REGISTERED NUMBER: 09237707 (England and Wales) |
Group Strategic Report, |
Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 30 September 2024 |
for |
Southwark Platinum Limited |
REGISTERED NUMBER: 09237707 (England and Wales) |
Group Strategic Report, |
Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 30 September 2024 |
for |
Southwark Platinum Limited |
Southwark Platinum Limited (Registered number: 09237707) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Statement of Financial Position | 10 |
Company Statement of Financial Position | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Statement of Cash Flows | 14 |
Notes to the Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Financial Statements | 16 |
Southwark Platinum Limited |
Company Information |
for the Year Ended 30 September 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Statutory Auditors |
Chartered Certified Accountants |
Unit 1 |
Shrine Barn |
Sandling Road |
Hythe |
Kent |
CT21 4HE |
Southwark Platinum Limited (Registered number: 09237707) |
Group Strategic Report |
for the Year Ended 30 September 2024 |
The director presents his strategic report of the company and the group for the year ended 30 September 2024. |
REVIEW OF BUSINESS |
The Director's review is consistent with the size and non-complex nature of the business. |
The Group continues to operate in the metals recycling industry. Over the last few years considerable investment has been made in new technology, plant and trucks as part of the Group's philosophy. The Group has over 30 years of experience in the metals recycling industry. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Group is extremely conscious of the suppliers it deals with. The Director and staff take stringent measures to ensure that they know the details of all of their suppliers and the source of the metals that they are purchasing. The Group has a close relationship with the local community and authorities and has been given a "Green Light" by the local police with whom they work closely to monitor possible risks of illegal activities in the vicinity. |
The price of metals varies in accordance with the external market. The Group manages this risk by regularly reviewing prices on both sides of the transaction in order to compensate for price fluctuations. |
Trade debtors are managed in respect of credit and cash flow risks by policies concerning the credit offered to customers and the regular monitoring of amounts of both time and credit limits. Provision for doubtful debts is made as necessary. |
LIQUIDITY RISK |
The Group monitors and reviews liquidity risks regularly on an ongoing basis and also as part of the planning process. The Director considers short-term requirements against available sources of funding, taking into account cashflow and response to any identified needs as necessary to support the business. |
CREDIT RISK |
The Group's credit risk relates to recovery of amounts owed by customers for invoiced sales. The credit risk is managed by regular monitoring of outstanding amounts. |
FINANCIAL INDICATORS |
Gross profit margin for the year for the Group was 23% (2023: 22%) and operating profit margin was 4% (2023: 6%). The Group seeks to provide growth in earnings through improved efficiencies and operations in light of market conditions. |
Markets have proven to be difficult and the Group is seeking improved volumes to be able to command better sales prices which are volume related. The generation of earnings is essential to deliver growth and to fund future growth in the business. Overheads are reviewed, monitored and controlled by management on a regular basis. |
Financial indicators |
Turnover (subsidiary) |
Year ended 30 September 2024 - £17,297,967 |
Year ended 30 September 2023 - £17,361,11 |
ON BEHALF OF THE BOARD: |
27 June 2025 |
Southwark Platinum Limited (Registered number: 09237707) |
Report of the Director |
for the Year Ended 30 September 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 30 September 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 September 2024. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Ardor Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Southwark Platinum Limited |
