Prosek UK Limited - Period Ending 2016-12-31

Registration number: 07504982 (England and Wales)

Prosek UK Limited

Director's Report and Unaudited Financial Statements

for the Year Ended 31 December 2015
 

Prosek UK Limited
Contents

Company Information   1

Director's Report   2

Profit and Loss Account   3

Balance Sheet   4

Notes to the Financial Statements   5 to 10

Prosek UK Limited
Company Information

Director

J Prosek

Company secretary

R Polin

Registered office

Salatin House 19 Cedar Road United Kingdom Surrey SM2 5DA

Accountants

Harmer Slater Limited Chartered Accountants Salatin House 19 Cedar Road Sutton Surrey SM2 5DA

Page 1

Prosek UK Limited
Director's Report for the Year Ended 31 December 2015

The director presents his report and the unaudited financial statements for the year ended 31 December 2015.

Principal activity

The principal activity of the company is that of public relations consultancy.

Director of the company

The director who held office during the year and up to the date of signing these financial statements was as follows:

J Prosek

Small company provisions

The director has taken advantage of the small companies’ exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the Director's Report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved by the Board on 2 August 2016 and signed on its behalf by:

.........................................
J Prosek
Director

Page 2

Prosek UK Limited
Profit and Loss Account
for the Year Ended 31 December 2015

		Note			2015 £			2014 £
Turnover					1,026,104			697,586
Cost of providing services					(679,653)			(520,688)
Gross profit					346,451			176,898
Administrative expenses					(258,706)			(185,706)
Other interest receivable and similar income					1,318			2,467
Profit/(loss) on ordinary activities before taxation					89,063			(6,341)
Tax on profit or loss on ordinary activities		4			(6,509)			-
Profit/(loss) for the financial year					82,554			(6,341)

The notes on pages 5 to 10 form an integral part of these financial statements.
Page 3

Prosek UK Limited
(Registration number: 07504982)
Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Current assets
Debtors		6			215,744			178,514
Cash at bank and in hand					90,962			73,301
					306,706			251,815
Creditors: Amounts falling due within one year		7			(331,002)			(358,665)
Net liabilities					(24,296)			(106,850)
Capital and reserves
Called up share capital		8			1			1
Profit and loss account		9			(24,297)			(106,851)
Shareholder's deficit					(24,296)			(106,850)

The financial statements have been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

For the year ending 31 December 2015 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 of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised for issue by the director on 2 August 2016

.........................................
J Prosek
Director

The notes on pages 5 to 10 form an integral part of these financial statements.
Page 4

Prosek UK Limited
Notes to the Financial Statements
for the Year Ended 31 December 2015
(continued)

1	Accounting policies

Going concern

These financial statements have been prepared on a going concern concept on the basis that an undertaking under common control has agreed to continue to provide adequate funds to enable the company to meet its liabilities as they fall due.

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

A summary of the significant accounting policies which have been applied in the current year is set out below.

Exemption from preparing a cash flow statement

The company has taken advantage of the exemption conferred by the Financial Reporting Standard for Smaller Entities (effective January 2015), from presenting a cash flow statement on the grounds that it qualifies as a small company.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of services provided.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	33.3% straight line

Taxation

Corporation tax payable is provided on taxable profits at the current rate of tax. Deferred tax is provided in full on timing differences which represent a liability at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income or expenditure in tax computations in periods different from those in which they are included in the financial statements. Deferred tax assets and liabilities are not discounted.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Page 5

Prosek UK Limited
Notes to the Financial Statements
for the Year Ended 31 December 2015
(continued)

1	ACCOUNTING POLICIES (Continued)

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pensions

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

2	Operating Profit(loss)

Operating profit/(loss) is stated after charging:

		2015 £			2014 £
Foreign currency Gains		(216)			(1,807)
Depreciation of tangible fixed assets		-			203

3	Director's remuneration

No remuneration was paid to the director during the year (2014: nil).

Page 6

Prosek UK Limited
Notes to the Financial Statements
for the Year Ended 31 December 2015
(continued)

4

Taxation

Tax on profit/(loss) on ordinary activities

		2015 £			2014 £
Current tax
Corporation tax charge		6,509			-

Factors affecting current tax charge for the year

Tax on profit/(loss) on ordinary activities for the year is lower than (2014 - higher than) the standard rate of corporation tax in the UK of 20% (2014 - 20%).

The differences are reconciled below:

		2015 £			2014 £
Profit/(loss) on ordinary activities before taxation		89,063			(6,341)
Corporation tax at standard rate		17,813			(1,268)
Excess depreciation		-			40
Short term timing differences		(925)			925
Expenses not deductible for tax purposes		2,798			3,041
Utilisation of tax losses		(13,177)			(2,738)
Total current tax		6,509			-

5	Tangible fixed assets

		Office equipment £
Cost
At 1 January 2015 and 31 December 2015		611
Depreciation
At 1 January 2015 and 31 December 2015		611
Net book value
At 31 December 2015		-
At 31 December 2014		-

Page 7

Prosek UK Limited
Notes to the Financial Statements
for the Year Ended 31 December 2015
(continued)

6

Debtors

		2015 £			2014 £
Trade debtors		125,462			126,729
Other debtors		75,870			46,963
Prepayments		14,412			4,822
		215,744			178,514

7	Creditors: Amounts falling due within one year

		2015 £			2014 £
Trade creditors		-			1,671
Corporation tax		6,509			-
Other taxes and social security		4,969			1,090
Other creditors		317,324			353,329
Accruals		2,200			2,575
		331,002			358,665

8	Share capital

Allotted and called up shares

	2015		2014
	No.	£	No.	£
Ordinary share of £1	1	1	1	1

Page 8

Prosek UK Limited
Notes to the Financial Statements
for the Year Ended 31 December 2015
(continued)

9

Reserves

		Profit and loss account £
At 1 January 2015		(106,851)
Profit for the year		82,554
At 31 December 2015		(24,297)

10	Pension scheme

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £9,720 (2014 - £8,897).

Included in creditors are contributions totalling £nil (2014 - £4,625) payable to the scheme at the end of the period.

11	Commitments

Operating lease commitments

As at 31 December 2015 the company had annual commitments under non-cancellable operating leases as follows:

Operating leases which expire:

		2015 £			2014 £
Other
Within one year		452			-
Within two and five years		-			904
		452			904

Page 9

Prosek UK Limited
Notes to the Financial Statements
for the Year Ended 31 December 2015
(continued)

12	Related party transactions

At 31 December 2015 the company owed the director, J Prosek, £317,324 (2014- £317,324). The loan is unsecured, interest free and has no fixed repayment date or repayment schedule.

At 31 December 2015 the company was owed the sum of £139,520 (2014 - £18,664) by Prosek LLC, an undertaking under common control. The loan is unsecured, interest free and has no fixed repayment date or repayment schedule. During the year the company invoiced Prosek LLC £557,052 in respect of consultancy services and Prosek LLC levied management charges on the company of £74,560.

13

Control

The company is controlled by the director who owns 100% of the called up share capital.

Page 10