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Registration number: 02895580

Prode Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Prode Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Prode Limited

Company Information

Director

Mr P Butschok

Registered office

Ormerod House
Little Queen Street
Primet Bridge
Colne
Lancashire
BB8 8EE

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Prode Limited
for the Year Ended 31 January 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Prode Limited for the year ended 31 January 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Prode Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Prode Limited and state those matters that we have agreed to state to the Board of Directors of Prode Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prode Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Prode Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Prode Limited. You consider that Prode Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Prode Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

25 October 2023

 

Prode Limited

(Registration number: 02895580)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

8,428

9,112

Current assets

 

Stocks

6

1,970

2,260

Debtors

7

4,264

84

Cash at bank and in hand

 

4,929

4,140

 

11,163

6,484

Creditors: Amounts falling due within one year

8

(56,292)

(44,589)

Net current liabilities

 

(45,129)

(38,105)

Total assets less current liabilities

 

(36,701)

(28,993)

Provisions for liabilities

14,344

12,879

Net liabilities

 

(22,357)

(16,114)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(22,457)

(16,214)

Shareholders' deficit

 

(22,357)

(16,114)

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director on 25 October 2023
 

.........................................
Mr P Butschok
Director

 

Prode Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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:
Ormerod House
Little Queen Street
Primet Bridge
Colne
Lancashire
BB8 8EE

The principal place of business is:
Crane Works,
Little Queen Street,
Primet Bridge,
Colne,
Lancashire.
BB8 8EE

These financial statements were authorised for issue by the director on 25 October 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis.
The company is reliant upon the support of its director. The director has a reasonable expectation that the company has adequate resources available to continue in operational existence for the foreseeable future, thus he continues to adopt the going concern basis of accounting in preparing the annual financial statements.

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.

 

Prode Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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

Plant and machinery

15% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

20% straight line

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Prode Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 4 (2022 - 4).

4

Intangible assets

Development costs
 £

Total
£

Cost or valuation

At 1 February 2022

25,650

25,650

At 31 January 2023

25,650

25,650

Amortisation

At 1 February 2022

25,650

25,650

At 31 January 2023

25,650

25,650

Carrying amount

At 31 January 2023

-

-

 

Prode Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2022

26,024

26,024

At 31 January 2023

26,024

26,024

Depreciation

At 1 February 2022

16,912

16,912

Charge for the year

684

684

At 31 January 2023

17,596

17,596

Carrying amount

At 31 January 2023

8,428

8,428

At 31 January 2022

9,112

9,112

6

Stocks

2023
£

2022
£

Other inventories

1,970

2,260

7

Debtors

2023
£

2022
£

Trade debtors

4,264

84

4,264

84

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

138

296

Taxation and social security

9,668

6,497

Accruals and deferred income

16,665

15,970

Other creditors

29,821

21,826

56,292

44,589

 

Prode Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

9

Related party transactions

Summary of transactions with entities with joint control or significant interest

Aaken Engineering
 The Director is a partner in Aaken Engineering.

Amounts recharged by Aaken Engineering during the year totalled £6,670 (2022 - £6,495).
At the balance sheet date the amount due to Aaken Engineering was £29,086 (2022 - £16,840).