Opinion |
We have audited the financial statements of Southwark Platinum Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 group's and of the parent company affairs as at 30 September 2024 and of the group's loss for the year 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our 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. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Southwark Platinum Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Southwark Platinum Limited |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards). |
We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. |
With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers. |
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Southwark Platinum Limited |
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 2006. Our 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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditors |
Chartered Certified Accountants |
Unit 1 |
Shrine Barn |
Sandling Road |
Hythe |
Kent |
CT21 4HE |
Southwark Platinum Limited (Registered number: 09237707) |
Consolidated |
Income Statement |
for the Year Ended 30 September 2024 |
30/9/24 | 30/9/23 |
Notes | £ | £ | £ | £ |
TURNOVER | 17,297,967 | 17,361,112 |
Cost of sales | 13,238,691 | 13,607,131 |
GROSS PROFIT | 4,059,276 | 3,753,981 |
Distribution costs | 777,859 | 777,859 |
Administrative expenses | 3,615,317 | 2,725,128 |
4,393,176 | 3,502,987 |
(333,900 | ) | 250,994 |
Other operating income | 185,063 | 116,362 |
OPERATING (LOSS)/PROFIT | 5 | (148,837 | ) | 367,356 |
Surrender premium received | 6 | - | 350,000 |
Contribution to landlord refurbishment | 6 | - | (350,000 | ) |
(148,837 | ) | 367,356 |
Interest payable and similar expenses | 7 | 125,254 | 89,121 |
(LOSS)/PROFIT BEFORE TAXATION | (274,091 | ) | 278,235 |
Tax on (loss)/profit | 8 | 207,367 | 208,243 |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
(Loss)/profit attributable to: |
Owners of the parent | (481,458 | ) | 69,992 |
Southwark Platinum Limited (Registered number: 09237707) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 30 September 2024 |
30/9/24 | 30/9/23 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | (481,458 | ) | 69,992 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(481,458 |
) |
69,992 |
Total comprehensive income attributable to: |
Owners of the parent | (481,458 | ) | 69,992 |
Southwark Platinum Limited (Registered number: 09237707) |
Consolidated Statement of Financial Position |
30 September 2024 |
30/9/24 | 30/9/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 4 | 777,863 |
Tangible assets | 11 | 3,613,764 | 3,167,826 |
Investments | 12 | - | - |
3,613,768 | 3,945,689 |
CURRENT ASSETS |
Stocks | 13 | 215,021 | 109,019 |
Debtors | 14 | 2,373,709 | 2,813,553 |
Cash at bank and in hand | 675,311 | 1,074,621 |
3,264,041 | 3,997,193 |
CREDITORS |
Amounts falling due within one year | 15 | 1,242,192 | 2,758,917 |
NET CURRENT ASSETS | 2,021,849 | 1,238,276 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,635,617 |
5,183,965 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(2,194,327 |
) |
(1,468,346 |
) |
PROVISIONS FOR LIABILITIES | 19 | (831,148 | ) | (624,019 | ) |
NET ASSETS | 2,610,142 | 3,091,600 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 101 | 101 |
Share premium | 21 | 5,100,000 | 5,100,000 |
Retained earnings | 21 | (2,489,959 | ) | (2,008,501 | ) |
SHAREHOLDERS' FUNDS | 2,610,142 | 3,091,600 |
The financial statements were approved by the director and authorised for issue on 27 June 2025 and were signed by: |
T W Pratt - Director |
Southwark Platinum Limited (Registered number: 09237707) |
Company Statement of Financial Position |
30 September 2024 |
30/9/24 | 30/9/23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | - |
The financial statements were approved by the director and authorised for issue on |
Southwark Platinum Limited (Registered number: 09237707) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 September 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 October 2022 | 101 | (2,078,493 | ) | 5,100,000 | 3,021,608 |
