Protime Clocks Limited Filleted accounts for Companies House (small and micro)

PROTIME CLOCKS LTD. - Company Information

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Protime Clocks Limited

Unaudited financial statements

31 December 2021

Company Registration Number 03716628

Protime Clocks Limited

Financial statements

year ended 31 December 2021

Contents	Pages

Balance sheet	1 to 2

Notes to the financial statements	3 to 6

Protime Clocks Limited

Balance sheet

31 December 2021

		2020
Note	£	£

Fixed assets

Tangible assets	4		216,003	220,899

Current assets

Debtors	5	350	–
Investments	6	479,771	477,773
Cash at bank and in hand		6,821	6,410
		---------	---------
		486,942	484,183

Creditors: amounts falling due within one year	7	( 326,634)		( 327,427)
		---------		---------
Net current assets			160,308	156,756
			---------	---------
Total assets less current liabilities			376,311	377,655
			---------	---------
Net assets			376,311	377,655
			---------	---------

Capital and reserves

Called up share capital	165,100	165,100
Profit and loss account	211,211	212,555
	---------	---------
Shareholders funds	376,311	377,655
	---------	---------

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 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 profit and loss account and directors' report have 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.

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

Protime Clocks Limited

Balance sheet (continued)

31 December 2021

These financial statements were approved by the board of directors and authorised for issue on 20 September 2022 , and are signed on behalf of the board by:

Mrs B Cheslyn-Curtis
Director

Company registration number: 03716628

Protime Clocks Limited

Notes to the financial statements

year ended 31 December 2021

1. Statement of compliance

These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

2. 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.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

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:

Freehold property	-	2% straight line
Plant and machinery	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	15% reducing balance

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.

3. Employee numbers

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

4. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Equipment	Total

Cost
At 1 January 2021	281,627	24,896	700	23,887	331,110
Additions	–	2,160	–	–	2,160
Disposals	–	–	( 700)	–	( 700)
	---------	--------	----	--------	---------
At 31 December 2021	281,627	27,056	–	23,887	332,570
	---------	--------	----	--------	---------
Depreciation
At 1 January 2021	67,891	21,009	670	20,641	110,211
Charge for the year	5,632	907	–	487	7,026
Disposals	–	–	( 670)	–	( 670)
	---------	--------	----	--------	---------
At 31 December 2021	73,523	21,916	–	21,128	116,567
	---------	--------	----	--------	---------
Carrying amount
At 31 December 2021	208,104	5,140	–	2,759	216,003
	---------	--------	----	--------	---------
At 31 December 2020	213,736	3,887	30	3,246	220,899
	---------	--------	----	--------	---------

5. Debtors

	2021	2020
	£	£

Trade debtors	350	–
	----	----

6. Investments

	2021	2020
	£	£

Other investments	479,771	477,773
	---------	---------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£

Bank loans and overdrafts	137,196	148,171
Trade creditors	2,404	7,491
Social security and other taxes	3,566	2,038
Other creditors	183,468	169,727
	---------	---------
	326,634	327,427
	---------	---------

8. Related party transactions

The company was under the control of Mrs B A Cheslyn-Curtis throughout the current and previous year. Mrs B A Cheslyn-Curtis is the managing director and majority shareholder.

9. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Barham House, Hallcroft Industrial Estate, Retford, Nottinghamshire, DN22 7PY.