Prosynth Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03615916 (England and Wales)

PROSYNTH LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J R Heesom

E N Heesom

SECRETARY:

Mrs R Lawrence

REGISTERED OFFICE:

Unit 2

Bull Lane Industrial Estate

Acton

Sudbury

Suffolk

CO10 0BD

REGISTERED NUMBER:

03615916 (England and Wales)

ACCOUNTANTS:

Hilden Park Accountants Limited

Hilden Park House

79 Tonbridge Road

Hildenborough

Tonbridge

Kent

TN11 9BH

FIXED ASSETS

Intangible assets

4

2,149

2,387

Tangible assets

5

586,822

601,322

588,971

603,709

CURRENT ASSETS

Stocks

25,000

62,500

Debtors

427,848

384,621

Cash at bank and in hand

420,934

336,492

873,782

783,613

CREDITORS

Amounts falling due within one year

134,024

132,161

NET CURRENT ASSETS

739,758

651,452

TOTAL ASSETS LESS CURRENT LIABILITIES

1,328,729

1,255,161

CREDITORS

Amounts falling due after more than one year

6

(170,633

)

(211,608

)

PROVISIONS FOR LIABILITIES

(14,974

)

(15,625

)

NET ASSETS

1,143,122

1,027,928

CAPITAL AND RESERVES

Called up share capital

388,667

388,667

Capital redemption reserve

228,333

228,333

Retained earnings

526,122

410,928

1,143,122

1,027,928

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 September 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 30 June 2023 and were signed on its behalf by:

J R Heesom - Director

1.	STATUTORY INFORMATION

Prosynth 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the value of the consideration received or receivable, net of discounts and value added taxes, from the rendering of chemical manufacturing. Turnover is recognised according to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the duration of the contract with the period in the year that the service was provided.

Goodwill

Goodwill, being the amount paid for a block of business, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets

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

Freehold property

-

2% on cost

Long leasehold

-

10% on cost

Plant and machinery

-

15% on reducing balance

Fixtures & fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 11 (2021 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2021

and 30 September 2022

402,726

AMORTISATION

At 1 October 2021

400,339

Amortisation for year

238

At 30 September 2022

400,577

NET BOOK VALUE

At 30 September 2022

2,149

At 30 September 2021

2,387

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2021

1,031,786

Additions

10,392

At 30 September 2022

1,042,178

DEPRECIATION

At 1 October 2021

430,464

Charge for year

24,892

At 30 September 2022

455,356

NET BOOK VALUE

At 30 September 2022

586,822

At 30 September 2021

601,322

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

30/9/22

30/9/21

£

£

Repayable by instalments

Bank loans more 5 yr by instal

-

4,535