Changes in equity |
Total comprehensive income | - | 69,992 | - | 69,992 |
Balance at 30 September 2023 | 101 | (2,008,501 | ) | 5,100,000 | 3,091,600 |
Changes in equity |
Total comprehensive income | - | (481,458 | ) | - | (481,458 | ) |
Balance at 30 September 2024 | 101 | (2,489,959 | ) | 5,100,000 | 2,610,142 |
Southwark Platinum Limited (Registered number: 09237707) |
Company Statement of Changes in Equity |
for the Year Ended 30 September 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Balance at 30 September 2023 |
Changes in equity |
Balance at 30 September 2024 |
Southwark Platinum Limited (Registered number: 09237707) |
Consolidated Statement of Cash Flows |
for the Year Ended 30 September 2024 |
30/9/24 | 30/9/23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (149,155 | ) | 2,189,604 |
Interest paid | (65,821 | ) | (64,952 | ) |
Interest element of finance lease payments paid |
(59,433 |
) |
(24,169 |
) |
Tax paid | (51,608 | ) | (1,085 | ) |
Net cash from operating activities | (326,017 | ) | 2,099,398 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,619,339 | ) | (1,168,848 | ) |
Sale of tangible fixed assets | 646,983 | 100,857 |
Net cash from investing activities | (972,356 | ) | (1,067,991 | ) |
Cash flows from financing activities |
New loans in year | - | 394,085 |
Loan repayments in year | 30,052 | - |
Capital repayments in year | 869,011 | (464,028 | ) |
Amount introduced by directors | - | 95,421 |
Net cash from financing activities | 899,063 | 25,478 |
(Decrease)/increase in cash and cash equivalents | (399,310 | ) | 1,056,885 |
Cash and cash equivalents at beginning of year |
2 |
1,074,621 |
17,736 |
Cash and cash equivalents at end of year |
2 |
675,311 |
1,074,621 |
Southwark Platinum Limited (Registered number: 09237707) |
Notes to the Consolidated Statement of Cash Flows |
for the Year Ended 30 September 2024 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30/9/24 | 30/9/23 |
£ | £ |
(Loss)/profit before taxation | (274,091 | ) | 278,235 |
Depreciation charges | 1,154,929 | 1,094,774 |
Loss on disposal of fixed assets | 149,349 | 14,496 |
Finance costs | 125,254 | 89,121 |
1,155,441 | 1,476,626 |
(Increase)/decrease in stocks | (106,002 | ) | 80,971 |
Decrease in trade and other debtors | 446,836 | 436,298 |
(Decrease)/increase in trade and other creditors | (1,645,430 | ) | 195,709 |
Cash generated from operations | (149,155 | ) | 2,189,604 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 September 2024 |
30/9/24 | 1/10/23 |
£ | £ |
Cash and cash equivalents | 675,311 | 1,074,621 |
Year ended 30 September 2023 |
30/9/23 | 1/10/22 |
£ | £ |
Cash and cash equivalents | 1,074,621 | 166,632 |
Bank overdrafts | - | (148,896 | ) |
1,074,621 | 17,736 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/10/23 | Cash flow | At 30/9/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,074,621 | (399,310 | ) | 675,311 |
1,074,621 | (399,310 | ) | 675,311 |
Debt |
Finance leases | (659,723 | ) | (869,011 | ) | (1,528,734 | ) |
Debts falling due within 1 year | (389,036 | ) | (19,196 | ) | (408,232 | ) |
Debts falling due after 1 year | (959,891 | ) | (10,857 | ) | (970,748 | ) |
(2,008,650 | ) | (899,064 | ) | (2,907,714 | ) |
Total | (934,029 | ) | (1,298,374 | ) | (2,232,403 | ) |
Southwark Platinum Limited (Registered number: 09237707) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Southwark Platinum Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Amounts are rounded to the nearest Pound Sterling. |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 30 September 2024. |
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary. |
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements. |
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting. |
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively. |
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified. |
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities. |
Southwark Platinum Limited (Registered number: 09237707) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
3. | ACCOUNTING POLICIES - continued |
Business combinations |
Business combinations are accounted for by applying the purchase method. |
