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Registered number: 03829996






PLATINUM CAPITAL MANAGEMENT LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
COMPANY INFORMATION


Directors
Dr S Martin 
B Sanghvi 
P A Sprecher 
T N Sprecher 




Registered number
03829996



Registered office
East Building Holland Court
The Close

Norwich

Norfolk

NR1 4DY




Independent auditors
Calders (1883) LLP
Chartered Accountants & Statutory Auditors

30 Orange Street

London

WC2H 7HF




FCA registration number
190828





 
PLATINUM CAPITAL MANAGEMENT LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 6
Directors' Report
 
 
7 - 8
Independent Auditors' Report
 
 
9 - 12
Statement of Comprehensive Income
 
 
13
Statement of Financial Position
 
 
14
Statement of Changes in Equity
 
 
15
Statement of Cash Flows
 
 
16 - 17
Analysis of Net Debt
 
 
18
Notes to the Financial Statements
 
 
19 - 32


 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024

INTRODUCTION
 
The Directors present their strategic report for the year ended 31 December 2024.
Platinum Capital Management Ltd. (Platinum) is a global investment firm that manages single strategy funds and fund of funds for investors worldwide. 
Founded in 1999, Platinum is based in London with affiliate offices in Isle of Man and Los Angeles.
Platinum Capital Management Limited is Authorised and Regulated in the UK by the Financial Conduct Authority (FCA).

OUR PURPOSE

Platinum’s expertise in the research, development and implementation of unique alternative investment products derives from the aggregate investment experience of Platinum professionals. Platinum funds offer investors a range of investment strategies built on our commitment to delivering quality long term investment success and a culture which embraces the continual enhancement of its investment selection, asset allocation and ongoing risk management capabilities.

STAKEHOLDER ENGAGEMENT

Platinum’s principal risk management philosophy is to preserve and grow investor capital consistent with each fund's mandate through an integrated portfolio and risk management process. Platinum separates investment decision making, trade execution, portfolio risk oversight, compliance and back office operations. There are independent investment committee, portfolio management and compliance functions. Decision making, implementation and compliance functions are separated within the organisation. Risks are analysed and monitored on a strategic, tactical and portfolio level.
Platinum carries out business between the UK and the European Economic Area (EEA) through a Brexit passport and/or directly under EU legislation. Platinum has put in place the necessary steps to mitigate risk with respect to its marketing and investment role. Where necessary Platinum has registered with the local EEA Regulator as well as other regulators as applicable.
Russia's invasion of Ukraine on February 24, 2022, triggered significant market volatility throughout global markets. Neither Platinum funds nor Platinum have direct exposure to Ukraine, Russia or Belarus. As such, Platinum has not experienced any material impact or disruption to operations as a result of the conflict. Management continues to monitor the situation closely.

BUSINESS REVIEW
 
Platinum’s competitive edge results from its stringent integrated investment and risk management approach which combines a continual process of fundamental analysis and selection, proactive portfolio construction, and ongoing monitoring, rebalancing and optimisation.

Platinum reviews and optimises the tactical asset allocation of the portfolios on an ongoing basis. Platinum seeks to maintain maximum flexibility in its trading and investment strategies in order to take advantage of buying or selling opportunities as market conditions continue to evolve. Assets may be held in cash or cash equivalents, short-term debt securities, including fixed income and/or money market securities identified to be prudent in light of current market conditions.

Page 1

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024

FINANCIAL KEY PERFORMANCE INDICATORS
 
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain Platinum's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The continuing challenge of the post-Brexit economic environment from 2020 was further impacted by Covid 19 and the lockdown in 2020/21/22; the industry suffered as investors pulled out of hedge funds amid the uncertainty and market volatility. This eased in 2023 as the global economy started to re-open slowly. 
As in 2020, and during the continuing lockdown in 2021-2022, our clients supported the business strongly and cash flow remained steady throughout the year.  
The performance of the Funds Managed by Platinum has been in line with expectations and in line with benchmarks:

Platinum All Star Fund Limited Excellent long-term performance, with a compound annualized return from 2001 to 2024 of +5.0% vs HFRX Global Hedge Fund Index benchmark of +2.3%. 
The Fund return for 2024 was +10.8% vs +5.3% for the benchmark.
Platinum Global Dividend UCITS Fund Stable performance, with a compound annualized return from 2012 to 2024 of +3.0% only slightly behind the HFRX Equity Hedge Fund Index benchmark of +4.0%
The Fund return for 2024 was +9.5% vs +7.8% for the benchmark.
Platinum Global Growth UCITS Fund Good performance, with a compound annualized return from 2012 to 2024 of +7.9% vs HFRX Fundamental Growth Index benchmark of +3.2%
The Fund return for 2024 was +19.3% vs +9.3% for the benchmark.

