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Company registration number: SC277349
Platinum Apartments Edinburgh Limited
Unaudited filleted financial statements
31 December 2024
Platinum Apartments Edinburgh Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Platinum Apartments Edinburgh Limited
Directors and other information
Directors Mr Ajaz Saber
Mr Javid Saber
Secretary Ajaz Saber
Company number SC277349
Registered office 64 Hillpark Avenue
Edinburgh
EH4 7AL
Accountants EQ Accountants Limited trading as McDonald Gordon & Co Ltd
29 York Place
Edinburgh
EH1 3HP
Bankers Virgin Money
83 George Street
Edinburgh
EH2 3ES
Platinum Apartments Edinburgh Limited
Statement of financial position
31 December 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 - 152
Investments 7 760,000 760,000
_______ _______
760,000 760,152
Current assets
Debtors 8 2,752 403
Cash at bank and in hand 1,949 2,405
_______ _______
4,701 2,808
Creditors: amounts falling due
within one year 9 ( 13,910) ( 18,246)
_______ _______
Net current liabilities ( 9,209) ( 15,438)
_______ _______
Total assets less current liabilities 750,791 744,714
Creditors: amounts falling due
after more than one year 10 ( 350,073) ( 350,073)
Provisions for liabilities ( 17,884) ( 17,884)
_______ _______
Net assets 382,834 376,757
_______ _______
Capital and reserves
Called up share capital 1 1
Revaluation reserve 284,679 284,679
Profit and loss account 98,154 92,077
_______ _______
Shareholders funds 382,834 376,757
_______ _______
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 June 2025 , and are signed on behalf of the board by:
Mr Ajaz Saber
Director
Company registration number: SC277349
Platinum Apartments Edinburgh Limited
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 64 Hillpark Avenue, Edinburgh, EH4 7AL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Rent is measured at the fair value of the rent receivable in the period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.Cash at bank and in hand includes cash and short term highly liquid investments.Creditors are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
The average number of persons employed by the company during the year, including the directors was nil (2022: nil).
5. Profit/loss before taxation
Profit/loss before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets - 51
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2024 6,654 6,654
Disposals ( 6,654) ( 6,654)
_______ _______
At 31 December 2024 - -
_______ _______
Depreciation
At 1 January 2024 6,502 6,502
Disposals ( 6,502) ( 6,502)
_______ _______
At 31 December 2024 - -
_______ _______
Carrying amount
At 31 December 2024 - -
_______ _______
At 31 December 2023 152 152
_______ _______
7. Investments
Other investments other than loans Total
£ £
Cost
At 1 January 2024 and 31 December 2024 760,000 760,000
_______ _______
Impairment
At 1 January 2024 and 31 December 2024 - -
_______ _______
Carrying amount
At 31 December 2024 760,000 760,000
_______ _______
At 31 December 2023 760,000 760,000
_______ _______
The directors having sought informal advice considered the open market value on 31 December 2022 to be £760,000. The directors consider that the open market values of the investment properties at 31 December 2024 are not materially different to that valuation. The historic cost of the investment properties is £457,437.
8. Debtors
2024 2023
£ £
Other debtors 2,752 403
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 339 614
Corporation tax 8,396 6,783
Other creditors 5,175 10,849
_______ _______
13,910 18,246
_______ _______
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 350,073 350,073
_______ _______
Bank loans consist of loans from Barclays and Paragon Mortgages and are secured by standard securities over individual company properties.
11. Directors advances, credits and guarantees
Included in debtors is a loan from the company to the director of £2,204 (2023: Creditor £5,173). The loan is interest free and repayable on demand.