REGISTERED NUMBER: |
Platform Investment Solutions Limited |
Unaudited Financial Statements |
for the Year Ended 30 April 2023 |
REGISTERED NUMBER: |
Platform Investment Solutions Limited |
Unaudited Financial Statements |
for the Year Ended 30 April 2023 |
Platform Investment Solutions Limited (Registered number: SC696299) |
Contents of the Financial Statements |
for the Year Ended 30 April 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Platform Investment Solutions Limited |
Company Information |
for the Year Ended 30 April 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
9 Ainslie Place |
Edinburgh |
Midlothian |
EH3 6AT |
BANKERS: |
10-15 Princes Street |
Edinburgh |
EH2 2AN |
Platform Investment Solutions Limited (Registered number: SC696299) |
Balance Sheet |
30 April 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( | ) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET LIABILITIES | (6,794 | ) | (13,544 | ) |
CAPITAL AND RESERVES |
Called up share capital | 10 | 10 |
Fair value reserve | 9 | (11,188 | ) | (11,188 | ) |
Retained earnings | 9 | 4,384 | (2,366 | ) |
(6,794 | ) | (13,544 | ) |
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. |
Platform Investment Solutions Limited (Registered number: SC696299) |
Balance Sheet - continued |
30 April 2023 |
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 |
Platform Investment Solutions Limited (Registered number: SC696299) |
Notes to the Financial Statements |
for the Year Ended 30 April 2023 |
1. | STATUTORY INFORMATION |
Platform Investment Solutions Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover and revenue recognition |
Turnover represents gross invoiced rental income. |
Rent is recognised in accordance with the lease agreement. |
Investment property |
Investment properties are shown at their fair value. Any surplus or deficit arising from changes in |
fair value are recognised in the profit and loss account for the year. A reduction in value due to |
fluctuation in the property market conditions is not considered to be permanent. |
Deferred taxation is provided on any fair value surplus at the rate expected to apply when the |
property is sold and at the year end is included in the fair value reserve with the relevant change in |
fair value. |
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 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. |
Platform Investment Solutions Limited (Registered number: SC696299) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 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. |
Going concern |
The financial statements have been prepared on the going concern principle, which assumes that the company will survive for the foreseeable future. In order to do so the company will require the continued support of the directors, lender, and related parties. The directors will continue to support the company and are are confident of the continued support of the lenders. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2022 |
Additions |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
Fair value at 30 April 2023 is represented by: |
£ |
Valuation in 2022 | (11,188 | ) |
Cost | 615,768 |
604,580 |
Platform Investment Solutions Limited (Registered number: SC696299) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
4. | INVESTMENT PROPERTY - continued |
If investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 615,768 | 456,188 |
The investment properties are shown at the directors' estimated valuation of open market value as at 30 April 2023. The directors are not professional valuers. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Included in other creditors is the balance due on the directors' current accounts of £209,990 (2022: £159,990). This balance is interest-free, unsecured, and repayable on demand. |
Other creditors also include balances amounting to £125,000 (2022: £76,760) owed to companies owned by the directors. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Other property loans | 267,803 | 278,104 |
Platform Investment Solutions Limited (Registered number: SC696299) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Other property loans |
The mortgages are secured by way of standard securities over the company's investment properties. A security was granted after 30 April 2023 in relation to the property purchased in the period. |
9. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 May 2022 | ( | ) | (11,188 | ) | ( | ) |
Profit for the year |
At 30 April 2023 | (11,188 | ) | (6,804 | ) |
10. | CONTINGENT LIABILITIES |
If the company's investment properties were sold at valuation, no chargeable gain for corporation |
tax would arise. |