P.R.A.C. Ltd Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 07916037

P.R.A.C. Ltd

Filleted Unaudited Financial Statements

30 January 2020

P.R.A.C. Ltd

Financial Statements

Year ended 30 January 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

P.R.A.C. Ltd

Statement of Financial Position

30 January 2020

	2020	2019
Note	£	£

Fixed assets

Intangible assets	5	850	1,275
Investments	6	600	600
		-------	-------
		1,450	1,875

Current assets

Debtors	7	235,650	235,650

Creditors: amounts falling due within one year	8	166,010	161,610
		---------	---------
Net current assets		69,640	74,040
		--------	--------
Total assets less current liabilities		71,090	75,915
		--------	--------
Net assets		71,090	75,915
		--------	--------

Capital and reserves

Called up share capital	200	200
Profit and loss account	70,890	75,715
	--------	--------
Shareholders funds	71,090	75,915
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

P.R.A.C. Ltd

Statement of Financial Position (continued)

30 January 2020

These financial statements were approved by the board of directors and authorised for issue on 15 January 2021 , and are signed on behalf of the board by:

Mr R M Lefever
Director

Company registration number: 07916037

P.R.A.C. Ltd

Notes to the Financial Statements

Year ended 30 January 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	10% straight line
Patents, trademarks and licences	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

4. Employee numbers

The average number of persons employed in the year amounted to 1 (2018: 1).

5. Intangible assets

	Goodwill	Patents, trademarks and licences	Total
	£	£	£
Cost
At 31 January 2019 and 30 January 2020	2,250	2,000	4,250
	-------	-------	-------
Amortisation
At 31 January 2019	1,575	1,400	2,975
Charge for the year	225	200	425
	-------	-------	-------
At 30 January 2020	1,800	1,600	3,400
	-------	-------	-------
Carrying amount
At 30 January 2020	450	400	850
	-------	-------	-------
At 30 January 2019	675	600	1,275
	-------	-------	-------

6. Investments

	Shares in group undertakings
	£
Cost
At 31 January 2019 and 30 January 2020	600
	----
Impairment
At 31 January 2019 and 30 January 2020	–
	----

Carrying amount
At 30 January 2020	600
	----
At 30 January 2019	600
	----

The company owns 100% share capital in Assini Limited, Aissa Limited, Amah Limited, Brou Limited, Maitland Care Limited and Withersdane Limited.

7. Debtors

	2020	2019
	£	£
Amounts owed by group undertakings	235,650	235,650
	---------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Amounts owed to group undertakings	163,510	159,110
Other creditors	2,500	2,500
	---------	---------
	166,010	161,610
	---------	---------

9. Related party transactions

At the period end the company was owed £235,650 (2019: £235,650) by companies associated by common control. At the period end the company owed £163,510 (2019: £159,110) to companies associated by common control. The group of companies has provided security in relation to personal loans to the director by way of fixed and floating charges over each company's assets and undertakings.