REGISTERED NUMBER: |
DIRECTOR'S REPORT AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
PROCUREMENT INTERNATIONAL LTD. |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
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: |
PROCUREMENT INTERNATIONAL LTD. (REGISTERED NUMBER: 01438722) |
STATEMENT OF FINANCIAL POSITION |
30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 3 |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
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 |
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 |
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 |
AMORTISATION |
At 1 October 2022 |
and 30 September 2023 |
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 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
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 |
Loans to group undertakings |
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 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Loans to |
group |
undertaking |
£ |
At 1 October 2022 |
New in year | ( |
) |
At 30 September 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |