Proak Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05913398 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

PROAK LTD

Page

Balance sheet

1

Notes to the financial statements

2

Current assets

Debtors

4

1,166

61,367

Cash at bank

495

7,199

1,661

68,566

Creditors

Amounts falling due within one year

5

1,660

27,856

Net current assets

1

40,710

Total assets less current liabilities

1

40,710

Capital and reserves

Called up share capital

6

1

1

Retained earnings

-

40,709

Shareholders' funds

1

40,710

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the director on 7 December 2017 and were signed by:

Mr M Curtis - Director

1.	Statutory information

Proak Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is

05913398. The registered office is 7 & 8 Church Street, Wimborne, Dorset, BH21 1JH and business address is Suite 1, 49

High West Street, Dorchester, DT1 1UT.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The company is a wholly owned subsidiary and the parent company has taken the option under S398 of the Companies Act

2006 not to prepare consolidated financial statements.

Turnover

Turnover represents net invoiced sales of building supplies, excluding value added tax.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or

past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that

have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of

current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing

differences are differences between taxable profits and total comprehensive income as stated in the financial statements

that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are

recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet

date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible

fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Financial instruments

Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the

contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract

that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any

losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was NIL (2016 - 1 ).

4.

Debtors: amounts falling due within one year

2017

2016

£

£

Amounts owed by group undertakings

-

59,784

VAT

1,166

1,583

1,166

61,367

5.

Creditors: amounts falling due within one year

2017

2016

£

£

Amounts owed to group undertakings

1,660

4,300

Accruals and deferred income

-

23,556

1,660

27,856

6.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1

Ordinary

£1

1

1

7.	Ultimate controlling party

The ultimate controlling party is Mr M Curtis by virtue of his 100% shareholding in the parent company, Redtale Holdings

Ltd.