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REGISTERED NUMBER: 09378760 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2023

for

Platinum Solutions Group Limited
Previously known as
Platinum Nursing 24 Limited

Platinum Solutions Group Limited (Registered number: 09378760)
Previously known as
Platinum Nursing 24 Limited






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


Platinum Solutions Group Limited
Previously known as
Platinum Nursing 24 Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: N Poturicich
C Coyle
P Groves





SECRETARY: C Coyle





REGISTERED OFFICE: Hygeia House
66-68 College Road
Harrow
Middlesex
HA1 1BE





REGISTERED NUMBER: 09378760 (England and Wales)





AUDITORS: Evolve Accounting and Tax Solutions Limited
Statutory Auditors
2nd Floor Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN

Platinum Solutions Group Limited (Registered number: 09378760)
Previously known as
Platinum Nursing 24 Limited

Strategic Report
for the Year Ended 30 September 2023

The directors present their strategic report for the year ended 30 September 2023.

The board aims to provide a balanced and comprehensive overview of the Company's business development and performance during the period, and its financial position at the period's end. This review aligns with the company's size and nature and is framed within the context of the risks and uncertainties faced by the business.

PRINCIPAL ACTIVITIES

The principal activity of the Platinum Solutions Group Limited ('the Company') during the year continued to be staff recruitment and related activities. The Company has built a reputation on its ability to fill critical skill gaps with experienced contractors and temporary staffing solutions within strict time frames.

REVIEW OF BUSINESS
The Board considers that Platinum Nursing 24 Limited has had a challenging period of trading due to external market forces, showing a decrease in turnover along with corresponding gross profit and profitability figures. The business has taken this opportunity to continue to diversify in related markets to return stronger when market condition turn in the Company's favour.

The board monitors the Company's performance through the use of a variety of measurements, both financial and non-financial in order to maintain effective control over the business. The most important of these are known as key performance indicators (KPIs). The main financial KPIs that the company monitors are turnover, gross profit and gross margin % and these are set out below.





2023 2022 2021

Turnover £147,917 £938,159 £979,496

Turnover Movement (£790,242) (£41,337) £884,767

Gross Profit Margin 34.2% 24.6% 25.2%

Profit/(loss) before
tax


(34.7%)


1.03%


6.46%

The turnover of the Company fell by 84.2% year on year, amounting to £147,917 (2022: decreased by 4.2% to £938,159).


Platinum Solutions Group Limited (Registered number: 09378760)
Previously known as
Platinum Nursing 24 Limited

Strategic Report
for the Year Ended 30 September 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The board takes a conservative approach to risk and financial stability leaving investment in the business to allow the business to expand and grow.

The Company operates on government frameworks and private agreements with clients. Failure to meet the standards set could jeopardise the revenues of the business. Compliance is high on the Company's agenda.

The Company's maximum exposure to credit risk in relation to financial assets is represented by trade and other receivables.

The Company's policy on liquidity risk is to ensure that sufficient cash is available to fund ongoing operations. The Company principally funds its operations through a combination of retained earnings and invoice finance facilities to ensure it has adequate funds to meet future working capital requirements. The invoice finance facilities provide the flexibility to support the Company through any significant changes in business size if needed. The board is confident these facilities provide adequate finance for future growth.

The Company has policies in place to mitigate the potential impact of these financial risks including, but not limited to the following:

Where appropriate, credit checks are made prior to the appointment of a new customer, and these are reviewed on a periodic basis together with ongoing checks in respect of existing customers. Weekly reviews of the debtor ledger are carried out with the finance and sales teams and action initiated, as appropriate, to collect any overdue amounts, thus ensuring that the Company's strong liquidity position is sustained.

Clients remain resolute to reduce their agency spend, and these change factors represent an ongoing risk to spend on agency. However, the continuing shortage of healthcare professionals worldwide represents an increasing demand on the Company.

The Company is strategically positioned to meet this challenge. The directors are confident that the continued development and growth of our workforce solutions offered by the Company will continue to meet the demands of their clients.

SECTION 172(1) STATEMENT
As a Board we take seriously our roles and responsibilities and as such we have regular monthly board meetings where we discuss all areas of the business. The Board focuses on the strategic direction of the Company in order to maximise our return on capital to ensure the long-term ability of the Company to provide the best services to our clients, maintain a well reimbursed workforce with the potential to hire extra staff if growth materialises, and support our local community by hiring locally where possible.

