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Company registration number: 10822068
Proximo Group Ltd
Trading as Aroma Prime
Unaudited filleted financial statements
30 June 2023
Proximo Group Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Proximo Group Ltd
Directors and other information
Directors Mr Harvey Croft
Company number 10822068
Registered office Kemp House
128 City Road
London
EC1V 2NX
Business address Kemp House
128 City Road
London
EC1V 2NX
Accountants Langers
8-10 Gatley Road
Gatley
Cheadle
SK8 1PY
Proximo Group Ltd
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - 10,075
Tangible assets 6 - 548
Investments 7 474,249 40,000
_______ _______
474,249 50,623
Current assets
Stocks 23,191 27,154
Debtors 8 15,039 8,332
Cash at bank and in hand 23,632 41,158
_______ _______
61,862 76,644
Creditors: amounts falling due
within one year 9 ( 227,026) ( 72,076)
_______ _______
Net current (liabilities)/assets ( 165,164) 4,568
_______ _______
Total assets less current liabilities 309,085 55,191
Creditors: amounts falling due
after more than one year 10 ( 241,605) ( 27,024)
_______ _______
Net assets 67,480 28,167
_______ _______
Capital and reserves
Called up share capital 11 1 1
Profit and loss account 67,479 28,166
_______ _______
Shareholder funds 67,480 28,167
_______ _______
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 March 2024 , and are signed on behalf of the board by:
Mr Harvey Croft
Director
Company registration number: 10822068
Proximo Group Ltd
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Kemp House, 128 City Road, London, EC1V 2NX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset 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
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. 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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. 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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 4 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 July 2022 82,687 82,687
Disposals (25,187) (25,187)
_______ _______
At 30 June 2023 57,500 57,500
_______ _______
Amortisation
At 1 July 2022 72,612 72,612
Disposals ( 15,112) ( 15,112)
_______ _______
At 30 June 2023 57,500 57,500
_______ _______
Carrying amount
At 30 June 2023 - -
_______ _______
At 30 June 2022 10,075 10,075
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 July 2022 and 30 June 2023 7,191 7,191
_______ _______
Depreciation
At 1 July 2022 6,643 6,643
Charge for the year 548 548
_______ _______
At 30 June 2023 7,191 7,191
_______ _______
Carrying amount
At 30 June 2023 - -
_______ _______
At 30 June 2022 548 548
_______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 July 2022 40,000 40,000
Additions 434,249 434,249
_______ _______
At 30 June 2023 474,249 474,249
_______ _______
Impairment
At 1 July 2022 and 30 June 2023 - -
_______ _______
Carrying amount
At 30 June 2023 474,249 474,249
_______ _______
At 30 June 2022 40,000 40,000
_______ _______
8. Debtors
2023 2022
£ £
Trade debtors 11,595 4,567
Other debtors 3,444 3,765
_______ _______
15,039 8,332
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 22,953 4,329
Trade creditors 1,774 3,216
Corporation tax 11,757 6,772
Social security and other taxes 9,602 30,492
Other creditors 180,940 27,267
_______ _______
227,026 72,076
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 23,439 27,024
Other creditors 218,166 -
_______ _______
241,605 27,024
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 10,192 (2022 £ 12,982 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
11. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
12. Related party transactions
At 30 June 2023 the company owed £246 to the director Harvey Croft (2022: £277 owed to the company). No interest has been charged to the company in respect of these loans which are repayable on demand and classified in creditors due within one year.At the year end 30th June 2023 the company owed Otter Stop Limited, Co No 08403289, a company owned by Proximo Group Limited, £26,000 (2022 £26,000). No interest has been charged to the company in respect of these loans which are repayable on demand and classified in creditors due within one year.At the year end 30th June 2023 the company owed Garveymoore Limited, Co No 05385904, a company owned by Proximo Group Limited, £153,547. No interest has been charged to the company in respect of these loans which are repayable on demand and classified in creditors due within one year.