Protech Computer Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03037197 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

PROTECH COMPUTER SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G J Gualtieri

J Rowe

Mrs J Watkins

REGISTERED OFFICE:

Protech House, Wharf Approach

Anchor Brook Industrial Park

Aldridge

Walsall

West Midlands

WS9 8BX

REGISTERED NUMBER:

03037197 (England and Wales)

ACCOUNTANTS:

Crowe U.K. LLP

Chartered Accountants

Black Country House

Rounds Green Road

Oldbury

West Midlands

B69 2DG

FIXED ASSETS

Intangible assets

4

1,563,006

1,276,807

Tangible assets

5

3,558

1,673

Investments

6

4

4

1,566,568

1,278,484

CURRENT ASSETS

Debtors

7

417,167

607,782

Cash at bank and in hand

178,060

3,705

595,227

611,487

CREDITORS

Amounts falling due within one year

8

1,061,430

867,155

NET CURRENT LIABILITIES

(466,203

)

(255,668

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,100,365

1,022,816

CREDITORS

Amounts falling due after more than one year

9

(4,167

)

(29,167

)

PROVISIONS FOR LIABILITIES

(257,472

)

(208,500

)

NET ASSETS

838,726

785,149

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Capital redemption reserve

1,111

1,111

Retained earnings

827,615

774,038

SHAREHOLDERS' FUNDS

838,726

785,149

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 20 December 2019 and were signed on its behalf by:

G J Gualtieri - Director

1.	STATUTORY INFORMATION

Protech Computer Systems 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.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to

the Company and the revenue can be reliably measured. Revenue is measured as the fair

value of the consideration received or receivable, excluding discounts, rebates, value added

tax and other sales taxes. The following criteria must also be met before revenue is

recognised:

Rendering of services

Revenue from a contract to provide services is recognised over the term of the agreed

period of support. in absence of a specific support period, revenue is recognised in the

period in which the services are provided in accordance with the stage of completion of the

contract when all of the following conditions are satisfied:

- The amount of revenue can be measured reliably;

- It is probable that the Company will receive the consideration due under the contract;

- The stage of completion of the contract at the end of the reporting period can be

measured reliably; and

- The costs incurred and the costs to complete the contract can be measured reliably.

Intangible fixed assets and amortisation

Intangible fixed assets are stated at cost less amortisation. Amortisation is provided at rates

calculated to write off the cost of fixed assets, less their estimated residual value, over their

expected useful lives on the following bases.

Amortisation is provided at the following rates:

Development expenditure - 16.67% straight line

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

-

33% on cost

Fixtures and fittings

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement

of Income and Retained Earnings, 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.

Going concern

The company depends on its existing bank facilities to meet its day to day working capital

requirements. Current forecasts indicate that the company expects to operate within these

facilities for the foreseeable future. These facilities are renewed annually and are not

guaranteed for the period covered by the going concern review. The Directors are not aware,

however, of any circumstances that may adversely affect the renewal of these facilities.

Accordingly, the Directors believe it appropriate to prepare the financial statements on the

going concern basis.

Development

Development costs are capitalised with intangible assets where they can be identified with a

specific product or project anticipated to produce further benefits, and are amortised on the

straight line basis over the anticipated life of the benefits arising from the completed product

or project.

Deferred research and development costs are reviewed annually, and where future benefits

are deemed to have ceased or to be in doubt, the balance of any related research and

development is written off to the Profit and Loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2018 - 26 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 April 2018

2,132,975

Additions

416,195

At 31 March 2019

2,549,170

AMORTISATION

At 1 April 2018

856,168

Amortisation for year

129,996

At 31 March 2019

986,164

NET BOOK VALUE

At 31 March 2019

1,563,006

At 31 March 2018

1,276,807

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2018

42,638

35,182

77,820

Additions

-

3,341

3,341

At 31 March 2019

42,638

38,523

81,161

DEPRECIATION

At 1 April 2018

42,327

33,820

76,147

Charge for year

311

1,145

1,456

At 31 March 2019

42,638

34,965

77,603

NET BOOK VALUE

At 31 March 2019

-

3,558

3,558

At 31 March 2018

311

1,362

1,673

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2018

and 31 March 2019

4

NET BOOK VALUE

At 31 March 2019

4

At 31 March 2018

4

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

178,766

213,123

Amounts owed by participating interests

9,907

9,817

Directors' loan accounts

105,432

98,766

Corporation Tax repayable

56,190

176,943

Prepayments

66,872

109,133

417,167

607,782

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

24,994

123,541

Trade creditors

165,532

90,157

Amounts owed to participating interests

41

41

Social security and other taxes

24,475

20,840

VAT

118,568

56,716

Other creditors

579,871

398,637

Accrued expenses

147,949

177,223

1,061,430

867,155

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other loans - 2-5 years

4,167

29,167

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended

31 March 2019 and 31 March 2018:

2019

2018

£

£

M Trouth

Balance outstanding at start of year

98,766

121,733

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

105,432

98,766

11.	POST BALANCE SHEET EVENTS

After the balance sheet date, on 26th July 2019, the entire share capital of the business was

acquired by Clearcourse Partnership Acquireco Ltd.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is the shareholders of ClearcoursePartnership Acquireco Ltd.

13.	PENSION COMMITMENTS

During the year, the company made contributions to a defined benefit pension scheme. At

the balance sheet date £1,621 (2018: £3,381) was due to the pension scheme.

14.	PRIOR YEAR ADJUSTMENTS

The prior period adjustment is in respect of a change in accounting policy. In accordance

with FRS 102 Section 1A, the 2018 profit and loss account has been restated, increasing

profit by £132.239. The changes to accounting policies align the polices of the company

with its new ultimate parent company, specifically relating to revenue recognition and work in

progress. The changes to accounting policies prior to 31 March 2017 result in a reduction to

the profit and loss account of £369,427.