Promogroup Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05179274 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

PROMOGROUP LIMITED

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

M R Dawson

Mrs P C Glanville

J E Grocott

SECRETARY:

Mrs P C Glanville

REGISTERED OFFICE:

Unit 8

River Reach

Gartons Way

London

SW11 3SX

REGISTERED NUMBER:

05179274 (England and Wales)

ACCOUNTANTS:

Bradbury & Co

Chartered Tax Advisers and Accountants

Driffield

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Promogroup Limited for the year ended 31 March 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Promogroup Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Promogroup Limited and state those matters that we have agreed to state to the Board of Directors of Promogroup Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Promogroup Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Promogroup Limited. You consider that Promogroup Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Promogroup Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bradbury & Co

Chartered Tax Advisers and Accountants

Driffield

30 November 2023

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

442,928

461,329

442,928

461,329

CURRENT ASSETS

Stocks

31,171

34,634

Debtors

6

209,497

263,313

Cash at bank

4,262

4,262

244,930

302,209

CREDITORS

Amounts falling due within one year

7

(413,824

)

(392,079

)

NET CURRENT LIABILITIES

(168,894

)

(89,870

)

TOTAL ASSETS LESS CURRENT LIABILITIES

274,034

371,459

CREDITORS

Amounts falling due after more than one year

8

(166,554

)

(222,697

)

PROVISIONS FOR LIABILITIES

(83,500

)

(78,300

)

NET ASSETS

23,980

70,462

CAPITAL AND RESERVES

Called up share capital

75

75

Capital redemption reserve

15

15

Retained earnings

23,890

70,372

SHAREHOLDERS' FUNDS

23,980

70,462

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2023 and were signed on its behalf by:

M R Dawson - Director

1.	STATUTORY INFORMATION

Promogroup 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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

20% on cost and Straight line over 6 years

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 Statement of Income and Retained Earnings, 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 39 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

40,097

AMORTISATION

At 1 April 2022

and 31 March 2023

40,097

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

959,445

Additions

55,715

Disposals

(25,495

)

At 31 March 2023

989,665

DEPRECIATION

At 1 April 2022

498,116

Charge for year

57,120

Eliminated on disposal

(8,499

)

At 31 March 2023

546,737

NET BOOK VALUE

At 31 March 2023

442,928

At 31 March 2022

461,329

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2022

269,486

Additions

28,604

Disposals

(24,995

)

Transfer to ownership

(190,686

)

At 31 March 2023

82,409

DEPRECIATION

At 1 April 2022

105,255

Charge for year

9,157

Eliminated on disposal

(8,332

)

Transfer to ownership

(88,021

)

At 31 March 2023

18,059

NET BOOK VALUE

At 31 March 2023

64,350

At 31 March 2022

164,231

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

113,440

130,628

Other debtors

96,057

132,685

209,497

263,313

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

11,004

11,113

Hire purchase contracts

35,415

44,896

Trade creditors

75,538

97,536

Taxation and social security

135,349

158,548

Other creditors

156,518

79,986

413,824

392,079

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts

30,355

51,102

Other creditors

136,199

171,595

166,554

222,697

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank overdrafts

11,004

11,113

Hire purchase contracts

65,770

95,998

76,774

107,111

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023

2022

£

£

M R Dawson

Balance outstanding at start of year

15,525

15,420

Amounts advanced

457

142,605

Amounts repaid

(43,625

)

(142,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(27,643

)

15,525

Mrs P C Glanville

Balance outstanding at start of year

24,609

(39

)

Amounts advanced

-

92,148

Amounts repaid

(25,850

)

(67,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,241

)

24,609