Pro Foodservice Reps Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09362075 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PRO FOODSERVICE REPS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A Piggin

Mr R Gibson

Mr ST Taylor

REGISTERED OFFICE:

Granville Hall

Granville Road

Leicester

LE1 7RU

REGISTERED NUMBER:

09362075 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

14,160

2,596

Investments

6

75,000

75,000

89,160

77,596

CURRENT ASSETS

Stocks

53,020

38,342

Debtors

7

126,482

58,357

Cash at bank

-

20,031

179,502

116,730

CREDITORS

Amounts falling due within one year

8

182,362

87,323

NET CURRENT (LIABILITIES)/ASSETS

(2,860

)

29,407

TOTAL ASSETS LESS CURRENT LIABILITIES

86,300

107,003

CREDITORS

Amounts falling due after more than one year

9

(82,759

)

(105,434

)

PROVISIONS FOR LIABILITIES

11

(3,061

)

(493

)

NET ASSETS

480

1,076

CAPITAL AND RESERVES

Called up share capital

92

92

Capital redemption reserve

10

10

Retained earnings

378

974

SHAREHOLDERS' FUNDS

480

1,076

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 7 February 2024 and were signed on its behalf by:

Mr A Piggin - Director

Mr R Gibson - Director

1.	STATUTORY INFORMATION

Pro Foodservice Reps 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.

The financial statements are presented in Sterling (£)

Turnover

Revenue comprises the fair value of the sale of goods and services, excluding value added taxes and represents net invoice value less estimated rebates and settlement discounts.

The company provides commercial food service products to customers direct and on behalf of its clients under standard terms and conditions, receiving retainers and commission in return for the sales on behalf of its clients. In all cases revenue is recognised when the risks and rewards of ownership are transferred and this is defined to be upon completion of the sale of the product sold by the company.

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.

Website is being amortised evenly over its estimated useful life of four years.

The website has been fully amortised.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. Impairments of revalued assets are treated as a revaluation decrease. All other impairment losses are recognised in the income statement.

Stocks

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

Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

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.

Creditors

Short term trade 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.

Fixed asset investments

Fixed asset investments are shown at cost. Any aggregate surplus or deficit arising from subsequent changes in fair value is recognised in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2023

and 31 December 2023

876

AMORTISATION

At 1 January 2023

and 31 December 2023

876

NET BOOK VALUE

At 31 December 2023

-

At 31 December 2022

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2023

21,215

8,991

30,206

Additions

9,421

6,932

16,353

At 31 December 2023

30,636

15,923

46,559

DEPRECIATION

At 1 January 2023

19,744

7,866

27,610

Charge for year

2,456

2,333

4,789

At 31 December 2023

22,200

10,199

32,399

NET BOOK VALUE

At 31 December 2023

8,436

5,724

14,160

At 31 December 2022

1,471

1,125

2,596

6.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 January 2023

and 31 December 2023

75,000

NET BOOK VALUE

At 31 December 2023

75,000

At 31 December 2022

75,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

23,970

13,474

Amounts recoverable on contract

74,573

-

Other debtors

27,939

44,883

126,482

58,357

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

24,954

22,548

Trade creditors

72,257

21,496

Taxation and social security

22,515

4,869

Other creditors

62,636

38,410

182,362

87,323

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

82,759

105,434

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalment

-

18,143

-

18,143

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

-

1,625

11.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred taxation

3,061

493

Deferred

tax

£

Balance at 1 January 2023

493

Movement in year

2,568

Balance at 31 December 2023

3,061

12.	RELATED PARTY DISCLOSURES

As at the year end, the company were owed £2,316 (2022: £7,000 owed to) by the directors.