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction. |
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination. |
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities. |
Significant judgements and estimates |
In the application of the company's accounting policies, the Director is required to make judgements, estimations and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Southwark Platinum Limited (Registered number: 09237707) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures, fittings and computer equipment | - |
Motor vehicles | - |
Freehold property comprising land is not depreciated and is of a value at least equal to cost. |
Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Southwark Platinum Limited (Registered number: 09237707) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
4. | EMPLOYEES AND DIRECTORS |
30/9/24 | 30/9/23 |
£ | £ |
Wages and salaries | 794,723 | 850,525 |
Social security costs | 125 | 126 |
Other pension costs | 26,915 | 28,254 |
821,763 | 878,905 |
The average number of employees during the year was as follows: |
30/9/24 | 30/9/23 |
Director | 1 | 1 |
Management and production | 18 | 18 |
The average number of employees by undertakings that were proportionately consolidated during the year was 19 (2023 - 19 ) . |
30/9/24 | 30/9/23 |
£ | £ |
Director's remuneration | 10,004 | 10,004 |
5. | OPERATING (LOSS)/PROFIT |
The operating loss (2023 - operating profit) is stated after charging: |
30/9/24 | 30/9/23 |
£ | £ |
Depreciation - owned assets | 221,018 | 185,254 |
Depreciation - assets on finance leases | 156,051 | 131,661 |
Loss on disposal of fixed assets | 149,349 | 14,496 |
Goodwill amortisation | 777,859 | 777,859 |
Auditors' remuneration | 15,200 | 15,100 |
Foreign exchange differences | - | 1,642 |
6. | EXCEPTIONAL ITEMS |
30/9/24 | 30/9/23 |
£ | £ |
Surrender premium received | - | 350,000 |
Contribution to landlord refurbishment | - | (350,000 | ) |
During the prior year the Group terminated the lease of its operating premises and received a surrender premium of £350,000. As part of the termination of the lease the Group was required to pay £350,000 in respect of restoration costs related to the trading premises that were subject to the lease. |
Southwark Platinum Limited (Registered number: 09237707) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30/9/24 | 30/9/23 |
£ | £ |
Late payment tax charges | 768 | 1,514 |
Other loan interest | 65,053 | 63,438 |
Hire purchase interest | 59,433 | 24,169 |
125,254 | 89,121 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
30/9/24 | 30/9/23 |
£ | £ |
Current tax: |
UK corporation tax | 238 | 51,608 |
Deferred tax | 207,129 | 156,635 |
Tax on (loss)/profit | 207,367 | 208,243 |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 | 7,778,594 |
AMORTISATION |
At 1 October 2023 | 7,000,731 |
Amortisation for year | 777,859 |
At 30 September 2024 | 7,778,590 |
NET BOOK VALUE |
At 30 September 2024 | 4 |
At 30 September 2023 | 777,863 |
Southwark Platinum Limited (Registered number: 09237707) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures, |
fittings |
and |
Freehold | Plant and | computer | Motor |
property | machinery | equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2023 | 220,137 | 3,388,390 | 233,468 | 1,044,845 | 4,886,840 |
Additions | - | 1,276,921 | 102,542 | 239,876 | 1,619,339 |
Disposals | - | (977,500 | ) | - | (141,655 | ) | (1,119,155 | ) |
At 30 September 2024 | 220,137 | 3,687,811 | 336,010 | 1,143,066 | 5,387,024 |
DEPRECIATION |
At 1 October 2023 | - | 1,246,478 | 148,802 | 323,734 | 1,719,014 |
Charge for year | - | 270,465 | 18,721 | 87,883 | 377,069 |
Eliminated on disposal | - | (263,319 | ) | - | (59,504 | ) | (322,823 | ) |
At 30 September 2024 | - | 1,253,624 | 167,523 | 352,113 | 1,773,260 |
NET BOOK VALUE |
At 30 September 2024 | 220,137 | 2,434,187 | 168,487 | 790,953 | 3,613,764 |
At 30 September 2023 | 220,137 | 2,141,912 | 84,666 | 721,111 | 3,167,826 |
Fixed assets, included in the above, which are held under finance leases are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 October 2023 | 931,607 | 609,099 | 1,540,706 |
