Professional Technical Consulting Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07662470 (England and Wales)

PROFESSIONAL TECHNICAL CONSULTING

LIMITED

TRADING AS

PROTEC SERVICES

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

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

208,393

201,416

208,393

201,416

CURRENT ASSETS

Stocks

18,971

4,785

Debtors

6

124,489

110,210

Cash at bank and in hand

112,953

97,628

256,413

212,623

CREDITORS

Amounts falling due within one year

7

88,407

68,642

NET CURRENT ASSETS

168,006

143,981

TOTAL ASSETS LESS CURRENT LIABILITIES

376,399

345,397

CREDITORS

Amounts falling due after more than one year

8

(143,518

)

(100,957

)

PROVISIONS FOR LIABILITIES

(8,522

)

(8,202

)

NET ASSETS

224,359

236,238

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

224,259

236,138

SHAREHOLDERS' FUNDS

224,359

236,238

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 16 September 2021 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.

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 9 (2019 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2020

and 31 December 2020

25,000

AMORTISATION

At 1 January 2020

and 31 December 2020

25,000

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2020

163,543

13,648

18,996

32,615

228,802

Additions

-

300

1,503

24,495

26,298

Disposals

-

-

-

(20,615

)

(20,615

)

At 31 December 2020

163,543

13,948

20,499

36,495

234,485

DEPRECIATION

At 1 January 2020

-

9,478

4,950

12,958

27,386

Charge for year

-

1,228

2,859

6,589

10,676

Eliminated on disposal

-

-

-

(11,970

)

(11,970

)

At 31 December 2020

-

10,706

7,809

7,577

26,092

NET BOOK VALUE

At 31 December 2020

163,543

3,242

12,690

28,918

208,393

At 31 December 2019

163,543

4,170

14,046

19,657

201,416

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 £ 20,660 (2019 - £ 6,668 ) in respect of assets held under hire purchase contracts.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

124,489

103,672

Other debtors

-

6,538

124,489

110,210

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

5,491

7,502

Hire purchase contracts

4,667

2,701

Trade creditors

18,319

17,995

Taxation and social security

45,114

38,181

Other creditors

14,816

2,263

88,407

68,642

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

136,518

99,950

Hire purchase contracts

7,000

1,007

143,518

100,957

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

71,923

70,873

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

142,009

107,219

Hire purchase contracts

11,667

3,708

153,676

110,927

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

2020

2019

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 2020 and 31 December 2019:

2020

2019

£

£

I M Brown and Mrs S A Brown

Balance outstanding at start of year

6,538

31,662

Amounts advanced

49,639

43,198

Amounts repaid

(68,452

)

(68,322

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(12,275

)

6,538

Interest has been charged at the official rate of 2.5% on the overdrawn director's loan account.

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £65,000 (2019 - £65,000) were paid to the directors.