Prohire Software Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03131767 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2019

FOR

PROHIRE SOFTWARE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P J Newman

D J Saunders

A Baptie

SECRETARY:

P J Newman

REGISTERED OFFICE:

Bryant House

Bryant Road

Strood

Rochester

Kent

ME2 3EW

REGISTERED NUMBER:

03131767 (England and Wales)

ACCOUNTANTS:

Friend & Grant Ltd

Bryant House

Bryant Road

Strood

Rochester

Kent

ME2 3EW

FIXED ASSETS

Tangible assets

5

77,872

100,208

CURRENT ASSETS

Stocks

6,437

-

Debtors

6

237,222

258,155

Cash at bank

230,536

143,578

474,195

401,733

CREDITORS

Amounts falling due within one year

7

251,711

212,775

NET CURRENT ASSETS

222,484

188,958

TOTAL ASSETS LESS CURRENT LIABILITIES

300,356

289,166

CREDITORS

Amounts falling due after more than one year

8

(24,404

)

(44,892

)

PROVISIONS FOR LIABILITIES

(14,796

)

(19,040

)

NET ASSETS

261,156

225,234

CAPITAL AND RESERVES

Called up share capital

2,000

2,000

Share premium

8,100

8,100

Retained earnings

251,056

215,134

SHAREHOLDERS' FUNDS

261,156

225,234

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 August 2020 and were signed on its behalf by:

P J Newman - Director

1.	STATUTORY INFORMATION

Prohire Software 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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

presentation and disclosure requirements of Section 1A applicable to small companies, and the

Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured as the fair value of the consideration received or receivable from the sale of

goods or exchange of services, excluding discounts, rebates, value added tax and other sales taxes.

Sale of goods

Turnover from the sale of goods is recognised when all the following conditions are satisfied:

- the entity has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the entity retains neither continuing managerial involvement to the degree usually associated with

ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the entity; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

The percentage of completion method is used to calculate the revenue recognised at the period end.

Revenue from the rendering of services is recognised when all of the following conditions are

satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the entity;

- the stage of completion of the transaction at the end of the reporting period can be measured reliably;

and

- the costs incurred for the transaction and the costs to complete the transaction can be measured

reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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 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

Assets held under finance lease and hire purchase contracts are capitalised in the balance sheet and

depreciated over their expected useful lives. The interest element of the leasing payments represents

a constant proportion of the capital balance outstanding and is charged to the profit and loss account

over the period of the lease.

All other leases are regarded as operating leases and the payments made under them are charged to

the profit and loss account on a straight line basis over the lease term.

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 the profit and loss account in the period to which they

relate.

Employee benefits

The company recognises a provision for annual leave accrued by employees as a result of services

rendered in current period and which employees are entitled to carry forward and use within the next

12 months. The provision is measured at the salary costs payable for the period of absence.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2018 - 20 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 December 2018

45,893

168,307

104,649

318,849

Additions

-

41,828

-

41,828

Disposals

(26,516

)

(29,519

)

-

(56,035

)

At 30 November 2019

19,377

180,616

104,649

304,642

DEPRECIATION

At 1 December 2018

45,893

116,206

56,542

218,641

Charge for year

-

31,298

24,054

55,352

Eliminated on disposal

(26,516

)

(20,707

)

-

(47,223

)

At 30 November 2019

19,377

126,797

80,596

226,770

NET BOOK VALUE

At 30 November 2019

-

53,819

24,053

77,872

At 30 November 2018

-

52,101

48,107

100,208

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 December 2018

12,936

94,200

107,136

Transfer to ownership

(12,936

)

-

(12,936

)

At 30 November 2019

-

94,200

94,200

DEPRECIATION

At 1 December 2018

12,936

47,100

60,036

Charge for year

-

23,550

23,550

Transfer to ownership

(12,936

)

-

(12,936

)

At 30 November 2019

-

70,650

70,650

NET BOOK VALUE

At 30 November 2019

-

23,550

23,550

At 30 November 2018

-

47,100

47,100

6.

DEBTORS

2019

2018

£

£

Amounts falling due within one year:

Trade debtors

80,915

105,456

Amounts owed by group undertakings

82,805

84,942

Other debtors

73,502

64,880

237,222

255,278

Amounts falling due after more than one year:

Other debtors

-

2,877

Aggregate amounts

237,222

258,155

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

20,488

20,820

Trade creditors

72,302

46,824

Taxation and social security

90,390

92,909

Other creditors

68,531

52,222

251,711

212,775

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

24,404

44,892

9.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance

sheet amount to £117,559 (2018 - £72,357).