COMPANY REGISTRATION NO. 11944763 (England and Wales)
PLATINUM AUTOCENTRE LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2020
PAGES FOR FILING WITH REGISTRAR
PLATINUM AUTOCENTRE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PLATINUM AUTOCENTRE LTD
BALANCE SHEET
AS AT
30 APRIL 2020
30 April 2020
- 1 -
2020
Notes
£
£
Fixed assets
Tangible assets
3
34,402
Current assets
Stocks
7,204
Debtors
4
8,691
Cash at bank and in hand
18,219
34,114
Creditors: amounts falling due within one year
5
(37,080)
Net current liabilities
(2,966)
Total assets less current liabilities
31,436
Creditors: amounts falling due after more than one year
6
(25,517)
Provisions for liabilities
(5,439)
Net assets
480
Capital and reserves
Called up share capital
7
200
Profit and loss reserves
280
Total equity
480
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the period 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 AUTOCENTRE LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2020
30 April 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 February 2021 and are signed on its behalf by:
Mr Robin Palmer
Director
Company Registration No. 11944763
PLATINUM AUTOCENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2020
- 3 -
1
Accounting policies
Company information
Platinum Autocentre Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 4, Trostrey Street, Newport, NP19 7BB.
1.1
Accounting convention
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
Turnover
Turnover represents the amounts receivable for services provided in normal course of business net of VAT and trade discount.
Revenue from the service is recognised over the period when, and to the extent that, the company obtains the rights to consideration in exchange for service provided.
1.3
Tangible fixed assets
Tangible fixed assets
are measured at cost 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
20% on cost
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
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.
PLATINUM AUTOCENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 4 -
1.5
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 balance sheet 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.
Debtors and creditors with no stated interest rate and recoverable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
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 profit and loss account 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.
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 profit and loss account, 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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
PLATINUM AUTOCENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 5 -
1.9
Leases
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 balance sheet 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.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2020
Number
Total
2
PLATINUM AUTOCENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2020
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 12 April 2019
-
Additions
38,884
At 30 April 2020
38,884
Depreciation and impairment
At 12 April 2019
-
Depreciation charged in the period
4,482
At 30 April 2020
4,482
Carrying amount
At 30 April 2020
34,402
4
Debtors
2020
Amounts falling due within one year:
£
Trade debtors
6,652
Other debtors
2,039
8,691
5
Creditors: amounts falling due within one year
2020
£
Trade creditors
9,600
Taxation and social security
4,797
Other creditors
22,683
37,080
Included in Other creditors above are obligations under finance leases totalling £8,516 secured by a fixed charge over the assets they fund.
PLATINUM AUTOCENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2020
- 7 -
6
Creditors: amounts falling due after more than one year
2020
£
Other creditors
25,517
Included in Other creditors above are obligations under finance leases totalling £25,517 secured by a fixed charge over the assets they fund.
7
Called up share capital
2020
£
Ordinary share capital
Issued and fully paid
70 Ordinary-A of £1 each
70
65 Ordinary-B of £1 each
65
65 Ordinary-C of £1 each
65
200
During the year 70 ordinary-A shares of £1 each, 65 ordinary-B shares of £1 and 65 ordinary-C of £1 each were issued and fully paid.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
£
209,000