Propserv Ltd Filleted accounts for Companies House (small and micro)

11 false false false false false false false false false true false false false false false false No description of principal activity 2021-01-01 Sage Accounts Production Advanced 2020 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 08696657 2021-01-01 2021-12-31 08696657 2021-12-31 08696657 2020-12-31 08696657 2020-01-01 2020-12-31 08696657 2020-12-31 08696657 core:PlantMachinery 2021-01-01 2021-12-31 08696657 core:FurnitureFittings 2021-01-01 2021-12-31 08696657 core:MotorVehicles 2021-01-01 2021-12-31 08696657 bus:Director1 2021-01-01 2021-12-31 08696657 core:PlantMachinery 2020-12-31 08696657 core:FurnitureFittings 2020-12-31 08696657 core:MotorVehicles 2020-12-31 08696657 core:PlantMachinery 2021-12-31 08696657 core:FurnitureFittings 2021-12-31 08696657 core:MotorVehicles 2021-12-31 08696657 core:WithinOneYear 2021-12-31 08696657 core:WithinOneYear 2020-12-31 08696657 core:AfterOneYear 2021-12-31 08696657 core:AfterOneYear 2020-12-31 08696657 core:ShareCapital 2021-12-31 08696657 core:ShareCapital 2020-12-31 08696657 core:RetainedEarningsAccumulatedLosses 2021-12-31 08696657 core:RetainedEarningsAccumulatedLosses 2020-12-31 08696657 core:PlantMachinery 2020-12-31 08696657 core:FurnitureFittings 2020-12-31 08696657 core:MotorVehicles 2020-12-31 08696657 bus:Director1 2020-12-31 08696657 bus:Director1 2021-12-31 08696657 bus:Director1 2019-12-31 08696657 bus:Director1 2020-12-31 08696657 bus:Director1 2020-01-01 2020-12-31 08696657 bus:SmallEntities 2021-01-01 2021-12-31 08696657 bus:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 08696657 bus:FullAccounts 2021-01-01 2021-12-31 08696657 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 08696657 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31

COMPANY REGISTRATION NUMBER: 08696657

Propserv Ltd

Filleted Unaudited Financial Statements

31 December 2021

Propserv Ltd

Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		89,260	107,823

Current assets

Stocks		53,200	20,080
Debtors	6	673,032	628,698
Cash at bank and in hand		21,883	41,356
		---------	---------
		748,115	690,134

Creditors: amounts falling due within one year	7	580,912		476,062
		---------		---------
Net current assets			167,203	214,072
			---------	---------
Total assets less current liabilities			256,463	321,895

Creditors: amounts falling due after more than one year	8	86,789	106,623
		---------	---------
Net assets		169,674	215,272
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	169,574	215,172
	---------	---------
Shareholders funds	169,674	215,272
	---------	---------

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 31 December 2021 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 .

Propserv Ltd

Statement of Financial Position (continued)

31 December 2021

These financial statements were approved by the board of directors and authorised for issue on 30 September 2022 , and are signed on behalf of the board by:

Mr Paul Maguire
Director

Company registration number: 08696657

Propserv Ltd

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 225 Q West, Great West Road, Brentford, TW80GP, Middlesex.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% reducing balance
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2020: 9 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2021	24,179	19,649	121,329	165,157
Additions	578	2,154	–	2,732
Disposals	–	–	( 4,994)	( 4,994)
	--------	--------	---------	---------
At 31 December 2021	24,757	21,803	116,335	162,895
	--------	--------	---------	---------
Depreciation
At 1 January 2021	13,912	8,555	34,867	57,334
Charge for the year	2,117	3,017	14,976	20,110
Disposals	–	–	( 3,809)	( 3,809)
	--------	--------	---------	---------
At 31 December 2021	16,029	11,572	46,034	73,635
	--------	--------	---------	---------
Carrying amount
At 31 December 2021	8,728	10,231	70,301	89,260
	--------	--------	---------	---------
At 31 December 2020	10,267	11,094	86,462	107,823
	--------	--------	---------	---------

6. Debtors

	2021	2020
	£	£
Trade debtors	522,877	407,424
Other debtors	150,155	221,274
	---------	---------
	673,032	628,698
	---------	---------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	10,000	5,000
Trade creditors	70,092	32,846
Corporation tax	25,000	13,837
Social security and other taxes	369,816	318,658
Alphabet GB Ltd	12,198	12,199
Other creditors	93,806	93,522
	---------	---------
	580,912	476,062
	---------	---------

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	86,789	106,623
	--------	---------

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2021
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr Paul Maguire	27,528	( 27,567)	( 39)
	--------	--------	----

	2020
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr Paul Maguire	( 6,677)	34,205	27,528
	-------	--------	--------

10. Related party transactions

At the year end the company - owed £63,994 (2020: £63,994) to EZWave Limited - was due £101,639 (2020: £135,322) from Servprop Limited.

11. Controlling party

The company's ultimate controlling party Ezwave Ltd is by virtue of his ownership of 60% of the issued share capital in the company.