S172 COMPANIES ACT 2006 STATEMENT
 
This report sets out how we have applied and complied with the requirements of the S172 Companies Act 2006 in the financial year ending 31st December 2024.

Our purpose, strategy and consideration of decisions for the long term

Platinum’s objective is to target capital growth and generate superior risk-adjusted absolute returns in most market conditions without significant leverage through the use of its investment strategies. 
Platinum’s investment philosophy focuses on an active, value-oriented investment approach based on fundamental research and strong risk management. Due diligence and management of risk are critical components of Platinum’s investment philosophy.
Each investment undergoes rigorous fundamental research and vetting. Only managers with exceptional expertise and many years of experience in their respective investment domain are selected to provide outstanding investment results and sizeable excess returns (alpha).
The Directors have agreed that our strategy is well positioned to continue to generate consistent results going forwards as the global investment landscape continues to evolve.

Page 2

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024

Consequences of any decision in the long term

Platinum’s vision is to deliver solid returns to the investors consistent with each fund’s mandate through an integrated portfolio and risk management process. The Board’s long-term strategy planning and decision making is directly aligned to this purpose and designed to have a long-term beneficial impact for the Company and to deliver success for investors.

Our Culture

We believe the culture is open, inclusive and without barriers to opportunity.
Platinum values its reputation and is committed to maintaining the highest level of ethical, sustainability and environmental standards in the conduct of its business.

Engaging with our employees and community

Platinum values the input and contribution of employees; we are a small firm with short lines of communication and daily contact between Board and employees. The company has a strong ethos built upon honesty, integrity, and family values.

Fostering the company's business relationships with customers and suppliers and maintaining a reputation for high standards of business conduct

The company is in regular contact with clients both formally at review periods and informally on an ongoing basis. Platinum’s Managing Director has is responsible for monitoring and reporting client developments.
Platinum highly values the relationships with our service providers with whom we are proud to have long-standing relationships. The Directors recognise that maintaining these relationships ensures that services are delivered effectively and at efficient cost.    
Platinum sponsors research and investor conferences worldwide and also participates in industry conventions and contributes to industry press. 
Platinum operates in line with its applicable legal and regulatory requirements and obligations.

Engaging with our shareholders

The Shareholders receive monthly financial management information and are actively involved in the strategic and operational management of the business on a day-day basis.

Page 3

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES

Platinum’s risk management approach takes into consideration adverse movements in market variables such as interest rates, exchange rates, or security prices in addition to credit and counterparty risk.
Platinum has ensured that decisions taken by the risk management function are based on reliable data, which is subject to an appropriate degree of control by the risk management function who has unfettered access to that information.  

The directors give information regarding the company's financial risk management strategy and the use of financial instruments and explain the company’s exposure to the following risks:
Price risk
The nature of market risk exposures involved in Platinum’s products and services, and portfolio characteristics.
Impact
The potential of increased losses and more volatile performance.
Risk Assessment
Probability: Low 
Impact: Low
Mitigation 
Portfolios fully diversified
Risk analysis
Risk warnings
Platinum has no risks on its balance sheet

Exchange Rate risk
Exchange rate movements have an adverse impact of the value of the assets held on Platinum’s own balance sheet.
Impact
Working capital of Platinum is reduced.
Risk Assessment
Probability: Low 
Impact: Low
Mitigation 
USD balances are converted to GBP Risk Analysis

Credit risk
Counterparty exposures
The nature of counterparty exposures involved in Platinum’s products and services, portfolio characteristics and the nature and extent of credit risk mitigation.
Impact
The potential of losses on failure of counterparty.
Risk Assessment
Probability: Low 
Impact: Low 

 
Page 4

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024

Mitigation
Platinum does not trade for own account
UCITS rules minimise counterparty exposure within the funds
Firms capital held with RBS (S&P rating A-)
All trades dealt Delivery V Payment

