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

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COMPANY REGISTRATION NUMBER: 07421992

Prolant Limited

Filleted Unaudited Financial Statements

31 October 2020

Prolant Limited

Statement of Financial Position

31 October 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	4		600,504	600,630

Current assets

Debtors	5	189	258
Cash at bank and in hand		7,559	12,143
		---------	---------
		7,748	12,401

Creditors: amounts falling due within one year	6	4,827		3,670
		---------		---------
Net current assets			2,921	8,731
			---------	---------
Total assets less current liabilities			603,425	609,361

Creditors: amounts falling due after more than one year	7		454,647	458,772

Provisions

Taxation including deferred tax	8	20,280	20,280
		---------	---------
Net assets		128,498	130,309
		---------	---------

Capital and reserves

Called up share capital		100	100
Fair value revaluation reserve	9	153,895	153,895
Profit and loss account	9	( 25,497)	( 23,686)
		---------	---------
Shareholders funds		128,498	130,309
		---------	---------

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 October 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 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Prolant Limited

Statement of Financial Position (continued)

31 October 2020

These financial statements were approved by the board of directors and authorised for issue on 8 October 2021 , and are signed on behalf of the board by:

Mr E Eugenio
Director

Company registration number: 07421992

Prolant Limited

Notes to the Financial Statements

Year ended 31 October 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 767 - 769 High Road, North Finchley, London, N12 8JY.

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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

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:

	Office Equipment	-	20% on Written Down Value

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in Fair Value Revaluation Reserve.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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.

4. Tangible assets

	Freehold Investment Property	Equipment	Total
	£	£	£
Cost
At 1 November 2019 and 31 October 2020	600,000	4,192	604,192
	---------	---------	---------
Depreciation
At 1 November 2019	–	3,562	3,562
Charge for the year	–	126	126
	---------	---------	---------
At 31 October 2020	–	3,688	3,688
	---------	---------	---------
Carrying amount
At 31 October 2020	600,000	504	600,504
	---------	---------	---------
At 31 October 2019	600,000	630	600,630
	---------	---------	---------

5. Debtors

	2020	2019
	£	£
Other debtors	189	258
	---------	---------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Other creditors	4,827	3,670
	---------	---------

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

	2020	2019
	£	£
Bank loans and overdrafts	451,066	451,066
Other creditors	3,581	7,706
	---------	---------
	454,647	458,772
	---------	---------

The bank loan is secured by a First Legal Charge over the freehold property of the company.

8. Provisions

	Deferred tax
	£
At 1 November 2019 and 31 October 2020	20,280
	---------

9. Reserves

Fair value revaluation reserve - This reserve records the value of investment asset revaluations and fair value movements on investment assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated profits or losses.

10. Related party transactions

The company was under the control of Mr E Eugenio throughout the current year. Mr Eugenio is the managing director and majority shareholder.