Proda Ltd
Registered number: 10548504
Unaudited Financial Statements
For The Year Ended 31 January 2024
Square Mile Accounting Limited
Arquen House
4-6 Spicer Street
St. Albans
AL3 4PQ
Proda Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Proda Ltd
Balance Sheet
As At
31 January 2024
Balance Sheet
Registered number:
10548504
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 2024 | 2023 as restated |
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 4 |
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| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Share premium account |
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| Other reserves |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 2,348,197 | 4,797,380 | |||
Proda Ltd
Balance Sheet (continued)
As At
31 January 2024
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Proda Ltd
Notes to the Financial Statements
For The Year Ended 31 January 2024
Notes to the Financial Statements
1.
General Information
Proda Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
10548504
. The registered office is Arquen House, 4-6 Spicer Street, St. Albans, Hertfordshire, London, AL3 4PQ.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The directors believe that the company is well-placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
2.4.
Intangible Fixed Assets and Amortisation - Other Intangible
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.
Development costs are being amortised evenly over their estimated useful life of four years.
2.5.
Research and Development
Research expenditure is written off against profits in the year in which it is incurred.
2.6.
Tangible Fixed Assets and Depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is provided on the following basis:
| Fixtures & Fittings |
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| Computer Equipment |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.
2.7.
Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.
Proda Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 January 2024
2.8.
Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its instruments.
Financial instruments are recognized in the company's statement of financial position when the company becomes party to the contractual provisions of the instruments.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.9.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.10.
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.
2.11.
Pensions
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid th company has no further payment obligations.
The contributions are recognised as an expense in the statement of comprehensive income when they fall due.
2.12.
Share Based Payments
Where share options are awarded to employees, the fair value of the options is charged to the income statement over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 32 (2023: 19)
4.
Intangible Assets
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| Amortisation | |||
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| Provided during the period |
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| Net Book Value | |||
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| As at 1 February 2023 |
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Proda Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 January 2024
5.
Tangible Assets
| Fixtures & Fittings | Computer Equipment | Total | |
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| £ | £ | £ | |
| Cost | |||
| As at 1 February 2023 |
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| Additions |
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| As at 31 January 2024 |
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| Depreciation | |||
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| Provided during the period |
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| As at 31 January 2024 |
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| Net Book Value | |||
| As at 31 January 2024 |
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| As at 1 February 2023 |
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6.
Debtors
| 2024 | 2023 as restated |
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| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Corporation tax recoverable assets |
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7.
Creditors: Amounts Falling Due Within One Year
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| Trade creditors |
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| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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8.
Deferred Taxation
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 period 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.
The company has estimated cumulative tax losses of £7,052,400 (2023 - £5,332,661), available for carrying forward against future taxable profits. No provision for deferred tax on the losses has been recognised as it is not known exactly when the company will make profits against which to use the losses. Had a provision been made a deferred tax asset of £1,763,100 would have been recognised.
Proda Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 January 2024
10.
Reserves
Share premium account represents the amount by which the consideration received by the company for shares issued exceeds its nominal.
Retained earnings represents cumulative profits or losses, net of dividends paid and other adjustments.
Other reserves of £734,881 from the prior year were converted to shares during the current period. These credits were awarded due to qualifying criteria being met during the 2024 period.
Other reserves of £16,116 have been recognised for the cumulative share-based payment expense in the year.
11.
Related Party Transactions
During the year the company operated loans with the directors of the company. The balance owed by the company to the directors at year end was £624 (2023: £3,298) This loan is interest free and payable on demand.
12.
Ultimate Controlling Party
The company's ultimate controlling parties are C Williams and P Bredthauer.