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Company registration number: 07354937
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FOR THE YEAR ENDED
31 DECEMBER 2023
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COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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PLATFFORM LIMITED
REGISTERED NUMBER:07354937
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Allotted, called up and fully paid share capital
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 6 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Platfform Limited is a private company limited by shares incorporated in England and Wales. The address of the
registered office is disclosed on the Company information page.
The financial statements are presented in sterling which is the functional currency of the Company and are rounded
to the nearest £.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Turnover is the total amount receivable by the Company for goods supplied and services provided, excluding
VAT and trade discounts. Further detail of revenue recognition can be found under the accounting policy for
furniture contracts.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Where the outcome of furniture contracts can be reliably estimated, furniture revenue and furniture costs are
recognised by reference to the stage of completion.
Where the outcome of furniture contract cannot be estimated reliably, revenue is recognised to the extent of
furniture costs incurred that is probable to be recoverable and the furniture costs are recognised as an expense
in the period in which they are incurred. Where it is probable that the total furniture costs will exceed the total
furniture revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous
contract being recognised.
Where the collectibility of an amount already recognised as contract revenue is no longer probable, the
uncollectible amount is expensed rather than recognised as an adjustment to the amount of furniture revenue.
Interest income is recognised in profit or loss using the effective interest method.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions
that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for
revenues and expenses during the year. These estimates and judgements are continually reviewed and are based
on experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
Commercial Contracts
The Company enters into commercial contracts and at period ends is required to assess the level of completion of
these contracts. The estimation of completion, which affects profitability, requires assessment of the stage of
completion by project managers, based on an evaluation of its progress, together with an assessment of cost to
complete.
Remedial Provisions
This area introduces a notable degree of estimation uncertainty, given that a substantial portion of projects relies on
a thorough evaluation. Project managers conduct an in-depth technical analysis to understand the nature and extent
of any issues necessitating remediation. This analysis is complemented by a reflection on past experiences,
incorporating any adjustments made in previous periods. Furthermore, detailed cost estimates, sourced from
qualified experts, are employed to determine the financial requirements for implementing essential remedial
measures. These estimates carefully consider potential variations and unforeseen circumstances, adding a layer of
diligence to the overall assessment process.
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The average monthly number of employees, including directors, during the year was 15 (2022 - 12).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts recoverable on long-term contracts
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The Company has provided Lloyds Bank Plc with a debenture and omnibus guarantee to secure borrowings of other
companies within the group. At 31 December 2023 the group had no bank borrowings (2022: £Nil). It is therefore not
expected that any liability will crystallise for the company or the group in respect of this guarantee.
As at the year end there were outstanding contributions of £2,457 (2022: £1,981).
The parent of the smallest and largest group of undertakings for which group statements have been drawn up is that
headed by Workplace Futures Group Limited. The address of their registered office is: Gordon House, Greencoat
Place, London, SW1P 1PH. Copies of the consolidated financial statements of Workplace Futures Group Limited are
available from Companies House, Crown Way, Cardiff, CF14 3UZ.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 1 May 2024 by Anna Johnston ACA (Senior Statutory Auditor) on behalf of Menzies LLP.
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