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Company No: 12323556 (England and Wales)

PRP GLOBAL LIMITED

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

PRP GLOBAL LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

PRP GLOBAL LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 November 2023
PRP GLOBAL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 867 961
867 961
Current assets
Debtors 4 20,000 76,533
Cash at bank and in hand 75,658 187,426
95,658 263,959
Creditors: amounts falling due within one year 5 ( 21,779) ( 115,730)
Net current assets 73,879 148,229
Total assets less current liabilities 74,746 149,190
Creditors: amounts falling due after more than one year 6 ( 15,053) ( 25,000)
Provision for liabilities 7 ( 165) ( 240)
Net assets 59,528 123,950
Capital and reserves
Called-up share capital 8 500 500
Profit and loss account 59,028 123,450
Total shareholders' funds 59,528 123,950

For the financial year ending 30 November 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 PRP Global Limited (registered number: 12323556) were approved and authorised for issue by the Director on 31 January 2024. They were signed on its behalf by:

D J Rawle
Director
PRP GLOBAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
PRP GLOBAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 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

PRP Global 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 The Limes, Bayshill Road, Cheltenham, GL50 3AW, United Kingdom.

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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

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 Statement of Financial Position 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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Computer equipment 3 years straight line

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

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 Statement of Financial Position 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 December 2022 4,438 4,438
Additions 1,141 1,141
At 30 November 2023 5,579 5,579
Accumulated depreciation
At 01 December 2022 3,477 3,477
Charge for the financial year 1,235 1,235
At 30 November 2023 4,712 4,712
Net book value
At 30 November 2023 867 867
At 30 November 2022 961 961

4. Debtors

2023 2022
£ £
Trade debtors 228 67,683
Amounts owed by directors 19,430 8,405
Prepayments and accrued income 0 445
VAT recoverable 342 0
20,000 76,533

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,998 10,000
Accruals and deferred income 3,000 67,400
Corporation tax 8,781 27,302
Other taxation and social security 0 8,240
Other creditors 0 2,788
21,779 115,730

There are no amounts included above in respect of which any security has been given by the small entity.

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

2023 2022
£ £
Bank loans 15,053 25,000

There are no amounts included above in respect of which any security has been given by the small entity.

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 240) ( 610)
Credited to the Statement of Income and Retained Earnings 75 370
At the end of financial year ( 165) ( 240)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
500 Ordinary shares of £ 1.00 each 500 500

9. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
finance leases entered into 4,125 8,625

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 4,125 4,500
between one and five years 0 4,125
4,125 8,625

10. Related party transactions

At the year end, the company was owed £19,430 by the directors (2022 - £8,405). Interest is charged at HMRC approved rates when overdrawn and there is no fixed date of repayment.