ACCOUNTS - Final Accounts preparation

PRAS MANAGEMENT SOLUTIONS LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-09-302017-09-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2016-10-01 06706220 2016-10-01 2017-09-30 06706220 2017-09-30 06706220 2015-10-01 2016-09-30 06706220 2016-09-30 06706220 c:Director1 2016-10-01 2017-09-30 06706220 d:CurrentFinancialInstruments 2017-09-30 06706220 d:CurrentFinancialInstruments 2016-09-30 06706220 d:CurrentFinancialInstruments d:WithinOneYear 2017-09-30 06706220 d:CurrentFinancialInstruments d:WithinOneYear 2016-09-30 06706220 d:ShareCapital 2017-09-30 06706220 d:ShareCapital 2016-09-30 06706220 d:RetainedEarningsAccumulatedLosses 2017-09-30 06706220 d:RetainedEarningsAccumulatedLosses 2016-09-30 06706220 c:FRS102 2016-10-01 2017-09-30 06706220 c:AuditExempt-NoAccountantsReport 2016-10-01 2017-09-30 06706220 c:FullAccounts 2016-10-01 2017-09-30 06706220 c:PrivateLimitedCompanyLtd 2016-10-01 2017-09-30 iso4217:GBP xbrli:pure

Registered number: 06706220

PRAS MANAGEMENT SOLUTIONS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

PRAS MANAGEMENT SOLUTIONS LIMITED

REGISTERED NUMBER: 06706220

BALANCE SHEET

AS AT 30 SEPTEMBER 2017

		2017		2016
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	353		10,000
Cash at bank and in hand	5	56,797		14,062
		57,150		24,062
Creditors: amounts falling due within one year	6	(36,252)		(22,162)
Net current assets			20,898		1,900
Total assets less current liabilities			20,898		1,900

Net assets			20,898		1,900

Capital and reserves
Called up share capital	2	2
Profit and loss account	20,896	1,898
	20,898	1,900

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 June 2018.

P Rigby

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

PRAS MANAGEMENT SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

1.	General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no. 06706220). The address of the registered office is The Plaza, 100 Old Hall Street, Liverpool, Merseyside, United Kingdom, L3 9QJ.
These financial statements present information about the company as an individual undertaking. It is not a member of a group of companies.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

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.

2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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PRAS MANAGEMENT SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

2.Accounting policies (continued)

2.5

Creditors

Short term 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.

2.6

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2.7

Taxation

Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Employees

The average monthly number of employees, including directors, during the year was 2 (2016 - 2).

Debtors

					2017	2016
					£	£


Other debtors	353	10,000
	353	10,000

5.	Cash and cash equivalents
		2017	2016
		£	£

Cash at bank and in hand	56,797	14,062
	56,797	14,062

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PRAS MANAGEMENT SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

6.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Corporation tax	5,254	14,159
Other taxation and social security	840	840
Other creditors	20,308	185
Accruals and deferred income	9,850	6,979
	36,252	22,163

7.	First time adoption of FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

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