Liquidity risk and Cashflow Risk
Position risk
1.Decline in assets under management due to fund performance delivery
2.Decline in assets under management due to market movements
3.Decline in assets under management due to external client withdrawls as a result of strategic change in client circumstances
4.Adequacy of profitability threatened by limited sources of revenue and/or volatility of earnings stream

Impact
1, 2 and 3 Firm becomes unviable as a result of falling below breakeven level of assets required.
4. The viability of firm is threatened.
Risk Assessment
Probability: Low 
Impact: 1, 2 and 3 High and 4. Medium
Mitigation
 
Sufficient capital resources are maintained
Portfolio risk reported to the Investment committee monthly with reports reviewed by the board
Platinum maintains close and transparent relationships with clients
Shareholder support
As AUM increases, accounts increase, and sources of revenue become more diversified
Marketing/distribution high priority for the board
.
Cash flow risk.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Impact
Platinum’s capital requirement increases and/or Platinum has insufficient working capital in order to meet its liabilities.
Risk Assessment
Probability: Low 
Impact: Low 
Mitigation
Contracts in place
Sufficient capital resources are maintained



Page 5

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024

NON-FINANCIAL INDICATORS

Staff numbers are steady and meet the current requirements; many personnel have been with the company for over ten years. 
Platinum receives positive feedback from clients and service providers alike and continues to maintain solid relationships with both.  

FUTURE DEVELOPMENTS

The Board places special emphasis on a number of key matters including constant monitoring of management information around income forecasts, new business, overhead reductions, IT security and cash flow. At present, these measures allow the board to manage decision making with confidence.
Platinum’s cash-flow remains strong, and the board is confident that the company has the resources to prosper in next five years or so. The major macro factors outside of our control remain a concern for business and government alike.


This report was approved by the board on 24 April 2025 and signed on its behalf.




T N Sprecher
Director

Page 6

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the period ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the period, after taxation, amounted to £8,204 (2023 - £4,989).

No dividend was paid during the year (2023 - £ nil).

Directors

The directors who served during the period were:

Dr S Martin 
B Sanghvi 
P A Sprecher 
T N Sprecher 

Page 7

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Financial risk management strategy

Disclosed in detail in the Strategic report.

Auditors

The auditorsCalders (1883) LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 April 2025 and signed on its behalf.
 





T N Sprecher
Director

Page 8

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLATINUM CAPITAL MANAGEMENT LIMITED
 

Opinion


We have audited the financial statements of Platinum Capital Management Limited (the 'Company') for the period ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 9

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLATINUM CAPITAL MANAGEMENT LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 10

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLATINUM CAPITAL MANAGEMENT LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with the directors with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law and Tax and Pensions legislation.
• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business include GDPR and FCA regulations.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations, enquiries with the same concerning any actual or potential litigation or claims, testing the appropriateness of entries in the nominal ledger, including journal entries, reviewing transactions around the end of the reporting period and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 11

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLATINUM CAPITAL MANAGEMENT LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jennifer Davis (Senior Statutory Auditor)
for and on behalf of
Calders (1883) LLP
Chartered Accountants & Statutory Auditors
30 Orange Street
London
WC2H 7HF

25 April 2025
Page 12

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
1,529,036
1,651,274

Gross profit
  
1,529,036
1,651,274

Administrative expenses
  
(1,569,024)
(1,524,094)

Fair value movements
  
48,154
(114,551)

Operating profit
 5 
8,166
12,629

Interest receivable and similar income
 9 
197
160

Interest payable and similar expenses
 10 
(67)
(97)

Profit before tax
  
8,296
12,692

Tax on profit
 11 
(92)
(7,703)

Profit for the financial period
  
8,204
4,989

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 19 to 32 form part of these financial statements.

Page 13

 
PLATINUM CAPITAL MANAGEMENT LIMITED
REGISTERED NUMBER: 03829996

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
-
7,371

Investments
 13 
7,136
6,438

  
7,136
13,809

Current assets
  

Debtors: amounts falling due within one year
 14 
482,743
379,953

Current asset investments
  
331,563
273,088

Cash at bank and in hand
 16 
46,732
51,502

  
861,038
704,543

Creditors: amounts falling due within one year
 17 
(288,083)
(144,623)

Net current assets
  
 
 
572,955
 
 
559,920

Total assets less current liabilities
  
580,091
573,729

Provisions for liabilities
  

Deferred tax
 19 
-
(1,842)

  
 
 
-
 
 
(1,842)

Net assets
  
580,091
571,887


Capital and reserves
  

Called up share capital 
 20 
295,030
295,030

Share premium account
 21 
30,000
30,000

Other reserves
 21 
14,970
14,970

Profit and loss account
 21 
240,091
231,887

  
580,091
571,887


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 April 2025.




