Professional Technical Consulting Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07662470 (England and Wales)

PROFESSIONAL TECHNICAL CONSULTING

LIMITED

TRADING AS

PROTEC SERVICES

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

I M Brown

Mrs S A Brown

REGISTERED OFFICE:

4 Westmour Units

Warwick Road

Fairfield Industrial Estate

Louth

Lincolnshire

LN11 0YB

REGISTERED NUMBER:

07662470 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

15 Chequergate

Louth

Lincolnshire

LN11 0LJ

BANKERS:

Lloyds Bank plc

24 Mercer Row

Louth

Lincolnshire

LN11 9JH

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

201,416

27,258

201,416

27,258

CURRENT ASSETS

Stocks

4,785

4,605

Debtors

6

110,210

179,292

Cash at bank and in hand

97,628

127,822

212,623

311,719

CREDITORS

Amounts falling due within one year

7

68,642

103,267

NET CURRENT ASSETS

143,981

208,452

TOTAL ASSETS LESS CURRENT LIABILITIES

345,397

235,710

CREDITORS

Amounts falling due after more than one year

8

(100,957

)

(3,709

)

PROVISIONS FOR LIABILITIES

(8,202

)

(4,945

)

NET ASSETS

236,238

227,056

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

236,138

226,956

SHAREHOLDERS' FUNDS

236,238

227,056

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 and authorised for issue by the Board of Directors and authorised for issue on 22 September 2020 and were signed on its behalf by:

Mrs S A Brown - Director

1.	STATUTORY INFORMATION

Professional Technical Consulting 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

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

added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012 has been fully amortised.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

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.

Freehold property - 10% on cost

Plant and machinery - 20% on cost

Fixtures and fittings - 15% on cost

Motor vehicles - 25% on reducing balance

Where freehold property is maintained to such a standard that the residual value is not less than its cost, no depreciation is

charged as it is not material.

Stocks

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

obsolete and slow moving items.

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 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 statement of financial position date.

Deferred tax

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

financial position 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 obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over

their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the

future payments is treated as a liability.

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 10 (2018 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2019

and 31 December 2019

25,000

AMORTISATION

At 1 January 2019

and 31 December 2019

25,000

NET BOOK VALUE

At 31 December 2019

-

At 31 December 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2019

2,407

12,787

10,181

30,865

56,240

Additions

163,543

861

8,815

29,756

202,975

Disposals

(2,407

)

-

-

(28,006

)

(30,413

)

At 31 December 2019

163,543

13,648

18,996

32,615

228,802

DEPRECIATION

At 1 January 2019

838

8,274

3,194

16,676

28,982

Charge for year

-

1,204

1,756

3,358

6,318

Eliminated on disposal

(838

)

-

-

(7,076

)

(7,914

)

At 31 December 2019

-

9,478

4,950

12,958

27,386

NET BOOK VALUE

At 31 December 2019

163,543

4,170

14,046

19,657

201,416

At 31 December 2018

1,569

4,513

6,987

14,189

27,258

Included in cost of land and buildings is freehold land of £163,543 (2018 - Nil) which is not depreciated.. This was

purchased with a secured bank loan in the year and consisted of 4 Westmour Units at Warwick Road, Fairfield Industrial

Estate, Louth Lincolnshire LN11 0YB.

The net book value of tangible fixed assets includes £ 6,668 (2018 - £ 7,533 ) in respect of assets held under hire purchase

contracts.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

103,672

146,750

Other debtors

6,538

32,542

110,210

179,292

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

7,502

-

Hire purchase contracts

2,701

2,701

Trade creditors

17,995

25,882

Taxation and social security

38,181

71,734

Other creditors

2,263

2,950

68,642

103,267

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

99,950

-

Hire purchase contracts

1,007

3,709

100,957

3,709

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

70,873

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

107,219

-

Hire purchase contracts

3,708

6,410

110,927

6,410

The bank loan is secured by way of fixed and floating charges over all the assets of the company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

1

100

100

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2019 and

31 December 2018:

2019

2018

£

£

I M Brown and Mrs S A Brown

Balance outstanding at start of year

31,662

17,539

Amounts advanced

43,198

73,368

Amounts repaid

(68,322

)

(59,245

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

6,538

31,662

Interest has been charged at the official rate of 2.5% on the overdrawn director's loan account.

It was repaid within 9 months of the accounting year end.

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £62,500 (2018 - £50,000) were paid to the directors.