We review all our support functions to ensure all suppliers are paid promptly and that we get the best value for money possible. We provide temporary workers to key sectors in the economy and over the last year our supply of teachers and nurses was very key to supporting the wider community. At all times we ensure every decision made is for the greater good of all our stakeholders at various levels and try to create the very best business enterprise which delivers rewards to all involved.

ON BEHALF OF THE BOARD:





P Groves - Director


21 October 2024

Platinum Solutions Group Limited (Registered number: 09378760)
Previously known as
Platinum Nursing 24 Limited

Report of the Directors
for the Year Ended 30 September 2023

The directors present their report with the financial statements of the company for the year ended 30 September 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of labour supply to the healthcare sector.

DIVIDENDS
No dividends will be distributed for the year ended 30 September 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

N Poturicich
C Coyle

Other changes in directors holding office are as follows:

C Walsh - resigned 3 November 2022
P Groves - appointed 1 December 2022

Ms A M Coyle ceased to be a director after 30 September 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Platinum Solutions Group Limited (Registered number: 09378760)
Previously known as
Platinum Nursing 24 Limited

Report of the Directors
for the Year Ended 30 September 2023


AUDITORS
The auditors, Evolve Accounting and Tax Solutions Limited, were appointed during the year and will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P Groves - Director


21 October 2024

Report of the Independent Auditors to the Members of
Platinum Solutions Group Limited

Opinion
We have audited the financial statements of Platinum Solutions Group Limited (the 'company') for the year ended 30 September 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Platinum Solutions Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Platinum Solutions Group Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud ('fraud risks') we assessed events and conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud.

Our risk assessment procedures included:

- Enquiring of directors and inspection of policy documentation at the company's high level policies and procedures to prevent and detect fraud including the company's channel for whistle blowing as well as whether they have knowledge of any actual or alleged fraud.
- Reading board minutes
- Considering remuneration incentive schemes and performance targets
- Using analytical procedures to identify any unusual or unexpected relationships

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, and taking into account possible pressures to meet profit targets, we performed procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries.

We did not identify any additional fraud risks.

We performed procedures including identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation. These included unusual journals posted to cash and borrowing accounts.

Identifying and responding to risks of material misstatement due to non compliance with laws and regulations.

We identified areas of laws and regulations that could be reasonably expected to have a material effect on the financial statements from more general commercial sector experience and through discussion with the directors and other management (as required by auditing standards) and from inspection of the company's regulatory and legal correspondence and discussed with the directors and other management for policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations throughout our audit team and remained alert to any indications of noncompliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related parties legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Whilst the company is subject to many other laws and regulations, we did not identify any others where the consequences of non compliance alone could have a material effect on amounts or disclosures in their financial statements.

Report of the Independent Auditors to the Members of
Platinum Solutions Group Limited


Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we may have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing noncompliance or fraud and cannot be expected to detect noncompliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Paul O'Rourke FCA (Senior Statutory Auditor)
for and on behalf of Evolve Accounting and Tax Solutions Limited
Statutory Auditors
2nd Floor Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN

21 October 2024


Evolve Accounting and Tax Solutions Limited

Platinum Solutions Group Limited (Registered number: 09378760)
Previously known as
Platinum Nursing 24 Limited

Income Statement
for the Year Ended 30 September 2023

30.9.23 30.9.22
Notes £    £   

TURNOVER 147,917 938,159

Cost of sales 97,320 707,042
GROSS PROFIT 50,597 231,117

Administrative expenses 104,430 227,468
(53,833 ) 3,649

Other operating income 2,397 6,071
OPERATING (LOSS)/PROFIT 4 (51,436 ) 9,720

Interest receivable and similar income 115 14
(LOSS)/PROFIT BEFORE TAXATION (51,321 ) 9,734

Tax on (loss)/profit 5 4,768 1,934
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(56,089

)

7,800

Platinum Solutions Group Limited (Registered number: 09378760)
Previously known as
Platinum Nursing 24 Limited

Other Comprehensive Income
for the Year Ended 30 September 2023

30.9.23 30.9.22
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (56,089 ) 7,800


