Registered number
08474390
Proseptic Limited
Filleted Accounts
30 April 2023
Proseptic Limited
Registered number: 08474390
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 78,332 80,315
Current assets
Stocks 11,465 12,283
Debtors 4 80,607 163,512
Cash at bank and in hand 36,056 358,553
128,128 534,348
Creditors: amounts falling due within one year 5 (325,489) (476,448)
Net current (liabilities)/assets (197,361) 57,900
Total assets less current liabilities (119,029) 138,215
Creditors: amounts falling due after more than one year 6 (116,759) (123,331)
Net (liabilities)/assets (235,788) 14,884
Capital and reserves
Called up share capital 200 200
Profit and loss account (235,988) 14,684
Shareholders' funds (235,788) 14,884
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T Roach
Director
Approved by the board on 8 September 2023
Proseptic Limited
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Going Concern
The company meets its day to day requirements through the continued support of the creditors, the bank and the shareholders. The directors consider that the company will operate within its current facilities. However, the margin of facilities over the requirements is not large and, inherently, there can be no certainty to these matters. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustment that would result in a withdrawal of the support of the creditors, the bank or the shareholders.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 12
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2022 21,392 78,864 43,987 144,243
Additions - 25,324 10,500 35,824
Disposals - - (8,998) (8,998)
At 30 April 2023 21,392 104,188 45,489 171,069
Depreciation
At 1 May 2022 5,348 40,284 18,296 63,928
Charge for the year 5,348 19,807 11,152 36,307
On disposals - - (7,498) (7,498)
At 30 April 2023 10,696 60,091 21,950 92,737
Net book value
At 30 April 2023 10,696 44,097 23,539 78,332
At 30 April 2022 16,044 38,580 25,691 80,315
4 Debtors 2023 2022
£ £
Trade debtors 50,331 137,598
Other debtors 30,276 25,914
80,607 163,512
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 15,331 36,000
Obligations under finance lease and hire purchase contracts 4,683 20,982
Trade creditors 139,716 141,639
Taxation and social security costs 102,097 95,659
Other creditors 63,662 182,168
325,489 476,448
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 92,669 108,000
Obligations under finance lease and hire purchase contracts 8,759 -
Falling due after one year 15,331 15,331
116,759 123,331
7 Other information
Proseptic Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2
Dores Lane
Braishfield
Romsey
SO51 0QJ
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