Registration number:
Prodir Limited
for the Year Ended 31 December 2023
Prodir Limited
Contents
Company Information |
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Statement of financial position |
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Notes to the Unaudited Financial Statements |
Prodir Limited
Company Information
Directors |
Mr G Pagani Ms R Porotti Mr A Marotta Mr T D Kleyn |
Registered office |
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Accountants |
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Prodir Limited
(Registration number: 02774350)
Statement of financial position as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
293,000 |
293,000 |
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Retained earnings |
(2,048,800) |
(1,989,967) |
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Shareholders' deficit |
(1,755,800) |
(1,696,967) |
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of comprehensive income.
Approved and authorised by the
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Prodir Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
8 Marsh Parade
Newcastle
ST5 1BT
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis. The directors consider this appropriate despite the statement of financial position deficit of £1,756,263 (2022: £1,696,967) as the company has the agreed financial support of its parent company, Pagani Pens SA, for at least 12 months from the signing of these accounts.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Prodir Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% Straight Line |
Fittings, fixtures and Equipment |
15% Straight Line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Prodir Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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- |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Debtors |
Note |
2023 |
2022 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Prodir Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Accruals |
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Due after one year |
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Other non-current financial liabilities |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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293,000 |
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293,000 |
Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.
Related party transactions |
Summary of transactions with parent
Prodir Limited owe Pagani Pens SA £149,478 (2022: £132,062) at the year end with regards to loan interest, which is shown within creditors due within one year.
Prodir Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Income and receivables from related parties
2023 |
Parent |
Commission |
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Receipt of services |
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2022 |
Parent |
Commission |
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Receipt of services |
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Expenditure with and payables to related parties
2023 |
Parent |
Purchase of goods |
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2022 |
Parent |
Purchase of goods |
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Loans from related parties
2023 |
Parent |
Total |
At start of period |
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Advanced |
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Interest transactions |
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At end of period |
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2022 |
Parent |
Total |
At start of period |
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Repaid |
( |
( |
Interest transactions |
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Impairment |
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At end of period |
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Terms of loans from related parties
Prodir Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from Via Serta 22, CH6814, Lamone, Switzerland