Protrade Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05408392 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

PROTRADE LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C K Sanders

D Duddy

M J Bradshaw

SECRETARY:

M J Bradshaw

REGISTERED OFFICE:

Sidney Robinson Business Park

Ascot Drive

Derby

DE24 8EH

REGISTERED NUMBER:

05408392 (England and Wales)

AUDITORS:

Magma Audit LLP

Chartered Accountants

Statutory Auditor

Unit 2, Charnwood Edge Business Park

Syston Road

Leicestershire

LE7 4UZ

FIXED ASSETS

Tangible assets

4

49,234

58,094

Investments

5

2,773

2,773

52,007

60,867

CURRENT ASSETS

Debtors

6

3,195,067

2,534,864

Cash at bank

3,821

3,483

3,198,888

2,538,347

CREDITORS

Amounts falling due within one year

7

(148,232

)

(54,370

)

NET CURRENT ASSETS

3,050,656

2,483,977

TOTAL ASSETS LESS CURRENT LIABILITIES

3,102,663

2,544,844

PROVISIONS FOR LIABILITIES

(9,350

)

(11,000

)

NET ASSETS

3,093,313

2,533,844

CAPITAL AND RESERVES

Called up share capital

3,773

3,773

Retained earnings

3,089,540

2,530,071

3,093,313

2,533,844

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 by the Board of Directors and authorised for issue on 23 July 2021 and were signed on its behalf by:

M J Bradshaw - Director

1.	STATUTORY INFORMATION

Protrade Ltd is a limited company, registered in England and Wales. The company's registered number and registered office address can be found on the General 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future despite the global pandemic which occurred after the year end. The directors have prepared financial forecasts which incorporate the impact of COVID 19 as far as possible, including cashflow forecasts. These demonstrate that the group has sufficient resources to meet its liabilities for at least twelve months from signing these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

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

Revenue is recognised in the period in which the goods are dispatched.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Plant and machinery

15% straight line

Fixtures, fittings and equipment

15%-20% straight line

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Government grants

The company has received funding in the form of grants relating to the Coronavirus Job Retention Scheme (CJRS). The grant funding is released to the profit and loss account in full in the year the conditions of the grant funding have been met.

Investments in subsidiaries

Interest in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

(i) Financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

(ii) Financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2019 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2020

95,916

136,580

232,496

Additions

2,274

4,500

6,774

Disposals

(52,667

)

(66,728

)

(119,395

)

Transfer

(2,039

)

1,807

(232

)

At 31 December 2020

43,484

76,159

119,643

DEPRECIATION

At 1 January 2020

82,919

91,483

174,402

Charge for year

5,856

9,234

15,090

Eliminated on disposal

(52,442

)

(66,728

)

(119,170

)

Transfer

(5,605

)

5,692

87

At 31 December 2020

30,728

39,681

70,409

NET BOOK VALUE

At 31 December 2020

12,756

36,478

49,234

At 31 December 2019

12,997

45,097

58,094

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2020

and 31 December 2020

2,773

NET BOOK VALUE

At 31 December 2020

2,773

At 31 December 2019

2,773

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

1,301,894

1,281,781

Amounts owed by group undertakings

1,850,194

1,253,083

Tax

42,979

-

3,195,067

2,534,864

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Tax

103,253

19,079

Social security and other taxes

10,045

11,002

Other creditors

34,934

23,182

Accruals and deferred income

-

1,107

148,232

54,370

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

118,913

182,831

Between one and five years

352,845

347,931

In more than five years

30,400

85,840

502,158

616,602

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Orton ACA FCCA (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP

10.	RELATED PARTY DISCLOSURES

No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102, section 1AC.35.

11.	ULTIMATE CONTROLLING PARTY

The directors consider that the ultimate parent undertaking is Project Greenline Limited, a Company registered in England and Wales. The registered office is Sidney Robinson Business Park, Ascot Drive, Derby, DE24 8EH.

The parent company preparing consolidated accounts for the smallest group of which the Company is a member is D.I.P.T. Limited. Group accounts can be obtained from Sidney Robinson Business Park, Ascot Drive, Derby, DE24 8EH.