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REGISTERED NUMBER: 09443753 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Platinum Designs Ltd

Platinum Designs Ltd (Registered number: 09443753)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Platinum Designs Ltd

Company Information
for the Year Ended 29 February 2024







Director: R J Corley





Registered office: 4 Pickering Court
Rhostyllen
Wrexham
LL14 4DR





Registered number: 09443753 (England and Wales)





Accountants: Ellis & Co
Chartered Accountants
114-120 Northgate Street
Chester
CH1 2HT

Platinum Designs Ltd (Registered number: 09443753)

Statement of Financial Position
29 February 2024

29/2/24 28/2/23
Notes £    £    £    £   
Fixed assets
Tangible assets 4 4,704 965

Current assets
Debtors 5 62,904 50,726
Cash at bank 15 921
62,919 51,647
Creditors
Amounts falling due within one year 6 29,328 26,063
Net current assets 33,591 25,584
Total assets less current liabilities 38,295 26,549

Creditors
Amounts falling due after more than
one year

7

(11,956

)

(14,046

)

Provisions for liabilities (894 ) (183 )
Net assets 25,445 12,320

Capital and reserves
Called up share capital 100 100
Profit and loss account 25,345 12,220
25,445 12,320

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Platinum Designs Ltd (Registered number: 09443753)

Statement of Financial Position - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 November 2024 and were signed by:





R J Corley - Director


Platinum Designs Ltd (Registered number: 09443753)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. Statutory information

Platinum Designs Ltd 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings and equipment - 20% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Platinum Designs Ltd (Registered number: 09443753)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. Employees and directors

The average number of employees during the year was 1 (2023 - 1 ) .

4. Tangible fixed assets
Fixtures,
fittings
and
equipment
£   
Cost
At 1 March 2023 6,712
Additions 5,299
At 29 February 2024 12,011
Depreciation
At 1 March 2023 5,747
Charge for year 1,560
At 29 February 2024 7,307
Net book value
At 29 February 2024 4,704
At 28 February 2023 965

5. Debtors: amounts falling due within one year
29/2/24 28/2/23
£    £   
Other debtors 62,904 50,726

6. Creditors: amounts falling due within one year
29/2/24 28/2/23
£    £   
Bank loans and overdrafts 2,182 1,809
Taxation and social security 22,752 16,958
Other creditors 4,394 7,296
29,328 26,063

7. Creditors: amounts falling due after more than one year
29/2/24 28/2/23
£    £   
Bank loans 11,956 14,046

Platinum Designs Ltd (Registered number: 09443753)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. Creditors: amounts falling due after more than one year - continued
29/2/24 28/2/23
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans 3,912 6,002

8. Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

29/2/24 28/2/23
£    £   
R J Corley
Balance outstanding at start of year 50,726 49,793
Amounts advanced 73,064 41,050
Amounts repaid (60,886 ) (40,117 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 62,904 50,726

Advances to the director are interest free and repayable on demand. The maximum balance outstanding during the year was £63,986. Repayments include £32,000 on 31 May 2023 and £5,299 on 14 November 2023.