2022-10-012023-09-302023-09-30false09190916Platinum Pure Properties 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Platinum Pure Properties Limited

Registered Number
09190916
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2023

Platinum Pure Properties Limited
Company Information
for the year from 1 October 2022 to 30 September 2023

Director

Christian Nicholas Eliades

Registered Address

236 Creighton Avenue
East Finchley
London
N2 9BD

Registered Number

09190916 (England and Wales)
Platinum Pure Properties Limited
Balance Sheet as at
30 September 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets7212265
Investment property81,012,5181,008,801
1,012,7301,009,066
Current assets
Debtors10351,226354,491
Current asset investments1,5801,580
Cash at bank and on hand159,854588,881
512,660944,952
Creditors amounts falling due within one year11(7,775)(446,731)
Net current assets (liabilities)504,885498,221
Total assets less current liabilities1,517,6151,507,287
Provisions for liabilities12(40)(50)
Net assets1,517,5751,507,237
Capital and reserves
Called up share capital110110
Revaluation reserve1,2801,280
Profit and loss account1,516,1851,505,847
Shareholders' funds1,517,5751,507,237
The financial statements were approved and authorised for issue by the Director on 17 November 2023, and are signed on its behalf by:
Christian Nicholas Eliades
Director
Registered Company No. 09190916
Platinum Pure Properties Limited
Notes to the Financial Statements
for the year ended 30 September 2023

1.Statutory information
Platinum Pure Properties Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The presentation currency of the financial statements is the Pound Sterling (£).
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Basis of measurement used in financial statements
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).
4.Accounting policies
Turnover policy
Turnover represents rental income received from investment properties rents are recognized up to the year-end date.
Property, plant and equipment policy
Land and building held and used in the Company's own activities for production and supply of goods or for administration purposes are stated in the statement of financial position at their revalued amounts. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position. Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve. Depreciation on cost of buildings is charged to profit and loss. Depreciation on the revaluation amount on buildings is charged to the revaluation reserve, so as to write off their value less residual value, over their estimated useful life, using the straight-line method. Once the property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognized.
Investment property policy
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis is measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or less in the period in which they arise.
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
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.
Investments policy
Investments comprise of investments in unquoted equity instruments which are measured at fair value. Changes in fair value are recognized in the income statement. Fair value is estimated by using a valuation technique.
Valuation of financial instruments policy
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortized cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at
5.Critical estimates and judgements
The director made key assumptions in determining the fair value of the investment properties in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.
6.Employee information

20232022
Average number of employees during the year22
7.Property, plant and equipment

Office Equipment

Total

££
Cost or valuation
At 01 October 22518518
At 30 September 23518518
Depreciation and impairment
At 01 October 22253253
Charge for year5353
At 30 September 23306306
Net book value
At 30 September 23212212
At 30 September 22265265
8.Investment property
The value of the investment property which has been included at cost, has been considered by the director. The director believes this to be an appropriate value.

£
Fair value at 01 October 221,008,801
Additions6,360
Fair value adjustments(2,643)
At 30 September 231,012,518
9.Description of nature of transactions and balances with related parties
The ultimate controlling party is the director C Eliades by virtue of his beneficial holding in the company. Other creditors include amounts owed to director of £1,543 (2022: £1,360). This loan is interest free with no fixed date for repayment.
10.Debtors

2023

2022

££
Other debtors350,000353,180
Prepayments and accrued income1,2261,311
Total351,226354,491
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.
11.Creditors within one year

2023

2022

££
Trade creditors / trade payables-441,701
Taxation and social security4,5522,473
Other creditors1,5431,360
Accrued liabilities and deferred income1,6801,197
Total7,775446,731
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.
12.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)4050
Total4050