Prolant Limited Filleted accounts for Companies House (small and micro)

false false false false false false false false false true false false false false false false false No description of principal activity 2016-11-01 Sage Accounts Production Advanced 2018 - FRS 24,461 3,294 21,167 xbrli:pure xbrli:shares iso4217:GBP 07421992 2016-11-01 2017-10-31 07421992 2017-10-31 07421992 2016-10-31 07421992 2015-11-01 2016-10-31 07421992 2016-10-31 07421992 bus:Director1 2016-11-01 2017-10-31 07421992 core:LandBuildings 2017-10-31 07421992 core:DeferredTaxation 2016-11-01 2017-10-31 07421992 core:AfterOneYear 2017-10-31 07421992 core:AfterOneYear 2016-10-31 07421992 core:WithinOneYear 2017-10-31 07421992 core:WithinOneYear 2016-10-31 07421992 core:ShareCapital 2017-10-31 07421992 core:ShareCapital 2016-10-31 07421992 core:RevaluationReserve 2017-10-31 07421992 core:RestatedAmount core:RevaluationReserve 2016-10-31 07421992 core:RetainedEarningsAccumulatedLosses 2017-10-31 07421992 core:RetainedEarningsAccumulatedLosses 2016-10-31 07421992 core:RestatedAmount 2016-10-31 07421992 core:UKTax 2015-11-01 2016-10-31 07421992 core:LandBuildings 2016-10-31 07421992 core:DeferredTaxation 2016-10-31 07421992 core:DeferredTaxation 2017-10-31 07421992 bus:SmallEntities 2016-11-01 2017-10-31 07421992 bus:AuditExemptWithAccountantsReport 2016-11-01 2017-10-31 07421992 bus:FullAccounts 2016-11-01 2017-10-31 07421992 bus:SmallCompaniesRegimeForAccounts 2016-11-01 2017-10-31 07421992 bus:PrivateLimitedCompanyLtd 2016-11-01 2017-10-31 07421992 core:OfficeEquipment 2017-10-31 07421992 core:OfficeEquipment 2016-10-31 07421992 core:OfficeEquipment 2016-11-01 2017-10-31

COMPANY REGISTRATION NUMBER: 07421992

Prolant Limited

Filleted Unaudited Financial Statements

31 October 2017

Prolant Limited

Statement of Financial Position

31 October 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		600,984	601,230

Current assets

Debtors	6	2,098	145
Cash at bank and in hand		50,086	409,285
		---------	---------
		52,184	409,430

Creditors: amounts falling due within one year	7	2,130		3,148
		---------		---------
Net current assets			50,054	406,282
			---------	------------
Total assets less current liabilities			651,038	1,007,512

Creditors: amounts falling due after more than one year	8		466,368	817,174

Provisions

Taxation including deferred tax	9	21,167	24,461
		---------	------------
Net assets		163,503	165,877
		---------	------------

Capital and reserves

Called up share capital		100	100
Fair value revaluation reserve	10	153,895	153,895
Profit and loss account	10	9,508	11,882
		---------	---------
Shareholders funds		163,503	165,877
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

Prolant Limited

Statement of Financial Position (continued)

31 October 2017

These financial statements were approved by the board of directors and authorised for issue on 13 July 2018 , and are signed on behalf of the board by:

Mr E Eugenio
Director

Company registration number: 07421992

Prolant Limited

Notes to the Financial Statements

Year ended 31 October 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 767 - 769 High Road, North Finchley, London, N12 8JY.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Office Equipment	-	20% on Written Down Value

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in Fair Value Revaluation Reserve.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tax on (loss)/profit

Major components of tax (income)/expense

	2017	2016
	£	£

Current tax:

Adjustments in respect of prior periods	–	47

Deferred tax:

Origination and reversal of timing differences	( 3,294)	1,190
	---------	---------
Tax on (loss)/profit	( 3,294)	1,237
	---------	---------

5. Tangible assets

	Freehold Investment Property	Equipment	Total
	£	£	£
Cost
At 1 November 2016 and 31 October 2017	600,000	4,192	604,192
	---------	---------	---------
Depreciation
At 1 November 2016	–	2,962	2,962
Charge for the year	–	246	246
	---------	---------	---------
At 31 October 2017	–	3,208	3,208
	---------	---------	---------
Carrying amount
At 31 October 2017	600,000	984	600,984
	---------	---------	---------
At 31 October 2016	600,000	1,230	601,230
	---------	---------	---------

6. Debtors

	2017	2016
	£	£
Other debtors	2,098	145
	---------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Other creditors	2,130	3,148
	---------	---------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	446,600	446,600
Other creditors	19,768	370,574
	---------	---------
	466,368	817,174
	---------	---------

The bank loan is secured by a First Legal Charge over the freehold property of the company.

9. Provisions

	Deferred tax
	£
At 1 November 2016	24,461
Additions	( 3,294)
	---------
At 31 October 2017	21,167
	---------

10. Reserves

Fair value revaluation reserve - This reserve records the value of investment asset revaluations and fair value movements on investment assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated profits or losses.

11. Related party transactions

The company was under the control of Mr E Eugenio throughout the current year. Mr Eugenio is the managing director and majority shareholder.