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Registered number: 10597421
Platypus Partners Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Starfish Accounting Ltd
ICAEW
The Bowler Barn
Bartletts Court
Littlewick Green
Berkshire
SL6 3RX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10597421
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 8,461 8,655
Investments 6 965,842 1,062,890
974,303 1,071,545
CURRENT ASSETS
Debtors 7 674,325 1,013,134
Cash at bank and in hand 484,159 493,935
1,158,484 1,507,069
Creditors: Amounts Falling Due Within One Year 8 (770,348 ) (1,177,407 )
NET CURRENT ASSETS (LIABILITIES) 388,136 329,662
TOTAL ASSETS LESS CURRENT LIABILITIES 1,362,439 1,401,207
NET ASSETS 1,362,439 1,401,207
CAPITAL AND RESERVES
Called up share capital 9 200 200
Share premium account 399,950 399,950
Profit and Loss Account 962,289 1,001,057
SHAREHOLDERS' FUNDS 1,362,439 1,401,207
Page 1
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For the year ending 31 December 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
George Curtis
Director
14/08/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Platypus Partners Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10597421 . The registered office is 96 High Street Kensington, Kensington, London, W8 4SG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible fixed assets are measured at cost less accumulative amortisation and any impairment losses.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery etc 25% reducing balance
2.5. Leasing and Hire Purchase Contracts
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2.6. Foreign Currencies
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2.7. Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2.8. Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
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2.9. Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
2.10. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less anyimpairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.11. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.12. Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 3,660
As at 31 December 2023 3,660
Amortisation
As at 1 January 2023 3,660
As at 31 December 2023 3,660
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
5. Tangible Assets
Plant and machinery etc
£
Cost
As at 1 January 2023 14,752
Additions 2,498
As at 31 December 2023 17,250
Depreciation
As at 1 January 2023 6,097
Provided during the period 2,692
As at 31 December 2023 8,789
...CONTINUED
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Net Book Value
As at 31 December 2023 8,461
As at 1 January 2023 8,655
6. Investments
Unlisted
£
Cost
As at 1 January 2023 1,062,890
Revaluations (97,048 )
As at 31 December 2023 965,842
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 965,842
As at 1 January 2023 1,062,890
Historical cost
At 1 January 2023: 452,106
At 31 December 2023: 452,106
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 650,517 996,891
Prepayments and accrued income 5,731 -
Other debtors 18,077 16,243
674,325 1,013,134
Amounts due after more than one year included above £95,888 (2022: £358,701)
Debtors due after more than one year is made up of four invoices which are payable over multiple instalments. The associated revenue has been deferred and will be recognised in the profit and loss account over the period to which it relates.
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 100 -
Other creditors 628,612 980,984
Taxation and social security 141,636 196,423
770,348 1,177,407
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 200 200
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10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 3,409 3,686
3,409 3,686
11. Ultimate Controlling Party
The company has no ultimate controlling party.
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