Silverfin false false 30/09/2023 01/10/2022 30/09/2023 Mr D Bowdery 10/04/2001 Mr N Nethercot 10/04/2001 05 April 2024 The principal activity of the Company during the financial year is the wholesale of musical instrument cases. 04197826 2023-09-30 04197826 bus:Director1 2023-09-30 04197826 bus:Director2 2023-09-30 04197826 2022-09-30 04197826 core:CurrentFinancialInstruments 2023-09-30 04197826 core:CurrentFinancialInstruments 2022-09-30 04197826 core:Non-currentFinancialInstruments 2023-09-30 04197826 core:Non-currentFinancialInstruments 2022-09-30 04197826 core:ShareCapital 2023-09-30 04197826 core:ShareCapital 2022-09-30 04197826 core:RetainedEarningsAccumulatedLosses 2023-09-30 04197826 core:RetainedEarningsAccumulatedLosses 2022-09-30 04197826 core:PlantMachinery 2022-09-30 04197826 core:PlantMachinery 2023-09-30 04197826 bus:OrdinaryShareClass1 2023-09-30 04197826 2022-10-01 2023-09-30 04197826 bus:FilletedAccounts 2022-10-01 2023-09-30 04197826 bus:SmallEntities 2022-10-01 2023-09-30 04197826 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 04197826 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 04197826 bus:Director1 2022-10-01 2023-09-30 04197826 bus:Director2 2022-10-01 2023-09-30 04197826 core:PlantMachinery 2022-10-01 2023-09-30 04197826 2021-10-01 2022-09-30 04197826 core:Non-currentFinancialInstruments 2022-10-01 2023-09-30 04197826 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 04197826 bus:OrdinaryShareClass1 2021-10-01 2022-09-30 04197826 1 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04197826 (England and Wales)

PROTECTION RACKET LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

PROTECTION RACKET LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

PROTECTION RACKET LIMITED

BALANCE SHEET

As at 30 September 2023
PROTECTION RACKET LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 7,105 8,359
7,105 8,359
Current assets
Debtors 4 275,901 334,140
Cash at bank and in hand 164,572 169,957
440,473 504,097
Creditors: amounts falling due within one year 5 ( 216,882) ( 191,350)
Net current assets 223,591 312,747
Total assets less current liabilities 230,696 321,106
Creditors: amounts falling due after more than one year 6 ( 127,692) ( 217,656)
Provision for liabilities ( 920) 4,858
Net assets 102,084 108,308
Capital and reserves
Called-up share capital 7 999 999
Profit and loss account 101,085 107,309
Total shareholder's funds 102,084 108,308

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

Directors' responsibilities:

The financial statements of Protection Racket Limited (registered number: 04197826) were approved and authorised for issue by the Board of Directors on 05 April 2024. They were signed on its behalf by:

Mr N Nethercot
Director
PROTECTION RACKET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
PROTECTION RACKET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Protection Racket Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom. The principal place of business is PO Box 180, Launceston, Cornwall, PL15 0BX.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 October 2022 29,835 29,835
At 30 September 2023 29,835 29,835
Accumulated depreciation
At 01 October 2022 21,476 21,476
Charge for the financial year 1,254 1,254
At 30 September 2023 22,730 22,730
Net book value
At 30 September 2023 7,105 7,105
At 30 September 2022 8,359 8,359

4. Debtors

2023 2022
£ £
Trade debtors 209,130 262,126
Amounts owed by Group undertakings 58,563 58,683
Other debtors 8,208 13,331
275,901 334,140

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 49,792 9,628
Trade creditors 155,327 150,117
Taxation and social security 7,613 27,930
Other creditors 4,150 3,675
216,882 191,350

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 127,692 217,656

The bank overdrafts are secured by the directors personally. Other borrowings are secured by way of fixed and floating charges over the assets of the company.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
999 Ordinary shares of £ 1.00 each 999 999

8. Related party transactions

Other related party transactions

2023 2022
£ £
Brought forward loan account 11,673 (35)
Advances to directors 11,665 19,100
Repayments by directors (18,332) (7,392)
Carried forward loan account 5,006 11,673

9. Ultimate controlling party

Parent Company:

N.B.D Limited, incorporated in England and Wales.

Accounts can be found at Companies House, Crown Way, Cardiff, CF14 3UZ.