Procemx Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC259436 (Scotland)

Unaudited Financial Statements for the Year Ended 30 November 2019

for

Procemx Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

I M Ritchie

G McArthur

SECRETARY:

I M Ritchie

REGISTERED OFFICE:

25 Whittingehame Drive

Glasgow

Lanarkshire

G12 0XT

REGISTERED NUMBER:

SC259436 (Scotland)

ACCOUNTANTS:

Louise Taylor

13 Whittingehame Drive

Glasgow

G12 0XT

FIXED ASSETS

Tangible assets

4

12,742

9,140

CURRENT ASSETS

Stocks

19,353

18,000

Debtors

5

65,392

53,361

Cash at bank and in hand

276,412

133,334

361,157

204,695

CREDITORS

Amounts falling due within one year

6

206,633

172,418

NET CURRENT ASSETS

154,524

32,277

TOTAL ASSETS LESS CURRENT LIABILITIES

167,266

41,417

CAPITAL AND RESERVES

Called up share capital

150

100

Retained earnings

167,116

41,317

SHAREHOLDERS' FUNDS

167,266

41,417

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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 18 August 2020 and were signed on its behalf by:

I M Ritchie - Director

1.	STATUTORY INFORMATION

Procemx Ltd is a private company, limited by shares , registered in Scotland. 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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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 etc

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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.

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 4 (2018 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2018

32,836

Additions

7,850

At 30 November 2019

40,686

DEPRECIATION

At 1 December 2018

23,696

Charge for year

4,248

At 30 November 2019

27,944

NET BOOK VALUE

At 30 November 2019

12,742

At 30 November 2018

9,140

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.19

30.11.18

£

£

Trade debtors

62,950

51,891

Other debtors

2,442

1,470

65,392

53,361

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.19

30.11.18

£

£

Trade creditors

(1

)

1

Taxation and social security

53,284

26,989

Other creditors

153,350

145,428

206,633

172,418