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Platinum Eco Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

Registration number: 11609060

 

Platinum Eco Services Ltd

Contents

Statement of financial position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Platinum Eco Services Ltd

(Registration number: 11609060)
Statement of financial position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

60,508

68,071

Tangible assets

5

302,528

277,829

 

363,036

345,900

Current assets

 

Stocks

6

149,235

213,001

Debtors

7

270,416

352,344

Cash at bank and in hand

 

310,983

991,560

 

730,634

1,556,905

Creditors: Amounts falling due within one year

8

(480,363)

(542,239)

Net current assets

 

250,271

1,014,666

Total assets less current liabilities

 

613,307

1,360,566

Creditors: Amounts falling due after more than one year

8

(60,639)

(32,773)

Provisions for liabilities

(24,727)

(52,164)

Net assets

 

527,941

1,275,629

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

527,940

1,275,628

Shareholders' funds

 

527,941

1,275,629

For the financial 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.

 

Platinum Eco Services Ltd

(Registration number: 11609060)
Statement of financial position as at 31 December 2023

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Income statement.

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

.........................................
Mr S Harbour
Director

 

Platinum Eco Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Unit 16 Northbrook Business Park
Northbrook Road
Worthing
West Sussex
BN14 8PQ

These financial statements were authorised for issue by the Board on 10 September 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Platinum Eco Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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

Office equipment

33% reducing balance

Motor vehicles

25% reducing balance

Plant & machinery

33% reducing balance

Fixtures & fittings

33% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Platinum Eco Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 income statement 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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement 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.

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 directors) during the year, was 15 (2022 - 14).

 

Platinum Eco Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

75,634

75,634

At 31 December 2023

75,634

75,634

Amortisation

At 1 January 2023

7,563

7,563

Amortisation charge

7,563

7,563

At 31 December 2023

15,126

15,126

Carrying amount

At 31 December 2023

60,508

60,508

At 31 December 2022

68,071

68,071

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

13,994

373,414

387,408

Additions

7,331

189,640

196,971

Disposals

-

(137,755)

(137,755)

At 31 December 2023

21,325

425,299

446,624

Depreciation

At 1 January 2023

7,160

102,419

109,579

Charge for the year

3,046

62,639

65,685

Eliminated on disposal

-

(31,168)

(31,168)

At 31 December 2023

10,206

133,890

144,096

Carrying amount

At 31 December 2023

11,119

291,409

302,528

At 31 December 2022

6,834

270,995

277,829

6

Stocks

2023
£

2022
£

Other inventories

149,235

213,001

 

Platinum Eco Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

37,055

54,306

Amounts owed by related parties

28,600

-

Prepayments

 

6,626

3,841

Other debtors

 

198,135

294,197

   

270,416

352,344

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

36,300

16,420

Trade creditors

 

95,777

187,645

Taxation and social security

 

309,650

306,760

Accruals and deferred income

 

12,762

14,068

Other creditors

 

25,874

17,346

 

480,363

542,239

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

60,639

32,773

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £0.00 each

1,000

1

1,000

1

       
 

Platinum Eco Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

14,167

24,167

Hire purchase contracts

46,472

8,606

60,639

32,773

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000

Hire purchase contracts

26,300

6,420

36,300

16,420

11

Parent and ultimate parent undertaking

Platinum Eco Services Ltd is 68% owned by the Platinum Eco Services Employee Ownership Trust. The company is under the control of Mr M Dowling via his 32% direct shareholding and his additional intrerest in the Employee Ownership Trust.

 The ultimate controlling party is Mr M Dowling.