ACCOUNTS - Final Accounts preparation

Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Company registration number: 10958599

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	PLATA CAPITAL LIMITED


PLATA CAPITAL LIMITED

COMPANY INFORMATION

Directors	V Modgill
	G Modgill (appointed 23 April 2024)
	G Marino (appointed 23 April 2024)
	L Isetta (appointed 23 April 2024)


Registered number	10958599


Registered office	C/O Mishcon De Reya Africa House
	70 Kingsway
	London
	WC2B 6AH


Trading Address	Level 1
	35-41 Folgate St
	London
	E1 6BX



Accountants	Menzies LLP
	Chartered Accountants
	Victoria House
	50-58 Victoria Road
	Farnborough
	Hampshire
	GU14 7PG


PLATA CAPITAL LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Statement of Changes in Equity	3
Notes to the Financial Statements	4 - 10


PLATA CAPITAL LIMITED REGISTERED NUMBER:10958599

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	4		18,899		838,852
Tangible assets	5		65,287		9,058
Investments	6		2,083,895		152,133
			2,168,081		1,000,043
Current assets
Debtors: amounts falling due within one year	7	6,249,152		5,930,313
Cash at bank and in hand		18,026,258		2,565,726
		24,275,410		8,496,039
Creditors: amounts falling due within one year	8	(20,299,581)		(6,467,716)
Net current assets			3,975,829		2,028,323
Total assets less current liabilities			6,143,910		3,028,366
Creditors: amounts falling due after more than one year	9		(5,705,091)		(3,912,041)
Provisions for liabilities
Other provisions	10	(559,320)		-
			(559,320)		-
Net liabilities			(120,501)		(883,675)

Capital and reserves
Allotted, called up and fully paid share capital	111	110
Share premium account	4,972,247	4,823,655
Other reserves	-	27,282
Profit and loss account	(5,092,859)	(5,734,722)
	(120,501)	(883,675)

Page 1


PLATA CAPITAL LIMITED REGISTERED NUMBER:10958599

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

V Modgill

Director

Date: 26 September 2025

The notes on pages 4 to 10 form part of these financial statements.

Page 2


PLATA CAPITAL LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2023	109	4,000,137	1,027,171	(4,672,998)	354,419
Comprehensive income for the year
Loss for the year	-	-	-	(1,061,724)	(1,061,724)
Contributions by and distributions to owners
Shares issued during the year	1	-	-	-	1
Transaction costs recognised directly in equity	-	(176,371)	-	-	(176,371)
Transfer between other reserves	-	999,889	(999,889)	-	-

At 1 January 2024	110	4,823,655	27,282	(5,734,722)	(883,675)
Comprehensive income for the year
Profit for the year	-	-	-	641,863	641,863
Contributions by and distributions to owners
Shares issued during the year	1	-	-	-	1
Excercised during the year	-	-	121,310	-	121,310
Transfer between other reserves	-	148,592	(148,592)	-	-
At 31 December 2024	111	4,972,247	-	(5,092,859)	(120,501)

The notes on pages 4 to 10 form part of these financial statements.

Page 3


PLATA CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Plata Capital Limited is a private company limited by shares incorporated in England and Wales and domiciled in the United Kingdom. The address of the registered office and principal place of business are disclosed on the company information page.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Going concern

The Company has the full support of its shareholders who are committed to future growth and the Company is in regular correspondence with all significant creditors.
For this reason, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, the Company continues to adopt the going concern basis of accounting in preparing the annual financial statements.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and the financial statements are rounded to the nearest pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.4

Revenue

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, excluding discounts, rebates, value added tax and other sales taxes.

Page 4


PLATA CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 5


PLATA CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

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.

Amortisation is provided on the following bases:

Computer software

33%

Straight-line basis

2.10

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, using the straight-line method.

Depreciation is provided on the following basis:

				Fixtures and fittings	-	25%	Straight-line basis
				Computer equipment	-	33%	Straight-line basis

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 profit or loss.

2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 6


PLATA CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Employees

The average monthly number of employees, including directors, during the year was 20 (2023 - 8).

4.	Intangible assets

		Computer software
		£
	Cost
	At 1 January 2024	2,484,708
	At 31 December 2024	2,484,708
	Amortisation
	At 1 January 2024	1,645,856
	Charge for the year	819,953
	At 31 December 2024	2,465,809
	Net book value
	At 31 December 2024	18,899
	At 31 December 2023	838,852

Page 7


PLATA CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Tangible fixed assets

	Fixtures and fittings	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 January 2024	-	52,258	52,258
Additions	23,925	47,099	71,024
At 31 December 2024	23,925	99,357	123,282
Depreciation
At 1 January 2024	-	43,200	43,200
Charge for the year	2,339	12,456	14,795
At 31 December 2024	2,339	55,656	57,995
Net book value
At 31 December 2024	21,586	43,701	65,287
At 31 December 2023	-	9,058	9,058

6.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	152,133
	Additions	1,931,762
	At 31 December 2024	2,083,895

Page 8


PLATA CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Amounts owed by group undertakings	5,294,072	4,108,875
Other debtors	375,607	681,548
Prepayments and accrued income	36,743	202,196
Deferred taxation	542,730	937,694
	6,249,152	5,930,313

8.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Other loans	-	595,446
Trade creditors	360,579	1,168,699
Debt facility	564,750	258,046
Amount owed to group undertakings	14,635,229	34,753
Other taxation and social security	104,454	-
Other creditors	489,434	809,861
Accruals and deferred income	4,145,135	3,600,911
	20,299,581	6,467,716

9.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

	Debt facility	5,705,091	3,912,041

The debt facility is secured by a fixed and floating charge over the assets of the Company.

Page 9


PLATA CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Provisions

		Provisions
		£

	At 1 January 2024	-
	Charged to profit or loss	559,320
	At 31 December 2024	559,320

The Company is involved in an ongoing dispute with a supplier regarding contractual terms. A provision has been recognised based on management's best estimate of the likely settlement.

Not later than 1 year	483,324	-
Later than 1 year and not later than 5 years	372,352	-
	855,676	-

Page 10