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
Platinum Car Sales Ltd
Company Information
for the year ended 31 May 2024
Company Number
10120917 (England and Wales)
Registered Office
Unit 1b
Carfartha Industrial estate
Merthyr Tydfil
Merthyr Tydfil
CF47 8PE
Wales
Platinum Car Sales Ltd
Statement of financial position
as at 31 May 2024
Tangible assets
38,613
12,092
Investment property
-
250,000
Inventories
766,042
831,958
Cash at bank and in hand
38,005
60,861
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
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
Platinum Car Sales Ltd
Notes to the Accounts
for the year ended 31 May 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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:
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 June 2023
-
22,666
22,666
At 31 May 2024
43,778
22,666
66,444
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
At 31 May 2024
28,698
9,915
38,613
At 31 May 2023
-
12,092
12,092
Fair value at 1 June 2023
250,000
Platinum Car Sales Ltd
Notes to the Accounts
for the year ended 31 May 2024
Amounts falling due within one year
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
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
Loans from directors
296,000
176,139
Barclays bank bounce back loan. Security free loan Backed by HMG
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).