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COMPANY REGISTRATION NUMBER: 08124267
Platform Childcare Ltd
Unaudited Financial Statements
31 March 2024
Platform Childcare Ltd
Financial Statements
Year Ended 31 March 2024
Contents
Page
Officers and Professional Advisers
1
Director's Report
2
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements
3
Statement of Income and Retained Earnings
4
Statement of Financial Position
5
Notes to the Financial Statements
7
Platform Childcare Ltd
Officers and Professional Advisers
Director
Mr Z Lal
Registered Office
Suite 2
First Floor Millennium Court
First Avenue
Centrum 100
Burton on Trent
DE14 2WH
Accountants
G K Abbott & Co
Chartered accountants
22 Eldon Business Park
Eldon Road
Attenborough
Beeston
Nottingham
NG9 6DZ
Platform Childcare Ltd
Director's Report
Year Ended 31 March 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2024 .
Principal Activities
The principal activity of the company during the period was that of the provision of accommodation and services for child support.
Director
The director who served the company during the year was as follows:
Mr Z Lal
Small Company Provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 12 September 2024 and signed on behalf of the board by:
Mr Z Lal
Director
Platform Childcare Ltd
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Platform Childcare Ltd
Year Ended 31 March 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 March 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
G K Abbott & Co Chartered accountants
22 Eldon Business Park Eldon Road Attenborough Beeston Nottingham NG9 6DZ
12 September 2024
Platform Childcare Ltd
Statement of Income and Retained Earnings
Year Ended 31 March 2024
2024
2023
Note
£
£
Turnover
7,580,826
5,076,174
--------------
--------------
Gross Profit
7,580,826
5,076,174
Administrative expenses
5,640,681
4,227,008
--------------
--------------
Operating Profit
1,940,145
849,166
Other interest receivable and similar income
121
283
Interest payable and similar expenses
151
--------------
--------------
Profit Before Taxation
5
1,940,266
849,298
Tax on profit
6
469,527
174,916
--------------
-----------
Profit for the Financial Year and Total Comprehensive Income
1,470,739
674,382
--------------
-----------
Dividends paid and payable
( 400,000)
( 391,000)
Retained Earnings at the Start of the Year
2,900,728
2,617,346
--------------
--------------
Retained Earnings at the End of the Year
3,971,467
2,900,728
--------------
--------------
All the activities of the company are from continuing operations.
Platform Childcare Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed Assets
Tangible assets
7
248,654
2,543,855
Current Assets
Debtors
8
4,257,033
366,109
Cash at bank and in hand
49,790
243,684
--------------
-----------
4,306,823
609,793
Creditors: amounts falling due within one year
9
583,910
252,820
--------------
-----------
Net Current Assets
3,722,913
356,973
--------------
--------------
Total Assets Less Current Liabilities
3,971,567
2,900,828
--------------
--------------
Net Assets
3,971,567
2,900,828
--------------
--------------
Capital and Reserves
Called up share capital
100
100
Profit and loss account
3,971,467
2,900,728
--------------
--------------
Shareholder Funds
3,971,567
2,900,828
--------------
--------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 March 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Platform Childcare Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 12 September 2024 , and are signed on behalf of the board by:
Mr Z Lal
Director
Company registration number: 08124267
Platform Childcare Ltd
Notes to the Financial Statements
Year Ended 31 March 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 2, First Floor Millennium Court, First Avenue, Centrum 100, Burton on Trent, DE14 2WH.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating Leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
Buildings 2% Straight Line .Land Nil.
Long leasehold property improvements
-
20% straight line
Fixtures & fittings
-
50% straight line
Motor vehicles
-
25% straight line
Office equipment
-
33% straight line
Financial Instruments
Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Debtors and creditors receivable / payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit or loss account. The company has only financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Defined Contribution Plans
The company operates defined contribution pension schemes.Contributions payable to company pension schemes are charged to profit or loss in the period to which they relate. The assets of the schemes are held separately from those of the company in independently administered funds.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 137 (2023: 105 ).
5. Profit Before Taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
79,283
97,319
---------
---------
6. Tax on Profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
477,159
176,202
Deferred tax:
Origination and reversal of timing differences
( 7,632)
( 1,286)
-----------
-----------
Tax on profit
469,527
174,916
-----------
-----------
7. Tangible Assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
2,677,114
86,472
61,197
37,285
2,862,068
Additions
753,885
39,146
51,199
3,828
848,058
Disposals
( 3,229,735)
( 6,600)
( 3,236,335)
--------------
-----------
-----------
---------
--------------
At 31 March 2024
201,264
125,618
105,796
41,113
473,791
--------------
-----------
-----------
---------
--------------
Depreciation
At 1 April 2023
204,709
56,699
28,662
28,143
318,213
Charge for the year
23,226
20,902
26,624
8,531
79,283
Disposals
( 167,784)
( 4,575)
( 172,359)
--------------
-----------
-----------
---------
--------------
At 31 March 2024
60,151
77,601
50,711
36,674
225,137
--------------
-----------
-----------
---------
--------------
Carrying amount
At 31 March 2024
141,113
48,017
55,085
4,439
248,654
--------------
-----------
-----------
---------
--------------
At 31 March 2023
2,472,405
29,773
32,535
9,142
2,543,855
--------------
-----------
-----------
---------
--------------
Land and Buildings include leasehold improvements at a carrying amount of £141,113 (2023:40,934).
8. Debtors
2024
2023
£
£
Trade debtors
472,226
211,778
Amounts owed by group undertakings and undertakings in which the company has a participating interest
3,693,708
932
Other debtors
91,099
153,399
--------------
-----------
4,257,033
366,109
--------------
-----------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,191
189
Corporation tax
477,159
176,202
Social security and other taxes
97,725
72,248
Other creditors
5,835
4,181
-----------
-----------
583,910
252,820
-----------
-----------
10. Deferred Tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in debtors (note 8)
14,784
7,152
---------
--------
11. Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
57,640
57,640
Later than 1 year and not later than 5 years
160,000
160,000
Later than 5 years
43,333
83,333
-----------
-----------
260,973
300,973
-----------
-----------
12. Director's Advances, Credits and Guarantees
The director owed the company £4,718 (2023;£4,718) at 31 March 2024.
13. Related Party Transactions
Rents of £24,000 (2023:£24,000)were paid to the director and family in respect of properties rented to the company. Management and services charge were paid to Henry David Learning Limited, a company controlled by the Director with £3,901 (2023:£73,900) owed by Henry David Learning Limited at 31 March 2024.
14. Controlling Party
The ultimate parent company is FJRI Limited a company registered in England and Wales. FJRI Limited is controlled by Mr Z Lal its sole director and shareholder.