Platinum Financial Planning Limited

Registered number

NI613564

Unaudited Filleted Accounts

31 March 2023

Platinum Financial Planning Limited
Registered number:		NI613564
Balance Sheet
as at 31 March 2023

Notes			2023			2022
£				£
Fixed assets
Tangible assets	3		371,141			390,738

Current assets
Debtors	4	57,604			36,930
Cash at bank and in hand		63,529			70,864
		121,133			107,794

Creditors: amounts falling due within one year	5	(82,259)			(60,961)

Net current assets			38,874			46,833

Total assets less current liabilities			410,015			437,571

Creditors: amounts falling due after more than one year	6		(163,449)			(181,414)

Provisions for liabilities			(3,578)			(5,745)


Net assets			242,988			250,412

Capital and reserves
Called up share capital			1			1
Profit and loss account			242,987			250,411

Shareholder's funds			242,988			250,412

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Jonathan Scott
Director
Approved by the board on 23 August 2023

Platinum Financial Planning Limited
Notes to the Accounts
for the year ended 31 March 2023


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	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 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.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings	over 50 years
	Leasehold land and buildings	over the lease term
	Plant and machinery	over 5 years
	Fixtures, fittings, tools and equipment	over 5 years

	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.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees			2023		2022
Number					Number

	Average number of persons employed by the company			16		15


3	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Total
£			£		£
	Cost
	At 1 April 2022	396,894		100,180		497,074
	Additions	-		8,085		8,085
	At 31 March 2023	396,894		108,265		505,159

	Depreciation
	At 1 April 2022	37,814		68,522		106,336
	Charge for the year	7,938		19,744		27,682
	At 31 March 2023	45,752		88,266		134,018

	Net book value
	At 31 March 2023	351,142		19,999		371,141
	At 31 March 2022	359,080		31,658		390,738


4	Debtors			2023		2022
£					£

	Trade debtors			39,773		35,520
	Other debtors			17,831		1,410
				57,604		36,930


5	Creditors: amounts falling due within one year			2023		2022
£					£

	Bank loans and overdrafts			18,860		15,839
	Taxation and social security costs			20,610		32,122
	Other creditors			42,789		13,000
				82,259		60,961


6	Creditors: amounts falling due after one year			2023		2022
£					£

	Bank loans			163,449		181,414


7	Loans			2023		2022
£					£
	Creditors include:
	Instalments falling due for payment after more than five years			157,163		118,056


	Secured bank loans			182,309		197,252

	Bank loans are secured by a first and only all monies Debenture in favour of the Bank over all the Borrower(s) property, assets and undertaking to incorporate a first and only legal charge over property situate at 157 Upper Newtownards Road, Belfast, BT4 3HX.


8	Other financial commitments			2023		2022
£					£

	Total future minimum payments under non-cancellable operating leases			26,568		-


9	Related party transactions

	During the year the company paid remuneration of £12,000 (2022: £6,000) to Jonathan Scott, a director, and holder of a participating interest. During the year the company also paid dividends of £34,858 (2022: £95,821) to Jonathan Scott.


10	Other information

	Platinum Financial Planning Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
	157 Upper Newtownards Road
	Belfast
	BT4 3HX