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REGISTERED NUMBER: 03716488 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

PLATINUM FINANCIAL SERVICES LIMITED

PLATINUM FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 03716488)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


PLATINUM FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 03716488)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 9,149 7,596
Investments 6 3,505 -
12,654 7,596

CURRENT ASSETS
Debtors 7 63,385 55,867
Cash at bank 1,194,093 1,754,316
1,257,478 1,810,183
CREDITORS
Amounts falling due within one year 8 185,065 196,371
NET CURRENT ASSETS 1,072,413 1,613,812
TOTAL ASSETS LESS CURRENT LIABILITIES 1,085,067 1,621,408

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Share premium 9,000 9,000
Capital redemption reserve 250 250
Retained earnings 1,065,817 1,602,158
SHAREHOLDERS' FUNDS 1,085,067 1,621,408

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PLATINUM FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 03716488)

BALANCE SHEET - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 May 2023 and were signed on its behalf by:




M Loran - Director



L Doyle - Director


PLATINUM FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 03716488)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Platinum Financial Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03716488

Registered office: 6 Middlewich Road
Northwich
Cheshire
CW9 7AP

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Goodwill
Acquired goodwill is being written off in equal instalments over its estimated useful economic life.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PLATINUM FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 03716488)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 345,000
AMORTISATION
At 1 April 2022
and 31 March 2023 345,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022 9,481 24,857 34,338
Additions - 5,481 5,481
At 31 March 2023 9,481 30,338 39,819
DEPRECIATION
At 1 April 2022 8,469 18,273 26,742
Charge for year 912 3,016 3,928
At 31 March 2023 9,381 21,289 30,670
NET BOOK VALUE
At 31 March 2023 100 9,049 9,149
At 31 March 2022 1,012 6,584 7,596

PLATINUM FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 03716488)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 3,505
At 31 March 2023 3,505
NET BOOK VALUE
At 31 March 2023 3,505

7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Other debtors 9,250 9,250

Amounts falling due after more than one year:
Other debtors 54,135 46,617

Aggregate amounts 63,385 55,867

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 140,289 157,479
Other creditors 44,776 38,892
185,065 196,371

9. RELATED PARTY DISCLOSURES

The company is controlled by Platinum Financial holdings Limited. Mr M. Loran who is a director of the company has the majority shareholding in Platinum Financial Holdings limited.