Company Registration No. 10120917 (England and Wales)
Platinum Car Sales Ltd
Unaudited accounts
for the year ended 31 May 2023
Platinum Car Sales Ltd
Unaudited accounts
Contents
Platinum Car Sales Ltd
Company Information
for the year ended 31 May 2023
Company Number
10120917 (England and Wales)
Registered Office
Unit 1b
Carfartha Industrial estate
Merthyr Tydfil
Merthyr Tydfil
CF47 8PE
Wales
Platinum Car Sales Ltd
Statement of financial position
as at 31 May 2023
Called up share capital not paid
-
1
Tangible assets
12,092
14,747
Investment property
250,000
250,000
Inventories
831,958
650,081
Cash at bank and in hand
60,861
19,829
Creditors: amounts falling due within one year
(658,567)
(669,009)
Net current assets
234,252
901
Total assets less current liabilities
496,344
265,649
Creditors: amounts falling due after more than one year
(229,139)
(22,548)
Net assets
267,205
243,101
Called up share capital
210,588
210,588
Profit and loss account
56,617
32,513
Shareholders' funds
267,205
243,101
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 8 February 2024 and were signed on its behalf by
william j morgan
Director
Company Registration No. 10120917
Platinum Car Sales Ltd
Notes to the Accounts
for the year ended 31 May 2023
Platinum Car Sales Ltd is a private company, limited by shares, registered in England and Wales, registration number 10120917. The registered office is Unit 1b, Carfartha Industrial estate, Merthyr Tydfil, Merthyr Tydfil, CF47 8PE, Wales.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 June 2022
250,000
Shop has now been fitted out, revalued by estate agents and has increased in it value to the business by £100K. This is now reflected in the valuation
Platinum Car Sales Ltd
Notes to the Accounts
for the year ended 31 May 2023
6
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
577,567
576,009
Proposed dividends
(12,000)
-
Loans from directors
93,000
93,000
3 finance companies providing loans secured on stock for varying amount of times.
7
Creditors: amounts falling due after more than one year
2023
2022
Loans from directors
176,139
-
Barclays bank bounce back loan. Security free loan Backed by HMG
Allotted, called up and fully paid:
210,588 Ordinary shares of £1 each
210,588
210,588
9
Average number of employees
During the year the average number of employees was 3 (2022: 3).