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Company Registration No. 10120917 (England and Wales)
Platinum Car Sales Ltd Unaudited accounts for the year ended 31 May 2024
Platinum Car Sales Ltd Unaudited accounts Contents
Page
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Platinum Car Sales Ltd Company Information for the year ended 31 May 2024
Director
william j morgan
Company Number
10120917 (England and Wales)
Registered Office
Unit 1b Carfartha Industrial estate Merthyr Tydfil Merthyr Tydfil CF47 8PE Wales
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Platinum Car Sales Ltd Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
38,613 
12,092 
Investment property
- 
250,000 
38,613 
262,092 
Current assets
Inventories
766,042 
831,958 
Debtors
27,970 
- 
Cash at bank and in hand
38,005 
60,861 
832,017 
892,819 
Creditors: amounts falling due within one year
(250,100)
(658,567)
Net current assets
581,917 
234,252 
Total assets less current liabilities
620,530 
496,344 
Creditors: amounts falling due after more than one year
(326,000)
(229,139)
Net assets
294,530 
267,205 
Capital and reserves
Called up share capital
210,588 
210,588 
Profit and loss account
83,942 
56,617 
Shareholders' funds
294,530 
267,205 
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 5 February 2025 and were signed on its behalf by
william j morgan Director Company Registration No. 10120917
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Platinum Car Sales Ltd Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
Platinum Car Sales Ltd is a private company, limited by shares, registered in England and Wales, registration number 10120917. The registered office is Unit 1b, Carfartha Industrial estate, Merthyr Tydfil, Merthyr Tydfil, CF47 8PE, Wales.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
18%
4
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 June 2023
- 
22,666 
22,666 
Additions
43,778 
- 
43,778 
At 31 May 2024
43,778 
22,666 
66,444 
Depreciation
At 1 June 2023
- 
10,574 
10,574 
Charge for the year
15,080 
2,177 
17,257 
At 31 May 2024
15,080 
12,751 
27,831 
Net book value
At 31 May 2024
28,698 
9,915 
38,613 
At 31 May 2023
- 
12,092 
12,092 
5
Investment property
2024 
£ 
Fair value at 1 June 2023
250,000 
Disposals
(250,000)
At 31 May 2024
- 
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Platinum Car Sales Ltd Notes to the Accounts for the year ended 31 May 2024
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
24,386 
- 
Trade debtors
3,584 
- 
27,970 
- 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
262,100 
577,567 
Proposed dividends
(12,000)
(12,000)
Loans from directors
- 
93,000 
250,100 
658,567 
2 finance companies providing loans secured on stock for varying amount of times.
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
30,000 
53,000 
Loans from directors
296,000 
176,139 
326,000 
229,139 
Barclays bank bounce back loan. Security free loan Backed by HMG
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
210,588 Ordinary shares of £1 each
210,588 
210,588 
10
Average number of employees
During the year the average number of employees was 5 (2023: 3).
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