T N Sprecher
Director

The notes on pages 19 to 32 form part of these financial statements.

Page 14

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
295,030
30,000
14,970
226,898
566,898


Comprehensive income for the year

Profit for the year
-
-
-
4,989
4,989
Total comprehensive income for the year
-
-
-
4,989
4,989


Total transactions with owners
-
-
-
-
-



At 1 January 2024
295,030
30,000
14,970
231,887
571,887


Comprehensive income for the period

Profit for the period
-
-
-
8,204
8,204
Total comprehensive income for the period
-
-
-
8,204
8,204


Total transactions with owners
-
-
-
-
-


At 31 December 2024
295,030
30,000
14,970
240,091
580,091


The notes on pages 19 to 32 form part of these financial statements.

Page 15

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial period
8,204
4,989

Adjustments for:

Depreciation of tangible assets
2,017
22,042

Loss on disposal of tangible assets
-
1,913

Interest paid
67
97

Interest received
(197)
(160)

Taxation charge
92
7,703

(Increase)/decrease in debtors
(287,893)
1,872

Decrease in amounts owed by groups
295,567
181,143

Increase/(decrease) in creditors
32,996
(188,342)

Net fair value (gains)/losses recognised in P&L
(48,154)
114,551

Corporation tax (paid)
(7,950)
(7,951)

Foreign exchange
1,267
-

Net cash generated from operating activities

(3,984)
137,857


Cash flows from investing activities

Purchase of tangible fixed assets
(916)
(5,814)

Purchase of short-term listed investments
-
(398,870)

Sale of short-term listed investments
-
8,060

Interest received
197
160

Net cash from investing activities

(719)
(396,464)
Page 16

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Interest paid
(67)
(97)

Net cash used in financing activities
(67)
(97)

Net (decrease) in cash and cash equivalents
(4,770)
(258,704)

Cash and cash equivalents at beginning of period
51,502
310,206

Cash and cash equivalents at the end of period
46,732
51,502


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
46,732
51,502

46,732
51,502


The notes on pages 19 to 32 form part of these financial statements.

Page 17

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 

ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 DECEMBER 2024





At 1 January 2024
Cash flows
Other non-cash changes
At 31 December 2024
£

£

£

£

Cash at bank and in hand

51,502

(4,770)

-

46,732

Debt due within 1 year

(2,028)

2,028

-

-

Liquid investments

273,088

-

58,475

331,563


322,562
(2,742)
58,475
378,295

The notes on pages 19 to 32 form part of these financial statements.

Page 18

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

1.


General information

Platinum Capital Management Limited is a private company limited by share capital, incorporated in
England and Wales, registration number 03829996. The address of the registered office is East Building Holland Court, The Close, Norwich, Norfolk, NR1 4DY

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 19

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Platinum receives fees from its investment management services and its services for promotion and back office support for the Platinum Fund range.       
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:  

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the completion of the Net Asset Value calculation of the Funds and services for promotion and back-office support for the Platinum Fund range.
 At this point all the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the agreement;
the stage of of monthly calculation of the NAV the fees at the end of the reporting period can be measured reliably; and
the costs incurred to provide Investment Management Services can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 20

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 21

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of     FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Page 22

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their 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. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 23

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Prepayments & Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Turnover
1,482,136
1,651,274

Compliance fee
46,900
-

1,529,036
1,651,274


2024
2023
£
£

United Kingdom
1,529,036
1,651,274

1,529,036
1,651,274



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
13,671
19,850

Other operating lease rentals
329,898
70,428

Depreciation
2,017
22,042

Page 24

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

6.


Auditors' remuneration

During the period, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
25,000
15,000

Fees payable to the Company's auditors and their associates in respect of:

All other services
15,699
19,660

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
575,692
592,711

Social security costs
76,265
78,696

Cost of defined contribution scheme
3,687
4,225

655,644
675,632


The average monthly number of employees, including the directors, during the period was as follows:


        2024
        2023
            No.
            No.







