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COMPANY REGISTRATION NUMBER: 12083726
Prop Maintenance Solutions Ltd
Filleted Unaudited Financial Statements
31 December 2023
Prop Maintenance Solutions Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
4,843
6,162
Current assets
Stocks
3,490
1,870
Debtors
6
18,679
7,215
Cash at bank and in hand
47,118
8,901
--------
--------
69,287
17,986
Creditors: amounts falling due within one year
7
65,176
26,831
--------
--------
Net current assets/(liabilities)
4,111
( 8,845)
-------
-------
Total assets less current liabilities
8,954
( 2,683)
Creditors: amounts falling due after more than one year
8
7,388
15,874
-------
--------
Net assets/(liabilities)
1,566
( 18,557)
-------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
1,565
( 18,558)
-------
--------
Shareholders funds/(deficit)
1,566
( 18,557)
-------
--------
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.
For the 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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Prop Maintenance Solutions Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 5 April 2024 , and are signed on behalf of the board by:
Mr A G Attwood
Director
Company registration number: 12083726
Prop Maintenance Solutions Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1-11 Alvin Street, Gloucester, GL1 EJ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
The director considers that it is appropriate to prepare the financial statements on a going concern basis as they are continuing to pay debts as they fall due.
Revenue recognition
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
20% straight line
Equipment
-
20% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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 stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 4 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
9,614
186
2,306
12,106
Additions
374
374
-------
----
-------
--------
At 31 December 2023
9,614
186
2,680
12,480
-------
----
-------
--------
Depreciation
At 1 January 2023
5,133
112
699
5,944
Charge for the year
1,120
37
536
1,693
-------
----
-------
--------
At 31 December 2023
6,253
149
1,235
7,637
-------
----
-------
--------
Carrying amount
At 31 December 2023
3,361
37
1,445
4,843
-------
----
-------
--------
At 31 December 2022
4,481
74
1,607
6,162
-------
----
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
11,828
7,031
Other debtors
6,851
184
--------
-------
18,679
7,215
--------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
8,471
9,252
Trade creditors
1,424
717
Social security and other taxes
54,306
15,703
Other creditors
975
1,159
--------
--------
65,176
26,831
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
7,388
15,874
-------
--------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr A G Attwood
( 249)
7,100
6,851
----
-------
----
-------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr A G Attwood
1,906
912
( 3,067)
( 249)
-------
----
-------
----