Company registration number SC234974 (Scotland)
PROTEC FACILITIES MANAGEMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PROTEC FACILITIES MANAGEMENT LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 11
PROTEC FACILITIES MANAGEMENT LTD
COMPANY INFORMATION
- 1 -
Director
Mr MJ Heneaghan
Secretary
Mrs A Heneaghan
Company number
SC234974
Registered office
217 Maclellan Street
Glasgow
Lanarkshire
United Kingdom
G41 1RR
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
PROTEC FACILITIES MANAGEMENT LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
80,575
93,825
Tangible assets
4
318,195
149,786
398,770
243,611
Current assets
Stocks
1,350
1,250
Debtors
5
2,474,803
1,527,718
Cash at bank and in hand
488,606
913,986
2,964,759
2,442,954
Creditors: amounts falling due within one year
6
(1,222,824)
(941,237)
Net current assets
1,741,935
1,501,717
Total assets less current liabilities
2,140,705
1,745,328
Creditors: amounts falling due after more than one year
7
(126,209)
(169,504)
Provisions for liabilities
8
(74,053)
(31,357)
Net assets
1,940,443
1,544,467
Capital and reserves
Called up share capital
10
5
5
Profit and loss reserves
1,940,438
1,544,462
Total equity
1,940,443
1,544,467

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

PROTEC FACILITIES MANAGEMENT LTD
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 31 January 2024 and are signed on its behalf by:
Mr MJ Heneaghan
Director
Company Registration No. SC234974
PROTEC FACILITIES MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
1
Accounting policies
Company information

Protec Facilities Management Ltd is a private company limited by shares incorporated in Scotland. The registered office is 217 Maclellan Street, Glasgow, Lanarkshire, United Kingdom, G41 1RR. The company's registration number is SC234974.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for facilities support services provided in the normal course of business, and is shown net of VAT. Sales are recognised at the point at which the company has fulfilled its contractual obligations to the customer.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
10% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

PROTEC FACILITIES MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

PROTEC FACILITIES MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.

 

Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

PROTEC FACILITIES MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Total
249
209
3
Intangible fixed assets
Goodwill
Patents & licences
Total
£
£
£
Cost
At 1 October 2022
237,000
-
0
237,000
Additions
-
0
10,461
10,461
At 30 September 2023
237,000
10,461
247,461
Amortisation and impairment
At 1 October 2022
143,175
-
0
143,175
Amortisation charged for the year
23,700
11
23,711
At 30 September 2023
166,875
11
166,886
Carrying amount
At 30 September 2023
70,125
10,450
80,575
At 30 September 2022
93,825
-
0
93,825
PROTEC FACILITIES MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
4
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 October 2022
100,336
169,627
269,963
Additions
250,195
-
0
250,195
At 30 September 2023
350,531
169,627
520,158
Depreciation and impairment
At 1 October 2022
37,483
82,694
120,177
Depreciation charged in the year
52,310
29,476
81,786
At 30 September 2023
89,793
112,170
201,963
Carrying amount
At 30 September 2023
260,738
57,457
318,195
At 30 September 2022
62,853
86,933
149,786
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,454,720
1,527,718
Other debtors
20,083
-
0
2,474,803
1,527,718
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
37,500
37,500
Trade creditors
226,807
107,043
Taxation and social security
541,287
427,763
Other creditors
417,230
368,931
1,222,824
941,237

The bank loan is secured by a bond and floating charge over the assets of the company.

 

Included within other creditors are amounts totalling £74,847 (2022 - £54,540) relating to hire purchase contracts which are secured over the assets to which they relate.

PROTEC FACILITIES MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
65,625
103,125
Other creditors
60,584
66,379
126,209
169,504

The bank loan is secured by a bond and floating charge over the assets of the company.

 

Included within other creditors are amounts totalling £60,584 (2022 - £66,379) relating to hire purchase contracts which are secured over the assets to which they relate.

