Professional Technical Consulting Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 07662470 (England and Wales)

PROFESSIONAL TECHNICAL CONSULTING

LIMITED

TRADING AS

PROTEC SERVICES

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

7

Chartered Accountants' Report

8

DIRECTORS:

I M Brown

Mrs S A Brown

REGISTERED OFFICE:

4 Westmour Units

Warwick Road

Fairfield Industrial Estate

Louth

Lincolnshire

LN11 0YB

REGISTERED NUMBER:

07662470 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

15 Chequergate

Louth

Lincolnshire

LN11 0LJ

BANKERS:

Lloyds Bank plc

24 Mercer Row

Louth

Lincolnshire

LN11 9JH

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

198,955

208,393

198,955

208,393

CURRENT ASSETS

Stocks

43,325

18,971

Debtors

6

265,565

124,489

Cash at bank and in hand

48,310

112,953

357,200

256,413

CREDITORS

Amounts falling due within one year

7

155,084

88,407

NET CURRENT ASSETS

202,116

168,006

TOTAL ASSETS LESS CURRENT LIABILITIES

401,071

376,399

CREDITORS

Amounts falling due after more than one year

8

(122,420

)

(143,518

)

PROVISIONS FOR LIABILITIES

(6,729

)

(8,522

)

NET ASSETS

271,922

224,359

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

271,822

224,259

SHAREHOLDERS' FUNDS

271,922

224,359

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 28 July 2022 and were signed on its behalf by:

Mrs S A Brown - Director

1.	STATUTORY INFORMATION

Professional Technical Consulting 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012 has been fully amortised.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Freehold property - 10% on cost

Plant and machinery - 20% on cost

Fixtures and fittings - 15% on cost

Motor vehicles - 25% on reducing balance

Where freehold property is maintained to such a standard that the residual value is not less than its cost, no depreciation is charged as it is not material.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and 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 Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 profit or loss in the period to which they relate.

Government grants

Grants are recognised as income in the period in which they become receivable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2020 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2021

and 31 December 2021

25,000

AMORTISATION

At 1 January 2021

and 31 December 2021

25,000

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2021

163,543

13,948

20,499

36,495

234,485

Additions

-

1,486

695

-

2,181

At 31 December 2021

163,543

15,434

21,194

36,495

236,666

DEPRECIATION

At 1 January 2021

-

10,706

7,809

7,577

26,092

Charge for year

-

1,424

2,965

7,230

11,619

At 31 December 2021

-

12,130

10,774

14,807

37,711

NET BOOK VALUE

At 31 December 2021

163,543

3,304

10,420

21,688

198,955

At 31 December 2020

163,543

3,242

12,690

28,918

208,393

Included in cost of land and buildings is freehold land of £163,543 (2019 - £163,543) which is not depreciated.. This was purchased with a secured bank loan in the year and consisted of 4 Westmour Units at Warwick Road, Fairfield Industrial Estate, Louth Lincolnshire LN11 0YB.

The net book value of tangible fixed assets includes £ 15,495 (2020 - £ 20,660 ) in respect of assets held under hire purchase contracts.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

265,565

124,489

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

13,747

5,491

Hire purchase contracts

4,667

4,667

Trade creditors

47,563

18,319

Taxation and social security

78,881

45,114

Other creditors

10,226

14,816

155,084

88,407

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

120,087

136,518

Hire purchase contracts

2,333

7,000

122,420

143,518

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

65,039

71,923

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

133,834

142,009

Hire purchase contracts

7,000

11,667

140,834

153,676

The bank loan is secured by way of fixed and floating charges over all the assets of the company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

1

100

100

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020:

2021

2020

£

£

I M Brown and Mrs S A Brown

Balance outstanding at start of year

(12,275

)

6,538

Amounts advanced

72,085

49,639

Amounts repaid

(68,322

)

(68,452

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(8,512

)

(12,275

)

The directors loan account is unsecured and repayable on demand. Interest has been charged at the official rate of 2.25% on the overdrawn director's loan account.

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £65,000 (2020 - £65,000) were paid to the directors.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Professional Technical Consulting Limited for the year ended 31 December 2021 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Professional Technical Consulting Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Professional Technical Consulting Limited and state those matters that we have agreed to state to the Board of Directors of Professional Technical Consulting Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Professional Technical Consulting Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Professional Technical Consulting Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Professional Technical Consulting Limited. You consider that Professional Technical Consulting Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Professional Technical Consulting Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Duncan & Toplis Limited

15 Chequergate

Louth

Lincolnshire

LN11 0LJ

28 July 2022