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Registration number: 11833941

Proove Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Proove Holdings Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Proove Holdings Limited

Company Information

Directors

Mr D Jaiswal

Mr R Engledow

Registered office

21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

Accountants

Rotherham Taylor Limited
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

Proove Holdings Limited

(Registration number: 11833941)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

150,000

175,000

Tangible assets

5

561,057

464,701

Investments

6

5,000

5,000

 

716,057

644,701

Current assets

 

Debtors

7

633,920

632,920

Cash at bank and in hand

 

4,308

28,771

 

638,228

661,691

Creditors: Amounts falling due within one year

8

(649,470)

(557,640)

Net current (liabilities)/assets

 

(11,242)

104,051

Total assets less current liabilities

 

704,815

748,752

Creditors: Amounts falling due after more than one year

8

(68,318)

-

Provisions for liabilities

(57,610)

(57,610)

Net assets

 

578,887

691,142

Capital and reserves

 

Called up share capital

2,000

2,000

Profit and loss account

576,887

689,142

Total equity

 

578,887

691,142

For the financial year ending 28 February 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Proove Holdings Limited

(Registration number: 11833941)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 11 October 2023 and signed on its behalf by:
 

.........................................
Mr D Jaiswal
Director

   
     
 

Proove Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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:
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

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. Exemption has been taken under the provisions of the Companies Act 2006 from preparing consolidated financial statements. These financial statements therefore contain information about Proove Holdings Limited as an individual company and do not conatin consolidated financial information as the parent of a group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of management services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Proove Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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

Property improvements

Straight line over the term of the lease

Fixtures and fittings

10% on cost

Kitchen equipment

10% on cost

Computer equipment

33% on cost

Motor vehicles

25% reducing balance

Intangible assets

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

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

Intellectual property

10% on cost

Investments

Investments in subsidiary undertakings are shown at cost less provision for impairment.

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.

 

Proove Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Proove Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

3

Staff numbers

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

4

Intangible assets

Intellectual property
 £

Total
£

Cost or valuation

At 1 March 2022

250,000

250,000

At 28 February 2023

250,000

250,000

Amortisation

At 1 March 2022

75,000

75,000

Amortisation charge

25,000

25,000

At 28 February 2023

100,000

100,000

Carrying amount

At 28 February 2023

150,000

150,000

At 28 February 2022

175,000

175,000

 

Proove Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Tangible assets

Property Improvements
£

Fixtures and fittings
£

Kitchen equipment
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

239,948

220,282

48,441

8,003

9,583

526,257

Additions

64,950

43,196

8,062

490

91,178

207,876

Disposals

(19,512)

(10,533)

-

-

-

(30,045)

At 28 February 2023

285,386

252,945

56,503

8,493

100,761

704,088

Depreciation

At 1 March 2022

23,211

22,028

4,844

4,988

3,646

58,717

Charge for the year

28,539

25,294

5,650

1,168

24,279

84,930

Eliminated on disposal

-

(616)

-

-

-

(616)

At 28 February 2023

51,750

46,706

10,494

6,156

27,925

143,031

Carrying amount

At 28 February 2023

233,636

206,239

46,009

2,337

72,836

561,057

At 28 February 2022

208,898

198,254

43,597

3,015

10,937

464,701

 

Proove Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Investments

Investments
£

Total
£

Cost or valuation

At 1 March 2022

5,000

5,000

At 28 February 2023

5,000

5,000

Carrying amount

At 28 February 2023

5,000

5,000

7

Debtors

2023
£

2022
£

Trade debtors

33,384

13,737

Amounts owed by group undertakings

591,466

604,445

Prepayments

9,070

13,036

Other debtors

-

1,702

 

633,920

632,920

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

383,564

369,512

Trade creditors

 

41,061

30,815

Amounts owed to group undertakings

177,773

136,477

Taxation and social security

 

18,857

9,232

Accruals and deferred income

 

13,742

8,915

Other creditors

 

14,473

2,689

 

649,470

557,640

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

68,318

-

 

Proove Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

68,318

-

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

14,052

-

Directors' loan accounts

369,512

369,512

383,564

369,512

Directors' loan accounts are non-interest bearing and have no formal repayments terms.