Company Registration No. 10588793 (England and Wales)
Platinum Skies Management Ltd
Annual report and unaudited financial statements
for the year ended 31 January 2024
Platinum Skies Management Ltd
Company information
Directors
David Hines
Julian Shaffer
Secretary
Claire-Marie McKenna
Company number
10588793
Registered office
Third Floor, Tringham House
Deansleigh Road
Bournemouth
England
BH7 7DT
Accountants
Saffery LLP
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
Platinum Skies Management Ltd
Contents
Page
Directors' report
1
Accountants' report
Income statement
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
Platinum Skies Management Ltd
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 continued to be that of the management of real estate.

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
Small companies exemption

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 Management Ltd
Income statement
For the year ended 31 January 2024
2
2024
2023
Notes
£
£
Turnover
3,948,761
3,438,572
Cost of sales
(147,489)
(129,412)
Gross profit
3,801,272
3,309,160
Administrative expenses
(3,714,738)
(2,726,187)
Profit before taxation
86,534
582,973
Tax on profit
-
0
-
0
Profit for the financial year
86,534
582,973

The income statement has been prepared on the basis that all operations are continuing operations.

Platinum Skies Management Ltd
Statement of financial position
As at 31 January 2024
31 January 2024
3
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
5,009
Current assets
Stocks
1,475
9,560
Debtors
5
225,826
2,710,022
Cash at bank and in hand
853,335
1,499,745
1,080,636
4,219,327
Creditors: amounts falling due within one year
6
(871,352)
(4,101,586)
Net current assets
209,284
117,741
Net assets
209,284
122,750
Capital and reserves
Called up share capital
1
1
Other reserves
808,166
528,409
Profit and loss reserves
(598,883)
(405,660)
Total equity
209,284
122,750

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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. 10588793
Platinum Skies Management Ltd
Statement of changes in equity
For the year ended 31 January 2024
4
Share capital
Sinking fund
Profit and loss reserves
Total
£
£
£
£
Balance at 1 February 2022
1
181,875
(642,099)
(460,223)
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
582,973
582,973
Transfers
-
346,534
(346,534)
-
Balance at 31 January 2023
1
528,409
(405,660)
122,750
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
-
86,534
86,534
Transfers
-
279,757
(279,757)
-
Balance at 31 January 2024
1
808,166
(598,883)
209,284
Platinum Skies Management Ltd
Notes to the financial statements
For the year ended 31 January 2024
5
1
Accounting policies
Company information

Platinum Skies Management Ltd 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 directors of the company's ultimate parent undertaking Affordable Housing and Healthcare Group Limited have confirmed that it will continue to provide financial support to the company for the next twelve months. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover represents amounts receivable for property management service charge, car park rental income and contributions towards the sinking fund reserve and is shown net of VAT.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% Straight Line
Fixtures and fittings
25% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Platinum Skies Management Ltd
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
6

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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.

1.7
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.

1.8
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 statement of financial position 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.

Platinum Skies Management Ltd
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
7
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 and 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.

 

1.9
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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
5,000
5,175
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
-
0
-
Platinum Skies Management Ltd
Notes to the financial statements (continued)
For the year ended 31 January 2024
8
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
19,506
Additions
1,105
Disposals
(20,611)
At 31 January 2024
-
0
Depreciation and impairment
At 1 February 2023
14,497
Depreciation charged in the year
3,617
Eliminated in respect of disposals
(18,114)
At 31 January 2024
-
0
Carrying amount
At 31 January 2024
-
0
At 31 January 2023
5,009
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,943
85,834
Amounts owed by group undertakings
-
0
997,091
Other debtors
220,883
1,627,097
225,826
2,710,022
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
19,263
83,020
Amounts owed to group undertakings
224,076
2,870,834
Taxation and social security
-
0
10,082
Other creditors
628,013
1,137,650
871,352
4,101,586
Platinum Skies Management Ltd
Notes to the financial statements (continued)
For the year ended 31 January 2024
9
7
Related party transactions

Included in trade creditors is an amount of £nil (2023: £965) due to The Eastcliff Project LLP (a related party by virtue of common control).

8
Parent company

The Company's immediate parent undertaking became Affordable Housing and Healthcare Group Limited during the year. The ultimate parent undertaking is 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.

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