Platinum Assets NI Limited
Platinum Assets NI Limited
Registered number: NI634743
Unaudited Financial Statements
For The Year Ended
31 July 2020
Platinum Assets NI Limited
Unaudited Financial Statements
For The Year Ended
31 July 2020
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—6 |
Platinum Assets NI Limited
Balance Sheet
As at
31 July 2020
Balance Sheet
Registered number:
NI634743
For the year ending 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
2020 | 2019 as restated |
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Notes | £ | £ | £ | £ | |
CURRENT ASSETS | |||||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 6 |
( |
( |
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NET CURRENT ASSETS (LIABILITIES) |
( |
( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
( |
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Creditors: Amounts Falling Due After More Than One Year | 7 |
( |
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NET LIABILITIES |
( |
( |
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CAPITAL AND RESERVES | |||||
Called up share capital | 8 |
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Profit and Loss Account |
( |
( |
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SHAREHOLDERS' FUNDS | (69,032) | (77,861) | |||
Page 1
Platinum Assets NI Limited
Balance Sheet (continued)
As at
31 July 2020
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Platinum Assets NI Limited
Notes to the Financial Statements
For The Year Ended
31 July 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The presentation currency is Sterling and rounded to the nearest £.
1.2.
Going Concern Disclosure
The company is dependent on the continuing support from its directors and other creditors in order to continue to pay its liabilities as they fall due. The directors are confident such financial support as may be necessary will continue to be available for a period of at least one year from the date of signing of the financial statements.
The directors have reviewed the applicability of the going concern principle and have determined that it is appropriate to prepare the company's accounts on the basis that it will continue as a going concern for the forseeable future.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of property. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Turnover is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is at the point that the customer has signed for the property.
1.4.
Stocks and Work in Progress
Stocks are stated at lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5.
Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Page 3
Platinum Assets NI Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 July 2020
1.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.7.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
1.8.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognsed at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 3 (2019: 3)
4.
Stocks
2020 | 2019 as restated |
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£ | £ | ||
Stock - work in progress |
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Page 4
Platinum Assets NI Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 July 2020
5.
Debtors
2020 | 2019 as restated |
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£ | £ | ||
Due within one year | |||
VAT | - |
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Amounts owed by related parties |
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6.
Creditors: Amounts Falling Due Within One Year
2020 | 2019 as restated |
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£ | £ | ||
Trade creditors |
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Corporation tax |
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VAT |
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Other creditors |
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Accruals and deferred income |
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Amounts owed to related parties |
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Included within other creditors are loans totalling £940,654 (2019: £854,178) which are secured by way of a first fixed charge over the property owned by the company.
7.
Creditors: Amounts Falling Due After More Than One Year
2020 | 2019 as restated |
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£ | £ | ||
Bank loans |
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Page 5
Platinum Assets NI Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 July 2020
9.
Related Party Transactions
Loan from another related company
The company is an associate of another company, Gaulstown Ten Limited. There was no movement on the loan during the year.
Amount due to Gaulstown Ten Limited at the year end is £35,000 (2019: £35,000)
Loans from companies with common directors
During the year the company had loan transactions with an entity with common directors, Amulet Developments NI Ltd. Amounts paid on behalf of the company during the year was £127,400.
Amount due to Amulet Developments NI Ltd at the year end is £94,400 (2019: Debtor £33,000)
During the year the company had loan transactions with another entity with common directors, Ovalbridge Developments Ltd. Amounts repaid in the year totalled £119,000 and interest was paid of £4,975.
Amount due to Ovalbridge Developments Ltd at the year end is £10,220 (2019: £124,245).
During the year the company had loan transactions with another entity with common directors, Latner 10 Developments Ltd. During the year £20,000 was received.
Amount due to Latner 10 Developments Ltdat the year end is £18,500 (2019: Debtor £1,500)
10.
General Information
Platinum Assets NI Limited
is a private company, limited by shares, incorporated in Northern Ireland, registered number
NI634743
. The registered office is Unit 985 Moat House, 54 Bloomfield Avenue, Belfast, Antrim, BT5 5AD.
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