Platinum Funding Corporation Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05213657 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2019

for

Platinum Funding Corporation Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ian Paul Walker

Neil Purbrick

REGISTERED OFFICE:

4 Capricorn Centre

Cranes Farm Road

Basildon

Essex

SS14 3JJ

REGISTERED NUMBER:

05213657 (England and Wales)

ACCOUNTANTS:

Robert Lewis Accountants

4 Capricorn Centre

Cranes Farm Road

Basildon

Essex

SS14 3JJ

FIXED ASSETS

Tangible assets

4

543

75,639

CURRENT ASSETS

Stocks

230,000

-

Debtors

5

1,256

16,984

Cash at bank

229,363

1,029

460,619

18,013

CREDITORS

Amounts falling due within one year

6

388,629

16,885

NET CURRENT ASSETS

71,990

1,128

TOTAL ASSETS LESS CURRENT LIABILITIES

72,533

76,767

CREDITORS

Amounts falling due after more than one year

7

6,390

10,490

NET ASSETS

66,143

66,277

CAPITAL AND RESERVES

Called up share capital

2,150

2,150

Retained earnings

63,993

64,127

SHAREHOLDERS' FUNDS

66,143

66,277

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 May 2020 and were signed on its behalf by:

Neil Purbrick - Director

1.	STATUTORY INFORMATION

Platinum Funding Corporation 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.

Tangible fixed assets

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 balance sheet date.

Deferred tax

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

sheet 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 August 2018

75,000

1,224

76,224

Disposals

(75,000

)

-

(75,000

)

At 31 July 2019

-

1,224

1,224

DEPRECIATION

At 1 August 2018

-

585

585

Charge for year

-

96

96

At 31 July 2019

-

681

681

NET BOOK VALUE

At 31 July 2019

-

543

543

At 31 July 2018

75,000

639

75,639

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

£

£

Amounts owed by group undertakings

-

14,662

Other debtors

1,256

2,322

1,256

16,984

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

£

£

Bank loans and overdrafts

192,617

4,061

Trade creditors

(2

)

(2

)

Taxation and social security

270

6,056

Other creditors

195,744

6,770

388,629

16,885

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.19

31.7.18

£

£

Bank loans

6,390

10,490