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REGISTERED NUMBER: 05099426 (England and Wales)

































Unaudited Financial Statements

For The Year Ended

31 August 2024

for

PLATINUM IFS LTD

PLATINUM IFS LTD (REGISTERED NUMBER: 05099426)






Contents of the Financial Statements
For The Year Ended 31 August 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


PLATINUM IFS LTD

Company Information
For The Year Ended 31 August 2024







DIRECTORS: Mr M T Hood
Mrs J L Hood





REGISTERED OFFICE: 8 Eastway
Sale
Cheshire
M33 4DX





REGISTERED NUMBER: 05099426 (England and Wales)





ACCOUNTANTS: Leavitt Walmsley Associates Limited
Chartered Certified Accountants
8 Eastway
Sale
Cheshire
M33 4DX

PLATINUM IFS LTD (REGISTERED NUMBER: 05099426)

Abridged Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 117,213 128,644
Investments 5 130,996 113,532
248,209 242,176

CURRENT ASSETS
Debtors 70,909 79,401
Cash at bank 211,669 67,820
282,578 147,221
CREDITORS
Amounts falling due within one year 252,786 158,950
NET CURRENT ASSETS/(LIABILITIES) 29,792 (11,729 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

278,001

230,447

PROVISIONS FOR LIABILITIES 23,521 25,421
NET ASSETS 254,480 205,026

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 254,380 204,926
SHAREHOLDERS' FUNDS 254,480 205,026

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 IFS LTD (REGISTERED NUMBER: 05099426)

Abridged Balance Sheet - continued
31 August 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 August 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2024 and were signed on its behalf by:





Mr M T Hood - Director


PLATINUM IFS LTD (REGISTERED NUMBER: 05099426)

Notes to the Financial Statements
For The Year Ended 31 August 2024

1. STATUTORY INFORMATION

Platinum IFS 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.

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 the provisions of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
The company's policy of revenue recognition is to recognise a sale when the contractual obligations to the customer have been fulfilled. For contracts where obligations to the customer have not been fulfilled, but have been invoiced the sale is recognised within deferred income in current liabilities until such time a right to consideration arises.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs which are directly attributable in bringing the asset to its location and condition so that it is capable of operating in the manner intended by management.

Profits and losses on the disposal of fixed assets are included in the calculation of profit for the year.

The directors assess the company's tangible assets for evidence of impairment at each reporting date. Where there are indicators of impairment, the directors calculate recoverable amount of the asset(s) and compare this with the carrying amount. If recoverable amount is lower than carrying amount, the asset is written down to recoverable amount by way of an impairment loss which is recognised in profit or loss for the year. Impairment losses are reversed when there is evidence that the reasons giving rise to the original impairment loss have ceased to apply. Impairment losses are reversed through profit and loss, but only to the extent that the reversal does not increase the carrying amount of the asset to the amount which would have been stated, net of depreciation, had no impairment loss been recognised.

PLATINUM IFS LTD (REGISTERED NUMBER: 05099426)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit or loss. All other investments are subsequently measured at cost less impairment.

Debtors and creditors which fall due within one year are recorded in the financial statements at transaction price and subsequently measured at amortised cost. If the effects of the time value of money are immaterial, they are measured at cost (less impairment for trade debtors). Debtors are reviewed for impairment at each reporting date and any impairments are recorded in profit or loss and shown within administrative expenses when there is objective evidence that a debtor is impaired. Objective evidence that a debtor is impaired arises when the customer is unable to settle amounts owing to the company or the customer becomes bankrupt.

Debtors do not carry interest and are stated at their nominal value.

Trade creditors are not interest-bearing and are stated at their nominal value.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Deferred tax is calculated using timing difference plus approach.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account using the effective interest method under Section 11 of FRS 102 ‘Basic Financial Instruments’. The capital element of the liability is presented in the balance sheet as a liability and split between the portion falling due within one year and the portion falling due after more than one year.

PLATINUM IFS LTD (REGISTERED NUMBER: 05099426)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year with an associated expense in profit or loss.

Government grants
Government grants are recognised when the entity expects to receive the grant and will comply with the grants conditions and are accounted for using the accrual model .Grants in respect of Covid-19 are recognised in income in the period the grant relates to.

Grants which become repayable are recognised as a liability in the balance sheet.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 16 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2023 226,278
Additions 30,282
Disposals (27,250 )
At 31 August 2024 229,310
DEPRECIATION
At 1 September 2023 97,634
Charge for year 38,555
Eliminated on disposal (24,092 )
At 31 August 2024 112,097
NET BOOK VALUE
At 31 August 2024 117,213
At 31 August 2023 128,644

PLATINUM IFS LTD (REGISTERED NUMBER: 05099426)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2024

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST OR VALUATION
At 1 September 2023 113,532
Revaluations 18,610
Exchange differences (1,203 )
Dividends received 57
At 31 August 2024 130,996
NET BOOK VALUE
At 31 August 2024 130,996
At 31 August 2023 113,532

Cost or valuation at 31 August 2024 is represented by:
Totals
£   
Valuation in 2015 5,824
Valuation in 2016 5,947
Valuation in 2017 16,652
Valuation in 2018 16,276
Valuation in 2019 3,275
Valuation in 2020 (3,002 )
Valuation in 2021 20,071
Valuation in 2022 (10,239 )
Valuation in 2023 2,370
Valuation in 2024 17,464
Cost 56,358
130,996

If fixed asset investments had not been revalued they would have been included at the following historical cost:

31.8.24 31.8.23
£    £   
Cost 56,358 56,358

Fixed asset investments were valued on an open market basis on 31 August 2024 by the company .

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.8.24 31.8.23
£    £   
Within one year 14,023 18,302
Between one and five years 83,585 -
97,608 18,302

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the director(s) received advances of £661,119 (2023: £589,000) and credits of £661,121 (2023: £589,013). The advances are interest-free and are repayable on demand.