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Registration number: 10007258

PROC2W Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2022

 

PROC2W Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

PROC2W Limited

(Registration number: 10007258)
Balance Sheet as at 28 February 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

71,853

55,229

Current assets

 

Stocks

6

-

8,000

Debtors

7

566,531

859,226

Cash at bank and in hand

 

478,730

1,155,163

 

1,045,261

2,022,389

Creditors: Amounts falling due within one year

8

(183,597)

(1,533,261)

Net current assets

 

861,664

489,128

Total assets less current liabilities

 

933,517

544,357

Provisions for liabilities

(7,937)

(10,494)

Net assets

 

925,580

533,863

Capital and reserves

 

Called up share capital

1

1

Retained earnings

925,579

533,862

Shareholders' funds

 

925,580

533,863

For the financial year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 September 2022 and signed on its behalf by:
 

 

PROC2W Limited

(Registration number: 10007258)
Balance Sheet as at 28 February 2022

R N Howes
Company secretary and director

   
     
 

PROC2W Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of electrical bikes through the Cycle to Work scheme. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

PROC2W Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line basis

Office equipment

25% straight line basis

Computer equipment

33% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

PROC2W Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

3

Taxation

2022

2021

£

£

Corporation tax

93,881

94,738

Deferred tax

(2,557)

10,494

91,324

105,232

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2021 - 8).

5

Tangible assets

Computer equipment
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2021

6,654

1,345

62,754

70,753

Additions

1,805

6,172

32,000

39,977

At 28 February 2022

8,459

7,517

94,754

110,730

Depreciation

At 1 March 2021

3,634

1,009

10,881

15,524

Charge for the year

1,882

1,400

20,071

23,353

At 28 February 2022

5,516

2,409

30,952

38,877

Carrying amount

At 28 February 2022

2,943

5,108

63,802

71,853

At 28 February 2021

3,020

336

51,873

55,229

6

Stocks

2022
£

2021
£

Other inventories

-

8,000

 

PROC2W Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

7

Debtors

Current

2022
£

2021
£

Trade debtors

49,268

542,104

Prepayments

5,729

4,125

Other debtors

511,534

312,997

 

566,531

859,226

8

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

56,458

1,158,907

Taxation and social security

106,819

317,420

Other creditors

20,320

56,934

183,597

1,533,261

9

Related party transactions

Transactions with directors

2022

At 1 March 2021
£

Advances to director
£

At 28 February 2022
£

R N Howes

301,076

6,474

307,550

       
     

 

2021

At 1 March 2020
£

Advances to director
£

Repayments by director
£

At 28 February 2021
£

R N Howes

(234)

305,934

(4,624)

301,076

         
       

 

Other transactions with directors

R N Howes had a loan account with the company. At the balance sheet date the amount due from R N Howes was £307,550 (2021: £301,076). Interest was charged on the loan at the HMRC official rate.

Summary of transactions with other related parties

The company sells all of its bicycles to Green Commute Initiative Ltd, a company in which R N Howes is a director and shareholder; these sales total £14,819,411 (2021: £14,732,052).