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

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COMPANY REGISTRATION NUMBER: SC439027

Prodeceo Ltd

Filleted Unaudited Abridged Financial Statements

For the year ended

31 December 2020

Prodeceo Ltd

Abridged Financial Statements

Year ended 31 December 2020

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Prodeceo Ltd

Abridged Statement of Financial Position

31 December 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	3,674	4,322

Current assets

Debtors	2,737	2,808
Cash at bank and in hand	14,246	13,004
	--------	--------
	16,983	15,812

Creditors: amounts falling due within one year	56,525	72,621
	--------	--------
Net current liabilities	39,542	56,809
	--------	--------
Total assets less current liabilities	( 35,868)	( 52,487)
	--------	--------
Net liabilities	( 35,868)	( 52,487)
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 35,968)	( 52,587)
	--------	--------
Shareholders deficit	( 35,868)	( 52,487)
	--------	--------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31 December 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 abridged 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2020 in accordance with Section 444(2A) of the Companies Act 2006.

Prodeceo Ltd

Abridged Statement of Financial Position (continued)

31 December 2020

These abridged financial statements were approved by the board of directors and authorised for issue on 17 December 2021 , and are signed on behalf of the board by:

Mr A Chester
Director

Company registration number: SC439027

Prodeceo Ltd

Notes to the Abridged Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is I A Stewart & Co, The Mechanics Workshop, New Lanark, Lanark, Lanarkshire, ML11 9DB, Scotland.

2. Statement of compliance

These abridged 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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company is reliant on the provision of funding from the director for its ongoing working capital. The director has indicated that this support will continue and that repayment will not be sought for the existing loan until such time as the company no longer requires this support. Accordingly the accounts have been prepared on the going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

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

	Plant and machinery	-	15% reducing balance

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. 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.

4. Employee numbers

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

5. Tangible assets

	£
Cost
At 1 January 2020 and 31 December 2020	5,503
	-------
Depreciation
At 1 January 2020	1,181
Charge for the year	648
	-------
At 31 December 2020	1,829
	-------
Carrying amount
At 31 December 2020	3,674
	-------
At 31 December 2019	4,322
	-------

6. Director's advances, credits and guarantees

The director's loan account was not in debit at any time during the year.