Directors
4
4



Administrative staff
3
3

7
7

Page 25

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
296,077
307,019

Company contributions to defined contribution pension schemes
2,642
2,642

298,719
309,661


During the period retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £189,030 (2023 - £177,019).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
197
160

197
160


10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
67
97

67
97

Page 26

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,934
7,950


1,934
7,950


Total current tax
1,934
7,950

Deferred tax


Origination and reversal of timing differences
(1,842)
(247)

Total deferred tax
(1,842)
(247)


Tax on profit
92
7,703

Factors affecting tax charge for the period/year

The tax assessed for the period is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 19% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
8,296
14,230


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)
1,576
2,411

Effects of:


Capital allowances for period/year in excess of depreciation
(209)
(247)

Other differences leading to an increase (decrease) in the tax charge
(1,275)
5,539

Total tax charge for the period/year
92
7,703


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 27

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

12.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£





At 1 January 2024
5,100
3,618
8,718


Additions
-
916
916


Disposals
(5,100)
(4,534)
(9,634)



At 31 December 2024

-
-
-





At 1 January 2024
425
922
1,347


Charge for the period on owned assets
1,169
848
2,017


Disposals
(1,594)
(1,770)
(3,364)



At 31 December 2024

-
-
-



Net book value



At 31 December 2024
-
-
-



At 31 December 2023
4,675
2,696
7,371


13.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2024
6,438


Revaluations
698



At 31 December 2024
7,136




Page 28

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

14.


Debtors

2024
2023
£
£


Trade debtors
20,956
-

Amounts owed by joint ventures and associated undertakings
-
185,103

Other debtors
113,104
57,494

Prepayments and accrued income
348,683
137,356

482,743
379,953



15.


Current asset investments

2024
2023
£
£

Listed investments
331,563
273,088

331,563
273,088



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
46,732
51,502

46,732
51,502



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
122,711
83,534

Amounts owed to joint ventures and associated undertakings
110,464
-

Corporation tax
1,934
7,992

Other taxation and social security
26,015
27,676

Other creditors
-
3,290

Accruals and deferred income
26,959
22,131

288,083
144,623


Page 29

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

18.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
378,295
324,590




Financial assets measured at fair value through profit or loss comprise of listed investments and cash at bank and in hand.


19.


Deferred taxation




2024


£






At beginning of year
(1,842)


Charged to other comprehensive income
-


Utilised in year
1,842



At end of year
-

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
(1,842)

-
(1,842)

Page 30

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



287,515 (2023 - 287,515) Class A Ordinary shares of £1.00 each
287,515
287,515
7,515 (2023 - 7,515) Class B Ordinary shares of £1.00 each
7,515
7,515

295,030

295,030



21.


Reserves

Share premium account

The share premium account records the difference between the nominal value of shares issued and the fair value of the consideration received. The share premium account is not distributable but may be used for certain purposes specified by UK law, including to write off expenses on any issue of shares or debentures and to pay up fully paid bonus shares. The share premium account may be reduced by special resolution of the Company’s shareholders and with the approval of the court.

Capital redemption reserve

The capital redemption reserve is redeemable.

Profit and loss account

The profit and loss reserve is fully distributable.


22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £3,687 (2023 - £4,225) .
Contributions totalling £Nil (2023 - £1,528) were payable to the fund at the balance sheet date and are
included in creditors.

Page 31

 
PLATINUM CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

23.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
116,509
115,089

Later than 1 year and not later than 5 years
15,177
28,238

131,686
143,327


24.


Related party transactions

Included in creditors due within one year are amounts to Platinum Trading Management Limited, a company under common directorship which is incorporated in Saint Kitts and Nevis, of £110,464 (2023 - £185,103 debtor balance). 
During the year, the company made payments of £30,000 (2023: £30,000) to a director in relation to consultancy services provided to the company. The company also made payments of £38,000 (2023: £60,000)  to Platinum Trading Management in respect of advisory services provided during the period. 
The directors are members of key management. During the year, salaries were paid to directors as detailed in note 8.


25.


Controlling party

The ultimate parent entity and controlling party is the Sprecher Family 2018 Irrevocable Trust, a trust based in the USA. There is no ultimate controlling party.

 
Page 32