Registration number:
Platanos Development Limited
for the Year Ended 31 August 2024
Platanos Development Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Platanos Development Limited
Company Information
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Director |
A T Alabi |
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Registered office |
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Auditors |
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Platanos Development Limited
(Registration number: 08145335)
Balance Sheet as at 31 August 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
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Provisions for liabilities |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
4 |
4 |
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Retained earnings |
(139,887) |
- |
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Shareholders' (deficit)/funds |
(139,883) |
4 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Platanos Development Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The company has a balance sheet deficit of £139,883, having a trading loss of £139,887. The director has considered the group’s financial position and forecast cash flows for the foreseeable future, which includes at least 12 months from the date of signing these accounts.
The parent company has confirmed its intention to provide the necessary financial support to enable the entity to meet its liabilities as they fall due. Based on these assurances, the director has concluded that the preparation of the financial statements on a going concern basis remains appropriate.
Platanos Development Limited
Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)
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2 |
Accounting policies (continued) |
Audit report
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Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Fixture and fittings |
20% straight line |
Platanos Development Limited
Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)
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2 |
Accounting policies (continued) |
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Motor vehicles |
25% straight line |
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Plant and machinery |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Gift aid
The company donates its distributable profits to its parent charity under the Gift Aid scheme. In accordance with FRS 102 Section 29, Gift Aid payments are accounted for as distributions rather than expenses in the financial statements.
A liability for the payment is only recognised when the company has a present obligation at the reporting date, either through a legal obligation or a constructive obligation, as determined by the approval of the directors prior to the financial statements being authorised for issue.
Where a Gift Aid donation is probable and expected to be paid within nine months of the reporting date, the related corporation tax liability is calculated based on the assumption that the Gift Aid donation will be applied to offset taxable profits.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Platanos Development Limited
Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)
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Tangible assets |
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Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
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Cost or valuation |
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At 1 September 2023 |
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At 31 August 2024 |
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Depreciation |
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At 1 September 2023 |
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Charge for the year |
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- |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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- |
- |
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At 31 August 2023 |
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- |
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Total |
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Cost or valuation |
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At 1 September 2023 |
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At 31 August 2024 |
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Depreciation |
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At 1 September 2023 |
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Charge for the year |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
- |
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Other debtors |
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- |
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Platanos Development Limited
Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Amounts owed to group undertakings are unsecured, interest free, have no fixed date of payment and are repayable on demand.
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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4 |
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4 |
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Gift aid |
Gift Aid payment
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2024 |
2023 |
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Gift Aid |
- |
7,962 |
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Platanos Development Limited
Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)
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Related party transactions |
Summary of transactions with parent
The Platanos Trust
(Parent)
During the year the company recharged amount totalling £1,794,510 (2022: £1,802,208) in relation to services rendered to the academies under them. At the year-end The Platanos Trust owes £24,168(2023:£38,977) in relation to the service rendered to academies. This amount is included in Trade debtor balance in the balance sheet.
At the balance sheet date amount due to Platanos Trust in relation to short term loan advance was £70,663 (2023 - £64,963). The loan is interest free and repayable on demand.
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Parent and ultimate parent undertaking |
The company's immediate parent is