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COMPANY REGISTRATION NUMBER: 2925732
Protechnic Limited
Filleted Unaudited Financial Statements
30 April 2022
Protechnic Limited
Statement of Financial Position
30 April 2022
2022
2021
Note
£
£
Fixed assets
Intangible assets
5
125,030
114,867
Tangible assets
6
661,052
686,449
---------
---------
786,082
801,316
Current assets
Stocks
289,352
195,691
Debtors
7
311,366
487,748
Cash at bank and in hand
121,998
235,324
---------
---------
722,716
918,763
Creditors: amounts falling due within one year
8
493,443
714,203
---------
---------
Net current assets
229,273
204,560
------------
------------
Total assets less current liabilities
1,015,355
1,005,876
Creditors: amounts falling due after more than one year
9
412,572
425,515
------------
------------
Net assets
602,783
580,361
------------
------------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
592,783
570,361
---------
---------
Shareholder funds
602,783
580,361
---------
---------
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 Section 1A of 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 income and retained earnings has not been delivered.
For the year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Protechnic Limited
Statement of Financial Position (continued)
30 April 2022
These financial statements were approved by the board of directors and authorised for issue on 27 August 2022 , and are signed on behalf of the board by:
Mr K Judson
Director
Company registration number: 2925732
Protechnic Limited
Notes to the Financial Statements
Year ended 30 April 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Rectory Road, Easton-In-Gordano, Bristol, BS20 0QB.
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.
Going concern
The accounts have been prepared on the going concern basis as, in the director's opinion, future projections and cash flows indicate the company is a going concern.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research and development expenditure is initially written off in the year in which it is incurred. Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward and amortisation is charged from that time over the lesser of the life of the project or five years.
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.
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:
Leasehold improvements
-
over the life of the lease
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
20% straight line
Computer equipment
-
20% straight line
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
The company operates a defined contribution scheme for the benefit of its employees. The costs of contributions are written off against profits in the year they are payable.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2021: 25 ).
5. Intangible assets
Development costs
£
Cost
At 1 May 2021
384,022
Additions
53,946
---------
At 30 April 2022
437,968
---------
Amortisation
At 1 May 2021
269,155
Charge for the year
43,783
---------
At 30 April 2022
312,938
---------
Carrying amount
At 30 April 2022
125,030
---------
At 30 April 2021
114,867
---------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 May 2021
425,565
628,195
13,193
9,000
2,150
1,078,103
Additions
20,420
88,465
3,771
112,656
---------
---------
--------
-------
-------
------------
At 30 Apr 2022
445,985
716,660
16,964
9,000
2,150
1,190,759
---------
---------
--------
-------
-------
------------
Depreciation
At 1 May 2021
110,955
269,347
10,407
900
45
391,654
Charge for the year
22,130
113,650
( 20)
1,800
493
138,053
---------
---------
--------
-------
-------
------------
At 30 Apr 2022
133,085
382,997
10,387
2,700
538
529,707
---------
---------
--------
-------
-------
------------
Carrying amount
At 30 Apr 2022
312,900
333,663
6,577
6,300
1,612
661,052
---------
---------
--------
-------
-------
------------
At 30 Apr 2021
314,610
358,848
2,786
8,100
2,105
686,449
---------
---------
--------
-------
-------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Long leasehold property
Plant and machinery
Total
£
£
£
At 30 April 2022
128,779
46,172
174,951
---------
--------
---------
At 30 April 2021
152,077
82,083
234,160
---------
--------
---------
7. Debtors
2022
2021
£
£
Trade debtors
229,632
412,011
Other debtors
81,734
75,737
---------
---------
311,366
487,748
---------
---------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
80,176
278,607
Trade creditors
220,400
322,571
Social security and other taxes
48,086
22,866
Other creditors
144,781
90,159
---------
---------
493,443
714,203
---------
---------
The bank loan is secured by a debenture comprising fixed and floating charges over all the assets and undertaking of the company.
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
250,000
298,130
Other creditors
162,572
127,385
---------
---------
412,572
425,515
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
5,559
5,559
Later than 1 year and not later than 5 years
5,096
10,655
--------
--------
10,655
16,214
--------
--------
11. Related party transactions
The director is also a director and shareholder of Protechnic Investments Ltd. Rental and management charges have been levied during the year totalling £210,000 (2021: £183,500). At 30 April 2022, the company was owed by Protechnic Investments Ltd £22,500 (2021: £18,252) and this amount is included in debtors in these financial statements. No interest has been charged on this loan.