IRIS Accounts Production v25.1.4.42 09237707 director 30.9.24 1.10.23 30.9.24 30.9.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. operating in the metals recycling industry. true true false true true false false false true false Ordinary 0 B Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh092377072023-09-30092377072024-09-30092377072023-10-012024-09-30092377072022-09-30092377072022-10-012023-09-30092377072023-09-3009237707ns15:EnglandWales2023-10-012024-09-3009237707ns14:PoundSterling2023-10-012024-09-3009237707ns10:Director12023-10-012024-09-3009237707ns10:Consolidated2024-09-3009237707ns10:ConsolidatedGroupCompanyAccounts2023-10-012024-09-3009237707ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3009237707ns10:Consolidatedns10:MediumEntities2023-10-012024-09-3009237707ns10:Consolidatedns10:Audited2023-10-012024-09-3009237707ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3009237707ns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3009237707ns10:Consolidated2023-10-012024-09-3009237707ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3009237707ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3009237707ns10:FullAccounts2023-10-012024-09-300923770712023-10-012024-09-3009237707ns10:OrdinaryShareClass12023-10-012024-09-3009237707ns10:OrdinaryShareClass22023-10-012024-09-3009237707ns10:RegisteredOffice2023-10-012024-09-3009237707ns10:Consolidated2022-10-012023-09-3009237707ns5:Non-currentFinancialInstruments2024-09-3009237707ns5:Non-currentFinancialInstruments2023-09-3009237707ns5:ShareCapital2024-09-3009237707ns5:ShareCapital2023-09-3009237707ns5:SharePremium2024-09-3009237707ns5:SharePremium2023-09-3009237707ns5:ShareCapital2022-09-3009237707ns5:RetainedEarningsAccumulatedLosses2022-09-3009237707ns5:SharePremium2022-09-3009237707ns5:RetainedEarningsAccumulatedLosses2023-09-3009237707ns5:RetainedEarningsAccumulatedLosses2024-09-3009237707ns5:NetGoodwill2023-10-012024-09-3009237707ns5:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-3009237707ns5:PlantMachinery2023-10-012024-09-3009237707ns5:FurnitureFittings2023-10-012024-09-3009237707ns5:MotorVehicles2023-10-012024-09-3009237707ns5:CostValuation2023-09-3009237707ns10:OrdinaryShareClass12024-09-3009237707ns10:OrdinaryShareClass22024-09-3009237707ns5:RetainedEarningsAccumulatedLosses2023-09-3009237707ns5:SharePremium2023-09-3009237707ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-30
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: T W Pratt





REGISTERED OFFICE: Horn Link Way
Horn Lane
Swanley Village
SE10 0RT





REGISTERED NUMBER: 09237707 (England and Wales)





INDEPENDENT AUDITORS: Ardor Business Solutions Limited
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:





T W Pratt - Director


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
T W Pratt held office during the whole of the period from 1 October 2023 to the date of this report.

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:





T W Pratt - Director


27 June 2025

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.




Bryan Michael Kemsley FCCA FMAAT (Senior Statutory Auditor)
for and on behalf of Ardor Business Solutions Limited
Statutory Auditors
Chartered Certified Accountants
Unit 1
Shrine Barn
Sandling Road
Hythe
Kent
CT21 4HE

27 June 2025

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

(481,458

)

69,992
(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 10,225,601 10,225,601
10,225,601 10,225,601
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,225,601

10,225,601

CREDITORS
Amounts falling due after more than one
year

16

5,125,500

5,125,500
NET ASSETS 5,100,101 5,100,101

CAPITAL AND RESERVES
Called up share capital 20 101 101
Share premium 21 5,100,000 5,100,000
SHAREHOLDERS' FUNDS 5,100,101 5,100,101

Company's profit for the financial year - -

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)

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 101 - 5,100,000 5,100,101

Changes in equity
Balance at 30 September 2023 101 - 5,100,000 5,100,101

Changes in equity
Balance at 30 September 2024 101 - 5,100,000 5,100,101

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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
The financial statements have been prepared under the historical cost convention.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on reducing balance
Fixtures, fittings and computer equipment - 10% on reducing balance
Motor vehicles - 10% on reducing balance

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
19 19

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 10,225,601
NET BOOK VALUE
At 30 September 2024 10,225,601
At 30 September 2023 10,225,601


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 5,125,500 5,125,500

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: £    £   
100 Ordinary £1 100 100
1 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 5,100,000
Profit for the year - -
At 30 September 2024 - 5,100,000 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.