Proboo Limited - Period Ending 2023-06-30
Proboo Limited - Period Ending 2023-06-30
Registration number:
Proboo Limited
for the Period from 1 October 2022 to 30 June 2023
Proboo Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Proboo Limited
Company Information
Director |
Mr H G Ackermans |
Registered office |
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Accountants |
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Proboo Limited
(Registration number: 10381760)
Balance Sheet as at 30 June 2023
Note |
2023 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investment property |
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Other financial assets |
3,896 |
70,000 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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( |
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Provisions for liabilities |
( |
( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
2 |
1 |
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Share premium reserve |
1,208,735 |
- |
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Retained earnings |
(35,184) |
(41,043) |
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Shareholders' funds/(deficit) |
1,173,553 |
(41,042) |
Proboo Limited
(Registration number: 10381760)
Balance Sheet as at 30 June 2023
For the financial period ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Proboo Limited
Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Prior period errors
We have restated the prior years accounts to correct an error that has been identified by the director. The error relates to the omission of material information that could have been obtained and provided and taken into account in the preparation of the 2022 financial statements and as such the director has chosen to restate the prior years accounts.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Cash at bank and in hand | - | 10,000 | - |
Other creditors | - | (10,000) | - |
Revenue recognition
Turnover comprises of rental income for the residential properties, these are recognised when they become receivable by the company.
Proboo Limited
Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 30 June 2023
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture and fittings |
33.33% straight line |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Proboo Limited
Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 30 June 2023
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 October 2022 |
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At 30 June 2023 |
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Depreciation |
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At 1 October 2022 |
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Charge for the period |
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At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
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At 30 September 2022 |
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Proboo Limited
Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 30 June 2023
Investment properties |
2023 |
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At 1 October |
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Fair value adjustments |
( |
At 30 June |
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The properties have been valued by the director based on the current market values and rental yields.
There has been no valuation of investment property by an independent valuer.
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 October 2022 |
70,000 |
70,000 |
Additions |
1,000 |
1,000 |
Disposals |
(67,104) |
(67,104) |
At 30 June 2023 |
3,896 |
3,896 |
Stocks |
2023 |
2022 |
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Other inventories |
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Debtors |
2023 |
2022 |
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Prepayments |
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Other debtors |
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Proboo Limited
Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 30 June 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
(As restated) |
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Due within one year |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
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1 |
- |
- |
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Related party transactions |
Included within creditors is an amount of £1,179,423 (30 September 2022: £2,388,879) owed to the director and close members of family. Interest of £47,137 (2022: £62,849) has been charged on the monies loaned to the company. During the year the company issued 96 Ordinary A shares for consideration of £1,208,736 paid through the redemption of existing loan notes totalling £1,208,736. The outstanding loan balance is unsecured with no fixed repayment terms, interest is chargeable at an agreed upon market rate 3% or 4%.