Company Registration No. 12564543 (England and Wales)
Platinum Laundry Services Ltd
Unaudited financial statements
for the year ended 28 April 2025
Pages for filing with the registrar
Platinum Laundry Services Ltd
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
Platinum Laundry Services Ltd
Statement of financial position
As at 28 April 2025
1
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
115,131
49,704
Current assets
Stocks
2,169
-
Debtors
5
145,577
77,885
Cash at bank and in hand
38
78
147,784
77,963
Creditors: amounts falling due within one year
6
(237,939)
(80,959)
Net current liabilities
(90,155)
(2,996)
Total assets less current liabilities
24,976
46,708
Creditors: amounts falling due after more than one year
7
(35,608)
(10,696)
Provisions for liabilities
(42,465)
(10,909)
Net (liabilities)/assets
(53,097)
25,103
Capital and reserves
Called up share capital
8
100
100
Share premium account
24,975
24,975
Profit and loss reserves
(78,172)
28
Total equity
(53,097)
25,103

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 28 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Platinum Laundry Services Ltd
Statement of financial position (continued)
As at 28 April 2025
2
The financial statements were approved and signed by the director and authorised for issue on 16 July 2026.
Daniel Crossman
Director
Company Registration No. 12564543
Platinum Laundry Services Ltd
Statement of changes in equity
For the year ended 28 April 2025
3
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2023
1
-
0
1
2
Year ended 28 April 2024:
Profit and total comprehensive income
-
-
50,027
50,027
Issue of share capital
8
99
24,975
-
25,074
Dividends
-
-
(50,000)
(50,000)
Balance at 28 April 2024
100
24,975
28
25,103
Year ended 28 April 2025:
Loss and total comprehensive income
-
-
(78,200)
(78,200)
Balance at 28 April 2025
100
24,975
(78,172)
(53,097)
Platinum Laundry Services Ltd
Notes to the financial statements
For the year ended 28 April 2025
4
1
Accounting policies
Company information

Platinum Laundry Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 56 Barns Road, Ferndown, England, BH22 8XH.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, despite the net current liability position. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of a commercial laundry business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% straight line
Fixtures and fittings
10% straight line
Motor vehicles
25% reducing balance
Linen for hire
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Platinum Laundry Services Ltd
Notes to the financial statements (continued)
For the year ended 28 April 2025
1
Accounting policies (continued)
5
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Platinum Laundry Services Ltd
Notes to the financial statements (continued)
For the year ended 28 April 2025
1
Accounting policies (continued)
6
Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Platinum Laundry Services Ltd
Notes to the financial statements (continued)
For the year ended 28 April 2025
1
Accounting policies (continued)
7

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessee

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

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Platinum Laundry Services Ltd
Notes to the financial statements (continued)
For the year ended 28 April 2025
8
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2025
2024
Number
Number
Total
10
5
4
Tangible fixed assets
Plant and machinery etc
Linen for hire
Total
£
£
£
Cost
At 29 April 2024
33,061
35,158
68,219
Additions
54,482
52,239
106,721
Disposals
(10,795)
-
0
(10,795)
At 28 April 2025
76,748
87,397
164,145
Depreciation and impairment
At 29 April 2024
11,281
7,234
18,515
Depreciation charged in the year
9,606
21,793
31,399
Eliminated in respect of disposals
(900)
-
0
(900)
At 28 April 2025
19,987
29,027
49,014
Carrying amount
At 28 April 2025
56,761
58,370
115,131
At 28 April 2024
21,780
27,924
49,704
Platinum Laundry Services Ltd
Notes to the financial statements (continued)
For the year ended 28 April 2025
9
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
28,734
25,761
Corporation tax recoverable
19,671
-
0
Other debtors
97,172
52,124
145,577
77,885
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
49,283
23,817
Trade creditors
69,534
1,301
Corporation tax
36,877
17,206
Other taxation and social security
19,266
1,909
Other creditors
62,979
36,726
237,939
80,959
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
25,669
1,980
Other creditors
9,939
8,716
35,608
10,696

Included within other creditors (amounts falling due before and after more than one year) are £36,160 (2024: £24,300) of unsecured and interest free loans owed to related parties. There are also HP agreements totalling £17,189 (2024: £12,072) (across due within one year and after one year) whereby security is held over the asset which the agreement relates to.

8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Platinum Laundry Services Ltd
Notes to the financial statements (continued)
For the year ended 28 April 2025
10
9
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
193,865
130,040
10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
2025
2024
£
£
Other related parties
8,775
11,041

Amounts owed by related parties include amounts owed by of £28,271 (2024: £9,273). which are unsecured and interest free. A provision is also included in the accounts for the full £28,271 on the basis that there are significant doubts over the Company's ability to settle this balance.

11
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors' loan account
3.75
4,208
65,098
732
(11,013)
59,025
4,208
65,098
732
(11,013)
59,025

The interest rate charged was 2.25% up to 5 April 2025, increasing to 3.75% from 6 April 2025 onwards, following HMRC’s update to the beneficial loan rate.

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