Prometheus No 1 Limited - Period Ending 2021-01-31
Prometheus No 1 Limited - Period Ending 2021-01-31
Registration number:
Prometheus No 1 Limited
for the Year Ended 31 January 2021
Prometheus No 1 Limited
(Registration number: NI628580)
Balance Sheet as at 31 January 2021
Note |
2021 |
2020 |
|
Fixed assets |
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Tangible assets |
|
- |
|
Investment property |
|
- |
|
|
- |
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Profit and loss account |
231,822 |
16,160 |
|
Shareholders' funds |
231,922 |
16,260 |
For the financial year ending 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Prometheus No 1 Limited
(Registration number: NI628580)
Balance Sheet as at 31 January 2021
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Prometheus No 1 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Prometheus No 1 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
15% straight line basis |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Prometheus No 1 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Other income |
Other income includes government assistance received during the COVID-19 pandemic of £709.
Prometheus No 1 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
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Additions |
|
|
At 31 January 2021 |
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|
Depreciation |
||
Charge for the year |
|
|
At 31 January 2021 |
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Carrying amount |
||
At 31 January 2021 |
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|
Investment properties |
2021 |
|
Additions |
|
At 31 January |
|
There has been no valuation of investment property by an independent valuer.
Stocks |
2021 |
2020 |
|
Work in progress |
|
|
Debtors |
2021 |
2020 |
|
Trade debtors |
|
- |
Other debtors |
|
|
|
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Prometheus No 1 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Creditors |
2021 |
2020 |
|
Due within one year |
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Bank loans and overdrafts |
|
- |
Trade creditors |
- |
|
Other creditors |
|
|
|
|
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Due after one year |
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Loans and borrowings |
|
- |
Included in other creditors are amounts due to a Company shareholder Max Investments (No1) Ltd £87,894 (2020: £140,144). A further amount of £78,573 (2020: £78,573) owed to a company which is under the common control of the shareholder Station Road (RSR) No 1 Ltd is also included.
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
50 |
|
50 |
|
|
50 |
|
50 |
|
|
|
|
Loans and borrowings |
2021 |
2020 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
- |
2021 |
2020 |
|
Current loans and borrowings |
||
Bank borrowings |
|
- |