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(56,089

)

7,800

Platinum Solutions Group Limited (Registered number: 09378760)
Previously known as
Platinum Nursing 24 Limited

Balance Sheet
30 September 2023

30.9.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 - 950

CURRENT ASSETS
Debtors 8 87,060 66,610
Prepayments and accrued income 1,456 9,372
Cash at bank 59,283 28,278
147,799 104,260
CREDITORS
Amounts falling due within one year 9 161,483 62,805
NET CURRENT (LIABILITIES)/ASSETS (13,684 ) 41,455
TOTAL ASSETS LESS CURRENT
LIABILITIES

(13,684

)

42,405

CAPITAL AND RESERVES
Called up share capital 10 136 136
Retained earnings 11 (13,820 ) 42,269
SHAREHOLDERS' FUNDS (13,684 ) 42,405

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2024 and were signed on its behalf by:





P Groves - Director


Platinum Solutions Group Limited (Registered number: 09378760)
Previously known as
Platinum Nursing 24 Limited

Statement of Changes in Equity
for the Year Ended 30 September 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2021 136 107,230 107,366

Changes in equity
Dividends - (72,761 ) (72,761 )
Total comprehensive income - 7,800 7,800
Balance at 30 September 2022 136 42,269 42,405

Changes in equity
Total comprehensive income - (56,089 ) (56,089 )
Balance at 30 September 2023 136 (13,820 ) (13,684 )

Platinum Solutions Group Limited (Registered number: 09378760)
Previously known as
Platinum Nursing 24 Limited

Cash Flow Statement
for the Year Ended 30 September 2023

30.9.23 30.9.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 93,716 127,825
Tax paid (1,623 ) (11,224 )
Net cash from operating activities 92,093 116,601

Cash flows from investing activities
Interest received 117 14
Net cash from investing activities 117 14

Cash flows from financing activities
Increase in group company debtors (61,205 ) (350 )
Equity dividends paid - (72,761 )
Net cash from financing activities (61,205 ) (73,111 )

Increase in cash and cash equivalents 31,005 43,504
Cash and cash equivalents at beginning of
year

2

28,278

(15,226

)

Cash and cash equivalents at end of year 2 59,283 28,278

Platinum Solutions Group Limited (Registered number: 09378760)
Previously known as
Platinum Nursing 24 Limited

Notes to the Cash Flow Statement
for the Year Ended 30 September 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30.9.23 30.9.22
£    £   
(Loss)/profit before taxation (51,321 ) 9,734
Depreciation charges 950 319
Finance income (115 ) (14 )
(50,486 ) 10,039
Decrease in trade and other debtors 45,525 115,293
Increase in trade and other creditors 98,677 2,493
Cash generated from operations 93,716 127,825

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 59,283 28,278
Year ended 30 September 2022
30.9.22 1.10.21
£    £   
Cash and cash equivalents 28,278 -
Bank overdrafts - (15,226 )
28,278 (15,226 )


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.22 Cash flow At 30.9.23
£    £    £   
Net cash
Cash at bank 28,278 31,005 59,283
28,278 31,005 59,283
Total 28,278 31,005 59,283

Platinum Solutions Group Limited (Registered number: 09378760)
Previously known as
Platinum Nursing 24 Limited

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Platinum Solutions Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The company has the ongoing support of its holding company and other group companies. The directors believe that the company is able to meet its working capital requirements for a period of at least one year from the approval of these accounts. The company has adequate finance in place to enable it to take advantage of new business opportunities in the future. They therefore consider the company to be a going concern and have prepared accounts on this basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computers and Equipment 25% on reducing balance

Platinum Solutions Group Limited (Registered number: 09378760)
Previously known as
Platinum Nursing 24 Limited

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction cost. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Taxation
Current tax, including UK Corporation tax is provided at amounts expected to be paid using the tax rates and laws enacted by the Balance Sheet date.

Deferred tax is only provided for when material. The Directors have decided that deferred tax is not material this year, as was the case last year.

