Platinum Eco Services Ltd

Contents

Statement of financial position	1
Notes to the Unaudited Financial Statements	2 to 8

Platinum Eco Services Ltd

(Registration number: 11609060)
Statement of financial position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	52,945	60,508
Tangible assets	5	323,577	302,528
		376,522	363,036
Current assets
Stocks	6	94,922	149,235
Debtors	7	366,045	270,417
Cash at bank and in hand		52,117	310,983
		513,084	730,635
Creditors: Amounts falling due within one year	8	(470,808)	(480,364)
Net current assets		42,276	250,271
Total assets less current liabilities		418,798	613,307
Creditors: Amounts falling due after more than one year	8	(68,854)	(60,639)
Provisions for liabilities		(49,380)	(24,727)
Net assets		300,564	527,941
Capital and reserves
Called up share capital		1	1
Retained earnings		300,563	527,940
Shareholders' funds		300,564	527,941

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 23 April 2025 and signed on its behalf by:
 

......................................... Mr S Harbour Director

Platinum Eco Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 16 Northbrook Business Park
Northbrook Road
Worthing
West Sussex
BN14 8PQ

These financial statements were authorised for issue by the Board on 23 April 2025.

2	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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

Platinum Eco Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Asset class	Depreciation method and rate
Office equipment	33% reducing balance
Motor vehicles	25% reducing balance
Plant & machinery	33% reducing balance
Fixtures & fittings	33% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Platinum Eco Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2023 - 15).

Platinum Eco Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2024	75,634	75,634
At 31 December 2024	75,634	75,634
Amortisation
At 1 January 2024	15,126	15,126
Amortisation charge	7,563	7,563
At 31 December 2024	22,689	22,689
Carrying amount
At 31 December 2024	52,945	52,945
At 31 December 2023	60,508	60,508

Platinum Eco Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	21,325	425,299	446,624
Additions	2,744	311,546	314,290
Disposals	-	(300,993)	(300,993)
At 31 December 2024	24,069	435,852	459,921
Depreciation
At 1 January 2024	10,206	133,890	144,096
Charge for the year	4,202	92,705	96,907
Eliminated on disposal	-	(104,659)	(104,659)
At 31 December 2024	14,408	121,936	136,344
Carrying amount
At 31 December 2024	9,661	313,916	323,577
At 31 December 2023	11,119	291,409	302,528

6

Stocks

	2024 £	2023 £
Other inventories	94,922	149,235

7

Debtors

Current	Note	2024 £	2023 £
Trade debtors		133,827	37,055
Amounts owed by related parties		28,600	28,600
Prepayments		7,393	6,626
Other debtors		196,225	198,136
		366,045	270,417

Platinum Eco Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	51,134	36,300
Trade creditors		264,034	95,777
Taxation and social security		57,106	309,651
Accruals and deferred income		15,800	12,762
Other creditors		82,734	25,874
		470,808	480,364

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	9	68,854	60,639

Platinum Eco Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

9	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	4,167	14,167
Hire purchase contracts	64,687	46,472
	68,854	60,639

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	10,000	10,000
Hire purchase contracts	41,134	26,300
	51,134	36,300

10	Parent and ultimate parent undertaking

Platinum Eco Services Ltd is 68% owned by the Platinum Eco Services Employee Ownership Trust.

 The ultimate controlling party is Platinum Eco Services Employee Ownership Trust.