Accountancy Ltd

C7-C8

Spectrum Business Centre

Anthony's Way

Rochester

Kent

ME2 4NP

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

84,314

43,689

84,314

43,689

CURRENT ASSETS

Cash at bank and in hand

2,531

8,106

CREDITORS

Amounts falling due within one year

74,710

49,720

NET CURRENT LIABILITIES

(72,179

)

(41,614

)

TOTAL ASSETS LESS CURRENT LIABILITIES

12,135

2,075

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

7

12,035

1,975

SHAREHOLDERS' FUNDS

12,135

2,075

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2019 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 28 February 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 27 November 2019 and were signed by:

J Cheema - Director

1.	STATUTORY INFORMATION

Platinum One 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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 12 (2018 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 March 2018

and 28 February 2019

32,500

AMORTISATION

At 1 March 2018

and 28 February 2019

32,500

NET BOOK VALUE

At 28 February 2019

-

At 28 February 2018

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 March 2018

170,764

Additions

61,925

At 28 February 2019

232,689

DEPRECIATION

At 1 March 2018

127,075

Charge for year

21,300

At 28 February 2019

148,375

NET BOOK VALUE

At 28 February 2019

84,314

At 28 February 2018

43,689

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

7.

RESERVES

Retained

earnings

£

At 1 March 2018

1,975

Profit for the year

12,060

Dividends

(2,000

)

At 28 February 2019

12,035

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2019 and

28 February 2018:

2019

2018

£

£

J Cheema

Balance outstanding at start of year

(3,559

)

(20,171

)

Amounts advanced

161,161

142,077

Amounts repaid

(173,359

)

(125,465

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(15,757

)

(3,559

)

9.	ULTIMATE CONTROLLING PARTY

The controlling party is J Cheema.