ProGARM Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08552746 (England and Wales)

ProGARM Limited

Unaudited Financial Statements for the Year Ended 31st December 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A Arnett

REGISTERED OFFICE:

Unicorn House

Broad Lane

Gilberdyke

East Yorkshire

HU15 2TS

REGISTERED NUMBER:

08552746 (England and Wales)

ACCOUNTANTS:

Smailes Goldie

Chartered Accountants

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

55,573

93,187

55,573

93,187

CURRENT ASSETS

Stocks

1,564,720

1,303,271

Debtors

6

1,271,652

773,041

Cash at bank and in hand

153,898

176,538

2,990,270

2,252,850

CREDITORS

Amounts falling due within one year

7

1,056,047

900,713

NET CURRENT ASSETS

1,934,223

1,352,137

TOTAL ASSETS LESS CURRENT LIABILITIES

1,989,796

1,445,324

CREDITORS

Amounts falling due after more than one year

8

(322,780

)

(459,094

)

PROVISIONS FOR LIABILITIES

-

(4,791

)

NET ASSETS

1,667,016

981,439

CAPITAL AND RESERVES

Called up share capital

110

110

Share premium

7,190

7,190

Deferred Shares

200,000

200,000

Retained earnings

1,459,716

774,139

SHAREHOLDERS' FUNDS

1,667,016

981,439

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 23rd August 2018 and were signed by:

A Arnett - Director

1.	STATUTORY INFORMATION

ProGARM Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

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.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, was

amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost, 25% on reducing balance and 25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss

Account, 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.

Deferred tax

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 year 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.

Foreign currencies

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 of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution plan for the benefit of its employees. Contributions are

expensed as they become payable.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at

each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's

cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount

exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is

carried at a revalued amount where the impairment loss is a revaluation decrease.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are

recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss

account in other administrative expenses.

Leasing

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease

term and the expected useful life of the asset. Minimum lease payments are apportioned between the

finance charge and the reduction of the outstanding lease liability using the effective interest method.

The related obligations, net of future finance charges, are included in creditors.

Rentals payable under operating leases are charged to the profit and loss account on a straight line

basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2016 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2017

and 31st December 2017

120,000

AMORTISATION

At 1st January 2017

and 31st December 2017

120,000

NET BOOK VALUE

At 31st December 2017

-

At 31st December 2016

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2017

171,622

Additions

8,806

Disposals

(50,644

)

At 31st December 2017

129,784

DEPRECIATION

At 1st January 2017

78,435

Charge for year

33,417

Eliminated on disposal

(37,641

)

At 31st December 2017

74,211

NET BOOK VALUE

At 31st December 2017

55,573

At 31st December 2016

93,187

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,182,016

684,541

Other debtors

89,636

88,500

1,271,652

773,041

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Finance leases (see note 9)

8,781

21,370

Trade creditors

318,183

529,246

Taxation and social security

473,528

266,605

Other creditors

255,555

83,492

1,056,047

900,713

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Finance leases (see note 9)

641

15,534

Other creditors

322,139

443,560

322,780

459,094

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

2017

2016

£

£

Net obligations repayable:

Within one year

8,781

21,370

Between one and five years

641

15,534

9,422

36,904

Non-cancellable

operating leases

2017

2016

£

£

Between one and five years

10,668

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Finance leases

9,422

36,904

Finance lease liabilities are secured on the related asset.

11.	OTHER FINANCIAL COMMITMENTS

Within other creditors is an amount of £160 (2016 £711) relating to pension contributions yet to be paid

at the year end.