Registration number:
Pr2us Limited
for the Year Ended 30 April 2023
Pr2us Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Pr2us Limited
Company Information
Director |
Dr J Walker |
Registered office |
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Accountants |
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Pr2us Limited
(Registration number: SC548830)
Balance Sheet as at 30 April 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible 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 |
100 |
100 |
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Retained earnings |
(3,611) |
(1,834) |
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Shareholders' deficit |
(3,511) |
(1,734) |
For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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. |
Pr2us Limited
(Registration number: SC548830)
Balance Sheet as at 30 April 2023
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Pr2us Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.
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.
The presentation currency of the financial statements is the Pound Sterling (£).
Going concern
These financial statements have been prepared on a going concern basis as the director has undertaken to support the company. In addition, support has been provided by creditors in the form of a bank loan.
Pr2us Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Revenue recognition
Turnover comprises the fair value of the consideration derived from developing leading edge computer science and artificial intelligence to create artistic images.
Pr2us Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Tax
The tax expense for the period comprises tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Tangible assets
Tangible assets are stated in the balance sheet 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.
At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.
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 |
Furniture, fittings and equipment |
33% straight line |
Pr2us Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Other intangible assets |
10% straight line |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
Pr2us Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 May 2022 |
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At 30 April 2023 |
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Amortisation |
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At 1 May 2022 |
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Amortisation charge |
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At 30 April 2023 |
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Carrying amount |
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At 30 April 2023 |
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At 30 April 2022 |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 May 2022 |
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At 30 April 2023 |
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Depreciation |
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At 1 May 2022 |
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At 30 April 2023 |
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Carrying amount |
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At 30 April 2023 |
- |
- |
Pr2us Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Debtors |
2023 |
2022 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Accruals and deferred income |
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- |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Pr2us Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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The bank loan is supported by a 100% guarantee from the UK Government.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Related party transactions |
During the year, the director advanced loans totalling £1,100 to the company. At the year end, the balance due to the director was £1,398 (2022 - £298). This loan is unsecured, interest free and has no fixed repayment terms.