8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
9
74,053
31,357
9
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2023
2022
Balances:
£
£
Accelerated capital allowances
74,053
31,357
2023
Movements in the year:
£
Liability at 1 October 2022
31,357
Charge to profit or loss
42,696
Liability at 30 September 2023
74,053
PROTEC FACILITIES MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 10 -
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 A Ordinary share of £1
1
1
1 B Ordinary share of £1
1
1
1 C Ordinary share of £1
1
1
1 D Ordinary share of £1
1
1
1 E Ordinary share of £1
1
1
5
5
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
120,976
110,088
PROTEC FACILITIES MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 11 -
12
Related party transactions

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.

 

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

2023-09-302022-10-01false05 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr MJ HeneaghanMrs Alison HeneaghanMrs A HeneaghanfalseSC2349742022-10-012023-09-30SC234974bus:Director12022-10-012023-09-30SC234974bus:CompanySecretary12022-10-012023-09-30SC234974bus:Director22022-10-012023-09-30SC234974bus:RegisteredOffice2022-10-012023-09-30SC2349742023-09-30SC2349742022-09-30SC234974core:Goodwill2023-09-30SC234974core:PatentsTrademarksLicencesConcessionsSimilar2023-09-30SC234974core:Goodwill2022-09-30SC234974core:PatentsTrademarksLicencesConcessionsSimilar2022-09-30SC234974core:PlantMachinery2023-09-30SC234974core:MotorVehicles2023-09-30SC234974core:PlantMachinery2022-09-30SC234974core:MotorVehicles2022-09-30SC234974core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-30SC234974core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-30SC234974core:Non-currentFinancialInstrumentscore:AfterOneYear2023-09-30SC234974core:Non-currentFinancialInstrumentscore:AfterOneYear2022-09-30SC234974core:CurrentFinancialInstruments2023-09-30SC234974core:CurrentFinancialInstruments2022-09-30SC234974core:Non-currentFinancialInstruments2023-09-30SC234974core:Non-currentFinancialInstruments2022-09-30SC234974core:ShareCapital2023-09-30SC234974core:ShareCapital2022-09-30SC234974core:RetainedEarningsAccumulatedLosses2023-09-30SC234974core:RetainedEarningsAccumulatedLosses2022-09-30SC234974core:ShareCapitalOrdinaryShares2023-09-30SC234974core:ShareCapitalOrdinaryShares2022-09-30SC234974core:Goodwill2022-10-012023-09-30SC234974core:IntangibleAssetsOtherThanGoodwill2022-10-012023-09-30SC234974core:PatentsTrademarksLicencesConcessionsSimilar2022-10-012023-09-30SC234974core:PlantMachinery2022-10-012023-09-30SC234974core:MotorVehicles2022-10-012023-09-30SC2349742021-09-012022-09-30SC234974core:Goodwill2022-09-30SC234974core:PatentsTrademarksLicencesConcessionsSimilar2022-09-30SC2349742022-09-30SC234974core:Goodwillcore:ExternallyAcquiredIntangibleAssets2022-10-012023-09-30SC234974core:PatentsTrademarksLicencesConcessionsSimilarcore:ExternallyAcquiredIntangibleAssets2022-10-012023-09-30SC234974core:ExternallyAcquiredIntangibleAssets2022-10-012023-09-30SC234974core:PlantMachinery2022-09-30SC234974core:MotorVehicles2022-09-30SC234974core:WithinOneYear2023-09-30SC234974core:WithinOneYear2022-09-30SC234974bus:PrivateLimitedCompanyLtd2022-10-012023-09-30SC234974bus:SmallCompaniesRegimeForAccounts2022-10-012023-09-30SC234974bus:FRS1022022-10-012023-09-30SC234974bus:AuditExemptWithAccountantsReport2022-10-012023-09-30SC234974bus:FullAccounts2022-10-012023-09-30xbrli:purexbrli:sharesiso4217:GBP