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REGISTERED NUMBER: SC696299 (Scotland)





















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:

R J R Wright


N Wright





REGISTERED OFFICE:

9 Ainslie Place


Edinburgh


Lothian


EH3 6AT





REGISTERED NUMBER:

SC696299 (Scotland)





ACCOUNTANTS:

Whitelaw Wells


9 Ainslie Place


Edinburgh


Midlothian


EH3 6AT





BANKERS:

Barclays


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

604,580


445,000




CURRENT ASSETS

Debtors

5

5,886


5,744



Cash at bank

3,449


64,916



9,335


70,660



CREDITORS

Amounts falling due within one year

6

352,906


251,100



NET CURRENT LIABILITIES

(343,571

)

(180,440

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

261,009


264,560




CREDITORS

Amounts falling due after more than

one year

7

267,803


278,104



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 company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.  


The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.



Platform Investment Solutions Limited (Registered number: SC696299)



Balance Sheet - continued

30 April 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 15 April 2024 and were signed on its behalf by:






R J R Wright - Director




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 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 as modified by the revaluation of certain assets.    



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 2 (2022 - 2 ) .


4.

INVESTMENT PROPERTY


Total

£   



FAIR VALUE


At 1 May 2022

445,000




Additions

159,580




At 30 April 2023

604,580




NET BOOK VALUE


At 30 April 2023

604,580




At 30 April 2022

445,000





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

5,886


5,744




6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade creditors

1,734


-




Taxation and social security

530


-




Other creditors

350,642


251,100



352,906


251,100




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

267,803


278,104





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

278,003


288,304





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

(2,366

)

(11,188

)

(13,554

)



Profit for the year

6,750


6,750




At 30 April 2023

4,384


(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.