Registered number
10656755
PROCAT INTERNATIONAL LIMITED
Filleted Accounts
31 December 2023
PROCAT INTERNATIONAL LIMITED
Registered number: 10656755
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 144 529
Current assets
Debtors 4 173,724 234,907
Cash at bank and in hand 6,688 1,473
180,412 236,380
Creditors: amounts falling due within one year 5 (113,793) (133,937)
Net current assets 66,619 102,443
Total assets less current liabilities 66,763 102,972
Creditors: amounts falling due after more than one year 6 (14,095) (23,202)
Net assets 52,668 79,770
Capital and reserves
Called up share capital 100 100
Profit and loss account 52,568 79,670
Shareholders' funds 52,668 79,770
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Tarkan ERSUBASI
Director
Approved by the board on 20 February 2024
PROCAT INTERNATIONAL LIMITED
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33% on cost
Fixtures, fittings, tools and equipment 33% on cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits and Pensions
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 4,047
Additions 157
At 31 December 2023 4,204
Depreciation
At 1 January 2023 3,518
Charge for the year 542
At 31 December 2023 4,060
Net book value
At 31 December 2023 144
At 31 December 2022 529
4 Debtors 2023 2022
£ £
Trade debtors 85,243 77,511
Other debtors 88,481 157,396
173,724 234,907
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,114 8,883
Trade creditors 21,070 3,696
Taxation and social security costs 44,535 37,523
Other creditors 39,074 83,835
113,793 133,937
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 14,095 23,202
7 Loans to directors
Advances or credits have been granted by the directors to the company as follows:
Description B/fwd Paid Repaid C/fwd
£ £ £ £
Tarkan ERSUBASI 26,867 (172,609) 175,153 29,411
Joanna Maria ERSUBASI 5,000 (71,473) 75,623 9,150
31,867 (244,082) 250,776 38,561
8 Related party transactions
The following amounts were outstanding at the reporting end date:
2023 2022
£ £
Other related parties 10,499 44,500
9 Other information
PROCAT INTERNATIONAL LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
106 Great Portland Street, 2nd floor
London
England
W1W 6PF
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