Protronix Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: SC151540

Protronix Limited

Filleted Unaudited Financial Statements

31 March 2021

Protronix Limited

Financial Statements

Year ended 31 March 2021

Contents	Page

Report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Protronix Limited

Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Protronix Limited

Year ended 31 March 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Protronix Limited for the year ended 31 March 2021, which comprise the 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Protronix Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Protronix Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Protronix Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Protronix 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 Protronix Limited. You consider that Protronix 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 Protronix 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.

GILLILAND & COMPANY Chartered accountants

216 West George Street Glasgow G2 2PQ

16 December 2021

Protronix Limited

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		354,204	354,990

Current assets

Stocks		44,240	45,840
Debtors	6	119,932	56,762
Cash at bank and in hand		223,679	156,001
		---------	---------
		387,851	258,603

Creditors: amounts falling due within one year	7	135,571		116,771
		---------		---------
Net current assets			252,280	141,832
			---------	---------
Total assets less current liabilities			606,484	496,822

Creditors: amounts falling due after more than one year	8	113,901	73,652
		---------	---------
Net assets		492,583	423,170
		---------	---------

Capital and reserves

Called up share capital	20,000	20,000
Profit and loss account	472,583	403,170
	---------	---------
Shareholders funds	492,583	423,170
	---------	---------

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 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 statement of income and retained earnings has not been delivered.

For the year ending 31 March 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 .

Protronix Limited

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 16 December 2021 , and are signed on behalf of the board by:

Mr S Hunter	Mr D McVey
Director	Director

Company registration number: SC151540

Protronix Limited

Notes to the Financial Statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 14 Wren Court, Strathclyde Business Park, Bellshill, Lanarkshire, ML4 3NQ.

2. Statement of compliance

These 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, 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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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:

Plant and Machinery	-	25% straight line
Motor Vehicles	-	25% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2020: 10 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2020 and 31 March 2021	353,418	50,563	3,145	407,126
	---------	--------	-------	---------
Depreciation
At 1 April 2020	–	50,563	1,573	52,136
Charge for the year	–	–	786	786
	---------	--------	-------	---------
At 31 March 2021	–	50,563	2,359	52,922
	---------	--------	-------	---------
Carrying amount
At 31 March 2021	353,418	–	786	354,204
	---------	--------	-------	---------
At 31 March 2020	353,418	–	1,572	354,990
	---------	--------	-------	---------

6. Debtors

	2021	2020
	£	£
Trade debtors	31,463	46,260
Other debtors	88,469	10,502
	---------	--------
	119,932	56,762
	---------	--------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	8,582	7,414
Trade creditors	74,507	33,719
Social security and other taxes	16,682	14,431
Other creditors	35,800	61,207
	---------	---------
	135,571	116,771
	---------	---------

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	113,901	73,652
	---------	--------

The company has granted a floating charge and standard security to Bank of Scotland Plc in respect of borrowings over the property owned at Brandon Road, Motherwell.

Included within creditors: amounts falling due after more than one year is an amount of £29,573 (2020: £43,995) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Directors' advances, credits and guarantees

At the 31st March 2021 the business owed the directors £10,838 (2020: £34,785). This loan is interest free and has no fixed repayment date.

10. Controlling party

The company was under the joint control of Mr S Hunter and Mr D McVey throughout the current and previous year.