Progen Stainless Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05705911 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2019

FOR

PROGEN STAINLESS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

A Mansfield

SECRETARY:

Mrs S E Mansfield

REGISTERED OFFICE:

34a Musters Road

West Bridgford

Nottingham

NG2 7PL

REGISTERED NUMBER:

05705911 (England and Wales)

ACCOUNTANTS:

Collins Chapple & Co Limited

34a Musters Road

West Bridgford

Nottingham

NG2 7PL

FIXED ASSETS

Tangible assets

4

425

531

CURRENT ASSETS

Debtors

5

253

288

Cash at bank and in hand

867

487

1,120

775

CREDITORS

Amounts falling due within one year

6

88,523

72,763

NET CURRENT LIABILITIES

(87,403

)

(71,988

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(86,978

)

(71,457

)

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

(86,979

)

(71,458

)

SHAREHOLDERS' FUNDS

(86,978

)

(71,457

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 22 November 2019 and were signed by:

A Mansfield - Director

1.	STATUTORY INFORMATION

Progen Stainless Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 March 2018

and 28 February 2019

1,280

1,458

2,738

DEPRECIATION

At 1 March 2018

749

1,458

2,207

Charge for year

106

-

106

At 28 February 2019

855

1,458

2,313

NET BOOK VALUE

At 28 February 2019

425

-

425

At 28 February 2018

531

-

531

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.19

28.2.18

£

£

VAT

253

288

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.19

28.2.18

£

£

Trade creditors

(1

)

(1

)

Directors' loan accounts

88,074

72,314

Accrued expenses

450

450

88,523

72,763

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.19

28.2.18

value:

£

£

1

Ordinary

£1

1

1

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A Mansfield.