ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

PRAS MANAGEMENT SOLUTIONS LIMITED - Company Information

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Caseware UK (AP4) 2019.0.227 2019.0.227 2020-09-302020-09-302021-05-06true2No description of principal activityfalse2019-10-012trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06706220 2019-10-01 2020-09-30 06706220 2018-10-01 2019-09-30 06706220 2020-09-30 06706220 2019-09-30 06706220 c:Director1 2019-10-01 2020-09-30 06706220 d:CurrentFinancialInstruments 2020-09-30 06706220 d:CurrentFinancialInstruments 2019-09-30 06706220 d:CurrentFinancialInstruments d:WithinOneYear 2020-09-30 06706220 d:CurrentFinancialInstruments d:WithinOneYear 2019-09-30 06706220 d:ShareCapital 2020-09-30 06706220 d:ShareCapital 2019-09-30 06706220 d:RetainedEarningsAccumulatedLosses 2020-09-30 06706220 d:RetainedEarningsAccumulatedLosses 2019-09-30 06706220 c:FRS102 2019-10-01 2020-09-30 06706220 c:AuditExempt-NoAccountantsReport 2019-10-01 2020-09-30 06706220 c:FullAccounts 2019-10-01 2020-09-30 06706220 c:PrivateLimitedCompanyLtd 2019-10-01 2020-09-30 iso4217:GBP xbrli:pure

Registered number:  06706220














PRAS MANAGEMENT SOLUTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020

 
PRAS MANAGEMENT SOLUTIONS LIMITED
REGISTERED NUMBER: 06706220

BALANCE SHEET
AS AT 30 SEPTEMBER 2020

2020
2019
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
36,825
92,109

Cash at bank and in hand
 5 
171,569
46,565

  
208,394
138,674

Creditors: amounts falling due within one year
 6 
(39,467)
(31,964)

Net current assets
  
 
 
168,927
 
 
106,710

Total assets less current liabilities
  
168,927
106,710

  

Net assets
  
168,927
106,710


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
168,925
106,708

  
168,927
106,710


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 May 2021.




P Rigby
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1
 
PRAS MANAGEMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no. 06706220). The address of the registered office is The Plaza, 100 Old Hall Street, Liverpool, Merseyside, United Kingdom, L3 9QJ.
These financial statements present information about the company as an individual undertaking. It is not a member of a group of companies.
The presentation currency of these financial statements is £ sterling; the financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2
 
PRAS MANAGEMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020

2.Accounting policies (continued)

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2019 - 2).


4.


Debtors

2020
2019
£
£


Other debtors
36,825
92,106

36,825
92,106


Page 3
 
PRAS MANAGEMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020

5.


Cash and cash equivalents

2020
2019
£
£

Cash at bank and in hand
171,569
46,565

171,569
46,565



6.


Creditors: Amounts falling due within one year

2020
2019
£
£

Corporation tax
26,296
21,336

Other creditors
3,872
-

Accruals and deferred income
9,299
10,625

39,467
31,961


 
Page 4