Michael Platt Limited - Filleted accounts


MICHAEL PLATT LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2024

































Company Registration Number: 07181668

MICHAEL PLATT LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024


CONTENTS									PAGES



Company information									1

Balance sheet									2 to 3

Notes to the financial statements									4 to 10

MICHAEL PLATT LIMITED

COMPANY INFORMATION
FOR THE PERIOD ENDED 31 DECEMBER 2024


DIRECTORS

W A Myers
resigned 23 January 2025
E S Myers
resigned 23 January 2025
P I Perera
appointed 23 January 2025


SECRETARY

The company does not have an appointed secretary

REGISTERED OFFICE

167-169 Great Portland Street
5th Floor
London
W1W 5PF


COMPANY REGISTRATION NUMBER

07181668 England and Wales

MICHAEL PLATT LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2024


	Notes	31 December 2024		30 April 2024
		£		£

FIXED ASSETS
Tangible assets	6		8,946		11,104

CURRENT ASSETS
Stock		334,209		358,699
Debtors	7	113,676		21,474
Cash at bank and in hand		166,634		177,629


		614,519		557,802

CREDITORS: Amounts falling due within one year	8	146,578		129,106
CREDITORS: Amounts falling due within one year


NET CURRENT ASSETS			467,941		428,696


TOTAL ASSETS LESS CURRENT LIABILITIES			476,887		439,800

CREDITORS: Amounts falling due after more than one year	9		18,333		31,688
CREDITORS: Amounts falling due after more than one year

Provisions for liabilities and charges			2,043		-


NET ASSETS			456,511		408,112


CAPITAL AND RESERVES
Called up share capital			100		100
Distributable profit and loss account			456,411		408,012


SHAREHOLDER'S FUNDS			456,511		408,112

MICHAEL PLATT LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2024


These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

For the financial period ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

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.

As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.


Signed on behalf of the board




P I Perera
Director

Date approved by the board: 24 April 2026

MICHAEL PLATT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024


1	GENERAL INFORMATION

	Michael Platt Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:

	167-169 Great Portland Street
	5th Floor
	London
	W1W 5PF

	The decision has been made to change the company's financial year from 30 April 2024 to 31 December 2024 following its sale after the year end. Therefore, the financial statements are for a shorter period and are not entirely comparable to the previous year's figures which cover 12 months.

	The financial statements are presented in Sterling, which is the functional currency of the company.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	Basis of preparation of financial statements

	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.

	Revenue recognition

	Turnover is measured at the fair value of consideration received or receivable and represents the amounts received in respect of jewellery sales, stated net of trade discounts and value added tax, stated net of trade discounts and value added tax.

	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.


	Intangible fixed assets

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

	Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life.

	If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.


2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)

	Tangible fixed assets

Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

MICHAEL PLATT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

	Depreciation has been provided at the following rates so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.

	Leasehold improvements					25% straight line method per annum
	Plant and machinery					25% reducing balance method per annum

	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.

	Financial Instruments

	A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

	Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss.

	Basic financial assets and financial liabilities are initially recognised at transaction price and measured at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. They are subsequently carried at their amortised cost using the effective interest rate method, less any provision for impairment. If the effect of the time value of money is immaterial, they are measured at cost less impairment.

	Basic financial assets and liabilities which are measured at cost or amortised cost are reviewed for objective impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss account immediately.

Any reversals of impairment are recognised in the profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset or liability which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.


	Financing transactions are measured at the present value of the future receipts discounted at a market rate of interest. They are subsequently measured at amortised costs using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)

	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.

MICHAEL PLATT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024


	Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.

	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.


	Stock

	Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the sales value of goods purchased and held for resale reduced by the appropriate percentage gross margin.

	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, less any impairment.

	Creditors

	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.

MICHAEL PLATT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024


2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)

	Leases

	Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.

	Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.

	Taxation

	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.

	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.

	Deferred tax is measured using 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.

	Current and deferred tax assets and liabilities are not discounted.

	Pensions

	The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the period are shown as either accruals or prepayments in the balance sheet.

3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.

MICHAEL PLATT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

4	EMPLOYEES

	The average number of persons employed by the company (including directors) during the period was:

		2024		2024
	Average number of employees	9		9


5	INTANGIBLE FIXED ASSETS
			Net goodwill
				£
	Cost
	At 1 May 2024			439,382


	At 31 December 2024			439,382


	Accumulated amortisation
	At 1 May 2024			439,382


	At 31 December 2024			439,382


	Net book value
	At 1 May 2024			-


	At 31 December 2024			-

MICHAEL PLATT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024


6	TANGIBLE ASSETS
		Leasehold improvements	Plant and machinery	Total
		£	£	£
	Cost
	At 1 May 2024	78,810	42,922	121,732


	At 31 December 2024	78,810	42,922	121,732


	Accumulated depreciation
	At 1 May 2024	78,810	31,818	110,628

	Charge for period	-	2,158	2,158


	At 31 December 2024	78,810	33,976	112,786


	Net book value
	At 1 May 2024	-	11,104	11,104


	At 31 December 2024	-	8,946	8,946


7	DEBTORS
			2024	2024
			£	£
	Trade debtors		-	5,696
	Prepayments and accrued income		12,239	15,718
	Other debtors		101,437	60


			113,676	21,474


8	CREDITORS: Amounts falling due within one year
			2024	2024
			£	£
	Bank loans and overdrafts		20,000	20,000
	Trade creditors		29,151	28,459
	Taxation and social security		82,721	62,751
	Accruals and deferred income		12,338	6,776
	Other creditors		2,368	11,120


			146,578	129,106

MICHAEL PLATT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024


9	CREDITORS: Amounts falling due after more than one year
				2024		2024
				£		£
	Bank loans and overdrafts			18,333		31,688


10	CONTINGENCIES AND COMMITMENTS

	Other Commitments

	Amounts falling due under operating leases:			2024		2024
				£		£
	In less than one year			-		34,000


11	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

	The following director's advances, credits and guarantees took place during the period:

		Balance at 1 May 2024	Amounts advanced	Amounts repaid	Balance at 31 December 2024
		£	£	£		£
	W A Myers	-	109,933	8,496		101,437

	Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.

12	POST BALANCE SHEET EVENTS

	After the period ended 31 December 2024 the client entered a rental lease which has a break clause in 2035. The total liability to the break clause will be £400,000.