Pragma and Associates Limited - Filleted accounts

Pragma and Associates Limited - Filleted accounts

PRAGMA AND ASSOCIATES LIMITED - Company Information

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Registered number
06632444
Pragma and Associates Limited
Unaudited Filleted Accounts
30 June 2019
Pragma and Associates Limited
Registered number: 06632444
Balance Sheet
as at 30 June 2019
Notes 2019 2018
£ £
Current assets
Debtors 4 1,500,840 1,671,308
Cash at bank and in hand 251,029 226,823
1,751,869 1,898,131
Creditors: amounts falling due within one year 5 (680,356) (869,208)
Net current assets 1,071,513 1,028,923
Net assets 1,071,513 1,028,923
Capital and reserves
Called up share capital 384 384
Share premium 358,959 358,959
Profit and loss account 712,170 669,580
Shareholders' funds 1,071,513 1,028,923
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The 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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr I Glendenning
Director
Approved by the board on 8 October 2019
Pragma and Associates Limited
Notes to the Accounts
for the year ended 30 June 2019
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 100% straight line
Fixtures, fittings, tools and equipment 100% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. 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 (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2019 2018
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2018 27,605
Additions 3,149
At 30 June 2019 30,754
Depreciation
At 1 July 2018 27,605
Charge for the year 3,149
At 30 June 2019 30,754
Net book value
At 30 June 2019 -
4 Debtors 2019 2018
£ £
Trade debtors 255,542 1,401,864
Other debtors 1,245,298 269,444
1,500,840 1,671,308
5 Creditors: amounts falling due within one year 2019 2018
£ £
Trade creditors 3,171 98,528
Taxation and social security costs 209,927 419,223
Other creditors 467,258 351,457
680,356 869,208
6 Related party transactions
During the year the company paid compensation of £16,950 to key management personnel. In addition, dividends of £673,952 were paid to the directors during the year.
7 Other information
Pragma and Associates Limited is a private company limited by shares and incorporated in England. Its registered office is:
Doncaster Business Innovation Centre
Ten Pound Walk
Doncaster
DN4 5HX
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