Protex Financial Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 12312461 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 November 2023

for

Protex Financial Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S Walton

Mrs K Walton

REGISTERED OFFICE:

Digital House

Dovecot Street

Stockton on Tees

TS18 1LL

REGISTERED NUMBER:

12312461 (England and Wales)

ACCOUNTANTS:

APC Accountancy

Chartered Accountants

73 Gilkes Street

Middlesbrough

TS1 5EH

FIXED ASSETS

Intangible assets

4

10,800

12,600

Tangible assets

5

5,121

4,003

15,921

16,603

CURRENT ASSETS

Cash at bank

19,422

7,027

CREDITORS

Amounts falling due within one year

6

18,846

13,270

NET CURRENT ASSETS/(LIABILITIES)

576

(6,243

)

TOTAL ASSETS LESS CURRENT LIABILITIES

16,497

10,360

PROVISIONS FOR LIABILITIES

7

900

672

NET ASSETS

15,597

9,688

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

15,595

9,686

15,597

9,688

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 13 May 2024 and were signed on its behalf by:

Mr S Walton - Director

Mrs K Walton - Director

1.	STATUTORY INFORMATION

Protex Financial Ltd 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 2019, 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.

Plant and machinery etc

-

20% on cost

Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment loss.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual

provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2022

and 30 November 2023

18,000

AMORTISATION

At 1 December 2022

5,400

Charge for year

1,800

At 30 November 2023

7,200

NET BOOK VALUE

At 30 November 2023

10,800

At 30 November 2022

12,600

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2022

6,894

Additions

2,933

At 30 November 2023

9,827

DEPRECIATION

At 1 December 2022

2,891

Charge for year

1,815

At 30 November 2023

4,706

NET BOOK VALUE

At 30 November 2023

5,121

At 30 November 2022

4,003

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.23

30.11.22

£

£

Taxation and social security

5,800

3,700

Other creditors

13,046

9,570

18,846

13,270

7.	PROVISIONS FOR LIABILITIES

30.11.23

30.11.22

£

£

Deferred tax

900

672

Deferred

tax

£

Balance at 1 December 2022

672

Movement

228

Balance at 30 November 2023

900

8.	RELATED PARTY DISCLOSURES

As at the 30 November 2023 the company owed its directors £96 (2022 £20).

The ultimate controlling party is that of it's directors.