ACCOUNTS - Final Accounts preparation

PRAS MANAGEMENT SOLUTIONS LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-09-302022-09-30falseNo description of principal activity2021-10-01true11trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06706220 2021-10-01 2022-09-30 06706220 2020-10-01 2021-09-30 06706220 2022-09-30 06706220 2021-09-30 06706220 c:Director1 2021-10-01 2022-09-30 06706220 d:CurrentFinancialInstruments 2022-09-30 06706220 d:CurrentFinancialInstruments 2021-09-30 06706220 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 06706220 d:CurrentFinancialInstruments d:WithinOneYear 2021-09-30 06706220 d:ShareCapital 2022-09-30 06706220 d:ShareCapital 2021-09-30 06706220 d:RetainedEarningsAccumulatedLosses 2022-09-30 06706220 d:RetainedEarningsAccumulatedLosses 2021-09-30 06706220 c:FRS102 2021-10-01 2022-09-30 06706220 c:AuditExempt-NoAccountantsReport 2021-10-01 2022-09-30 06706220 c:FullAccounts 2021-10-01 2022-09-30 06706220 c:PrivateLimitedCompanyLtd 2021-10-01 2022-09-30 iso4217:GBP xbrli:pure

Registered number: 06706220

PRAS MANAGEMENT SOLUTIONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

PRAS MANAGEMENT SOLUTIONS LIMITED

REGISTERED NUMBER: 06706220

BALANCE SHEET

AS AT 30 SEPTEMBER 2022

		2022		2021
Note		£		£


Current assets
Stocks	4	-		33
Debtors: amounts falling due within one year	5	98,352		65,075
Cash at bank and in hand	6	135,207		112,092
		233,559		177,200
Creditors: amounts falling due within one year	7	(91,554)		(63,650)
Net current assets			142,005		113,550
Total assets less current liabilities			142,005		113,550

Net assets			142,005		113,550

Capital and reserves
Called up share capital	2	2
Profit and loss account	142,003	113,548
	142,005	113,550

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PRAS MANAGEMENT SOLUTIONS LIMITED

REGISTERED NUMBER: 06706220

BALANCE SHEET (CONTINUED)

AS AT 30 SEPTEMBER 2022

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 June 2023.

P Rigby

Director

The notes on pages 3 to 6 form part of these financial statements.

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PRAS MANAGEMENT SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

1.	General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no. 06706220). The address of the registered office is The Plaza, 100 Old Hall Street, Liverpool, Merseyside, United Kingdom, L3 9QJ.
These financial statements present information about the company as an individual undertaking. It is not a member of a group of companies.
The presentation currency of these financial statements is £ sterling; the financial statements are rounded to the nearest £.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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PRAS MANAGEMENT SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

2.4

Taxation

Tax is recognised in profit or loss except that a charge 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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PRAS MANAGEMENT SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

Employees

The average monthly number of employees, including the director, during the year was as follows:

	2022	2021
	No.	No.

Directors	1	1

4.	Stocks
		2022	2021
		£	£

Raw materials and consumables	-	33
	-	33

Debtors

					2022	2021
					£	£


Trade debtors	61,378	28,100
Other debtors	36,974	36,975
	98,352	65,075

6.	Cash and cash equivalents
		2022	2021
		£	£

Cash at bank and in hand	135,207	112,092
	135,207	112,092

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PRAS MANAGEMENT SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

7.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	21,559	14,409
Corporation tax	15,672	19,407
Other taxation and social security	10,089	5,960
Other creditors	33,535	13,175
Accruals and deferred income	10,699	10,699
	91,554	63,650

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