Registered number
04658375
Platinum Sensors Limited
Report and Accounts
for the year ended 28 February 2025
Platinum Sensors Limited
Registered number: 04658375
Balance Sheet
as at 28 February 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 3 302,739 326,722
Current assets
Debtors 4 1,210 1,306
Cash at bank and in hand 220,621 237,856
221,831 239,162
Creditors: amounts falling due within one year 5 (2,151) (589)
Net current assets 219,680 238,573
Net assets 522,419 565,295
Capital and reserves
Called up share capital 100 100
Revaluation reserve 6 19,808 19,808
Profit and loss account 502,511 545,387
Shareholders' funds 522,419 565,295
Average number of employees 2 2
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J D Collier
Director
Approved by the board on 11 June 2025
Platinum Sensors Limited
Notes to the Accounts
for the year ended 28 February 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicle 25% reducing balance
Computer equipment 33.33% straight line
Office equipment 20% reducing balance
Fixtures and fittings 20% reducing balance
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Office equipment Fixtures and fittings Other tangibles Motor vehicles Total
£ £ £ £
Cost
At 1 March 2024 263,000 5,850 870 1,739 94,139 365,598
At 28 February 2025 263,000 5,850 870 1,739 94,139 365,598
Depreciation
At 1 March 2024 - 5,485 645 1,087 31,660 38,877
Charge for the year - 273 45 130 23,535 23,983
At 28 February 2025 - 5,758 691 1,217 55,195 62,861
Net book value
At 28 February 2025 263,000 92 179 522 38,944 302,737
At 29 February 2024 263,000 365 225 652 62,479 326,722
The investment properties class of fixed assets was revalued at 29 February 2017. This class of asset has a current value of £263,000 and a carrying amount at historical cost of £243,287. The depriciation on this historical cost was £nil.
4 Debtors 2025 2024
£ £
Prepayment 1,164 1,262
Other debtors 46 44
1,210 1,306
5 Creditors: amounts falling due within one year 2025 2024
£ £
Trade creditors - (40)
Other taxes and social security costs 435 554
Other creditors 1,716 75
2,151 589
6 Revaluation reserve 2025 2024
£ £
At 1 March 2024 19,808 19,808
At 28 February 2025 19,808 19,808
7 Pension schemes
The company operates a defined contribution pension scheme. The pension cost charge represents contributions paid by the company and amounted to £900 (2024- £3,600).
8 Controlling party
The company is controlled by the directors who own 100% of the called up share capital.
9 Other information
Platinum Sensors Limited is a private company limited by shares and incorporated in England. Its registered office is:
Lyndum House
12-14 High Street Petersfield
Hampshire
United Kingdom
GU32 3JG
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