Platinum One Limited
Platinum One Limited
Registered number: 05917708
Unaudited Financial Statements
For The Year Ended 28 February 2024
Brisan Accountancy Ltd
Canada House, First Floor, 20/20 Business Park
Maidstone
Kent
ME16 0LS
Platinum One Limited
Unaudited Financial Statements
For The Year Ended 28 February 2024
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Platinum One Limited
Balance Sheet
As At
28 February 2024
Balance Sheet
Registered number:
05917708
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
| 2024 | 2023 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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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 | 8 |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (54,201) | (47,851) | |||
Platinum One Limited
Balance Sheet (continued)
As At
28 February 2024
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Platinum One Limited
Notes to the Financial Statements
For The Year Ended 28 February 2024
Notes to the Financial Statements
1.
General Information
Platinum One Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
05917708
. The registered office is Canada House, First Floor, 20/20 Business Park, Maidstone, Kent, ME16 0LS.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, the director has pledged their continued financial support.
2.3.
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 goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. Goodwill has been amortised in full.
2.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Motor Vehicles |
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| Fixtures & Fittings |
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| Computer Equipment |
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2.6.
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 years 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.
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.
2.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
Platinum One Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2024
4.
Intangible Assets
| Goodwill | |||
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| Cost | |||
| As at 1 March 2023 |
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| As at 28 February 2024 |
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| Amortisation | |||
| As at 1 March 2023 |
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| As at 28 February 2024 |
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5.
Tangible Assets
| Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
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| £ | £ | £ | £ | |
| Cost | ||||
| As at 1 March 2023 |
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| Additions |
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| As at 28 February 2024 |
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| Depreciation | ||||
| As at 1 March 2023 |
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| Provided during the period |
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| As at 28 February 2024 |
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| Net Book Value | ||||
| As at 28 February 2024 |
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| As at 1 March 2023 |
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6.
Debtors
| 2024 | 2023 | ||
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| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
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| Corporation tax recoverable assets | - |
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| Other taxes and social security |
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7.
Creditors: Amounts Falling Due Within One Year
| 2024 | 2023 | ||
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| £ | £ | ||
| Bank loans and overdrafts |
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| Other taxes and social security | - |
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| VAT |
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| Credit Card |
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| Director's loan account |
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Platinum One Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2024
8.
Creditors: Amounts Falling Due After More Than One Year
| 2024 | 2023 | ||
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| £ | £ | ||
| Bank loans |
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10.
Directors Advances, Credits and Guarantees
Included within Creditors are the following loans due to directors:
| As at 1 March 2023 | Amounts advanced | Amounts repaid | Amounts written off | As at 28 February 2024 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Jagtar Cheema |
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The above loan is unsecured, interest free, repayable on demand and ranks equally with other unsecured creditors of the company.
11.
Ultimate Controlling Party
The company's ultimate controlling party is
Mr J Cheema
by virtue of his ownership of 100% of the issued share capital in the company.