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REGISTERED NUMBER: 07432911 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Prorite Limited

Prorite Limited (Registered number: 07432911)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Prorite Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: D Paradise
P Bar





REGISTERED OFFICE: Shadwell House
65 Lower Green Road
Rusthall
Tunbridge Wells
Kent
TN4 8TW





REGISTERED NUMBER: 07432911 (England and Wales)





ACCOUNTANTS: Peter Hodgson & Co.
Chartered Accountants
Shadwell House
65 Lower Green Road
Tunbridge Wells
Kent
TN4 8TW

Prorite Limited (Registered number: 07432911)

Statement of Financial Position
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 229,965 107,423

CURRENT ASSETS
Inventories 5,000 5,000
Debtors 5 2,589,732 2,171,543
Cash at bank 664,900 576,256
3,259,632 2,752,799
CREDITORS
Amounts falling due within one year 6 1,417,341 1,314,722
NET CURRENT ASSETS 1,842,291 1,438,077
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,072,256

1,545,500

CREDITORS
Amounts falling due after more than one
year

7

(233,038

)

(163,775

)

PROVISIONS FOR LIABILITIES 8 (43,238 ) (19,925 )
NET ASSETS 1,795,980 1,361,800

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 9 1,795,680 1,361,500
SHAREHOLDERS' FUNDS 1,795,980 1,361,800

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Prorite Limited (Registered number: 07432911)

Statement of Financial Position - continued
31 December 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 October 2023 and were signed on its behalf by:





P Bar - Director


Prorite Limited (Registered number: 07432911)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Prorite 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
There are no significant judgements or estimates pertaining to these accounts.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Functional currency
The functional currency used by the company is £ Sterling.

Prorite Limited (Registered number: 07432911)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments including cash and bank balances are disclosed at fair value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2021 - 8 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2022 132,821 20,019 152,840
Additions 160,520 - 160,520
At 31 December 2022 293,341 20,019 313,360
DEPRECIATION
At 1 January 2022 35,874 9,543 45,417
Charge for year 35,359 2,619 37,978
At 31 December 2022 71,233 12,162 83,395
NET BOOK VALUE
At 31 December 2022 222,108 7,857 229,965
At 31 December 2021 96,947 10,476 107,423

Included in fixed assets are commercial motor vehicles with an net book value of £183,605 which are financed under hire purchase agreements. The amount of finance outstanding at the balance sheet date amounted to £157,692.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 1,584,700 1,261,850
Due from related parties 968,324 885,717
Prepayments 36,708 23,976
2,589,732 2,171,543

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank & hire purchase finance 64,654 55,850
Trade creditors 629,788 574,098
Tax 336,602 266,601
Social security and other taxes 12,514 10,945
VAT 339,788 159,696
Due to related parties 30,345 242,428
Directors' current accounts 500 2,104
Accrued expenses 3,150 3,000
1,417,341 1,314,722

Prorite Limited (Registered number: 07432911)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank & hire purchase finance 233,038 163,775

8. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 43,238 19,925

Deferred
tax
£   
Balance at 1 January 2022 19,925
Provided during year 23,313
Balance at 31 December 2022 43,238

9. RESERVES
Retained
earnings
£   

At 1 January 2022 1,361,500
Profit for the year 1,688,180
Dividends (1,254,000 )
At 31 December 2022 1,795,680