Company registration number 03186409 (England and Wales)
Prosell Building Products Ltd
Unaudited
financial statements
for the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Prosell Building Products Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Prosell Building Products Ltd
Statement of financial position
as at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
118,711
95,729
Current assets
Stocks
654,979
619,673
Debtors
4
536,262
615,371
Cash at bank and in hand
47,024
22,388
1,238,265
1,257,432
Creditors: amounts falling due within one year
5
(1,137,778)
(1,114,570)
Net current assets
100,487
142,862
Total assets less current liabilities
219,198
238,591
Creditors: amounts falling due after more than one year
6
(30,526)
(53,584)
Provisions for liabilities
(15,862)
(17,108)
Net assets
172,810
167,899
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
172,710
167,799
Total equity
172,810
167,899
Prosell Building Products Ltd
Statement of financial position (continued)
as at 31 December 2023
- 2 -
For the financial year ended 31 December 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 members have 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.
The financial statements were approved and signed by the director and authorised for issue on 4 March 2024
A J Skelton
Director
Company Registration No. 03186409
Prosell Building Products Ltd
Notes to the financial statements
for the year ended 31 December 2023
- 3 -
1
Accounting policies
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.
Turnover
Turnover represents the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT. Turnover is recognised on the provision of goods and services.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
- 20% reducing balance and 33.33% straight line
Fixtures, fittings & equipment
- 20% reducing balance and 33.33% straight line
Motor vehicles
- 25% reducing balance
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.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 is recognised on all timing differences between the carrying amount of of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is then settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the end of the reporting period.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Prosell Building Products Ltd
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies
(continued)
- 4 -
Hire purchases
Assets obtained under hire purchase contracts are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account on a straight line basis over the period of the agreement.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 28 (2022 - 36).
2023
2022
Number
Number
Total
28
36
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
94,220
85,833
123,025
303,078
Additions
31,200
20,995
52,195
Disposals
(12,995)
(12,995)
At 31 December 2023
94,220
117,033
131,025
342,278
Depreciation and impairment
At 1 January 2023
86,687
48,703
71,959
207,349
Depreciation charged in the year
1,512
7,428
16,418
25,358
Eliminated in respect of disposals
(9,140)
(9,140)
At 31 December 2023
88,199
56,131
79,237
223,567
Carrying amount
At 31 December 2023
6,021
60,902
51,788
118,711
At 31 December 2022
7,533
37,130
51,066
95,729
Prosell Building Products Ltd
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
429,576
489,756
Corporation tax recoverable
23,759
Amounts owed by parent undertaking
54,276
54,276
Other debtors
40,500
39,700
Prepayments and accrued income
11,910
7,880
536,262
615,371
5
Creditors: amounts falling due within one year
2023
2022
£
£
Factoring advance
273,044
241,359
Bank loans and overdrafts
21,968
46,467
Obligations under hire purchases
18,712
17,313
Trade creditors
709,724
701,448
Other taxation and social security
52,367
92,692
Other creditors
5,226
6,231
Accruals and deferred income
56,737
9,060
1,137,778
1,114,570
The bank borrowings, factoring advance and obligations under hire purchases are secured.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,998
38,943
Obligations under hire purchases
13,528
14,641
30,526
53,584
The bank borrowings and obligations under hire purchases are secured.
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
15,862
17,108
Prosell Building Products Ltd
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 6 -
8
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
9
Parent company
The parent company of Prosell Building Products Limited is Prosell Holdings Ltd and its registered office is West House, King Cross Road, Halifax, HX1 1EB.
10
Company information
Prosell Building Products Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Queens Square Mill, Huddersfield Road, Honley, Holmfirth, West Yorkshire, HD9 6QZ.