Platinum Care Solutions Limited 05076290 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is other activities of employment placement agencies Digita Accounts Production Advanced 6.30.9574.0 true 05076290 2023-06-01 2024-05-31 05076290 2024-05-31 05076290 bus:Director1 1 2024-05-31 05076290 bus:OrdinaryShareClass1 2024-05-31 05076290 bus:OrdinaryShareClass2 2024-05-31 05076290 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-05-31 05076290 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-05-31 05076290 core:CurrentFinancialInstruments 2024-05-31 05076290 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 05076290 core:Non-currentFinancialInstruments 2024-05-31 05076290 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 05076290 core:FurnitureFittingsToolsEquipment 2024-05-31 05076290 core:LandBuildings 2024-05-31 05076290 core:MotorVehicles 2024-05-31 05076290 bus:SmallEntities 2023-06-01 2024-05-31 05076290 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 05076290 bus:FilletedAccounts 2023-06-01 2024-05-31 05076290 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 05076290 bus:RegisteredOffice 2023-06-01 2024-05-31 05076290 bus:Director1 2023-06-01 2024-05-31 05076290 bus:Director1 1 2023-06-01 2024-05-31 05076290 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 05076290 bus:OrdinaryShareClass2 2023-06-01 2024-05-31 05076290 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05076290 bus:Agent1 2023-06-01 2024-05-31 05076290 core:ComputerEquipment 2023-06-01 2024-05-31 05076290 core:FurnitureFittings 2023-06-01 2024-05-31 05076290 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 05076290 core:LandBuildings 2023-06-01 2024-05-31 05076290 core:MotorVehicles 2023-06-01 2024-05-31 05076290 core:OtherRelatedParties 2023-06-01 2024-05-31 05076290 countries:England 2023-06-01 2024-05-31 05076290 2023-05-31 05076290 bus:Director1 1 2023-05-31 05076290 core:FurnitureFittingsToolsEquipment 2023-05-31 05076290 core:LandBuildings 2023-05-31 05076290 core:MotorVehicles 2023-05-31 05076290 2022-06-01 2023-05-31 05076290 2023-05-31 05076290 bus:Director1 1 2023-05-31 05076290 bus:OrdinaryShareClass1 2023-05-31 05076290 bus:OrdinaryShareClass2 2023-05-31 05076290 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-05-31 05076290 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-05-31 05076290 core:CurrentFinancialInstruments 2023-05-31 05076290 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 05076290 core:Non-currentFinancialInstruments 2023-05-31 05076290 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 05076290 core:FurnitureFittingsToolsEquipment 2023-05-31 05076290 core:LandBuildings 2023-05-31 05076290 core:MotorVehicles 2023-05-31 05076290 bus:Director1 1 2022-06-01 2023-05-31 05076290 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 05076290 bus:Director1 1 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05076290

Platinum Care Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Platinum Care Solutions Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Platinum Care Solutions Limited

Company Information

Director

J Barry

Registered office

6 Russell Building
86 West Street
Portchester
Hampshire
PO16 9UL

Accountants

Blue Spire Limited
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Platinum Care Solutions Limited
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Platinum Care Solutions Limited for the year ended 31 May 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Platinum Care Solutions Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Platinum Care Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Platinum Care Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Platinum Care Solutions Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Platinum Care Solutions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Platinum Care Solutions Limited. You consider that Platinum Care Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Platinum Care Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Blue Spire Limited
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

27 August 2024

 

Platinum Care Solutions Limited

(Registration number: 05076290)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

15,869

20,960

Current assets

 

Debtors

5

1,252,984

1,304,063

Cash at bank and in hand

 

36,637

107,120

 

1,289,621

1,411,183

Creditors: Amounts falling due within one year

6

(246,337)

(300,323)

Net current assets

 

1,043,284

1,110,860

Total assets less current liabilities

 

1,059,153

1,131,820

Creditors: Amounts falling due after more than one year

6

(59,137)

(147,369)

Net assets

 

1,000,016

984,451

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

999,916

984,351

Shareholders' funds

 

1,000,016

984,451

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 August 2024
 

.........................................
J Barry
Director

 

Platinum Care Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
6 Russell Building
86 West Street
Portchester
Hampshire
PO16 9UL

These financial statements were authorised for issue by the director on 27 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Platinum Care Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold

25% Reducing balance

Fixtures and fittings

25% Reducing balance

Motor vehicles

25% Reducing balance

Computer equipment

25% Straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Platinum Care Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 104 (2023 - 130).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

1,494

18,602

58,772

78,868

Additions

-

1,629

-

1,629

At 31 May 2024

1,494

20,231

58,772

80,497

Depreciation

At 1 June 2023

1,397

13,574

42,937

57,908

Charge for the year

25

2,736

3,959

6,720

At 31 May 2024

1,422

16,310

46,896

64,628

Carrying amount

At 31 May 2024

72

3,921

11,876

15,869

At 31 May 2023

97

5,028

15,835

20,960

Included within the net book value of land and buildings above is £72 (2023 - £97) in respect of short leasehold land and buildings.
 

 

Platinum Care Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

147,360

275,626

Amounts owed by related parties

10

830,257

728,543

Prepayments

 

21,451

46,633

Other debtors

 

253,916

253,261

   

1,252,984

1,304,063

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

88,232

90,725

Trade creditors

 

8,962

685

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

15,264

4,575

Taxation and social security

 

53,127

84,604

Accruals and deferred income

 

61,640

98,228

Other creditors

 

19,112

21,506

 

246,337

300,323

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

59,137

147,369

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

51

51

51

51

Ordinary B of £1 each

49

49

49

49

100

100

100

100

 

Platinum Care Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

59,137

145,425

Hire purchase contracts

-

1,944

59,137

147,369

Current loans and borrowings

2024
£

2023
£

Bank borrowings

86,288

83,471

Hire purchase contracts

1,944

7,254

88,232

90,725

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil (2023 - £1,593.13) per each Ordinary A

-

81,250

 

 

10

Related party transactions

Transactions with the director

2024

At 1 June 2023
£

At 31 May 2024
£

J Barry

Amounts owed from/(to) director

150,791

150,791

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

J Barry

Amounts owed from/(to) director

148,448

52,088

(49,746)

150,791

 

Platinum Care Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Summary of transactions with other related parties

The balance owed to Platinum Care Solutions Limited as at the year end from companies under common ownership is:
Platinum Care Solutions Group Limited £731,031 (2023: £674,901).
Safe Harbour Homecare Limited £99,226 (2023: -£4,575).

Platinum Care Solutions Limited owes Acre Care Limited, a company under common ownership, £15,264 (2023: -£53,642)