Proseal Essex Limited 30/11/2020 iXBRL

Proseal Essex Limited 30/11/2020 iXBRL

PROSEAL ESSEX LIMITED - Company Information

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Company registration number: 04511470
Proseal Essex Limited
Unaudited filleted financial statements
30 November 2020
Proseal Essex Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Proseal Essex Limited
Directors and other information
Director Mr Paul Loveday
Company number 04511470
Registered office 9 Palmers Avenue
Grays
Essex
RM17 5TX
Business address 23 Walter Radcliffe Road
Cooks Ship Yard
Wivenhoe
Essex
CO7 9FF
Accountants Cooper & Co
9 Palmers Avenue
Grays
Essex
RM17 5TX
Bankers HSBC
53 High Street
Grays
Essex
RM17 6NH
Proseal Essex Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Proseal Essex Limited
Year ended 30 November 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Proseal Essex Limited for the year ended 30 November 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Proseal Essex Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Proseal Essex Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Proseal Essex Limited and its director as a body for our work or for this report.
It is your duty to ensure that Proseal Essex 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 Proseal Essex Limited. You consider that Proseal Essex 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 Proseal Essex 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.
Cooper & Co
Chartered Certified Accountants
9 Palmers Avenue
Grays
Essex
RM17 5TX
23 August 2021
Proseal Essex Limited
Statement of financial position
30 November 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 9,315 11,862
_______ _______
9,315 11,862
Current assets
Stocks 340 485
Debtors 6 42,042 15,811
Cash at bank and in hand 37,116 50,975
_______ _______
79,498 67,271
Creditors: amounts falling due
within one year 7 ( 39,538) ( 21,257)
_______ _______
Net current assets 39,960 46,014
_______ _______
Total assets less current liabilities 49,275 57,876
_______ _______
Net assets 49,275 57,876
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 49,274 57,875
_______ _______
Shareholder funds 49,275 57,876
_______ _______
For the year ending 30 November 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 23 August 2021 , and are signed on behalf of the board by:
Mr Paul Loveday
Director
Company registration number: 04511470
Proseal Essex Limited
Notes to the financial statements
Year ended 30 November 2020
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 9 Palmers Avenue, Grays, Essex, RM17 5TX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 1 (2019: 1 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £
Cost
At 1 December 2019 2,985 4,189 13,629 3,190 23,993
Additions - - - 566 566
_______ _______ _______ _______ _______
At 30 November 2020 2,985 4,189 13,629 3,756 24,559
_______ _______ _______ _______ _______
Depreciation
At 1 December 2019 2,396 3,909 3,407 2,420 12,132
Charge for the year 132 70 2,555 355 3,112
_______ _______ _______ _______ _______
At 30 November 2020 2,528 3,979 5,962 2,775 15,244
_______ _______ _______ _______ _______
Carrying amount
At 30 November 2020 457 210 7,667 981 9,315
_______ _______ _______ _______ _______
At 30 November 2019 589 280 10,222 770 11,861
_______ _______ _______ _______ _______
6. Debtors
2020 2019
£ £
Trade debtors 34,094 8,787
Other debtors 7,948 7,024
_______ _______
42,042 15,811
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 6,138 4,382
Corporation tax 10,521 5,669
Social security and other taxes 19,318 8,074
Other creditors 3,561 3,132
_______ _______
39,538 21,257
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Paul Loveday ( 596) ( 294) ( 890)
_______ _______ _______
2019
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Paul Loveday ( 637) 41 ( 596)
_______ _______ _______