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COMPANY REGISTRATION NUMBER: 13738148
PROITAV Trading Limited
Filleted Unaudited Abridged Financial Statements
For the period ended
31 December 2022
PROITAV Trading Limited
Abridged Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
£
Fixed assets
Investments
4
17
15
Current assets
Cash at bank and in hand
4,129
1
Creditors: amounts falling due within one year
4,140
-------
----
Net current (liabilities)/assets
( 11)
1
----
----
Total assets less current liabilities
6
16
Creditors: amounts falling due after more than one year
15
15
----
----
Net (liabilities)/assets
( 9)
1
----
----
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 10)
----
----
Shareholders (deficit)/funds
( 9)
1
----
----
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.
PROITAV Trading Limited
Abridged Statement of Financial Position (continued)
31 December 2022
These abridged financial statements were approved by the board of directors and authorised for issue on 24 November 2023 , and are signed on behalf of the board by:
Mr Z Dai
Director
Company registration number: 13738148
PROITAV Trading Limited
Notes to the Abridged Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 132 Burnt Ash Road, Lee, London, SE128PU, England.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Income statement
The company is dormant as defined by section 1169 of the Companies Act 2006. The company incurred no significant transactions during the current year.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Investments
£
Cost
At 1 January 2022
15
Revaluations
2
----
At 31 December 2022
17
----
Impairment
At 1 January 2022 and 31 December 2022
----
Carrying amount
At 31 December 2022
17
----
At 31 December 2021
15
----
5. Investment in subsidiary
ProitAV US incorporation is an American wholly owned subsidiary of PROITAV Trading Limited in the UK. The American company was incorporated on 17 December 2021. Share capital amounted to $20. The subsidiary had not commenced trading as at 31 December 2021. During 2022 the subsidiary received funds from the parent company ProitAV Technology Limited (Hong Kong) and commenced trading.
The Net Assets of the subsidiary ProitAV US incorporation as at 31 December 2022 amounted to £40,450 ($48,955). The US subsidiary company is managed by the parent company ProitAV Technology Limited in Hong Kong.
6. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr Z Dai
( 15)
( 15)
----
----
----
2021
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr Z Dai
( 15)
( 15)
----
----
----
7. Controlling party
PROITAV Trading Limited is a wholly owned subsidiary of 'PROITAV Technology Limited' , a company based in Hong Kong.