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REGISTERED NUMBER: SC670210 (Scotland)




















Platinum Works Joinery Limited

Unaudited Financial Statements

for the Year Ended 31 August 2023






Platinum Works Joinery Limited (Registered number: SC670210)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Platinum Works Joinery Limited

Company Information
for the Year Ended 31 August 2023







DIRECTOR: Mr R Boyle



REGISTERED OFFICE: 9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



REGISTERED NUMBER: SC670210 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: Starling Bank
3rd Floor
2 Finsbury Avenue
London
EC2M 2PP

Platinum Works Joinery Limited (Registered number: SC670210)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 82,274 16,910

CURRENT ASSETS
Stocks and work in progress 5,000 5,000
Debtors 5 979 1,025
Cash at bank 11,255 67,738
17,234 73,763
CREDITORS
Amounts falling due within one year 6 74,666 47,218
NET CURRENT (LIABILITIES)/ASSETS (57,432 ) 26,545
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,842

43,455

CREDITORS
Amounts falling due after more than
one year

7

(4,604

)

(7,854

)

PROVISIONS FOR LIABILITIES (3,079 ) (3,213 )
NET ASSETS 17,159 32,388

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 17,059 32,288
17,159 32,388

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

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

The director acknowledges his 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 Works Joinery Limited (Registered number: SC670210)

Balance Sheet - continued
31 August 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 director and authorised for issue on 25 January 2024 and were signed by:





Mr R Boyle - Director


Platinum Works Joinery Limited (Registered number: SC670210)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Platinum Works Joinery Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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 and revenue recognition
Turnover represents net income receivable from building contracts, excluding value added tax.
Revenue is recognised when the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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.


Platinum Works Joinery Limited (Registered number: SC670210)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probably the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

Platinum Works Joinery Limited (Registered number: SC670210)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 September 2022 - 25,747 25,747
Additions 66,069 7,645 73,714
At 31 August 2023 66,069 33,392 99,461
DEPRECIATION
At 1 September 2022 - 8,837 8,837
Charge for year - 8,350 8,350
At 31 August 2023 - 17,187 17,187
NET BOOK VALUE
At 31 August 2023 66,069 16,205 82,274
At 31 August 2022 - 16,910 16,910

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 September 2022
and 31 August 2023 15,833
DEPRECIATION
At 1 September 2022 3,959
Charge for year 3,959
At 31 August 2023 7,918
NET BOOK VALUE
At 31 August 2023 7,915
At 31 August 2022 11,874

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 979 1,025

Platinum Works Joinery Limited (Registered number: SC670210)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 3,250 3,250
Taxation and social security 26,296 26,170
Other creditors 45,120 17,798
74,666 47,218

The director's current account is unsecured, interest free and has no fixed repayment period.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 4,604 7,854