Company Registration No. 11304201 (England and Wales)
Platinum Skies Reading Limited
Annual report and financial statements
for the year ended 31 January 2024
Platinum Skies Reading Limited
Company information
Directors
David Hines
Julian Shaffer
Secretary
Claire-Marie McKenna
Company number
11304201
Registered office
Third Floor, Tringham House
Deansleigh Road
Bournemouth
England
BH7 7DT
Independent auditor
Saffery LLP
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
Platinum Skies Reading Limited
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 14
Platinum Skies Reading Limited
Directors' report
For the year ended 31 January 2024
1
The directors present their annual report and financial statements for the year ended 31 January 2024.
Principal activities
The principal activity of the company is that of a development company specialising in retirement living.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
David Hines
Julian Shaffer
Auditor
The auditor, Saffery LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Julian Shaffer
Director
31 October 2024
Platinum Skies Reading Limited
Directors' responsibilities statement
For the year ended 31 January 2024
2
The directors are responsible for preparing the annual report 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.
Platinum Skies Reading Limited
Independent auditor's report
To the members of Platinum Skies Reading Limited
3
Opinion
We have audited the financial statements of Platinum Skies Reading Limited (the 'company') for the year ended 31 January 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 31 January 2024 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.
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 Auditor's 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.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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.
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 course of 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.
Platinum Skies Reading Limited
Independent auditor's report (continued)
To the members of Platinum Skies Reading Limited
4
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
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 directors' report. We have nothing to report in respect of the following matters in relation to which 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor's report 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.
Platinum Skies Reading Limited
Independent auditor's report (continued)
To the members of Platinum Skies Reading Limited
5
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
Platinum Skies Reading Limited
Independent auditor's report (continued)
To the members of Platinum Skies Reading Limited
6
Jamie Lane
Senior Statutory Auditor
For and on behalf of Saffery LLP
31 October 2024
Statutory Auditors
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
Platinum Skies Reading Limited
Profit and loss account
For the year ended 31 January 2024
7
Year ended
Year ended
31 January
31 January
2024
2023
Notes
£
£
Turnover
-
50,000
Cost of sales
(168,884)
Gross profit/(loss)
-
(118,884)
Administrative expenses
(133,436)
(8,578)
Operating loss
2
(133,436)
(127,462)
Interest payable and similar expenses
(10)
Loss before taxation
(133,446)
(127,462)
Tax on loss
Loss for the financial year
(133,446)
(127,462)
Platinum Skies Reading Limited
Balance sheet
As at 31 January 2024
8
2024
2023
Notes
£
£
£
£
Current assets
Stocks
4
4,053,103
3,800,350
Debtors
5
25,750
64,346
Cash at bank and in hand
24,719
4,078,853
3,889,415
Creditors: amounts falling due within one year
6
(4,375,024)
(3,477,140)
Net current (liabilities)/assets
(296,171)
412,275
Creditors: amounts falling due after more than one year
7
(575,000)
Net liabilities
(296,171)
(162,725)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(296,172)
(162,726)
Total equity
(296,171)
(162,725)
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
Julian Shaffer
Director
Company Registration No. 11304201
Platinum Skies Reading Limited
Statement of changes in equity
For the year ended 31 January 2024
9
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 February 2022
1
(35,264)
(35,263)
Year ended 31 January 2023:
Loss and total comprehensive income for the year
-
(127,462)
(127,462)
Balance at 31 January 2023
1
(162,726)
(162,725)
Year ended 31 January 2024:
Loss and total comprehensive income for the year
-
(133,446)
(133,446)
Balance at 31 January 2024
1
(296,172)
(296,171)
Platinum Skies Reading Limited
Notes to the financial statements
For the year ended 31 January 2024
10
1
Accounting policies
Company information
Platinum Skies Reading Limited is a private company limited by shares incorporated in England and Wales. The registered office is Third Floor, Tringham House, Deansleigh Road, Bournemouth, England, BH7 7DT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the company's ultimate parent undertaking Affordable Housing and Healthcare Group Limited has confirmed that it will continue to provide financial support to the company for the next twelve months. Thus, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
Platinum Skies Reading Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
11
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
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. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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 recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Platinum Skies Reading Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
12
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
5,450
5,175
3
Employees
The average monthly number of persons (including directors) employed by the company during period was 2 (2023: 2).
Platinum Skies Reading Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
13
4
Stocks
2024
2023
£
£
Stocks
4,053,103
3,800,350
Borrowing costs of £55,247 (2023: £60,375) have been allocated to stock during the year.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
25,750
64,346
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
3,934,370
3,194,513
Other creditors
440,654
282,627
4,375,024
3,477,140
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
575,000
On 28 September 2018 a related party Affordable Housing and Healthcare Group Secured Lending Limited advanced under a facility agreement to the Company amounts totalling £4,200,000 with an interest rate of 10.5%. During the year, this loan was transferred to the immediate parent undertaking Affordable Housing and Healthcare Group Limited. Therefore the balance outstanding at 31 January 2024 was £Nil (2023: £575,000).
The loan is secured by way of a legal charge over the Company's assets.
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
Platinum Skies Reading Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
14
9
Parent company
The Company's immediate parent was Platinum Skies Holdings Limited in the year.
On 11th July 2024 Platinum Skies Holdings Limited transferred its membership interest to Affordable Housing and Healthcare Group Limited for £1. As a result, from that date the immediate parent undertaking was Affordable Housing and Healthcare Group Limited.
The ultimate parent undertaking was Quantum Group Holdings Ltd, which prepares group financial statements. The registered office of both companies is Third Floor, Tringham House, Deansleigh Road, Bournemouth, BH7 7DT.
The ultimate controlling party is Julian Shaffer.
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
As at the year end, £nil (2023: £575,000) was due to Affordable Housing and Healthcare Group Secured Lending Limited, a related company under common control. Interest is payable on these loans at a rate of 10.5% per annum.
During the year, loan interest of £55,247 (2023: £60,375) was charged by Affordable Housing and Healthcare Group Secured Lending Limited to the Company.
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