Caseware UK (AP4) 2022.0.179 2022.0.179 2024-03-312024-03-31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.32023-04-01falseTraining Services3truefalse 06721204 2023-04-01 2024-03-31 06721204 2022-04-01 2023-03-31 06721204 2024-03-31 06721204 2023-03-31 06721204 2022-04-01 06721204 c:Director1 2023-04-01 2024-03-31 06721204 d:OfficeEquipment 2023-04-01 2024-03-31 06721204 d:OfficeEquipment 2024-03-31 06721204 d:OfficeEquipment 2023-03-31 06721204 d:FreeholdInvestmentProperty 2024-03-31 06721204 d:FreeholdInvestmentProperty 2023-03-31 06721204 d:CurrentFinancialInstruments 2024-03-31 06721204 d:CurrentFinancialInstruments 2023-03-31 06721204 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 06721204 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06721204 d:ShareCapital 2024-03-31 06721204 d:ShareCapital 2023-03-31 06721204 d:ShareCapital 2022-04-01 06721204 d:OtherMiscellaneousReserve 2023-04-01 2024-03-31 06721204 d:OtherMiscellaneousReserve 2024-03-31 06721204 d:OtherMiscellaneousReserve 2022-04-01 2023-03-31 06721204 d:OtherMiscellaneousReserve 2023-03-31 06721204 d:OtherMiscellaneousReserve 2022-04-01 06721204 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 06721204 d:RetainedEarningsAccumulatedLosses 2024-03-31 06721204 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 06721204 d:RetainedEarningsAccumulatedLosses 2023-03-31 06721204 d:RetainedEarningsAccumulatedLosses 2022-04-01 06721204 c:FRS102 2023-04-01 2024-03-31 06721204 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06721204 c:FullAccounts 2023-04-01 2024-03-31 06721204 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06721204 2 2023-04-01 2024-03-31 06721204 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 06721204










PROFESSIONAL PROCUREMENT & CONTRACT SERVICES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
PROFESSIONAL PROCUREMENT & CONTRACT SERVICES LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PROFESSIONAL PROCUREMENT & CONTRACT SERVICES LIMITED
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Professional Procurement & Contract Services Limited for the year ended 31 March 2024 which comprise  the Balance sheet, the Statement of changes in equity and the related notes 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 https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Professional Procurement & Contract Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Professional Procurement & Contract Services Limited and state those matters that we have agreed to state to the Board of directors of Professional Procurement & Contract Services Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Professional Procurement & Contract Services Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Professional Procurement & Contract Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Professional Procurement & Contract Services Limited. You consider that Professional Procurement & Contract Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Professional Procurement & Contract Services 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 financial statements.

  



Simmons Gainsford Professional Services Limited
 
Chartered Accountants
  
52 New Town
Uckfield
East Sussex
TN22 5DE
16 April 2024
Page 1

 
PROFESSIONAL PROCUREMENT & CONTRACT SERVICES LIMITED
REGISTERED NUMBER: 06721204

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
670,999
670,999

  
670,999
670,999

Current assets
  

Debtors: amounts falling due within one year
 6 
2,085
7,158

Cash at bank and in hand
  
55,104
33,122

  
57,189
40,280

Creditors: amounts falling due within one year
 7 
(68,326)
(84,351)

Net current liabilities
  
 
 
(11,137)
 
 
(44,071)

Total assets less current liabilities
  
659,862
626,928

Provisions for liabilities
  

Deferred tax
  
(28,095)
(28,095)

  
 
 
(28,095)
 
 
(28,095)

Net assets
  
631,767
598,833


Capital and reserves
  

Called up share capital 
  
100
100

Other reserves
 8 
153,333
153,333

Profit and loss account
 8 
478,334
445,400

  
631,767
598,833


Page 2

 
PROFESSIONAL PROCUREMENT & CONTRACT SERVICES LIMITED
REGISTERED NUMBER: 06721204
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




W J Tipping
Director
Date: 16 April 2024

The notes on pages 5 to 11 form part of these financial statements.

Page 3

 
PROFESSIONAL PROCUREMENT & CONTRACT SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
100
119,583
443,093
562,776


Comprehensive income for the year

Profit for the year
-
-
42,724
42,724


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(6,667)
(6,667)

Transfer to/from profit and loss account
-
33,750
(33,750)
-



At 1 April 2023
100
153,333
445,400
598,833


Comprehensive income for the year

Profit for the year
-
-
36,267
36,267

Dividends: Equity capital
-
-
(3,333)
(3,333)


At 31 March 2024
100
153,333
478,334
631,767


The notes on pages 5 to 11 form part of these financial statements.

Page 4

 
PROFESSIONAL PROCUREMENT & CONTRACT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Professional Procurement & Contract Services Limited is a private company limited by shares and
incorporated in England and Wales. The registered office address is 52 New Town, Uckfield, East
Sussex, TN22 5DE. The company's number is 06721204.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured. Revenue is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales
taxes. The following criteria must also be met before revenue is recognised:
Revenue represents rent and service charges receivable in the period in which the services are
provided and in accordance with the rental agreement. Rent receivable is invoiced monthly at the
beginning of the month for which the rental income relates.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
PROFESSIONAL PROCUREMENT & CONTRACT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 6

 
PROFESSIONAL PROCUREMENT & CONTRACT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.10

Creditors

Short-term creditors are measured at the transaction price.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly
Page 7

 
PROFESSIONAL PROCUREMENT & CONTRACT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 8

 
PROFESSIONAL PROCUREMENT & CONTRACT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Tangible fixed assets





Office equipment

£



Cost


At 1 April 2023
2,122



At 31 March 2024

2,122



Depreciation


At 1 April 2023
2,122



At 31 March 2024

2,122



Net book value



At 31 March 2024
-



At 31 March 2023
-

Page 9

 
PROFESSIONAL PROCUREMENT & CONTRACT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
670,999



At 31 March 2024
670,999

The 2024 valuations were made by the directors, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
489,572
489,572


6.


Debtors

2024
2023
£
£


Trade debtors
1,970
7,046

Prepayments and accrued income
115
112

2,085
7,158



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
8,445
2,171

Other creditors
58,000
80,000

Accruals and deferred income
1,881
2,180

68,326
84,351


Page 10

 
PROFESSIONAL PROCUREMENT & CONTRACT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Reserves

Other reserves

The other reserve comprises of the revaluations relating to the fixed asset investment properties net of
deferred tax on the gain.

Profit and loss account

The profit and loss account comprises of the balance of profits accumulated over the life of the company.


9.


Related party transactions

Included in other creditors is a loan to the value of £58,000 (2023 - £80,000) due to the directors of the
company. This is interest bearing and repayable on demand.

 
Page 11