Protege Corporation Limited - Filleted accounts

Protege Corporation Limited - Filleted accounts

PROTEGE CORPORATION LIMITED - Company Information

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Protege Corporation Limited
Registered number: 05256306
Balance Sheet
as at 31 March 2020
Notes 2020 2019
£ £
Fixed assets
Tangible assets 3 220,059 224,550
Current assets
Debtors 4 224,045 104,045
Cash at bank and in hand 5,959 105,099
230,004 209,144
Creditors: amounts falling due within one year 5 (282,014) (282,723)
Net current liabilities (52,010) (73,579)
Net assets 168,049 150,971
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 167,049 149,971
Shareholders' funds 168,049 150,971
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Satbir Singh Ahluwalia
Director
Approved by the board on 19 December 2020
Protege Corporation Limited
Notes to the Accounts
for the year ended 31 March 2020
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised when received.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Premises costs Over 50 years straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2020 2019
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Premises costs
£
Cost
At 1 April 2019 249,500
At 31 March 2020 249,500
Depreciation
At 1 April 2019 24,950
Charge for the year 4,491
At 31 March 2020 29,441
Net book value
At 31 March 2020 220,059
At 31 March 2019 224,550
4 Debtors 2020 2019
£ £
Related party balances 222,045 102,045
Loan 2,000 2,000
224,045 104,045
5 Creditors: amounts falling due within one year 2020 2019
£ £
Related party balances 120 120
Related party balance: Abhaya Care Limited 255,355 255,355
Corporation tax 5,060 6,118
Other creditors and accruals 21,479 21,130
282,014 282,723
6 Related party transactions 2020 2019
£ £
Mulberry Care Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Life Care Corporation Limited.
An interest free and unsecured loan to Mulberry Care Limited yet to be reimbursed to the company.
Amount due from the related party 93,393 73,393
Life Care Corporation Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Life Care Corporation Limited.
An interest free and unsecured loan to Life Care Corporation Limited yet to be reimbursed to the company.
Amount due from the related party 37,652 17,652
SAT Bir Asset Holdings Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of SAT Bir Assets Holdings Limited.
An interest free and unsecured loan to SAT Bir Assets Holdings Limited yet to be reimbursed to the company.
Amount due from the related party 90,000 10,000
Saij Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Saij Limited.
An interest free and unsecured loan to Saij Limited yet to be reimbursed to the company.
Amount due from the related party 1,000 1,000
Abhaya Care Limited
The company is related by virtue of an interest in the company.
An interest free and unsecured loan by Abhaya Care Limited yet to be reimbursed by the company.
Amount due to the related party 255,355 255,355
Lifetime Care Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Lifetime Care Limited.
An interest free and unsecured loan from Lifetime Care Limited yet to be reimbursed by the company.
Amount due to the related party 120 120
7 Controlling party
The director controls the company.
8 Other information
Protege Corporation Limited is a private company limited by shares and incorporated in England. Its registered office is:
17 Leeland Mansions
Leeland Road
West Ealing
London
W13 9HE
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