Prochrom Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04859835 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2021

for

Prochrom Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M J Woodward

Miss O A Woodward

REGISTERED OFFICE:

Landmark House

43-45 Merton Road

Bootle

Merseyside

L20 7AP

REGISTERED NUMBER:

04859835 (England and Wales)

ACCOUNTANTS:

Craig Callum Associates Ltd

Landmark House

43-45 Merton Road

Bootle

Liverpool

Merseyside

L20 7AP

FIXED ASSETS

Tangible assets

4

772,447

738,428

Investments

5

334,451

281,214

1,106,898

1,019,642

CURRENT ASSETS

Debtors

6

77,492

36,297

Cash at bank

105,841

139,847

183,333

176,144

CREDITORS

Amounts falling due within one year

7

123,871

91,843

NET CURRENT ASSETS

59,462

84,301

TOTAL ASSETS LESS CURRENT LIABILITIES

1,166,360

1,103,943

PROVISIONS FOR LIABILITIES

7,309

2,469

NET ASSETS

1,159,051

1,101,474

CAPITAL AND RESERVES

Called up share capital

200

200

Fair value reserve

8

41,898

16,463

Retained earnings

8

1,116,953

1,084,811

SHAREHOLDERS' FUNDS

1,159,051

1,101,474

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 April 2022 and were signed on its behalf by:

Mr M J Woodward - Director

1.	STATUTORY INFORMATION

Prochrom 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 as modified by the revaluation of certain assets.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance and 2% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

Plant and

and

property

property

machinery

fittings

Totals

£

£

£

£

£

COST

At 1 September 2020

360,061

485,313

7,931

6,711

860,016

Additions

-

52,530

-

-

52,530

At 31 August 2021

360,061

537,843

7,931

6,711

912,546

DEPRECIATION

At 1 September 2020

49,147

59,583

6,519

6,339

121,588

Charge for year

7,201

10,757

353

200

18,511

At 31 August 2021

56,348

70,340

6,872

6,539

140,099

NET BOOK VALUE

At 31 August 2021

303,713

467,503

1,059

172

772,447

At 31 August 2020

310,914

425,730

1,412

372

738,428

5.	FIXED ASSET INVESTMENTS

Listed

Unlisted

investments

investments

Totals

£

£

£

COST OR VALUATION

At 1 September 2020

136,182

145,032

281,214

Additions

2,219

25,583

27,802

Revaluations

25,435

-

25,435

At 31 August 2021

163,836

170,615

334,451

NET BOOK VALUE

At 31 August 2021

163,836

170,615

334,451

At 31 August 2020

136,182

145,032

281,214

Cost or valuation at 31 August 2021 is represented by:

Listed

Unlisted

investments

investments

Totals

£

£

£

Valuation in 2018

17,415

-

17,415

Valuation in 2019

6,304

-

6,304

Valuation in 2020

(7,256

)

-

(7,256

)

Valuation in 2021

25,435

-

25,435

Cost

121,938

170,615

292,553

163,836

170,615

334,451

If listed fixed asset investments had not been revalued they would have been included at the following historical cost:

31.8.21

31.8.20

£

£

Cost

121,938

119,719

listed fixed asset investments were valued on an open market basis on 12 August 2021 by Fidelity Investments .

Market value of listed investments at 31 August 2021 - £ 163,836 .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Trade debtors

77,492

36,297

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Trade creditors

21,896

6,432

Taxation and social security

52,308

46,414

Other creditors

49,667

38,997

123,871

91,843

8.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 September 2020

1,084,811

16,463

1,101,274

Profit for the year

141,577

141,577

Dividends

(84,000

)

(84,000

)

Fair Value Reserve

(25,435

)

25,435

-

At 31 August 2021

1,116,953

41,898

1,158,851

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2021 and 31 August 2020:

31.8.21

31.8.20

£

£

Mr M J Woodward

Balance outstanding at start of year

(36,947

)

(21,803

)

Amounts repaid

(10,320

)

(15,144

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(47,267

)

(36,947

)

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £42,840 (2020 - £42,840) were paid to the directors .

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr M J Woodward and Mrs L B Woodward.