Il Platina Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 08001038 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2022

for

Il Platina Limited

Trading as

The White Hart

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

P R J Wilson

REGISTERED OFFICE:

71 High Street

Hythe

Kent

CT21 5AJ

REGISTERED NUMBER:

08001038 (England and Wales)

ACCOUNTANTS:

Ardor Business Solutions Limited

Chartered Certified Accountants

Unit 1

Shrine Barn

Sanding Road

Hythe

Kent

CT21 4HE

FIXED ASSETS

Intangible assets

5

15,000

20,000

Tangible assets

6

36,579

24,722

51,579

44,722

CURRENT ASSETS

Stocks

9,764

250

Debtors

7

154,689

82,224

Cash at bank and in hand

53,307

21,697

217,760

104,171

CREDITORS

Amounts falling due within one year

8

155,525

88,420

NET CURRENT ASSETS

62,235

15,751

TOTAL ASSETS LESS CURRENT LIABILITIES

113,814

60,473

CREDITORS

Amounts falling due after more than one year

9

(111,688

)

(94,016

)

PROVISIONS FOR LIABILITIES

(6,950

)

(2,872

)

NET LIABILITIES

(4,824

)

(36,415

)

CAPITAL AND RESERVES

Called up share capital

15

15

Retained earnings

(4,839

)

(36,430

)

(4,824

)

(36,415

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 28 November 2022 and were signed by:

P R J Wilson - Director

1.	STATUTORY INFORMATION

Il Platina 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 2012, 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 equipment

-

25% on reducing balance

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 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2021 - 19 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2021

and 31 March 2022

50,000

AMORTISATION

At 1 April 2021

30,000

Amortisation for year

5,000

At 31 March 2022

35,000

NET BOOK VALUE

At 31 March 2022

15,000

At 31 March 2021

20,000

6.	TANGIBLE FIXED ASSETS

Fixtures

and

equipment

£

COST

At 1 April 2021

83,550

Additions

21,940

At 31 March 2022

105,490

DEPRECIATION

At 1 April 2021

58,828

Charge for year

10,083

At 31 March 2022

68,911

NET BOOK VALUE

At 31 March 2022

36,579

At 31 March 2021

24,722

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/22

31/3/21

£

£

Other debtors

64,180

50,405

Directors' current accounts

81,776

31,819

Prepayments

8,733

-

154,689

82,224

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/22

31/3/21

£

£

Bank loans and overdrafts

10,000

4,588

Other loans

3,900

4,900

Trade creditors

28,799

19,105

Taxation

16,860

6,678

Social security and other taxes

57,923

21,824

VAT

33,624

25,633

Other creditors

3,819

5,267

Accrued expenses

600

425

155,525

88,420

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/22

31/3/21

£

£

Bank loans - 1-2 years

10,900

-

Bank loans - 2-5 years

100,788

94,016

111,688

94,016

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021:

31/3/22

31/3/21

£

£

P R J Wilson

Balance outstanding at start of year

31,819

57,789

Amounts advanced

81,776

-

Amounts repaid

(31,819

)

(25,970

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

81,776

31,819

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P R J Wilson.