Platform Interior Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC349183 (Scotland)

Platform Interior Solutions Limited

Unaudited Financial Statements

for the Year Ended 31 October 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R J R Wright

SECRETARY:

R J R Wright

REGISTERED OFFICE:

9 Ainslie Place

Edinburgh

EH3 6AT

REGISTERED NUMBER:

SC349183 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Barclays Bank UK Plc

Edinburgh branch

Leicester

Leicestershire

LE87 2BB

FIXED ASSETS

Tangible assets

4

84,343

108,004

CURRENT ASSETS

Debtors

5

334,670

324,144

Cash at bank

391,817

404,273

726,487

728,417

CREDITORS

Amounts falling due within one year

6

350,426

449,472

NET CURRENT ASSETS

376,061

278,945

TOTAL ASSETS LESS CURRENT LIABILITIES

460,404

386,949

CREDITORS

Amounts falling due after more than one year

7

(338,072

)

(37,484

)

PROVISIONS FOR LIABILITIES

-

(11,888

)

NET ASSETS

122,332

337,577

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

122,322

337,567

SHAREHOLDERS' FUNDS

122,332

337,577

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 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.

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 and authorised for issue on 30 August 2022 and were signed by:

R J R Wright - Director

1.	STATUTORY INFORMATION

Platform Interior Solutions Limited is a private company, limited by shares , registered in Scotland. 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 and revenue recognition

Turnover represents net invoiced provision of shop and office refurbishing, excluding value added tax.

Revenue is recognised in line with performance, to the extent that a right to consideration arises. Included in current assets, as "other debtors", are amounts which total £44,360 (2020 - £91,450) in respect of income that has been recognised but not billed by the end of the period. Provision is made against unbilled amounts where the right to receive payment is contingent and dependent on factors outside the control of the company.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost, 25% on cost, 20% on cost and 10% on cost

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Going concern

The accounts are prepared on a going concern basis. The director's going concern assessment includes the expected impact of COVID-19 to the company for a period of at least 12 months from the date of signing of these financial statements.

Government grants

Government grants in relation to tangible fixed asset are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2020 - 25 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2020

315,077

Additions

35,648

Disposals

(560

)

At 31 October 2021

350,165

DEPRECIATION

At 1 November 2020

207,073

Charge for year

58,889

Eliminated on disposal

(140

)

At 31 October 2021

265,822

NET BOOK VALUE

At 31 October 2021

84,343

At 31 October 2020

108,004

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 November 2020

111,900

Additions

12,020

At 31 October 2021

123,920

DEPRECIATION

At 1 November 2020

73,399

Charge for year

27,413

At 31 October 2021

100,812

NET BOOK VALUE

At 31 October 2021

23,108

At 31 October 2020

38,501

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

220,063

123,945

Other debtors

114,607

200,199

334,670

324,144

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

40,844

-

Hire purchase contracts (see note 8)

19,149

18,583

Trade creditors

175,679

243,189

Taxation and social security

102,000

106,498

Other creditors

12,754

81,202

350,426

449,472

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

309,247

-

Hire purchase contracts (see note 8)

28,825

37,484

338,072

37,484

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

29,174

-

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2021

2020

£

£

Net obligations repayable:

Within one year

19,149

18,583

Between one and five years

28,825

37,484

47,974

56,067

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2021 and 31 October 2020:

2021

2020

£

£

R J R Wright

Balance outstanding at start of year

3,394

6,174

Amounts advanced

47,939

32,865

Amounts repaid

(27,794

)

(35,645

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

23,539

3,394

The balance on the director's current account is repayable on demand, and unsecured. Interest has been charged at 2.25% per annum until 31 March 2021 and at 2% per annum thereafter. The balance was repaid in full by March 2022.

10.

SECURITY

Barclays Bank PLC hold a £25,000 personal guarantee from R J R Wright in respect of the company's £25,000 overdraft facility.

Barclays Security Trustee Limited hold a floating charge over the assets of the company.