Platinum - Plus (Scotland) Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC189052

PLATINUM - PLUS (SCOTLAND) LTD

PREVIOUSLY KNOWN AS

FORTH & CLYDE PROPERTIES LTD.

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

54,319

84,904

CURRENT ASSETS

Debtors

5

1,000,725

1,001,236

Cash at bank

24,845

83,459

1,025,570

1,084,695

CREDITORS

Amounts falling due within one year

6

47,667

49,676

NET CURRENT ASSETS

977,903

1,035,019

TOTAL ASSETS LESS CURRENT LIABILITIES

1,032,222

1,119,923

CREDITORS

Amounts falling due after more than one year

7

-

(53,472

)

PROVISIONS FOR LIABILITIES

-

(16,131

)

NET ASSETS

1,032,222

1,050,320

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

1,032,220

1,050,318

SHAREHOLDERS' FUNDS

1,032,222

1,050,320

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 June 2023 and were signed by:

D D S McKeown - Director

1.	STATUTORY INFORMATION

Platinum - Plus (Scotland) Ltd is a private company, limited by shares, registered in Scotland. The company's registered office is 6 Alleysbank Road, Farmeloan Industrial Estate, Rutherglen, Glasgow, Scotland, G73 1LX.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

There were no material departures from that standard.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements.

The director considers that there are no such significant judgements.

Turnover

Turnover represents the invoice value of goods sold and services rendered and rental income. The company's policy is to recognise income when substantively all the risks and rewards in connection with the goods and services have been passed to the buyer. Rental income is recognised on a straight line basis over the term of the lease. Turnover relating to the sale of completed dwellings is recognised when the legal title has been transferred to the customer.

Tangible fixed assets

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

Plant and machinery etc

-

33% on reducing balance and 25% on reducing balance

Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Government grants

Government grants relating to revenue expenditure are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from banks and related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. 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.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Hire purchase and leasing commitments

Assets purchased under finance leases and hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account over the relevant period.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2021

211,420

Additions

1,107

Disposals

(17,750

)

At 30 September 2022

194,777

DEPRECIATION

At 1 October 2021

126,516

Charge for year

20,876

Eliminated on disposal

(6,934

)

At 30 September 2022

140,458

NET BOOK VALUE

At 30 September 2022

54,319

At 30 September 2021

84,904

Included above is £nil (2021: £18,375) being the carrying value of assets which the company has pledged as security.

5.

DEBTORS

2022

2021

£

£

Amounts falling due within one year:

Other debtors

725

1,236

Amounts falling due after more than one year:

Amounts owed by group undertakings

1,000,000

1,000,000

Aggregate amounts

1,000,725

1,001,236

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Hire purchase contracts

-

6,125

Trade creditors

3,655

409

Taxation and social security

-

1,162

Other creditors

44,012

41,980

47,667

49,676

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts

-

13,781

Other creditors

-

39,691

-

53,472

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Hire purchase contracts

-

19,906

Hire purchase contracts were secured on the assets concerned.

9.	RELATED PARTY DISCLOSURES

Included in debtors is a balance of £1,000,000 (2021: £1,000,000) due from the parent company. The amount due is interest free and repayable in over one year.

10.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary company of Platinum Scotland Limited. The registered address of the holding company is Unit 7 Alleysbank Road, Rutherglen, Glasgow, Scotland, G73 1LX.