Company registration number 11901272 (England and Wales)
PROVOST DEVELOPMENTS (BOUGHROOD) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
PROVOST DEVELOPMENTS (BOUGHROOD) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PROVOST DEVELOPMENTS (BOUGHROOD) LTD
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Stocks
32,169
Debtors
3
50
74,810
Cash at bank and in hand
739
840
789
107,819
Creditors: amounts falling due within one year
4
(72,106)
(79,770)
Net current (liabilities)/assets
(71,317)
28,049
Creditors: amounts falling due after more than one year
5
(40,178)
(45,833)
Net liabilities
(111,495)
(17,784)
Capital and reserves
Called up share capital
6
3
3
Profit and loss reserves
(111,498)
(17,787)
Total equity
(111,495)
(17,784)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 September 2022 and are signed on its behalf by:
Mr M P Hoyle
Director
Company Registration No. 11901272
PROVOST DEVELOPMENTS (BOUGHROOD) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
Provost Developments (Boughrood) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 147 Whiteladies Road, Bristol, BS8 2QT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
PROVOST DEVELOPMENTS (BOUGHROOD) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
3
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
16,222
Other debtors
50
58,588
50
74,810
4
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
5,686
4,167
Trade creditors
4,588
16
Amounts owed to group undertakings
61,232
74,987
Other creditors
600
600
72,106
79,770
5
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
40,178
45,833
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
15,496
25,833
PROVOST DEVELOPMENTS (BOUGHROOD) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
3
3
3
3
7
Parent company
The parent company is Provost Holdings Limited, whose registered office address is 147 Whiteladies Road, Bristol, BS8 2QT.