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REGISTERED NUMBER: 01438722















DIRECTOR'S REPORT AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

PROCUREMENT INTERNATIONAL LTD.

PROCUREMENT INTERNATIONAL LTD. (REGISTERED NUMBER: 01438722)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023




Page

Company Information 1

Director's Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


PROCUREMENT INTERNATIONAL LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTOR: I Rosewell





SECRETARY: L.J. Rosewell





REGISTERED OFFICE: Victory House
17 - 19 Marino Way
Hogwood Industrial Estate
Finchampstead
Berkshire
RG40 4RF





REGISTERED NUMBER: 01438722





ACCOUNTANTS: Vernon Gosling Friday Limited
10 Beech Court
Wokingham Road
Hurst
Berkshire
RG10 0RQ

PROCUREMENT INTERNATIONAL LTD. (REGISTERED NUMBER: 01438722)

DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The director presents his report with the financial statements of the company for the year ended 30 September 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the distribution of branded merchandise for use in corporate and consumer loyalty programmes.

REVIEW OF BUSINESS
Turnover increased by 4% over the previous year but profit after tax fell by £41,000 due to inflationary pressures. The Company's Balance Sheet remained strong with Shareholders funds of just under £1.5 million and substantial cash balances.
Results to date in the current year show good growth.

DIRECTOR
I Rosewell held office during the whole of the period from 1 October 2022 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





I Rosewell - Director


26 February 2024

PROCUREMENT INTERNATIONAL LTD. (REGISTERED NUMBER: 01438722)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 9,940 14,075
Investments 5 1,000 76,820
10,940 90,895

CURRENT ASSETS
Stocks 315,766 246,734
Debtors 6 1,083,328 1,327,327
Cash at bank and in hand 910,060 797,145
2,309,154 2,371,206
CREDITORS
Amounts falling due within one year 7 831,418 965,120
NET CURRENT ASSETS 1,477,736 1,406,086
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,488,676

1,496,981

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,488,576 1,496,881
SHAREHOLDERS' FUNDS 1,488,676 1,496,981

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

PROCUREMENT INTERNATIONAL LTD. (REGISTERED NUMBER: 01438722)

STATEMENT OF FINANCIAL POSITION - continued
30 SEPTEMBER 2023



The financial statements were approved by the director and authorised for issue on 26 February 2024 and were signed by:





I Rosewell - Director


PROCUREMENT INTERNATIONAL LTD. (REGISTERED NUMBER: 01438722)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill has been amortised evenly over its estimated useful life of between five and ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are written off evenly over their estimated useful life as follows:-

Fixtures and fittings, equipment and motor vehicles 3 - 5 years.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2022 - 25 ) .

PROCUREMENT INTERNATIONAL LTD. (REGISTERED NUMBER: 01438722)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2022
and 30 September 2023 144,581
AMORTISATION
At 1 October 2022
and 30 September 2023 144,581
NET BOOK VALUE
At 30 September 2023 -
At 30 September 2022 -

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 October 2022 185,201 312,794 497,995
Additions 3,523 - 3,523
At 30 September 2023 188,724 312,794 501,518
DEPRECIATION
At 1 October 2022 171,449 312,471 483,920
Charge for year 7,335 323 7,658
At 30 September 2023 178,784 312,794 491,578
NET BOOK VALUE
At 30 September 2023 9,940 - 9,940
At 30 September 2022 13,752 323 14,075

Fixtures, fittings, equipment and motor vehicles depreciated evenly over a period of 3 to 5 years.

5. FIXED ASSET INVESTMENTS

2023 2022
£    £   
Shares in group undertakings 833 833
Loans to group undertakings 167 75,987
1,000 76,820

PROCUREMENT INTERNATIONAL LTD. (REGISTERED NUMBER: 01438722)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5. FIXED ASSET INVESTMENTS - continued

Additional information is as follows:
Shares in
group
undertaking
£   
COST
At 1 October 2022
and 30 September 2023 833
NET BOOK VALUE
At 30 September 2023 833
At 30 September 2022 833
Loans to
group
undertaking
£   
At 1 October 2022 75,987
New in year (75,820 )
At 30 September 2023 167

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 442,383 589,324
Other debtors 640,945 738,003
1,083,328 1,327,327

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 617,804 648,303
Taxation and social security 46,053 48,468
Other creditors 167,561 268,349
831,418 965,120