REGISTERED NUMBER: 06826829 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28 February 2025

for

PG PLATFORMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S G Cutting

C A Cutting

C Byrne

REGISTERED OFFICE:

The Brook

Mid Kent Business Park

Sortmill Road

Snodland

Kent

ME6 5UA

REGISTERED NUMBER:

06826829 (England and Wales)

ACCOUNTANTS:

Friend & Grant Ltd

Bryant House

Bryant Road

Strood

Rochester

Kent

ME2 3EW

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

3,579,927

3,126,208

3,579,927

3,126,208

CURRENT ASSETS

Debtors

7

1,328,766

1,264,479

Prepayments and accrued income

206,546

193,657

Cash at bank

249,448

124,830

1,784,760

1,582,966

CREDITORS

Amounts falling due within one year

8

1,844,772

1,854,357

NET CURRENT LIABILITIES

(60,012

)

(271,391

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,519,915

2,854,817

CREDITORS

Amounts falling due after more than one year

9

(1,830,769

)

(1,563,521

)

PROVISIONS FOR LIABILITIES

(798,235

)

(620,618

)

ACCRUALS AND DEFERRED INCOME

(4,250

)

(1,200

)

NET ASSETS

886,661

669,478

CAPITAL AND RESERVES

Called up share capital

1,100

1,100

Retained earnings

885,561

668,378

SHAREHOLDERS' FUNDS

886,661

669,478

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2025 and were signed on its behalf by:

S G Cutting - Director

1.	STATUTORY INFORMATION

PG Platforms 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 Company Information page.

The presentation currency of the financial statements is the 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, including the presentation and disclosure requirements of Section 1A applicable to small companies, 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.

Revenue

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable from the sale of goods or exchange of services, excluding discounts, rebates, value added tax and other sales taxes. Revenue is not recognised when goods or services are exchanged for goods or services that are of a similar nature and value or when the transaction lacks commercial substance.

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;

- the company retains neither continuing managerial involvement to the degree usually associated with the ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the transaction;

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

The percentage of completion method is used to calculate the revenue recognised at the period end.

Revenue from the rendering of services is recognised when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the entity;

- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and

- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balances and straight line method.

Depreciation is provided on the following basis:

Plant & machinery - 10% straight line

Motor vehicles - 25% reducing balance

Fixtures & fittings - 20% straight line

Office equipment - 20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 held under finance lease and hire purchase contracts are capitalised in the balance sheet and depreciated over their expected useful lives. The interest element of the leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease.

All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits

The company recognises a provision for annual leave accrued by employees as a result of services rendered in current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

Financial instruments

Basic financial assets/liabilities including trade and other receivables/payables, cash and bank balances, are initially recognised at transaction price unless the arrangement constitutes a financing transaction (loan over period of time) where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Such assets/liabilities are subsequently carried at amortised cost using the effective interest method.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2024 - 28 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2024

and 28 February 2025

110,000

AMORTISATION

At 1 March 2024

and 28 February 2025

110,000

NET BOOK VALUE

At 28 February 2025

-

At 29 February 2024

-

6.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 March 2024

4,503,654

48,497

728,527

16,035

5,296,713

Additions

835,138

6,241

360,440

1,449

1,203,268

Disposals

(423,428

)

-

(35,775

)

-

(459,203

)

At 28 February 2025

4,915,364

54,738

1,053,192

17,484

6,040,778

DEPRECIATION

At 1 March 2024

1,764,762

25,449

370,489

9,805

2,170,505

Charge for year

442,138

8,219

161,819

2,261

614,437

Eliminated on disposal

(294,186

)

-

(29,905

)

-

(324,091

)

At 28 February 2025

1,912,714

33,668

502,403

12,066

2,460,851

NET BOOK VALUE

At 28 February 2025

3,002,650

21,070

550,789

5,418

3,579,927

At 29 February 2024

2,738,892

23,048

358,038

6,230

3,126,208

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 March 2024

3,595,902

533,116

4,129,018

Additions

810,638

350,440

1,161,078

Transfer to ownership

(921,485

)

(10,750

)

(932,235

)

At 28 February 2025

3,485,055

872,806

4,357,861

DEPRECIATION

At 1 March 2024

962,420

222,828

1,185,248

Charge for year

305,844

147,767

453,611

Transfer to ownership

(437,404

)

(5,585

)

(442,989

)

At 28 February 2025

830,860

365,010

1,195,870

NET BOOK VALUE

At 28 February 2025

2,654,195

507,796

3,161,991

At 29 February 2024

2,633,482

310,288

2,943,770

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,228,280

1,143,236

Other debtors

100,486

121,243

1,328,766

1,264,479

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

10,445

10,189

Hire purchase contracts (see note 10)

694,048

725,599

Trade creditors

622,621

600,756

Taxation and social security

194,321

147,531

Other creditors

323,337

370,282

1,844,772

1,854,357

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

2,571

13,055

Hire purchase contracts (see note 10)

1,828,198

1,550,466

1,830,769

1,563,521

Amounts falling due in more than five years:

Repayable by instalments

Hire purchase

173,552

21,996

10.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2025

2024

£

£

Net obligations repayable:

Within one year

694,048

725,599

Between one and five years

1,654,646

1,528,470

In more than five years

173,552

21,996

2,522,246

2,276,065

11.	SECURED DEBTS

RBS Invoice Finance Limited holds a fixed and floating charge over all property or undertakings of the company dated 14 October 2015.

Net obligations under finance leases and hire purchase contracts are secured on the specific assets financed, and by a personal guarantee from S G Cutting.

12.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represent contributions payable by the company to the fund and amounted to £3,000 (2024 - £3,000).

13.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £65,230 (2024 - £110,365).

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2025 and 29 February 2024:

2025

2024

£

£

S G Cutting

Balance outstanding at start of year

62,924

62,981

Amounts advanced

106,874

99,579

Amounts repaid

(108,807

)

(99,636

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

60,991

62,924

C A Cutting

Balance outstanding at start of year

-

-

Amounts advanced

101,842

101,273

Amounts repaid

(106,860

)

(101,273

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(5,018

)

-

The loan from the company to the director, Mr S Cutting, is unsecured and repayable on demand. Interest has been charged at the official rate of interest as per HMRC.

The loan to the company from the director, Mrs C Cutting, is unsecured, interest free and repayable on demand.