Additions | 684,000 | 219,876 | 903,876 |
Disposals | (542,000 | ) | (56,467 | ) | (598,467 | ) |
Transfer to ownership | - | (95,551 | ) | (95,551 | ) |
At 30 September 2024 | 1,073,607 | 676,957 | 1,750,564 |
DEPRECIATION |
At 1 October 2023 | 265,416 | 152,232 | 417,648 |
Charge for year | 99,459 | 56,592 | 156,051 |
Eliminated on disposal | (186,394 | ) | (15,303 | ) | (201,697 | ) |
Transfer to ownership | - | (25,894 | ) | (25,894 | ) |
At 30 September 2024 | 178,481 | 167,627 | 346,108 |
NET BOOK VALUE |
At 30 September 2024 | 895,126 | 509,330 | 1,404,456 |
At 30 September 2023 | 666,191 | 456,867 | 1,123,058 |
Southwark Platinum Limited (Registered number: 09237707) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertaking |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
13. | STOCKS |
Group |
30/9/24 | 30/9/23 |
£ | £ |
Stocks | 215,021 | 109,019 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
30/9/24 | 30/9/23 |
£ | £ |
Trade debtors | 1,086,411 | 558,400 |
Other debtors | 355,001 | 358,506 |
Intercompany account | 533,391 | 1,485,724 |
Tax | 6,992 | - |
Accrued income | 382,790 | 374,573 |
Prepayments | 9,124 | 36,350 |
2,373,709 | 2,813,553 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
30/9/24 | 30/9/23 |
£ | £ |
Other loans (see note 17) | 408,232 | 389,036 |
Finance leases (see note 18) | 305,155 | 151,268 |
Trade creditors | 117,770 | 332,368 |
Taxation | - | 44,378 |
Social security and other taxes | 19,241 | 19,241 |
VAT | 283,461 | 290,678 |
Other creditors | 32,553 | 21,548 |
Intercompany account | 25,800 | 1,355,800 |
Accruals and deferred income | 49,980 | 154,600 |
1,242,192 | 2,758,917 |
Southwark Platinum Limited (Registered number: 09237707) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
30/9/24 | 30/9/23 | 30/9/24 | 30/9/23 |
£ | £ | £ | £ |
Other loans (see note 17) | 970,748 | 959,891 |
Finance leases (see note 18) | 1,223,579 | 508,455 |
Amounts owed to group undertakings | - | - | 5,125,500 | 5,125,500 |
2,194,327 | 1,468,346 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
30/9/24 | 30/9/23 |
£ | £ |
Amounts falling due within one year or | on demand: |
Other loans | 408,232 | 389,036 |
Amounts falling due between one and | two years: |
Other loans - 1-2 years | 970,748 | 959,891 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Finance leases |
30/9/24 | 30/9/23 |
£ | £ |
Net obligations repayable: |
Within one year | 305,155 | 151,268 |
Between one and five years | 1,223,579 | 508,455 |
1,528,734 | 659,723 |
19. | PROVISIONS FOR LIABILITIES |
Group |
30/9/24 | 30/9/23 |
£ | £ |
Deferred tax | 831,148 | 624,019 |
Southwark Platinum Limited (Registered number: 09237707) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
19. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 October 2023 | 624,019 |
Charge to Income Statement during year | 207,129 |
Balance at 30 September 2024 | 831,148 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/9/24 | 30/9/23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
B Ordinary | £1 | 1 | 1 |
101 | 101 |
21. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 October 2023 | (2,008,501 | ) | 5,100,000 | 3,091,499 |
Deficit for the year | (481,458 | ) | (481,458 | ) |
At 30 September 2024 | (2,489,959 | ) | 5,100,000 | 2,610,041 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 October 2023 | 5,100,000 |
Profit for the year |
At 30 September 2024 | 5,100,000 |
22. | RELATED PARTY DISCLOSURES |
Key management personnel of the entity or its parent (in the aggregate) |
30/9/24 | 30/9/23 |
£ | £ |
Amount due from related party | 533,390 | 1,485,724 |
Amount due to related party | 25,800 | 1,355,800 |
Southwark Platinum Limited (Registered number: 09237707) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
22. | RELATED PARTY DISCLOSURES - continued |
Included in Other Creditors is an amount of £1,378,980 (2023: £1,348,927) loan from Lancing Pension Scheme, which is for the benefit of the Director and staff, of which some are close family members of the Director. The loans bear interest of 5% per annum, are repayable over 5 years and during the year interest of £65,053 has been accrued. |