Registered number
12006452
Platinum Crest Global Limited
Filleted Accounts
31 May 2023
Platinum Crest Global Limited
Registered number: 12006452
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 449,787 271,696
Current assets
Debtors 4 130,082 36,716
Cash at bank and in hand 123,093 17,502
253,175 54,218
Creditors: amounts falling due within one year 5 (196,222) (35,306)
Net current assets 56,953 18,912
Total assets less current liabilities 506,740 290,608
Creditors: amounts falling due after more than one year 6 (4,413) (4,413)
Provisions for liabilities - deferred tax (111,383) (50,410)
Net assets 390,944 235,785
Capital and reserves
Called up share capital 10 10
Profit and loss account 390,934 235,775
Shareholder's funds 390,944 235,785
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.
J P Viljoen
Director
Approved by the board on 23 October 2023
Platinum Crest Global Limited
Notes to the Accounts
for the year ended 31 May 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 and 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:
Leasehold improvements over 5 years
Motor vehicles over 5 years
Furniture and equipment over 4 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Leasehold improvements Furniture and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 June 2022 95,140 258,611 50,624 404,375
Additions 36,988 262,229 61,026 360,243
At 31 May 2023 132,128 520,840 111,650 764,618
Depreciation
At 1 June 2022 25,632 92,197 14,850 132,679
Charge for the year 26,426 133,396 22,330 182,152
At 31 May 2023 52,058 225,593 37,180 314,831
Net book value
At 31 May 2023 80,070 295,247 74,470 449,787
At 31 May 2022 69,508 166,414 35,774 271,696
4 Debtors 2023 2022
£ £
Trade debtors 130,082 36,716
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans 9,762 14,175
Other taxes and social security costs 23,486 9,662
Other creditors 162,974 11,469
196,222 35,306
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 4,413 4,413
7 Other information
Platinum Crest Global Limited is a private company limited by shares and incorporated in England. Its registered office is:
St Georges House
Knoll Road, 2nd Floor
Camberley
GU15 3SY
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