Prohire Software Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03131767 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

FOR

PROHIRE SOFTWARE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P J Newman

D J Saunders

A Baptie

SECRETARY:

P J Newman

REGISTERED OFFICE:

Bryant House

Bryant Road

Strood

Rochester

Kent

ME2 3EW

REGISTERED NUMBER:

03131767 (England and Wales)

ACCOUNTANTS:

Friend & Grant Ltd

Bryant House

Bryant Road

Strood

Rochester

Kent

ME2 3EW

FIXED ASSETS

Tangible assets

5

67,826

51,978

CURRENT ASSETS

Stocks

9,237

9,416

Debtors

6

269,463

241,504

Cash at bank

982,391

363,838

1,261,091

614,758

CREDITORS

Amounts falling due within one year

7

369,737

288,768

NET CURRENT ASSETS

891,354

325,990

TOTAL ASSETS LESS CURRENT LIABILITIES

959,180

377,968

CREDITORS

Amounts falling due after more than one year

8

326,953

64,322

NET ASSETS

632,227

313,646

CAPITAL AND RESERVES

Called up share capital

2,000

2,000

Share premium

8,100

8,100

Retained earnings

622,127

303,546

SHAREHOLDERS' FUNDS

632,227

313,646

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 August 2022 and were signed on its behalf by:

P J Newman - Director

1.	STATUTORY INFORMATION

Prohire Software 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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 presentation and disclosure requirements of Section 1A applicable to small companies, and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured as the fair value of the consideration received or receivable from the sale of goods or exchange of services, excluding discounts, rebates, value added tax and other sales taxes.

Sale of goods

Turnover from the sale of goods is recognised when all the following conditions are satisfied:

- the entity has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the entity; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

The percentage of completion method is used to calculate the revenue recognised at the period end.

Revenue from the rendering of services is recognised when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the entity;

- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and

- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

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.

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Government grants

Government grants shall not be recognised until there is a reasonable assurance that the company will comply with the conditions attached to them and that the grants will be received. Income is recognised using the accrual model.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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.

Hire purchase and leasing commitments

Assets held under finance lease and hire purchase contracts are capitalised in the balance sheet and depreciated over their expected useful lives. The interest element of the leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease.

All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.

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 the profit and loss account in the period to which they relate.

Employee benefits

The company recognises a provision for annual leave accrued by employees as a result of services rendered in current period and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary costs payable for the period of absence.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2020 - 24 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 December 2020

211,123

94,200

305,323

Additions

23,244

32,909

56,153

At 30 November 2021

234,367

127,109

361,476

DEPRECIATION

At 1 December 2020

159,145

94,200

253,345

Charge for year

32,078

8,227

40,305

At 30 November 2021

191,223

102,427

293,650

NET BOOK VALUE

At 30 November 2021

43,144

24,682

67,826

At 30 November 2020

51,978

-

51,978

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Computer

equipment

£

COST

At 1 December 2020

94,200

Transfer to ownership

(55,150

)

At 30 November 2021

39,050

DEPRECIATION

At 1 December 2020

94,200

Transfer to ownership

(55,150

)

At 30 November 2021

39,050

NET BOOK VALUE

At 30 November 2021

-

At 30 November 2020

-

6.

DEBTORS

2021

2020

£

£

Amounts falling due within one year:

Trade debtors

122,456

95,125

Amounts owed by group undertakings

94,494

88,226

Other debtors

45,471

49,636

262,421

232,987

Amounts falling due after more than one year:

Other debtors

7,042

8,517

Aggregate amounts

269,463

241,504

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

77,990

1,667

Hire purchase contracts

11,045

19,305

Trade creditors

38,826

46,337

Taxation and social security

126,421

131,212

Other creditors

115,455

90,247

369,737

288,768

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

322,009

48,333

Hire purchase contracts

4,944

15,989

326,953

64,322

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

8,333

9.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £47,843 (2020 - £70,105).