3. EMPLOYEES AND DIRECTORS
30.9.23 30.9.22
£    £   
Wages and salaries 30,079 147,216
Social security costs 285 5,861
30,364 153,077

Platinum Solutions Group Limited (Registered number: 09378760)
Previously known as
Platinum Nursing 24 Limited

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.9.23 30.9.22

Consultants 1 2
Administration 2 -
3 2

30.9.23 30.9.22
£    £   
Directors' remuneration - -

4. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging:

30.9.23 30.9.22
£    £   
Hire of plant and machinery 46 95
Depreciation - owned assets 950 319
Auditors' remuneration 3,000 4,000

5. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
30.9.23 30.9.22
£    £   
Current tax:
UK corporation tax - 1,934
Tax misprovided 4,768 -

Tax on (loss)/profit 4,768 1,934

Platinum Solutions Group Limited (Registered number: 09378760)
Previously known as
Platinum Nursing 24 Limited

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

5. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.23 30.9.22
£    £   
(Loss)/profit before tax (51,321 ) 9,734
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
22% (2022 - 19%)

(11,291

)

1,849

Effects of:
Expenses not deductible for tax purposes 22 24
Depreciation in excess of capital allowances 238 61
Utilisation of tax losses 11,031 -
Adjustments to tax charge in respect of previous periods 4,768 -
Total tax charge 4,768 1,934

The rate of corporation tax was changed from 19% to 25% from 1st April 2023. For the year ended 30 September 2023, the weighted average rate of corporation tax was 22%.

6. DIVIDENDS
30.9.23 30.9.22
£    £   
Ordinary shares of 1p each
Final - 72,761

7. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 October 2022 4,125
Disposals (4,125 )
At 30 September 2023 -
DEPRECIATION
At 1 October 2022 3,175
Charge for year 950
Eliminated on disposal (4,125 )
At 30 September 2023 -
NET BOOK VALUE
At 30 September 2023 -
At 30 September 2022 950

Platinum Solutions Group Limited (Registered number: 09378760)
Previously known as
Platinum Nursing 24 Limited

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 24,413 59,824
Amounts owed by group undertakings 61,205 -
Other debtors 1,442 3,641
Tax - 3,145
87,060 66,610

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade creditors 6,221 6,152
Other creditors 152,262 52,653
Accruals and deferred income 3,000 4,000
161,483 62,805

For details regarding related and group company creditors, see note 12.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.23 30.9.22
value: £    £   
13,600 Ordinary 1p 136 136

36 Ordinary shares of £1 each were allotted and fully paid for in cash at par during the previous year.

During the period under review, the Ordinary £1 shares were subdivided into 1p Ordinary shares. During the previous year, 36 Ordinary shares of £1 were issued

11. RESERVES
Retained
earnings
£   

At 1 October 2022 42,269
Deficit for the year (56,089 )
At 30 September 2023 (13,820 )

Platinum Solutions Group Limited (Registered number: 09378760)
Previously known as
Platinum Nursing 24 Limited

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

12. RELATED PARTY DISCLOSURES

Mr C Coyle, Ms A M Coyle, Mr P Groves and Mr N Poturicich are also directors of Direct Healthcare 24 Limited, Mayday Healthcare Limited and Plan B Healthcare Limited.

Mr C Coyle, Ms A M Coyle and Mr P Groves are directors of Coyle Personnel Limited, Panther Software Limited, Pro Health 24 Limited and Signal Software Limited.

Mr C Coyle is a director of Consortia Personnel Limited.

Related party creditor figures within creditors represent amounts owing in respect of expenses paid on the company's behalf as follows:

Related undertakings 2023 2022
£    £   

Coyle Personnel Limited 106,162 25,458
Mayday Healthcare Limited 45,798 17,528
Consortia Personnel Limited - 1,006
Panther Software Limited 7 11
Signal Software Limited 28 -

151,995 44,003

Amounts owed to the company by fellow group undertakings are as follows:

Group undertakings 2023 2022
£    £   

Plan B Healthcare Limited 79 -
Direct Healthcare 24 Limited 34,000 -
Pro Health 24 Limited 25,074 -
Tapa Holdings Limited 2,052

61,205 -

13. ULTIMATE CONTROLLING PARTY

The company is controlled by Tapa Holdings Limited by virtue of it's ownership of 80% of the issued ordinary share capital in the company. Tapa Holdings Limited is controlled by Mr K Coyle. Copies of the accounts of the holding company, Tapa Holdings Limited can be obtained from its registered office of 124 City Road, London EC1V 2NX.